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Author Topic: Four Strikes Against Bitcoin  (Read 4123 times)
nikona
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February 24, 2015, 01:05:45 PM
 #61

Just a question more , why is bitcoin illegal Huh
It is only illegal in some countries...n not even illegal exactly..I see the positives it brings...n not a lot of drawbacks.. I love it n Ill continue to use it
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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spartacusrex
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February 24, 2015, 03:29:49 PM
 #62

Easy boys..

OP wants his pound of flesh, and has at least brought an original idea to the table, always good. This 'Lottery' thing.

May I ask - If I try and find GOLD in my backyard.. Does that count as a lottery ?

I mean, we could all go out into our gardens, (if you have one), and dig a big hole and look for Gold. If you find some.. YOU WIN!

I had to buy a shovel to play.

TellerOfTruth
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February 24, 2015, 07:51:19 PM
 #63

May I ask - If I try and find GOLD in my backyard.. Does that count as a lottery ?  I mean, we could all go out into our gardens, (if you have one), and dig a big hole and look for Gold. If you find some.. YOU WIN!  I had to buy a shovel to play.

Depends on where the gold comes from.  As long as the guy who sold you the shovel didn't put the gold in some shovel buyer's gardens and not others, it's not a lottery.
Gleb Gamow
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February 24, 2015, 08:02:40 PM
 #64

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The current Bitcoin system has at least $364 million in sunk infrastructure costs and burns at least $560 million a year in power.  The ONLY source of "income" to support this burden is (1) appreciation of the existing 13.8 million Bitcoins and (2) mining of 1.3 million new Bitcoins per year.  Do the math - these numbers just don't add up to a stable system that's gonna work.

Gulp! Isn't that cheaper than building all the banks in the world, not to mention their yearly energy consumption to do the same time that crypto does at a cheaper up-front cost?

When you're done here, OP, head on over to an eBay forum and inform that it's auction model is unsustainable because eventually the world will run out of things to auction on the second-hand marketplace.
RodeoX
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February 24, 2015, 08:11:45 PM
 #65

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The current Bitcoin system has at least $364 million in sunk infrastructure costs and burns at least $560 million a year in power.  The ONLY source of "income" to support this burden is (1) appreciation of the existing 13.8 million Bitcoins and (2) mining of 1.3 million new Bitcoins per year.  Do the math - these numbers just don't add up to a stable system that's gonna work.

Gulp! Isn't that cheaper than building all the banks in the world, not to mention their yearly energy consumption to do the same time that crypto does at a cheaper up-front cost?

When you're done here, OP, head on over to an eBay forum and inform that it's auction model is unsustainable because eventually the world will run out of things to auction on the second-hand marketplace.
Fortunately, BTC is a computer program and does not need any money at all. You are thinking of the desires of miners. Not a need of the system. It worked perfectly fine when BTC costs $0.06.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in AFRICA - https://bitcointalk.org/index.php?topic=2710325.msg27720734
Beymond
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February 25, 2015, 10:34:14 AM
 #66

Just a question more , why is bitcoin illegal Huh
It is only illegal in some countries...n not even illegal exactly..I see the positives it brings...n not a lot of drawbacks.. I love it n Ill continue to use it

In which countries is it illegal? Undecided
VoR0220
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February 27, 2015, 03:30:36 AM
 #67

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The current Bitcoin system has at least $364 million in sunk infrastructure costs and burns at least $560 million a year in power.  The ONLY source of "income" to support this burden is (1) appreciation of the existing 13.8 million Bitcoins and (2) mining of 1.3 million new Bitcoins per year.  Do the math - these numbers just don't add up to a stable system that's gonna work.

Gulp! Isn't that cheaper than building all the banks in the world, not to mention their yearly energy consumption to do the same time that crypto does at a cheaper up-front cost?

When you're done here, OP, head on over to an eBay forum and inform that it's auction model is unsustainable because eventually the world will run out of things to auction on the second-hand marketplace.
Fortunately, BTC is a computer program and does not need any money at all. You are thinking of the desires of miners. Not a need of the system. It worked perfectly fine when BTC costs $0.06.

I am truly interested to see whether Gavin's prediction of falling rates for ASIC miners comes to fruition.
mlferro
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February 27, 2015, 03:49:16 AM
 #68

Just a question more , why is bitcoin illegal Huh
It is only illegal in some countries...n not even illegal exactly..I see the positives it brings...n not a lot of drawbacks.. I love it n Ill continue to use it

In which countries is it illegal? Undecided

also like to know, does anyone know?

I read a atraz time which in Russia would become illegal in 2015 (if I remember correctly). Please correct me if I'm wrong.

Beymond
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February 27, 2015, 04:44:25 AM
 #69

Just a question more , why is bitcoin illegal Huh
It is only illegal in some countries...n not even illegal exactly..I see the positives it brings...n not a lot of drawbacks.. I love it n Ill continue to use it

In which countries is it illegal? Undecided

also like to know, does anyone know?

I read a atraz time which in Russia would become illegal in 2015 (if I remember correctly). Please correct me if I'm wrong.

I heard they might ban it in china or japan Undecided
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