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Topic: Butterfly Labs responsibility - page 2. (Read 2638 times)

shwoop
newbie
Activity: 43
Merit: 0
Re: Butterfly Labs responsibility
October 09, 2012, 05:23:36 AM
#2
Quote from: Frizz23 on October 09, 2012, 01:42:43 AM
Without transaction fees, all the shiny new ASICs become worthless pretty soon.

And there will never be a 2nd or 3rd generation of ASICs.

I think you're underestimating how long its going to take for the remaining coins to be mined.
I expect the ASIC arena to become much like the current graphics card arena where faster cores, more refined architectures and so forth push development on a cyclical basis.  We'll be using a very strange beast by the time most of the coins have been mined.
Frizz23
hero member
Activity: 1162
Merit: 500
Re: Butterfly Labs responsibility
October 09, 2012, 01:42:43 AM
#1
As most of you know there are only 21 Million Bitcoin. Half of them are already found/mined.

Sooner or later transaction fees - and not newly found Bitcoins - become the incentive for miners to keep their equipment running.

Thing is: If nobody uses Bitcoins, there will be no transactions. Without transactions, there will be no transactions fees. Without transaction fees, all the shiny new ASICs become worthless pretty soon.

And there will never be a 2nd or 3rd generation of ASICs.

Therefore I see it as part of BFLs responsibility to do some lobby work and promote the idea of Bitcoin. They have the money and influence to actually make a difference.

I mean, it's the same like with everything in economics & politics: E.g. car manufacturers influence politicians to make sure that proper roads are built. The banking industry influences politicians to make laws that are in their interest. Fizzy drink companies start advertising campaign praising their sugar water as the drink for the young&dynamic ones. etc.

IMHO it is part of BFLs "responsibility" (and in their best interest) to make sure Bitcoins become widely adopted.

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"With great power there must also come - - great responsibility!" (Stan Lee / Uncle Ben)
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