Topic: "Bitcoin Will Bite the Dust" report - page 2. (Read 1680 times)
Well that's just their opinion, but I don't think it will bite the dust because of this. As long as someone is mining and its profitable to do so then miners will keep mining. I do wish it was somehow still possible for newbs to get involved and it's a shame anyone just can't pick up some basic equipment and make money.
The things in the report have some strength.
Bitcoin is the beginning of a realistic currency movement. Even though there have been many other cryptocurrencies, the thing that will probably last the longest are variants of Bitcoin that use the Bitcoin blockchain. When these become numerous, trading among people might become really free. Bitcoin XT is something like this. Things like Mastercoin/Omni and Counterparty might be considered others.
I don't find anything in the article that talks about what might happen with Bitcoin when the fiat money system collapses. When it collapses, will the whole Internet go down? Or will the Internet go down bringing forks to the Bitcoin blockchain based on nations that uphold their own Internet structure, only? In addition, the fiat system will probably crash very rapidly... like in one day. Will Bitcoin survive the massive flux into it, as new people become the new wealthy overnight, because they held a lot of bitcoins?
The reasoning in the report is okay in a world where nothing else changes. But the world will likely change in many ways. How will Bitcoin react to the world changes?
Bitcoin is the beginning of a realistic currency movement. Even though there have been many other cryptocurrencies, the thing that will probably last the longest are variants of Bitcoin that use the Bitcoin blockchain. When these become numerous, trading among people might become really free. Bitcoin XT is something like this. Things like Mastercoin/Omni and Counterparty might be considered others.
I don't find anything in the article that talks about what might happen with Bitcoin when the fiat money system collapses. When it collapses, will the whole Internet go down? Or will the Internet go down bringing forks to the Bitcoin blockchain based on nations that uphold their own Internet structure, only? In addition, the fiat system will probably crash very rapidly... like in one day. Will Bitcoin survive the massive flux into it, as new people become the new wealthy overnight, because they held a lot of bitcoins?
The reasoning in the report is okay in a world where nothing else changes. But the world will likely change in many ways. How will Bitcoin react to the world changes?
"We would therefore regard Bitcoin as an instructive creative failure... "
I would therefore regard the authors of this report as total failures, but not in any sense creative ones. A 26 page overview about bitcoin, apparently written in 2010 or so, doesn't contain the word "counterfeit". The only evidence of failure is they said so. Talk about not getting the point.
"it’s easier to trust central banks that print fiat money, because the people in charge and their interests and motives are more or less known, or at least are the subject of much study and speculation."
This is easier to trust than what? Than discrete logarithms being hard to do on elliptic curves? Call me crazy, I'm actually more inclined to trust my own eyes and basic math than somebody I never met or know the name of who has "studies" made into "their interests". I guess I just don't understand finance eh?
I would therefore regard the authors of this report as total failures, but not in any sense creative ones. A 26 page overview about bitcoin, apparently written in 2010 or so, doesn't contain the word "counterfeit". The only evidence of failure is they said so. Talk about not getting the point.
"it’s easier to trust central banks that print fiat money, because the people in charge and their interests and motives are more or less known, or at least are the subject of much study and speculation."
This is easier to trust than what? Than discrete logarithms being hard to do on elliptic curves? Call me crazy, I'm actually more inclined to trust my own eyes and basic math than somebody I never met or know the name of who has "studies" made into "their interests". I guess I just don't understand finance eh?
The Cato Institute suck Koch for a living.
At the moment bitcoin's price reflects its fundamental value! As the difficulty increases, the mining industry becomes more centralized! It domes't cause any severe problem to bitcoin! As the adoption rate increases, more ppl will adopt bitcoin! Hopefully the big whales would sell some percent of bitcoin to the public and the more ppl hold bitcoin, the stronger its ecosystem will become!
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
mostly complaining about centralization due to pools.
old news.
Bitcoin is fine.
https://blockchain.info/pools
old news.
Bitcoin is fine.
https://blockchain.info/pools
The Cato Institute just released a new report with the above title--will Bitcoin bite the dust?
I guess most people here would disagree, but does anyone have a response to this report?
Any rebuttals for ideas like that the BTC mining industry is a natural monopoly because of economies of scale?
Is there such a natural drive toward centralization and will it kill off Bitcoin?
Here it is: http://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2015/5/cj-v35n2-12.pdf
I guess most people here would disagree, but does anyone have a response to this report?
Any rebuttals for ideas like that the BTC mining industry is a natural monopoly because of economies of scale?
Is there such a natural drive toward centralization and will it kill off Bitcoin?
Here it is: http://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2015/5/cj-v35n2-12.pdf
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