Topic: Bitcoin will fail - page 6. (Read 8132 times)

Then you should mine and make 90,000% annual profit.  Except the cost to mine is much much much higher than $2 to $4 per BTC.  Care to show your "math" (and I use the term lightly) on how the production cost (which is irrelevant to the exchange rate of a currency) is $2 to $4.

Nope.  You couldn't do that with 51% (or any amount) of hashing power.  You can't change Bitcoin in that manner you can only fork it.  Users can continue to use the "current" Bitcoin and the miners that remains will get a larger share of the reward.  Try learning about how Bitcoin works before declaring it dead.  The Bitcoin as it exists today (21M BTC, irreversible, psuedo-anonymous, divisibility to 8 decimal places, 10 minute blocks, 50 block reward halving every 210,000 blocks) will ALWAYS exist as long as at least two nodes are using it and at least one node is mining.

it is not a prediction, it is not baseless. Compute the cost equipment, electricity, human time spent monitoring it. You get a broad number of around 2-4$/btc.

The market may remain overbought for many years, but eventually it will return to the face value.

So you want someone to give you BTC currently priced at $128 for somewhere between 6-8$, doesn't sound like a great business opportunity to me but I might be missing something.

No one is talking about moving the decimal place but you Re-read what grondilu posted, a little bit slower this time.

The decimal place can be moved as long as 51% of the mining(central banks) community agree. Inflation.

I am not a miner. The speculators(me) have a potential role to create an inflated value by buying bitcoins at an exchange as I think they might be worth something one day. But based on what I see already, they will not be once people realize there is no where to spend them.

If all you care about is the gold 2.0, understand the dollar wins! Similar to money, it is a tool, not a store of value.

Try to use your brain a little before writing silly things.   If you decide to count your money in cents instead of dollars, does that make you one hundred times richer?

Thanks.  Just sold 500 BTC at market.  I will sell the rest once I get access to my cold wallet (damn my excessive security measures).  Thank you for pointing out the facts* nobody but you could see.  The firm (and baseless) prediction of $2-$4 is what convinced me.


*By "facts" I mean mindless rambling.  Hint: miners have no control over the rate of generation, the exchange rate or the velocity of the bitcoin economy (which is comparably high).

You see, my actual goal is find investors to invest in a farm and produce worthy tangible items. So I would need a miner to invest bitcoin in me at a rate that is not worthless, but about 6-8$/btc

What will it take to get an investment large enough to start this?

I wonder of all the bitcoin miners, how many actually view their bitcoins as tool beyond gold 2.0

Good thing you made this important discovery that we all missed. Crap, well... Go ahead and send me all your worthless coins and I will see to it that they are disposed of. 

Never heard such a cogent argument, must sell all my coins now :-)

The miners in Bitcoinland are the centralbanks. If they do not issue their bitcoin at cost+20% profit, and do not see the longer term money of processing transactions, There will never be enough money velocity to grow an economy. Be greedy, but sell before the next guy because the current process of buying bitcoin is ineffiecient, and way overpriced compared the cost of mining. You are NOT DeBeers diamonds.

If bitcoin are not dispersed into bitcoin projects, and it is constantly treated like gold 2.0 - we will forever have a dollar economy. Bernanke and the Fed win.

Do not "hold your coins for the longest time" if you are a miner and also wish to subvert the system. Greed will not help you. It really will not take much to bring bitcoin back down to 2-4$.

If i am wrong and bitcoin maintains its price, there will never be a bitcoin economy, it remains a speculative casino. I do not care about divisibilty as that is akin to inflation.

It being an instant payment system means little, as I have no one in china to pay or buy stuff.

I would really like to grow food and sell it for bitcoin, unfortunately  in order to do this I need to convince land owners, banks, farmers that my bitcoin is worth more than speculative value. In which case I can only start and fund that project with Fiat paper. Farming is not inexpensive. It may cost 500k-1mil to start a successful farm over 2-5 years to become productive enough to feed maybe 100 people/year. Assuming I have the horticultural credentials necessary to be trusted to get the investment, Who will actually put their bitcoins where their mouth is.... I assume you want your bitcoins to have real purchasing power more than 5 years after its debut... Btw I do not have enough money or bitcoin to start said farm.

If it become nearly impossible for me to raise the resources necessary to start a big project, wouldnt that defeat the purpose of coins being issued relatively easy?

Again if i am wrong, then I will be rich rich rich one day based on the few coins I think are on my flashdrives.