Bitcoin is unsustainable, according to Vice - page 2.

funkenstein

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Quote from: countryfree on February 02, 2016, 06:50:47 PM

Quote from: BCEmporium on January 28, 2016, 10:03:40 PM

I think they're missing the spot: we are still at the mining era.
This era will last until the 21 million bitcoins come to exist, onwards the tx fees will dictate the market and the hashing power will most likely be way lower.
Blocksize, compression, light chains, whatever scalability solution will come, will handle the tx rate issues.

That's an easy one. We sure may wonder what will happen when this is over, that's a good question, but let's be honest, I don't care about the answer. Really. And nobody here should. We'll be gone when this happens.

If you really don't care about things that happen after "you are gone".. this means you are a small child. Seriously, grow up and start caring about the world. This is it.

countryfree

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Your country may be your worst enemy

Quote from: BCEmporium on January 28, 2016, 10:03:40 PM

I think they're missing the spot: we are still at the mining era.
This era will last until the 21 million bitcoins come to exist, onwards the tx fees will dictate the market and the hashing power will most likely be way lower.
Blocksize, compression, light chains, whatever scalability solution will come, will handle the tx rate issues.

That's an easy one. We sure may wonder what will happen when this is over, that's a good question, but let's be honest, I don't care about the answer. Really. And nobody here should. We'll be gone when this happens.

Anddos

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Quote from: bitlost on February 01, 2016, 05:59:01 PM

Quote from: Anddos on February 01, 2016, 04:39:31 PM

Quote from: knowhow on February 01, 2016, 11:25:23 AM

Even being a negative feedback is good to keep bitcoin alive,soo being good or bad feedbacks wont affect in any way the bitcoin ,just need to keep being talking about it,its wizzard bitcoin is soo related to the ilegal that it is growing and well time will teacth who didnt enter early to think twice about inovation.

I don't think you need to worry about bad advertising. Bitcoin won't be affected just because some reporter tried to stir the waves a bit with his article.

This specific article doesn't even add up! It's all a bunch of nonsensical comparations.

Maybe what's happening is exactly what they want. Bad advertising, the price drops, they buy, then when the price goes up they sell. Might be smarter than it seems at first glance.

bitlost

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Quote from: Anddos on February 01, 2016, 04:39:31 PM

Quote from: knowhow on February 01, 2016, 11:25:23 AM

Even being a negative feedback is good to keep bitcoin alive,soo being good or bad feedbacks wont affect in any way the bitcoin ,just need to keep being talking about it,its wizzard bitcoin is soo related to the ilegal that it is growing and well time will teacth who didnt enter early to think twice about inovation.

I don't think you need to worry about bad advertising. Bitcoin won't be affected just because some reporter tried to stir the waves a bit with his article.

This specific article doesn't even add up! It's all a bunch of nonsensical comparations.

CuntChocula

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Quote from: Anddos on February 01, 2016, 04:39:31 PM

Quote from: knowhow on February 01, 2016, 11:25:23 AM

Even being a negative feedback is good to keep bitcoin alive,soo being good or bad feedbacks wont affect in any way the bitcoin ,just need to keep being talking about it,its wizzard bitcoin is soo related to the ilegal that it is growing and well time will teacth who didnt enter early to think twice about inovation.

I don't think you need to worry about bad advertising. Bitcoin won't be affected just because some reporter tried to stir the waves a bit with his article.

Probably not. Let's check tho... BTC only down ~$25 since pub date. Meh.

Anddos

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Quote from: knowhow on February 01, 2016, 11:25:23 AM

Even being a negative feedback is good to keep bitcoin alive,soo being good or bad feedbacks wont affect in any way the bitcoin ,just need to keep being talking about it,its wizzard bitcoin is soo related to the ilegal that it is growing and well time will teacth who didnt enter early to think twice about inovation.

I don't think you need to worry about bad advertising. Bitcoin won't be affected just because some reporter tried to stir the waves a bit with his article.

knowhow

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Activity: 560

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Even being a negative feedback is good to keep bitcoin alive,soo being good or bad feedbacks wont affect in any way the bitcoin ,just need to keep being talking about it,its wizzard bitcoin is soo related to the ilegal that it is growing and well time will teacth who didnt enter early to think twice about inovation.

RealBitcoin

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My ass is unsustainable too, especially if so much crap comes out of it.

These MSM presstitutes need to get a life and stop spreading bullshit of thing they know nothing about.

bitlost

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Quote from: Meuh6879 on January 27, 2016, 01:30:34 PM

Quote from: jonald_fyookball on January 27, 2016, 12:53:48 PM

mostly FUD.

Bitcoin network is the most (and big) transparent thing in the world ... and the bankster system ? The right opposit ... it lies in every part of his number, it's black order book and DEBT against citizen.

I prefer an open network.
Bankster network is not open AT ALL !

Agree completely. And this article totally ignores the "bank system energy consumption". I mean, it spends a lot of energy, but COMPARED TO WHAT? Such a tendentious article...

BTW, they quoted bitcointalk on the article, so they're probably reading this right now.

So, better articles next time, Vice reporters!

Anddos

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Isn't Vice a gossip magazine? Just trying to get visitors.

On another point - Bitcoin will not disappear, at least not until all of it will be mined. That's my opinion at least.

naidray

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Do you guys think that it is true that bitcoin will disappear from the world. I don't think so as it has a bright future instead. Because it is something different and has many advantageous as an answer to modern digital world's requirements.

HarryKPeters

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Quote from: greBit on January 29, 2016, 03:39:56 PM

Quote from: funkenstein on January 29, 2016, 02:59:00 PM

http://frass.woodcoin.org/is-bitcoin-inefficient/

I have a different opinion on Bitcoin because always there are two side of a coin we can only guess the future but can't predict exactly

There is always another story and this time i believe in that story.

Right now bitcoin has a problem which we can overcome.

greBit

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Quote from: funkenstein on January 29, 2016, 02:59:00 PM

http://frass.woodcoin.org/is-bitcoin-inefficient/

I have a different opinion on Bitcoin because always there are two side of a coin we can only guess the future but can't predict exactly

knowhow

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Quote from: johnyj on January 29, 2016, 12:45:39 PM

Quote from: bargainbin on January 29, 2016, 09:19:49 AM

Quote

You inverted the cause and result: People spend energy to dig out gold because it has value, not because the digging action itself will generate value. Higher mining cost is a result of competition. You should ask why so many people crazily mine bitcoin even they pay more electricity than coin's exchange rate

So it's not the work that gives gold value, but the fact that gold has value in the first place?! So much for work giving BTC its value Sad

Folks put plenty of work into mining fool's gold too, because they thought it had value. It didn't. That's what made them fools.
Avoid mirrors.

It is not cost decide bitcoin's value, but the cost is an indicator of how much it worth, it is the same for gold, no cost, no value. And you know, most of the fool guys are rich, so they can afford it Cheesy

Well i agree with you and those argument is valid since to hold or to try gold market mining is just for people with 200k dollars atleast and the result isnt sure,spending the same ammount at bitcoin is a sure as you will mine and get blocks ,the time you will be able to recover your investment and roi its another question but the thing is we still mining bitcoins in the future after it ends a system must be done to keep bitcoin safe and keep people interest to be part of it.

funkenstein

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Khazad ai-menu!

http://frass.woodcoin.org/is-bitcoin-inefficient/

johnyj

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Beyond Imagination

Quote from: bargainbin on January 29, 2016, 09:19:49 AM

Quote

You inverted the cause and result: People spend energy to dig out gold because it has value, not because the digging action itself will generate value. Higher mining cost is a result of competition. You should ask why so many people crazily mine bitcoin even they pay more electricity than coin's exchange rate

So it's not the work that gives gold value, but the fact that gold has value in the first place?! So much for work giving BTC its value Sad

Folks put plenty of work into mining fool's gold too, because they thought it had value. It didn't. That's what made them fools.
Avoid mirrors.

It is not cost decide bitcoin's value, but the cost is an indicator of how much it worth, it is the same for gold, no cost, no value. And you know, most of the fool guys are rich, so they can afford it Cheesy

bargainbin

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Quote from: johnyj on January 28, 2016, 09:56:22 PM

Quote from: CuntChocula on January 28, 2016, 04:01:43 PM

1. I can't send Beanies through the internet, though your bitcoin isn't soft and cuddly. What does this have to do with scarcity?
2. My boiled ice hasn't lost 2/3rds of its value over the past couple of years, so it most certainly beats Bitcoin as "store of value."
Again, you haven't answered my question: Is my boiled ice more valuable now that I ~~wasted a bunch of electricity and my time~~ put work into it?

If you plot the exchange rate performance of bitcoin for more than 4 years (which is a reward halving cycle), you get a risk/reward ratio which no investment can beat. It is a long term value storage, although it is disrupted by short term bubbles and crashes, similar to housing

Only if you don't understand what risk/reward ratio means.
But yeah, if you track any_shitcoin_Not_dead_yet performance since its inception, you get infinite profit. They all started at 0 (zero), so any positive number is infinite growth.

Quote

You inverted the cause and result: People spend energy to dig out gold because it has value, not because the digging action itself will generate value. Higher mining cost is a result of competition. You should ask why so many people crazily mine bitcoin even they pay more electricity than coin's exchange rate

So it's not the work that gives gold value, but the fact that gold has value in the first place?! So much for work giving BTC its value Sad

Folks put plenty of work into mining fool's gold too, because they thought it had value. It didn't. That's what made them fools.
Avoid mirrors.

tommygunyeah

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Quote from: johnyj on January 28, 2016, 09:56:22 PM

You inverted the cause and result: People spend energy to dig out gold because it has value, not because the digging action itself will generate value. Higher mining cost is a result of competition. You should ask why so many people crazily mine bitcoin even they pay more electricity than coin's exchange rate

This is my opinion as well. Even if a mining operation is deficitary in the short term, what a miner is looking is the long term, when it will compensate the invested capital and generate a reasonable profit.

I believe that this "compensation points" for many people is the reason why there's still a good volatility in the market (I mean, not everyone os HOLDING), which helps to keep the market alive.

BCEmporium

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I think they're missing the spot: we are still at the mining era.
This era will last until the 21 million bitcoins come to exist, onwards the tx fees will dictate the market and the hashing power will most likely be way lower.
Blocksize, compression, light chains, whatever scalability solution will come, will handle the tx rate issues.

johnyj

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Beyond Imagination

Quote from: CuntChocula on January 28, 2016, 04:01:43 PM

1. I can't send Beanies through the internet, though your bitcoin isn't soft and cuddly. What does this have to do with scarcity?
2. My boiled ice hasn't lost 2/3rds of its value over the past couple of years, so it most certainly beats Bitcoin as "store of value."
Again, you haven't answered my question: Is my boiled ice more valuable now that I ~~wasted a bunch of electricity and my time~~ put work into it?

If you plot the exchange rate performance of bitcoin for more than 4 years (which is a reward halving cycle), you get a risk/reward ratio which no investment can beat. It is a long term value storage, although it is disrupted by short term bubbles and crashes, similar to housing

You inverted the cause and result: People spend energy to dig out gold because it has value, not because the digging action itself will generate value. Higher mining cost is a result of competition. You should ask why so many people crazily mine bitcoin even they pay more electricity than coin's exchange rate

Topic: Bitcoin is unsustainable, according to Vice - page 2. (Read 4852 times)