Pages:
Author

Topic: Does Bitcoin have AIDS? - page 3. (Read 5346 times)

hero member
Activity: 518
Merit: 500
Hodl!
January 09, 2015, 12:00:38 PM
#26
All I can think about when I seen this post title, is south park and the AIDS song "Everyone has AIDS! AIDSAIDSAIDSAIDS!"

Finally! I was waiting, and waiting...

I was getting into an internal rant about "Don't these dumb punk kids watch South Park any more? Kids today and their damn transistor radios, get off my lawn!"
legendary
Activity: 1045
Merit: 1000
https://r.honeygain.me/XEDDM2B07C
January 09, 2015, 11:23:54 AM
#25
All I can think about when I seen this post title, is south park and the AIDS song "Everyone has AIDS! AIDSAIDSAIDSAIDS!"
hero member
Activity: 518
Merit: 500
Hodl!
January 09, 2015, 09:15:55 AM
#24
How do you know how much a used dining table is worth on craigslist? You try a price, hmmm, it's not that nice, $50 say... and if you get a buyer, that's what it's worth, and also establishes that a dollar is worth 1/50 of that dining table...

Same thing if BTC got completely disconnected from dollar valuation, which could actually happen in the situation where BTC is hugely successful and the dollar goes into crash/hyperinflation.

As more transactions are done for more of the same thing, one can get an idea of what BTC is worth in goods, or goods in BTC. "needs TLC" dining table 0.001 BTC, "okay" dining table 0.007 BTC, "classy, like new, oak and hardwood veneer" dining table, 0.03
member
Activity: 84
Merit: 10
January 09, 2015, 03:36:44 AM
#23
If more people are willing to hold bitcoins, currency inconvertibility into law, perhaps this problem will be solved.

lol. "Inconvertible currency". Nobody wants that or can even say what the value is. It's not even possible to make it inconvertible because it always will be.

That one stupid idea man. Incredible! Where did you get that from?
sr. member
Activity: 476
Merit: 250
January 09, 2015, 03:09:36 AM
#22
If more people are willing to hold bitcoins, currency inconvertibility into law, perhaps this problem will be solved.
full member
Activity: 882
Merit: 102
PayAccept - Worldwide payments accepted in seconds
January 08, 2015, 11:28:29 PM
#21
The difference between gold and BTC is that when gold becomes unprofitable to mine, miners stop and supply stops. When BTC becomes unprofitable to mine.. some miners stop but supply keeps on coming.

the outlook for BTC is grim over the next 6-10 years as reward is so high. Once reward is negligible is when BTC has a chance to go up again.

Which will kill the industry entirely. A switch to a less inflationary coin is inevitable to not let cryptocurrency as a whole die. Bitcoin drags all coins down, it's unbearable.
full member
Activity: 220
Merit: 100
January 08, 2015, 11:22:26 PM
#20
The difference between gold and BTC is that when gold becomes unprofitable to mine, miners stop and supply stops. When BTC becomes unprofitable to mine.. some miners stop but supply keeps on coming.

the outlook for BTC is grim over the next 6-10 years as reward is so high. Once reward is negligible is when BTC has a chance to go up again.
newbie
Activity: 56
Merit: 0
January 08, 2015, 10:20:51 PM
#19
ebola: we haz it
full member
Activity: 336
Merit: 102
Get Ready to Make money.
January 08, 2015, 05:57:05 PM
#18
sr. member
Activity: 252
Merit: 250
January 08, 2015, 03:35:36 PM
#17


But, I don't think you haven't given any convincing reason that the price
will decline other than we are currently in a downtrend.


i can give you that:
-demand slows down thanks to the inflation, that's one point
on the other hand it takes around 1 Million USD every day to pay for the hash

(3600coins multiplied by current price)

Now you have lower demand and high expenses so cap comes down. Would inflation be lower demand would be higher. It's pretty ironic actually.

More supply = less demand

It's not scarce enough to be worth something, constant emission is too high and that's what dampens demand.

'feedback-loops' you name it!
It spells: volatility


... but at least the miners earn and the hashrate is high  Roll Eyes (until it's not)
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
January 08, 2015, 03:30:57 PM
#16

Demand is the problem: demand will not grow because it can't hold its value

nonsense.

what, its gonna slide to 0?

At some point, when the market decides its cheap, there will be more demand
than supply and the price will increase.



no, not to zero but to a sustainable marketcap which is likely much, much lower than this.

Certainly possible, of course...  And you are entitled your opinion for sure.

But, I don't think you haven't given any convincing reason that the price
will decline other than we are currently in a downtrend.

Trends do have a feedback-loop type effect and perpetuate themselves,
often times much longer than traders expect.  But, at some point the
ship runs out of steam, and the bulls take control away from the bears
(or vice versa after an uptrend).

MY opinion is that long term,  the market cap will be much larger due to the
rapidly decreasing inflation and the spread of this new technology.
sr. member
Activity: 252
Merit: 250
January 08, 2015, 03:16:04 PM
#15

Demand is the problem: demand will not grow because it can't hold its value

nonsense.

what, its gonna slide to 0?

At some point, when the market decides its cheap, there will be more demand
than supply and the price will increase.



no, not to zero but to a sustainable marketcap which is likely much, much lower than this.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
January 08, 2015, 03:14:45 PM
#14

Demand is the problem: demand will not grow because it can't hold its value

nonsense.

what, its gonna slide to 0?

At some point, when the market decides its cheap, there will be more demand
than supply and the price will increase.

sr. member
Activity: 252
Merit: 250
January 08, 2015, 03:08:15 PM
#13
@smalltimer

you have points but you're not considering demand,
which is half the supply+demand  equation... which
affects price now...

...and you're not considering the increasing transaction
volume which will decrease the fee size later.

cheers.  Kiss



transaction volumes are too low - half of it is fake and me sending coins to exchanges and back or playing satoshi dice.

Demand is the problem: demand will not grow because it can't hold its value
that's the gist of my point actually


-> If it would hold value better and favour miners less the demand would be higher and the hash maybe a little lower, so the price would be rising (and ultimately with it the hash too)

Raw hash is expense and doesn't provide any value in itself. What provides value is a fine balance between investors and miners which bitcoin has been unable to strike.

Price will come down and hash too until an equilibrium between miners and investors is reached (supply/demand equilibrium). So the inflation it has now does not provide any additional security, it just makes sure the coin doesn't take off.

The theory of the inflation being necessary to secure the network is total bogus.
What secures the network is a sustainable high price and high demand whilest inflation should be minimal. After all you want to get money into the system not out of the system.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
January 08, 2015, 02:59:06 PM
#12
@smalltimer

you have points but you're not considering demand,
which is half the supply+demand  equation... which
affects price now...

...and you're not considering the increasing transaction
volume which will decrease the fee size later.

cheers.  Kiss

hero member
Activity: 1372
Merit: 783
better everyday ♥
January 08, 2015, 02:48:57 PM
#11
Bitcoin does not have AIDS silly rabit!   Roll Eyes

It has Ebola!!!



It's slowly dying a slow slow death, never to be cured ever again... Cry

There definitely needs to be some developmental changes to help expedite all the weaknesses Bitcoin possesses at the moment.  It's not perfect, that's for sure, but we're only in year 6 of this "Beta".
sr. member
Activity: 252
Merit: 250
January 08, 2015, 02:36:03 PM
#10
When you buy gold you do not pay a constant tax to the miners after initial purchase.

Yes you do, every ounce they mine devalues your holding. ... under your apparent definition of tax.

could be true but that inflation of gold is way lower - low enough to not be felt. Bitcoin is a different story.

Only because gold has been mined for centuries.  When the second ounce of gold was pulled from the ground, the annualized inflation rate was astronomical!

A currency can't already exist without first coming into existence. The annualized inflation rate (what you seem to want to call a "tax) of bitcoin is quickly dropping.  By late 2016 it will be less than 4.25%  Four years after that it will be 1.79%.  Within a decade it will drop to less than 0.9%


costs for mining still have to be paid. It can't hold the value now so it won't be worth much, much more later.
So once the inflation fades out you have the choice of either make fees higher or let hashrate drop out. But because it wasn't able to hold value for decades it will not be worth a lot after these decades of inflation so i basically expect it to fiddle out or become very expensive to use.

Bottom line:
Mining hashpower needs to be paid

Right now there's much more hash than it would need and that's paid now and will be paid later too. These effects of this current bearmarket will be felt long time.
I wouldn't be so 100% sure the next bubble will arrive soon. Why should it? Buy Litecoin for 1$ next week... and the week after that for 50 cents.


There's too much hash on it that wants to be paid. Bitcoin heavily favour miners with the excuse of the security. But that security problem arises later again - meanwhile you have a bad image and a bad reputation for being unable to maintain a value.

This problems indentified here will not just vanish into thin air with a halving.  

hashrate = expenses

what i say is: either hash comes down or expenses go up
It's very unfortunate Bitcoin can't hold its value now and is not attractive to invest into, for that reason.
hero member
Activity: 743
Merit: 502
January 08, 2015, 02:33:58 PM
#9
AIDS is not real, and HIV's evidence is flimsy at best.
Hear it from the horses mouth.
https://www.youtube.com/watch?v=PQFxratWh7E

so, to answer your question, no! bitcoin does not have AIDS or GRID as it was called earlier.
legendary
Activity: 3472
Merit: 4794
January 08, 2015, 02:17:20 PM
#8
When you buy gold you do not pay a constant tax to the miners after initial purchase.

Yes you do, every ounce they mine devalues your holding. ... under your apparent definition of tax.

could be true but that inflation of gold is way lower - low enough to not be felt. Bitcoin is a different story.

Only because gold has been mined for centuries.  When the second ounce of gold was pulled from the ground, the annualized inflation rate was astronomical!

A currency can't already exist without first coming into existence. The annualized inflation rate (what you seem to want to call a "tax) of bitcoin is quickly dropping.  By late 2016 it will be less than 4.25%  Four years after that it will be 1.79%.  Within a decade it will drop to less than 0.9%
member
Activity: 84
Merit: 10
January 08, 2015, 01:57:56 PM
#7
its going to save humanity

Not with this mining.

Why should it save humanity?
If bitcoin would save humanity gold would already have done it.

What saves humanity is the right kind of education, not digital tulips.

Is crypto going to make things better? Maybe.
Is Bitcoin going to 'save humanity'? Certainly not! (lay off the drugs, dude)
Pages:
Jump to: