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vinca BK.

jr. member

Activity: 49

Merit: 25

Quote from: mersal on May 04, 2021, 11:15:33 PM

Quote from: ?? on ??

Quote from: mersal on May 04, 2021, 09:05:13 PM

Quote from: vinca BK. on May 04, 2021, 07:39:17 PM

According to my knowledge of the currencies and the mining process, instead of creating the 21 million bitcoins on the same day and selling them all on the same day and all the profit goes to the 'bitcoin creator', bitcoin has been made through the mining process gradually, instead of distributing all bitcoins. But at the moment, won't mining hurt the market? Because miners are a source of Bitcoin without buying it, such as counterfeiting money (creating money without buying it) that harms the currency market.

Edit: moved.

Miners are the only source that mine ( creates) bitcoins so its the actual only way and the profits are not going to the creator of bitcoin, it just goes to the miners who invested their money to mine bitcoins which are essential for the bitcoin transactions to be confirmed.

Once 21 millions of bitcoins were mined the miners will still the rewards from the transaction fee but they can't be able to mine anymore bitcoins.

Are you mention what I said or what? I don't get you. Miners didn't invested anything, there is just a result, they just generating extra bitcoins which are being sold in the market without a benfit to the market. This is why I likened it to counterfeiting money.

What I meant that, the more bitcoin mined, the more investors should come to the market. i.e: without more investors, market will get broken, Not sure too.

Bitcoin miners are running with high-powered ASIC machines which needs electricity and capital to buy the hardware and do you know how much hash rate needed to mine 1 bitcoin?

21 million bitcoin is the max cap of bitcoin and learn about the block rewards! next time don't be a stupid to ask such questions.

Well, stop fucking. These fucking funds are going to Fucking asic miners creators not the fucking market. Please dont be stupid next time.

Your fucking capital which buys the miners, doesn't go to the bitcoin market, only benfit miners sellers and the company that gives you electricity. Result, you get extra generated bitcoins then sell it at the market. BTW your trust score telling me you're mother fucker. So please dont mention me again. Topics are made for forum members not forum spammers and mother fuckers.

Quote from: NotFuzzyWarm on May 04, 2021, 08:56:04 PM

edit: Mods have moved thread from the Mining area where originally posted to here in Trading Discussion where it belongs Wink

I am the one who moved it not mods Huh

dihari

hero member

Activity: 910

Merit: 525

The miners is the core part of bitcoin you have enjoyed right now. They don't buy it money only, they bought bitcoin with money, energy, lot of effort, electricity and knowledge.
Do they affect the market? They make you easily buy bitcoin with your credit card through your local exchange.

mersal

member

Activity: 1204

Merit: 38

Quote from: ?? on ??

Quote from: mersal on May 04, 2021, 09:05:13 PM

Quote from: vinca BK. on May 04, 2021, 07:39:17 PM

According to my knowledge of the currencies and the mining process, instead of creating the 21 million bitcoins on the same day and selling them all on the same day and all the profit goes to the 'bitcoin creator', bitcoin has been made through the mining process gradually, instead of distributing all bitcoins. But at the moment, won't mining hurt the market? Because miners are a source of Bitcoin without buying it, such as counterfeiting money (creating money without buying it) that harms the currency market.

Edit: moved.

Miners are the only source that mine ( creates) bitcoins so its the actual only way and the profits are not going to the creator of bitcoin, it just goes to the miners who invested their money to mine bitcoins which are essential for the bitcoin transactions to be confirmed.

Once 21 millions of bitcoins were mined the miners will still the rewards from the transaction fee but they can't be able to mine anymore bitcoins.

Are you mention what I said or what? I don't get you. Miners didn't invested anything, there is just a result, they just generating extra bitcoins which are being sold in the market without a benfit to the market. This is why I likened it to counterfeiting money.

What I meant that, the more bitcoin mined, the more investors should come to the market. i.e: without more investors, market will get broken, Not sure too.

Bitcoin miners are running with high-powered ASIC machines which needs electricity and capital to buy the hardware and do you know how much hash rate needed to mine 1 bitcoin?

21 million bitcoin is the max cap of bitcoin and learn about the block rewards! next time don't be a stupid to ask such questions.

mersal

member

Activity: 1204

Merit: 38

Quote from: vinca BK. on May 04, 2021, 07:39:17 PM

According to my knowledge of the currencies and the mining process, instead of creating the 21 million bitcoins on the same day and selling them all on the same day and all the profit goes to the 'bitcoin creator', bitcoin has been made through the mining process gradually, instead of distributing all bitcoins. But at the moment, won't mining hurt the market? Because miners are a source of Bitcoin without buying it, such as counterfeiting money (creating money without buying it) that harms the currency market.

Edit: moved.

Miners are the only source that mine ( creates) bitcoins so its the actual only way and the profits are not going to the creator of bitcoin, it just goes to the miners who invested their money to mine bitcoins which are essential for the bitcoin transactions to be confirmed.

Once 21 millions of bitcoins were mined the miners will still the rewards from the transaction fee but they can't be able to mine anymore bitcoins.

NotFuzzyWarm

legendary

Activity: 3752

Merit: 2667

Evil beware: We have waffles!

You do know that this area of the Forum is for mining right? You are speaking from a traders point of view and worse, a crap altcoin/token hustling one at that. You are not going to get any sympathetic hand-holding here especially when you attack the crucial roles that miners play by calling it a 'waste of time and money'.

You want to discuss Economics or Trading - there are sections just for that. I suggest you go there

edit: Mods have moved thread from the Mining area where originally posted to here in Trading Discussion where it belongs Wink

NotFuzzyWarm

legendary

Activity: 3752

Merit: 2667

Evil beware: We have waffles!

PLEASE do some proper searches and read *something* about what Bitcoin is and how it works....

Quote

Because miners are a source of Bitcoin without buying it

Yes, we miners are the source of the coins. "Buying" coins implies a central source to 1st create (or in the case of fiat, print) them. With BTC the only central entity is the network. The coins are generated as a result of miners spending the time and money -- mainly money -- to run the hardware involved. A miner does not just print money at random nor can it be hacked to generate coins on demand (counterfeiting) -- it does verifiable work with statistically provable results which the network rewards on an immutable timeframe with an average rate of 1 block reward every 10 minutes.

vinca BK.

jr. member

Activity: 49

Merit: 25

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