Bitcoin forks: Money for nothing, sex for free
- Thread starter Pekelo
- Start date
You must be a hoot at parties. I know the original not worded like my title, but my title is more original.
Also back then artists cared more about cencorship and playability.
I will be fine in 2020 or 2025, because I've got plenty of real assets.
Regarding blockchain... so you are saying without a bitcoin to proof the chain, it's not going to work? I think you're underestimating the tech and it's usability.
Dilution... total marketcap of crypto market is now about 180 bln? Of course Bitcoin leads the pack... but if crypto coins were truly limited and bitcoin was the only coin out there... that market cap would be in bitcoin in stead of spread out. So there is no denial that there is dilution in crypto coins....
Come on... it will hurt if Bitcoin's price rises to $100.000 and above. And Bitcoin proves that after 15 years of shitting on it you have to conclude it was the real thing after all....
Yes indeed. The incentives are the major essential part of the protocol. It keeps it unbreakable and trustless. Anyone who tells you otherwise hasn't understand it yet.
Not a problem, if Bitcoin now has 102 bln and the 1250 others have 75 bln. In 5 years those figures will be 10 fold, and those billions still be peanuts in the big picture.
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I think you don't understand the blockchain concept.
I know Hoi has answered this on the following post, but here are detailed explanation:
Bitcoin's original whitepaper published by Satoshi Nakamoto prior to the network starting. It's on Section 6.
https://bitcoin.org/bitcoin.pdf
A company that raised money thought they can have a blockchain with no fees. They were wrong.
http://electroneum.com/2017/10/28/electroneum-announce-adoption-of-monero-codebase/
Why would it hurt? I have real assets that produce... whether it's valued in USD, AUD, EURO, BTC, SHELLS, SAND... I will still have those producing assets... I might be bummed, but I am now as well... I'll give you that. Anyone who says different is bullshitting. In hindsight I should have bought in 2013... but that's hindsight. And the reasons I didn't buy are still valid at this time.... so I miss out on a bull run... I don't really care that much, since I don't rely on it...
@johnarb, I do understand the incentive part of running a blockchain... but I'm saying you don't need bitcoin itself for it... you can run other incentives.
All of you don't get what I'm saying... I am saying that bitcoin hasn't got the characteristics (anymore) of scarce good, because it is being duplicated... or copied or however you would call the creation of other coins on the basis of how the bitcoin project started. Just bitcoin, yes... scarce because only limited... crypto currency as a whole... not at all...
Bitcoin is the front-runner... but it ends there. So if one of the major pulls of bitcoin, limited supply creating virtual scarcity is undone by the other copycats... then that pillar is taken down.
And I wonder when the bitcoin community is going to give in to that fact... because it's a false statement to the public. And I don't buy that.
And when time comes and all these issues are solved and we do step away from fiat currency... I'm happy to move over and get into the next currency... at whatever price... because, in a similar way that I'm not really hurting because I didn't buy 2000 ounces of gold when I was 2 years old, it won't hurt with another currency either. Are you hurting because you didn't do that? Anyone?
It's just a tool.....
All of you don't get what I'm saying... I am saying that bitcoin hasn't got the characteristics (anymore) of scarce good, because it is being duplicated... or copied or however you would call the creation of other coins on the basis of how the bitcoin project started. Just bitcoin, yes... scarce because only limited... crypto currency as a whole... not at all...
Bitcoin is the front-runner... but it ends there. So if one of the major pulls of bitcoin, limited supply creating virtual scarcity is undone by the other copycats... then that pillar is taken down.
And I wonder when the bitcoin community is going to give in to that fact... because it's a false statement to the public. And I don't buy that.
And when time comes and all these issues are solved and we do step away from fiat currency... I'm happy to move over and get into the next currency... at whatever price... because, in a similar way that I'm not really hurting because I didn't buy 2000 ounces of gold when I was 2 years old, it won't hurt with another currency either. Are you hurting because you didn't do that? Anyone?
It's just a tool.....
Apologies for cutting parts of your post. I'm only discussing the part of the blockchain that needs a currency/incentive for the network to function. When bitcoin first started, no one was mining, which is why it's estimated Satoshi owns about 1M bitcoins worth over $6B currently as he was the only miner. Some of the earlier blocks you can see there were gaps, I think over 1 day or 2 days, this is because there was no miner to solve the block. Bitcoin had no value and was given away freely to anyone who wanted it.
The point is this, the bitcoin network, the protocol, the software, the network, each part of it operates on game theory principles in order to have a trustless and decentralized system.
That is why the miner gets rewarded the "coins" automatically for solving the block. This is not done by a central server but by the bitcoin network utilizing a consensus mechanism built-in to the protocol.
I read somewhere that IBM is going to come out with a blockchain and I posted about the banks coming out with a blockchain for their interbank electronic transfers, and also read about Russia (and maybe another country) that will issue a cryptocurrency. I'm awaiting on these things. You see, when they come out with these blockchains, they will need to actually validate the blocks with hashes, and certainly they can throw millions of $ to have hundreds or even thousands of servers but in the end, they will have a centralized and trusted system. If it's centralized and trust is required, then you don't need a blockchain. You can run a database, same ones they have now. Oracle makes a good off the shelf one. Do you see where I'm going with this?