Topic: Bitcoin is 88% premine to kids born today 100% to kids born in 2142 (Read 468 times)
December 01, 2020, 05:09:27 PM
Hi all, I know this is off subject but I just received one of those blackmail emails from Russia threatening that if I don't immediately send him 1,350 USD in Bitcoin he will send all my email contacts naked pictures he has supposedly been taking using my laptop camera! (I'm not concerned, my laptop doesn't have a camera and I don't sit naked in front of it anyway!) His instructions are to send the bitcoins to this wallet address: (BTC): 1CPaFS9dwYxxrdv3dQR1RZ8dbWwm4eetCQ Anyone out there know how to hack it and keep it empty when his other victims send in payments? Or better yet, send the coins back to the senders? It would also be really very nice if someone knew how to hack him and burn his ass! (Grin) I seriously hoping someone knows what to do with him. Thanks, Wombat69.
December 01, 2020, 03:13:15 PM
Am I also required to give the system my inside leg measurement if I want to spend a New Coin ?
No you spend it with a credit card the machine provides to you when you make a address.
December 01, 2020, 05:58:17 AM
I think it's better to print coins out of thin air to pay people for actually solving important problems that involve hardwork, and the problems could be solved by either computers or humans or both. There are loads of important problems that will need to be solved on decentralized systems/networks by every network participant. The solvers could be rewarded with Coins printed out of thin air. And the amount of coins to be rewarded to the solvers should be based on the merit or quality of the solutions... Good quality works get good rewards,fair quality get fair reward etc. That's is one of the ways everyone in the network get paid accordingly, without compromising on quality.
There are numerous problems in diverse fields of endeavor that should be solved by all decentralized network participants and they could get paid in coins printed out of thin air for solving them.
People should be free to join/leave (and earn rewards for their hard work) without too much permission/trust.
There are numerous problems in diverse fields of endeavor that should be solved by all decentralized network participants and they could get paid in coins printed out of thin air for solving them.
People should be free to join/leave (and earn rewards for their hard work) without too much permission/trust.
November 30, 2020, 11:51:23 PM
I have been arguing about this, however, it only falls on deaf ears. Many of us are certainly in denial or do not understand, I reckon.
This might be the moment for everyone to begin to read on cryptocoins and monetary policies. This one by Grin has certainly opened my mind that there might be other solutions.
https://github.com/mimblewimble/docs/wiki/Monetary-Policy
This might be the moment for everyone to begin to read on cryptocoins and monetary policies. This one by Grin has certainly opened my mind that there might be other solutions.
https://github.com/mimblewimble/docs/wiki/Monetary-Policy
Grin doesn't solve that at all.
The problem isn't the monetary policy or the financial system.
The problem is the people.
Every new generation wants a fresh start and free money and want to ignore anything that happened before them.
In this case, by the year 2050, there would be shitton of Grin floating around.
They would rather create another and be the early investors instead of joining the GRIN ecosystem.
It is a different story if you are implying that there will be so many GRIN's and it will be near worthless just like FIAT so everybody will be using it without second thoughts. (doge does it already btw) Even then what really counts is how much share you own from the total money supply and having enormous inflation would still bring the same end result as FIAT did > you'll be poor and will have greater chances of becoming rich with starting your own new thing.
I disagree. The argument is about a group of early adopters taking advantage of bitcoin's monetary supply by hoarding much of the coins to get rich quick and have the power to influence the bitcoin economy. Grin's monetary policy might not be the best fix, however, it should be tested.
Good luck fixing people.
legendary
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November 30, 2020, 11:50:15 PM
Just like how today's zoomers dislike any boomer assets (gold, FIAT, stocks etc) and buying crypto;
Tomorrow's zoomers will dislike today's hot investments (crypto) and will find something else to invest.
Tomorrow's zoomers will dislike today's hot investments (crypto) and will find something else to invest.
OP speak as if bitcoin is to last forever, nothing actually does. With time bitcoin will become a thing of the past and new, innovative and attractive investment opportunity will come up. Better we enjoy bitcoin whike it last and beside no bitcoin was premined before the launch that happened 11years back (in 2009) so I'm yet to understand the OP's point of view.
And even if bitcoin was to survive longer, probably there'll be debate on an increase in supply to aid miners to continue been active bringing in new coins to existence to keep the Blockchain active.
Bitcoin will keep on been improved on until a perfect alternative to the fiat system has a achieved irrespective you f how long it takes. Nobody is saying bitcoin is perfect.
November 30, 2020, 11:21:16 PM
I think it is pointless to talk about the premine bitcoins for people who haven't born yet coz they can still buy it after many years. A currency should be back by tangible asset, with bitcoin it is backed by fiat/cash and your coin that will be backed by time isn't going to cost a penny, why? coz basically the world isn't running that way. Will humanity accept it? Of course, change happens for a reason, with it the progress of humanity keeps going, I don't know any reason why would people neglect financial freedom in the future.
I don't agree with the argument that currencies should be backed up by a tangible asset. How many of the fiat currencies can claim this? Gone are the days when the fiat currencies used to be backed up by gold. It resulted in massive deflation and that was the reason the governments around the world decided to remove it. So currencies which are not backed up should be OK.
November 30, 2020, 04:11:46 PM
I think the correct answer here is:
1. Put out an actual proposal/whitepaper with real terms.
2. Write some code.
3. Launch and see what happens.
I'd love to see an actual specification and code.
If it is a great idea, it will do well, if not not. Talking here does nothing. I won't hold my breath.
1. Put out an actual proposal/whitepaper with real terms.
2. Write some code.
3. Launch and see what happens.
I'd love to see an actual specification and code.
If it is a great idea, it will do well, if not not. Talking here does nothing. I won't hold my breath.
November 30, 2020, 01:49:53 PM
I think it is pointless to talk about the premine bitcoins for people who haven't born yet coz they can still buy it after many years. A currency should be back by tangible asset, with bitcoin it is backed by fiat/cash and your coin that will be backed by time isn't going to cost a penny, why? coz basically the world isn't running that way. Will humanity accept it? Of course, change happens for a reason, with it the progress of humanity keeps going, I don't know any reason why would people neglect financial freedom in the future.
November 30, 2020, 01:17:41 PM
How do you propose to value New Coin if it is not already the de facto unit of account ?
If everyone creates a New Coin everyday, whilst the mode and means of production are still being controlled by the wealthiest in society, the New Coin majority supply will surely still end up with said "elite" over time ?
Do I require one of those RFID thingies to get my daily New Coin, because if that's the case, it's just going to have to be "everyone" except me.
...
In Time (2011) Official HD Movie Trailer
- https://youtu.be/YRSBiTF3wNw
...snip...
No, you simply walk into the account sign up place that is being livestreamed to the blockchain, it scans your heartbeat and gives you like a credit card that you pick a pin for. If your metric has already been used, it won`t give you a card. If you are trying to use a fake heartbeat, the machine will scan to in the room and not make a account either.
Am I also required to give the system my inside leg measurement if I want to spend a New Coin ?
...
Seriously though, most folks (and the speculative markets) have lost sight of what actually gives Bitcoin value in the first place ...
- https://bitcointalksearch.org/topic/m.55494083
The most interesting thing about Bitcoins supply being finite by design, is that when it can no longer be mined it will eventually and at some point in time, of course, cease to exist (fact) ...
"You cannot trade in diminishing intangibility" - BitcoinFX
...
P.S. Is this your patent ? ...
Cryptocurrency system using body activity data
- https://patents.google.com/patent/WO2020060606A1/en
"Don't be evil"
November 30, 2020, 12:57:46 PM
Bitcoin is 88% premine to kids born today
It might as well be ETH.
To kids born in 2142, it is 100% premine.
It might as well be FIAT
Do you think the future of humanity is going to accept it?
I don't think humanity will accept Bitcoin as currency. Although it is an inflation-reducing asset, it should only be a rare asset, not a currency for the world to use.It might as well be ETH.
To kids born in 2142, it is 100% premine.
It might as well be FIAT
Do you think the future of humanity is going to accept it?
You know, fiat money works not only on the economic side, it works on the political side. Value for money will speak the strength of that country and it is a measure of value to rank among countries in the world.
Also, if Bitcoin is a public currency then it cannot be inflationary. And a country without inflation is considered to be underdeveloped, so you guys want everyone in the world to relax? Will technology and other things stay in a place where it can't evolve?
November 30, 2020, 12:55:01 PM
How do you propose to value New Coin if it is not already the de facto unit of account ?
If everyone creates a New Coin everyday, whilst the mode and means of production are still being controlled by the wealthiest in society, the New Coin majority supply will surely still end up with said "elite" over time ?
Do I require one of those RFID thingies to get my daily New Coin, because if that's the case, it's just going to have to be "everyone" except me.
...
In Time (2011) Official HD Movie Trailer
- https://youtu.be/YRSBiTF3wNw
Ahh some good questions finally.
I would give the new coin value with my farm, kind of like the first bitcoin pizza deal. A universal base wage of 1 hour coin an hour. If 1 hour in Canada min wage is $15, I would sell a basket of cherries for 1 hour coin.
At least it would be a fair ladder to climb. It is fine for people to work and make more.
No, you simply walk into the account sign up place that is being livestreamed to the blockchain, it scans your heartbeat and gives you like a credit card that you pick a pin for. If your metric has already been used, it won`t give you a card. If you are trying to use a fake heartbeat, the machine will scan two in the room and not make a account either.
November 30, 2020, 12:51:05 PM
They say bitcoin is like digital gold, and tron is like digital oil, what`s next digital food? what good is digital gold and oil? it`s not.
This is a great point. We need to stop using these analogies. They make sense to explain how cryptocurrencies can be consider an investable asset like a commodity, such as gold, silver, oil. But that's where they analogy ends. These commodities have a practical use in market consumption activities - i.e., gold is used for jewelry and electronics, oil is used to generate power, etc. Cryptocurrencies provide much different purposes in the market place and we should just start talking about them in these terms.
Bitcoin's tangible function (beyond being an investible asset) is to be currency.
Ethereum's tangible function (beyond being an investible asset) is to be a coding language and structure to create blockchain tokens.
Lumen's tangible function (beyond being an investible asset) is to facilitate financial transactions among fiat-based banks and entities around the globe.
-------
To the OP's original question - do you think all cryptocurrencies will become "dead" in 40 years? Or is it just bitcoin that you believe will become obsolete?
November 30, 2020, 12:48:55 PM
It`s not a hard concept guys.
FIAT - Private family's create all the cash aka Rothschild.
BITCOIN - People with fiat create all the cash (still slaves to fiat creators)
NEW COIN - Everyone creates the cash. (if the bankers buy it, everyone wins)
Why the fuck would you want bitcoin when the guys that make fiat will still enslave you.
1 bitcoin could be worth 1 million USD, the central bankers can still buy all of it for free.
In the end it will be a central banker probably a rothschild that owns the biggest mining farm, he we collect all the coins through network fee`s and you will still be a slave to him.
FIAT - Private family's create all the cash aka Rothschild.
BITCOIN - People with fiat create all the cash (still slaves to fiat creators)
NEW COIN - Everyone creates the cash. (if the bankers buy it, everyone wins)
Why the fuck would you want bitcoin when the guys that make fiat will still enslave you.
1 bitcoin could be worth 1 million USD, the central bankers can still buy all of it for free.
In the end it will be a central banker probably a rothschild that owns the biggest mining farm, he we collect all the coins through network fee`s and you will still be a slave to him.
How do you propose to value New Coin if it is not already the de facto unit of account ?
If everyone creates a New Coin everyday, whilst the mode and means of production are still being controlled by the wealthiest in society, the New Coin majority supply will surely still end up with said "elite" over time ?
Do I require one of those RFID thingies to get my daily New Coin, because if that's the case, it's just going to have to be "everyone" except me.
...
In Time (2011) Official HD Movie Trailer
- https://youtu.be/YRSBiTF3wNw
November 30, 2020, 12:45:15 PM
Quote
Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.
1.A cryptocurrency which is easy to be mined by lots of people will be pretty much worthless.
Mining costs are an important part of the overall value of Bitcoin.If it was really easy to mine Bitcoins,then would you even care about buying BTC?I don't think so.
2.All the "biorecognition" technology is still at a very early stage.Maybe in the future,people will use their iris,DNA or fingerprints to pay for goods,instead of wallets and addresses,but not today.
I don't get your point about Bitcoin being "88% premined to kids born today".Can you explain more?
1. Actually I got a farm and the coin will always have a worth. I will accept it for my fruits and veggies any day of the week.
You are still stuck in fiat land with your fiat mining cost. No need to be a fiat slave anymore.
2. It will happen within the next 10 years.
Supply is 88% mined today, If I am born today I am born into a 88% premine, soon to be 100%.
November 30, 2020, 12:37:59 PM
Yes the gold that is already mined is premined to kids not born yet. I would say it is premined because it is owned by someone else and you have to buy it from them.
What do over 60% of the people already live off of, welfare and disability. Imagine a global time faucet if you will. Instead of governments giving handouts a system does. Why let a few create the supply over everyone?
Here's what would happen if everything in your plan went as you imagined: I'd get a coin every heartbeat (or second) and at one point, I'll be giving it to someone else for something in exchange (food? money?). Someone, will wake up one day and say "hey, I want to do business with this coin!" and start selling goods to a bunch of people for your coins. In the end, you and a few dozen/hundred/thousand others will pay that guy and wealth inequality will still exist.What do over 60% of the people already live off of, welfare and disability. Imagine a global time faucet if you will. Instead of governments giving handouts a system does. Why let a few create the supply over everyone?
To have a fairly distributed supply means not allowing businesses or individuals to try hoarding coins. That means either everyone will have to reject the existence of exchanges as well or your coin will be centralized and never allow hoarding and exchanges to exist. And the latter means censorship or, if each of us should keep their own coins without ever selling/moving them, the coins would have zero value because they'd be useless. If a coin of yours is worth $1 and a multi-millionaires believe there's insane potential for investment, they may purchase a million coins from multiple people. Inequality. We'd only get back to your previous "crypto - fiat" link.
No matter how you take it, the human greed will never let fairness exist. Otherwise, today we'd be living in an utopian world. We could, but at one point there will still be someone who'll want to be in advantage against others and there goes the fairness you've been trying to form.
It is fine for people to earn more coins than others by working. I encourage it.
It is not fine for people to generate supply more than others.
November 30, 2020, 12:28:11 PM
And as soon as this "bio recognition" stuff gets going, someone will use CRISPR or something to slightly alter some genes and get a double or 1000 x helping.
Then they would have a new address and not be able to use the old one. Like if someone got a heart transplant, they won`t be able to use their old heart beat sound.
Heck if we used heartbeats in the voting it would stop all the dead and fake voters that have been rigging the elections for years.
We would be able to stop all murder, or find out who did it instantly.
November 30, 2020, 12:12:58 PM
Do you think bitcoin will live that long? I very much doubt it.
No I don`t either, it will look like this market https://steamcommunity.com/market/listings/489940/STG-44%20%7C%20Shroud%20Signed
People selling for $1800-250 and 2 bids at $20
That is what a dead market looks like.
It will become outdated, people will opt to a supply they create, a fairly generated one over slaving for rothschild`s or satoshi`s.
My coin will replace fiat, not be a measure of it, it will replace bitcoin to.
You can all doubt me, but I will be the one that actually unenslaves you and your family, your fiat bitcoin gains only mask your slavery.
You think bitcoin is good because it makes you more fiat but in reality fiat is worth nothing, backed by nothing and enslaves you to another man, to give up your limited goods, time and services for a unlimited supply of $hit.
They say bitcoin is like digital gold, and tron is like digital oil, what`s next digital food? what good is digital gold and oil? it`s not.
November 30, 2020, 12:06:23 PM
It`s not a hard concept guys.
FIAT - Private family's create all the cash aka Rothschild.
BITCOIN - People with fiat create all the cash (still slaves to fiat creators)
NEW COIN - Everyone creates the cash. (if the bankers buy it, everyone wins)
Why the fuck would you want bitcoin when the guys that make fiat will still enslave you.
1 bitcoin could be worth 1 million USD, the central bankers can still buy all of it for free.
In the end it will be a central banker probably a rothschild that owns the biggest mining farm, he we collect all the coins through network fee`s and you will still be a slave to him.
FIAT - Private family's create all the cash aka Rothschild.
BITCOIN - People with fiat create all the cash (still slaves to fiat creators)
NEW COIN - Everyone creates the cash. (if the bankers buy it, everyone wins)
Why the fuck would you want bitcoin when the guys that make fiat will still enslave you.
1 bitcoin could be worth 1 million USD, the central bankers can still buy all of it for free.
In the end it will be a central banker probably a rothschild that owns the biggest mining farm, he we collect all the coins through network fee`s and you will still be a slave to him.
November 30, 2020, 11:24:31 AM
it is mined 15 million coins in 2 years, makes the total supply %70 mined with early ones. So few mined makes it premine,instamine..Whatever you call it. it is not FAİR.
Satoshi Nakamto didnt invent Bitcoin for those early nazi-maxis to be the new rich elite,block and badmouth every developer and project than bitcoin.
i am sure Satoshi has a surprise for them.
What coin are you talking about that mined 15 millions coins in 2 years? It certainly wasn't bitcoin, the 15 millionth coin was mined in 2015-2016 so 6-7 years after the genesis block. If you want to have an intelligent discussion, you need to at least be informed.
Please define "fair". Fair that the people who spent their time on bitcoin mined early? Fair that people mined it because it was an interesting project that is still in beta and had no guarantee of success? Fair that the people who paid attention and were able to understand the white paper did so?
"It is not fair" sounds like a 3 year old complaining.
November 30, 2020, 11:20:16 AM
Quote
Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.
1.A cryptocurrency which is easy to be mined by lots of people will be pretty much worthless.
Mining costs are an important part of the overall value of Bitcoin.If it was really easy to mine Bitcoins,then would you even care about buying BTC?I don't think so.
2.All the "biorecognition" technology is still at a very early stage.Maybe in the future,people will use their iris,DNA or fingerprints to pay for goods,instead of wallets and addresses,but not today.
I don't get your point about Bitcoin being "88% premined to kids born today".Can you explain more?
And as soon as this "bio recognition" stuff gets going, someone will use CRISPR or something to slightly alter some genes and get a double or 1000 x helping.
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