Not everything must be in the whitepaper. Halving exists, it's a fact, and it's meant to be this way. Also, I think halving is a great mechanism that helps make Bitcoin even more desirable because fewer and fewer coins appear as the time passes. Not to mention that cycles are just nice and natural to us humans, they help keep track of the flow of time and how things are going.
Everyone knows (or can learn if they want to) about halving, so there's nothing hidden, dirty or shady about it.
Topic: Bitcoin = Proof of Scam ? - page 2. (Read 489 times)
Quote
3.1 Bitcoin halving (nasty supply shock after 4 years, repeats each 4 years, leaves late comers fighting for bread crombs)
3.2 Maximum supply (no more new/cheap supply for future generations, unfair/time discrimination)
3.2 Maximum supply (no more new/cheap supply for future generations, unfair/time discrimination)
Isn't this kind of behavior similar to a company with a fixed amount of stock? If there is a finite number of stocks and there is no release of new shares, the company's stock value will surely skyrocket. Just like the ecosystem of Bitcoin supply. The same with the company with a fixed number of stocks, latecomers have to pay more when buying the remaining stocks than the pioneers. This simply shows, life is never been fair, it is always the first comers who reap the best benefit.
Quote
3.3 Difficulty adjustment (while mentioned, too vague, drives up cost for future generations/unfair)
The Bitcoin whitepaper stated that:
Quote
The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation
So I do not think that it is too vague, one can easily think that the more miners the heavier the competition, the heavier the competition, the harder it is to mine gold. Since mining of Bitcoin is analogous to gold, we can clearly think that the resources needed to mine Bitcoin will become more expensive as more units are participating in mining Bitcoin.
It is about fairness to the people of earth. (Especially all those on the internet)
1. Not everybody is a programmer.
2. New programmers find C incredibly hard to understand.
1. Not everybody is a programmer.
2. New programmers find C incredibly hard to understand.
This apply to all cryptocurrency, even when the implementation use different programming language.
3. Critical financial information was left out like:
3.1 Bitcoin halving (nasty supply shock after 4 years, repeats each 4 years, leaves late comers fighting for bread crombs)
3.2 Maximum supply (no more new/cheap supply for future generations, unfair/time discrimination)
3.3 Difficulty adjustment (while mentioned, too vague, drives up cost for future generations/unfair)
3.1 Bitcoin halving (nasty supply shock after 4 years, repeats each 4 years, leaves late comers fighting for bread crombs)
3.2 Maximum supply (no more new/cheap supply for future generations, unfair/time discrimination)
3.3 Difficulty adjustment (while mentioned, too vague, drives up cost for future generations/unfair)
Aside from what other member said, the whitepaper comes out first before source code. It's possible Satoshi didn't think about the detail when Satoshi write the whitepaper.
4. Early adopters received more coins then late adopters (unfair)
They also take more risk/uncertainty. And such statement applies to various technology and investment.
This post by you is honestly pointless. How is this a dirty little trick? The halving of rewards is one of the greatest inventions and features of Bitcoin to ensure a limitation in the total supply.
The halving of bitcoin is indeed a dirty little trick hiding in the source code.
The bitcoin white paper misleads:
"The steady addition of a constant of amount of new coins..."
Point being:
White paper does not mention halving !
The bitcoin white paper misleads:
"The steady addition of a constant of amount of new coins..."
Point being:
White paper does not mention halving !
The white paper is more of a rough explanation on how it works. If you want technical details on how Bitcoin actually works at the development level then: the code is open source. Which means anyone can take a look at the inner mechanisms. You can find it on Github. I won't provide a link because for how you insulted Bitcoin. Also, someone already provided the link in this thread.
The bitcoin white paper only contains the basic knowledge of bitcoin and the problem it solves. It never talked about bitcoin circle, because bitcoin was still new and nobody will be able to know what will happen to bitcoin in future. It is as time passes by that people started studying bitcoin movement, also with miners, that they came to realize that the miners reward is always divided into two in particular period of time. So as time passes by, the value of bitcoin increases and people will want to know why is it like that.
Satoshi never also mentioned anything about the bear market and the bull market. Bitcoin is very complex to understand it in just 2 years. So I don't see why you sound this way, when nobody knows what will happen tomorrow. It is people that studied bitcoin, together with miners that noticed the halving and saw the bitcoin price movement repeats history due to past records. I don't see anything like scam.
CW also used the Whitepaper to assert that Bitcoin has now lost its value, so he created Bitcoin Satoshi Vision (BSV). However, everything was cleared up after the emails between Satoshi and Sirius were released: Satoshi believed that BTC could be used in many different ways: a means of payment, message storage (inscription) ..., completely without any specific or limited vision for the potential of BTC.Satoshi never also mentioned anything about the bear market and the bull market. Bitcoin is very complex to understand it in just 2 years. So I don't see why you sound this way, when nobody knows what will happen tomorrow. It is people that studied bitcoin, together with miners that noticed the halving and saw the bitcoin price movement repeats history due to past records. I don't see anything like scam.
Halving and many other BTC issues are similar: just because they are not mentioned in the Whitepaper does not mean that they do not have the right to exist or are not part of Bitcoin's development roadmap. We should accept everything openly!
Anyway, this topic is quite interesting to refer to and discuss
I think whitepaper is just a summary, so it's not very detail. While the source code is everything that make Bitcoin run, probably there's other thing that didn't mentioned in whitepaper besides halving.
POS = Proof of Scam, stay away from POS coins/tokens.
POS = Proof of Scam, stay away from POS coins/tokens.
It is best to have the bitcoin github[1] as reference since all the updates and upgrades are mentioned on that repository.
To be more accurate, on lines 1752-1763.Code: (https://github.com/bitcoin/bitcoin/blob/master/src/validation.cpp#L1752)
CAmount GetBlockSubsidy(int nHeight, const Consensus::Params& consensusParams)
{
int halvings = nHeight / consensusParams.nSubsidyHalvingInterval;
// Force block reward to zero when right shift is undefined.
if (halvings >= 64)
return 0;
CAmount nSubsidy = 50 * COIN;
// Subsidy is cut in half every 210,000 blocks which will occur approximately every 4 years.
nSubsidy >>= halvings;
return nSubsidy;
{
int halvings = nHeight / consensusParams.nSubsidyHalvingInterval;
// Force block reward to zero when right shift is undefined.
if (halvings >= 64)
return 0;
CAmount nSubsidy = 50 * COIN;
// Subsidy is cut in half every 210,000 blocks which will occur approximately every 4 years.
nSubsidy >>= halvings;
return nSubsidy;
Was it in there from the start or later added ?
It is about fairness to the people of earth. (Especially all those on the internet)
1. Not everybody is a programmer.
2. New programmers find C incredibly hard to understand.
3. Critical financial information was left out like:
3.1 Bitcoin halving (nasty supply shock after 4 years, repeats each 4 years, leaves late comers fighting for bread crombs)
3.2 Maximum supply (no more new/cheap supply for future generations, unfair/time discrimination)
3.3 Difficulty adjustment (while mentioned, too vague, drives up cost for future generations/unfair)
4. Early adopters received more coins then late adopters (unfair)
How would you feel about new crypto projects if these "details" were left out ?
1. Not everybody is a programmer.
2. New programmers find C incredibly hard to understand.
3. Critical financial information was left out like:
3.1 Bitcoin halving (nasty supply shock after 4 years, repeats each 4 years, leaves late comers fighting for bread crombs)
3.2 Maximum supply (no more new/cheap supply for future generations, unfair/time discrimination)
3.3 Difficulty adjustment (while mentioned, too vague, drives up cost for future generations/unfair)
4. Early adopters received more coins then late adopters (unfair)
How would you feel about new crypto projects if these "details" were left out ?
Whitepaper is only used to introduce bitcoin to people which the basic information about bitcoin are there and it is not hidden or anything because it is open source. I'll tell you what, if it is hidden then we wouldn't have known that there's a halving going on every 210 000 blocks and the average time that a block will get mined. If you think that bitcoin is a scam then that means Satoshi Nakamoto is a scammer. How I see this is that you are trolling people here that bitcoin is a scam.
I am wondering why the OP scarred about Bitcoin. What's wrong with you at all? Nothing is hidden or dirty in Bitcoin code. It's open source; you can do everything if you are a developer. How are others forking the Bitcoin blockchain unless they don't know the source codes? Halving was planned as well, though it wasn't written on the whitepaper. Satoshi set up a system to reduce block rewards and determine how long it would take to mine the last bitcoin. So it's a normal processor; nothing dirty here, nor is Satoshi getting any advantage from the halving.
White paper does not mention halving !
Since the block rewards for minners get divided into half each time bitcoin halving cycles occurs.
Whatever you think about Bitcoin should be with you. We don't care about your opinion whether you like to invest in Bitcoin or not.
Bitcoin has been in existence for more that 10 years now and those that called it a scam are still regretting it because they missed the opportunity that would have been a huge profits from them to make money from the market instead of complaining that Bitcoin is a scam and does not have a true value. Keep your opinion to yourself and don't buy at all.
Bitcoin has been in existence for more that 10 years now and those that called it a scam are still regretting it because they missed the opportunity that would have been a huge profits from them to make money from the market instead of complaining that Bitcoin is a scam and does not have a true value. Keep your opinion to yourself and don't buy at all.
Just ignore the OP.
You can't even call him a Troll.
Trolls are supposed to live under bridges and today the homeless people that are forced to live under bridges have standards and would not let him stay there with them.
He has been here for well over a decade and the halvings have been well known since the beginning.
-Dave
You can't even call him a Troll.
Trolls are supposed to live under bridges and today the homeless people that are forced to live under bridges have standards and would not let him stay there with them.
He has been here for well over a decade and the halvings have been well known since the beginning.
-Dave
The bitcoin white paper misleads:
Misleading white paper? for me not. The white book explains clearly how Bitcoin works as an electronic cash system that makes it easy. I want to quote a small part of the conclusion that the simplicity of the structure makes this network strong.Not a misleading white paper, but your understanding to understand the entire contents of white paper that is too complicated.
The halving of bitcoin is indeed a dirty little trick hiding in the source code.
The bitcoin white paper misleads:
"The steady addition of a constant of amount of new coins..."
Point being:
White paper does not mention halving !
The bitcoin white paper misleads:
"The steady addition of a constant of amount of new coins..."
Point being:
White paper does not mention halving !
Lets say even if it didn't mention it in the White Paper, how is it a "dirty little trick" and how does that change much of anything? There are quite a lot of changes that have been made to bitcoin and bitcoins blockchain code that have gone in to effect ever since Satoshi left the project entirely. Does that make all changes made a scam? I think you're grasping at straws here and seemingly just trying to find any way to bash bitcoin.
Yesterday, one user was on about how BTC has no use case, today we are talking about how the BTC halving was not mentioned in the whitepaper and it has misled bitcoiners. I don't know if you are trolling like the other user i just mentioned, and what does your thread title even mean: 'Bitcoin = Proof of scam', what scam are you talking about, BTC is an open source network, and you can verify everything yourself. The halving has always been in the BTC protocol, and any bitcoiner who did their research about the network would know about it.
The halving of bitcoin is indeed a dirty little trick hiding in the source code.
The bitcoin white paper misleads:
"The steady addition of a constant of amount of new coins..."
Point being:
White paper does not mention halving !
The bitcoin white paper misleads:
"The steady addition of a constant of amount of new coins..."
Point being:
White paper does not mention halving !
White paper may not mention halving, but i want to believe that everything we are having today with the use of bitcoin has gone far beyond the constituents of what the whitepaper contains, people invest, hold, make profits, sells and buy, miners got half of block rewards, halving occurs and the likes, all within the system, the white paper may only contain about the protocol of how you can use bitcoin safely with its integration with the use of blockchain.
The halving of bitcoin is indeed a dirty little trick hiding in the source code.The bitcoin white paper misleads:
"The steady addition of a constant of amount of new coins..."
Point being:
White paper does not mention halving !
Bitcoin white paper misled holders to have more money and they become a millionaire. Halving is not good because it reduces the mining supply and which can make bitcoin scarce and increase in demand which can cause further increase in price and value of the coin. Can you see how wrong you are."The steady addition of a constant of amount of new coins..."
Point being:
White paper does not mention halving !
The whitepaper does not talk about Segwit, Taproot, RBF, CPFP, trading bitcoin and so many other things, and therefore it should be a scam! What a stupid kind of logic you have there, OP
Segwit, Taproot, RBF and CPFP were introduced after bitcoin has been created, but halving was created with bitcoin and not a soft fork. I mean halving is part of the fundamental part of bitcoin. But you are not wrong that not all will be talked about on the bitcoin white paper. 
The whitepaper does not talk about Segwit, Taproot, RBF, CPFP, trading bitcoin and so many other things, and therefore it should be a scam! What a stupid kind of logic you have there, OP 🙌
You surely don't deserve bitcoin. Go back to the cave you crawled out from.
You surely don't deserve bitcoin. Go back to the cave you crawled out from.
White paper does not mention halving !
White paper of Bitcoin was written to introduce this p2p payment system and that's why the halving was not mentioned in it. OP, if you're part of Bitcoin community then you might know that Bitcoin has gone through some changes overtime like introduction of Segwit addresses in 2017 to the source code. Satoshi Nakamoto hasn't introduced that address but it was introduced by other developers and Bitcoin community supported it.Similarly the halving event was not mentioned in Bitcoin whitepaper but it was already part of Bitcoin source coin from the start and overtime people learnt about it and community supported it. It's the halving event that has allowed Bitcoin to gain value overtime and I don't think anything is wrong in not mentioning it in the white paper. I think it wasn't even needed to mention it in white paper and that's why Satoshi avoided mentioning it.
Jump to: