Bitcoin thread anyone?

Humpy said:
As I understand it the amount of bitcoins out there is fixed. Surely it is only a matter of time before the organisers decide to issue more ( no doubt giving themselves a healthy amount too ) ? Isn't it ? Which will lower the price.
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No. The amount is fixed for ever (it's a very important property: rarity, makes something of usefulness: valuable).

Secondly: there is no "the organizers" (as if there would be one central decision point). Bitcoin is per definition a Decentralized organization, with every member (Miners) having a right to vote on every change in protocol (you need more than 50% of votes).
So "no doubt giving themselves a healthy amount too" is out of the question !!
 
Hoi said:
No. The amount is fixed for ever (it's a very important property: rarity, makes something of usefulness: valuable).

Secondly: there is no "the organizers" (as if there would be one central decision point). Bitcoin is per definition a Decentralized organization, with every member (Miners) having a right to vote on every change in protocol (you need more than 50% of votes).
So "no doubt giving themselves a healthy amount too" is out of the question !!
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Thanks for your opinion. Just for argument's sake the BC went up to incredible values which it could and 50+% of the miners decide to reward themselves on say a 1 for 1 scrip issue then is there anything to stop them ?
 
Humpy said:
Thanks for your opinion. Just for argument's sake the BC went up to incredible values which it could and 50+% of the miners decide to reward themselves on say a 1 for 1 scrip issue then is there anything to stop them ?
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I don't fully understand your example.

You should understand that Miners are pretty "Hard core" (for them the ideology of Satoshi's White-paper, is like a Bible). Each change of the core-protocol will be to the benefit of the protocol, and a better protocol will be good for Bitcoin as well as everyone holding and using it.
Further: you can become a Miner as well (just as I Mine as well).
 
Hoi said:
So "no doubt giving themselves a healthy amount too" is out of the question !!
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They don't have to, they already did! There are over a million early mined coins that never been moved and belongs to either 1 or a few individuals.

But anyhow, Humpy, what most bitcoiners fail to tell you when they mention rarity that is a bullshit feature. It is irrelevant if bitcoin is rare, if there are other very similar or EVEN BETTER digital currencies available.

Just like with every successful invention, there are already copycats and some of them are getting a much better headstart than what bitgoin got. No doubt, it is because bitcoin was the trailblazer, but this is still irrelevant for the end result. The bottomline is, that it takes only a few hours coding to alter the code of the bitcoin protocol and create a so called alt coin. And there you have a brand new currency, sometimes with new features and definiately with more coins.

The second most succesfull alt coin is Litecoin, will have 84 million coins, and it has already a decent valuation and it is 2 years ahead of bitcoin, as adoption and price go.

There have been more than 200 alt coins created in the last 3 years, and sure, most of them will go the way of the dodo, but a few will stay.

How many different credit card groups are there? Around 4. So we can expect to have at least 3-4 quite popular alt coins too. Just think about this: If you are a vendor accepting bitcoins, you might as well accept litecoin too....

TL;DR: Alt coins are NOT RARE....
 
COB said:
I'm extremely surprised to see that bitcoin has only been discussed once and very briefly on these forums.

This digital currency is amazing. It's exactly what money should be.
Government proof.
Bankproof.
Anonymous.
Mathematically impossible to counterfeit.
Has no owner or central authority (it's all open sourced).
Can only be shut down if the entire internet shuts down.
Cuts out the middlemen (and fees!)


Anyway I've invested a bit into in a few days ago. It was at 11$ per bitcoin.
Today it's approaching 32$.

It's catching up to Silver at an incredible rate. And the bitcoin economy only has something like 60 million dollars into it.
Once this goes mainstream, a new term will be in existence: The Bitcoin Billionaire :)

More and more software and websites are popping up to make buying and selling, more and more user friendly. When Bitcoins become accessible to the non-geeks, and are as easy as forex or stocks trading, the value of them will skyrocket.

Imagine when the black market catches on.
And imagine when wall street catches on.

OR

it could have an internal problem no-one saw coming. Exactly like every new invention ever.


I'dd like to hear everyones opinion on this matter. It's great to test ideas out by seing if they withstand an onslaught of attacks :)

Fire away!
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My goodness! There were a couple kids on here 10 years ago giving away the keys to the kingdom and I assume none of the seasoned traders on here took it.
 
ktmtrader said:
My goodness! There were a couple kids on here 10 years ago giving away the keys to the kingdom and I assume none of the seasoned traders on here took it.
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Too much negativity here. They're scoffing at bitcoin for not being able to go to $1M each, as if it would be a complete failure if it were to go to its previous high of $20K, heck it hit mid $3K a month and a half ago and instead of looking to buy some at discounted prices, the fools in here were calling for bitcoin to hit $1K and lower, smh.

I don't think bitcoin will hit $1M, but I'll be very happy if it goes back to $20K or higher.
 
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