what utter bull, mitty
I didn't see a single thing wrong with what he said.
because you're both some brainwashed neoliberal ****
wtf?
Topic: $504000 per day - page 3. (Read 16693 times)
what utter bull, mitty
I didn't see a single thing wrong with what he said.
because you're both some brainwashed neoliberal ****
wtf?
hero member
Activity: 588
Merit: 500
Hero VIP ultra official trusted super staff puppet
Also keep in mind that the network difficulty tends to be directly correlated to the exchange rate. Right now the few ASIC owners are making an incredible profit while everyone else's mining proceeds are staying somewhat consistent. Of course the exchange rate changes faster than the network difficulty, but my point is that over time mining will eventually stabilize to be moderately profitable as it's always been. The value of the mined coins may increase significantly but that in turn will lead to more miners and a resulting higher difficulty.
Yep, snaps like a rubber band in slow motion. Eventually everything returns to normal until someone stretches the rubber band again with a new technology.
Also keep in mind that the network difficulty tends to be directly correlated to the exchange rate. Right now the few ASIC owners are making an incredible profit while everyone else's mining proceeds are staying somewhat consistent. Of course the exchange rate changes faster than the network difficulty, but my point is that over time mining will eventually stabilize to be moderately profitable as it's always been. The value of the mined coins may increase significantly but that in turn will lead to more miners and a resulting higher difficulty.
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It's all fun and games until somebody loses an eye
It's obviously way more than enough to prevent double spends. But the inflation schedule is not debatable, and the exchange rate is not controllable, so go be windbags about something else.
The inflation schedule is not debatable, and the exchange rate is not controllable, but if the amount given to miners is not sustainable then the price will trend downward (or upward if the amount is to low) until it reaches a point that is sustainable. The point of the discussion is to try to figure out what amount is sustainable.
Litecoin is $16,000 per day 
If litecoin can do $16,000 / day, bitcoin can do $1M / day, no problem!
1 Million/day is a dream came true If litecoin can do $16,000 / day, bitcoin can do $1M / day, no problem!
1 million/day would only be 3x where we are now. At the rate we are going the past few weeks we could hit that in the next month.
Litecoin is $16,000 per day
If litecoin can do $16,000 / day, bitcoin can do $1M / day, no problem!
1 Million/day is a dream came true If litecoin can do $16,000 / day, bitcoin can do $1M / day, no problem!
what utter bull, mitty
I didn't see a single thing wrong with what he said.
because you're both some brainwashed neoliberal ****
Don't know if troll or just not very bright.
You should read up on how and why bitcoin security works. The whole mining game is zero-sum. Apart from a select lucky few, they are spending pretty much as much on electricity and hardware as they are earning.
If you think they are getting too much money for it, why don't you try it yourself and see how it works out for you.
It's obviously way more than enough to prevent double spends. But the inflation schedule is not debatable, and the exchange rate is not controllable, so go be windbags about something else.
what utter bull, mitty
I didn't see a single thing wrong with what he said.
because you're both some brainwashed neoliberal ****
hero member
Activity: 588
Merit: 500
Hero VIP ultra official trusted super staff puppet
what utter bull, mitty
I didn't see a single thing wrong with what he said.
hero member
Activity: 756
Merit: 500
It's all fun and games until somebody loses an eye
that is a huge rip-off !
they are far too greedy !
STOP IT !
encourage "bitcoin free transaction relay policy"
they are far too greedy !
STOP IT !
encourage "bitcoin free transaction relay policy"
This has nothing to do with the transaction fee. This is about the 25 btc block reward. The transaction fees are added on top of that.
what utter bull, mitty
Miners provide a service to the network in exchange for a reward. They would not provide this service at the current level (i.e., hashrate) without the reward.
Litecoin is $16,000 per day
If litecoin can do $16,000 / day, bitcoin can do $1M / day, no problem!
If litecoin can do $16,000 / day, bitcoin can do $1M / day, no problem!
If Federal Reserves Ben Shalom can do billions per day Bitcoin can do millions per day
Litecoin is $16,000 per day
If litecoin can do $16,000 / day, bitcoin can do $1M / day, no problem!
If litecoin can do $16,000 / day, bitcoin can do $1M / day, no problem!
well how much more does their revenue have to rise until folks have enough of it ?
The miners are currently being paid an equivalent of about $324000 per day through the block reward. (about 90 USD per BTC, 25 BTC per block, 144 blocks per day)
Do you think this amount is a reasonable amount to keep the network going?
Do you think this amount is a reasonable amount to keep the network going?
The money earned through mining should be reinvested in mining hardware to ensure the stability of the network (to keep it decentralized).
what utter bull, mitty
The value of the coins created by miners is the value which people place upon the value of bitcoins. People who think miners receive too much don't buy coins, reducing the demand and therefore reducing the value of mined coins.
As for most of the wealth concentrated amongst relative few individuals; I think that's an inevitable artifact of a free market and not really related to governments or fiat money or anything like that.
Relatively few people have the skills or are willing to take the high risk (e.g., investors) required to become extremely wealthy, so there are relatively few extremely wealthy people. (There are definitely exceptions, like inheritance or theft & theft-like activity such as scams, fraud, etc. but I'd think those cases are more exception than rule)
Back to mining; there's a huge risk required to make a profit by mining. Some can argue that mining is a high risk yet low yield investment. Mining hardware is not cheap, buying ASIC preorders is both expensive and risky, and there's no guarantee of bitcoin's value making ROI calculations into both speculation and science. Mining profitably is a skill and those who do it well are paid accordingly as with any other venture.
As for most of the wealth concentrated amongst relative few individuals; I think that's an inevitable artifact of a free market and not really related to governments or fiat money or anything like that.
Relatively few people have the skills or are willing to take the high risk (e.g., investors) required to become extremely wealthy, so there are relatively few extremely wealthy people. (There are definitely exceptions, like inheritance or theft & theft-like activity such as scams, fraud, etc. but I'd think those cases are more exception than rule)
Back to mining; there's a huge risk required to make a profit by mining. Some can argue that mining is a high risk yet low yield investment. Mining hardware is not cheap, buying ASIC preorders is both expensive and risky, and there's no guarantee of bitcoin's value making ROI calculations into both speculation and science. Mining profitably is a skill and those who do it well are paid accordingly as with any other venture.
that is a huge rip-off !
they are far too greedy !
STOP IT !
encourage "bitcoin free transaction relay policy"
hero member
Activity: 756
Merit: 500
It's all fun and games until somebody loses an eye
Just to give us something to compare to, I looked up the financial statement of Visa:
If I am reading it right, in 2012 they had expenses of 2.47 billion dollars, revenue of 10.42 billion dollars, leaving 7.95 billion dollars profits.
http://www.marketwatch.com/investing/stock/v/financials
The 118 million per year to miners seems like a lot for a network so much smaller than Visa? I would be surprised if bitcoin was 1% as big as the Visa network, anybody know a good way to measure it?
If I am reading it right, in 2012 they had expenses of 2.47 billion dollars, revenue of 10.42 billion dollars, leaving 7.95 billion dollars profits.
http://www.marketwatch.com/investing/stock/v/financials
The 118 million per year to miners seems like a lot for a network so much smaller than Visa? I would be surprised if bitcoin was 1% as big as the Visa network, anybody know a good way to measure it?
It would be ok if I had a bigger slice of the pie! 
zif
The only problem I see is that a small number of people are ending up with a majority of the wealth...just as we have in fiat.
zif
The only problem I see is that a small number of people are ending up with a majority of the wealth...just as we have in fiat.
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