Topic: Flaw in the reward structure of Bitcoin and other cryptocurrencies? - page 3. (Read 4020 times)

Yet, Bitcoin is proving you wrong. Did you ever stop to think that to get to where we are today, the distribution curve needed to look like it did? Perhaps the early adopters needed some kind of motivation to build the infrastructure we have today. Profit is fantastic motivation to make something work. If the opportunity for such profit wasn't available, would we even be having this conversation?

100 people competing over 500 coins per day is still better than a million people competing over 50000 coins per day.

But bitcoin is not about mining.  People today should find a different way to earn their bitcoin income.

It would've kept mining feasible for a longer time for the average Joe, possibly helping boost interest.

yum yum. I'll outbid your dollar @1.1

Well, the Fed prints out billions of dollars and gives it to their banker buddies before inflation hits. Then those buddies use that money for investments before inflation hits. Then as it trickles down to you and me the money is inflated.

As for the way Bitcoin was created in order to award early adopters, it allowed people who may have otherwise just tried it out to have a large stake and incentive to make Bitcoin succeed. The risk was also higher early on to put in any time or money because it was an unproven technology.

To go the opposite way of awarding latecomers and not awarding early adopters would have had people waiting to adopt Bitcoin until the incentive was there, which would have led to Bitcoins early demise.

No, not like the dollar because someone wouldn't have held a huge amount in the early days. They would've held a lot less. Because -> inflation.

If anyone has over 300k bitcoin, please sell em off and crash it to $1!!  I would eat em up.

1 Bitcoin alone can be divided up into millions of decimals.

Like the dollar?

What is your margin for slightly over? If you double that number you won't be able to bring the price to 0. But maybe double does mean slightly. You'll have to confirm that as well.

but until all the wealth distributes more or less evenly with no single entity holding a large amount, this will be a problem for the foreseeable future.

Google had the same problem early on. Its early adopters could have sold all of their shares at any point and dropped the price drastically.

I am thinking realistically, please re-read my post. I didn't argue about someone buying coins now, but already having them from early rounds back when they didn't cost as much, or anything at all. This is a flaw in the reward system IMHO.

Notice the +... That means slightly over in most circles.

I am thinking realistically, please re-read my post. I didn't argue about someone buying coins now, but already having them from early rounds back when they didn't cost as much, or anything at all. This is a flaw in the reward system IMHO.

Maybe I went to a terrible University but my understanding is that 1 > 0. If, however, this is wrong, please let me know. No wonder I have bugs pop up in my code if this is incorrect.

Not to argue with the rest of the idiocracy, but just that specifically.

People like you who claim this flaw aren't thinking things over realistically, if someone buys up lots of Bitcoins or gains a lot of them the price will rise because of demand and the volume in circulation while the price in dollars will certainly crash Bitcoin itself will remain unaffected. People are still going to be able to trade with the small amount of coins left and of course as others have pointed out in threads I've seen without using search 1 Bitcoin alone can be divided up into millions of decimals.

In theory if the Bitcoin becomes that valuable then we will be dealing in 0.100000's of Bitcoins rather than in full Bitcoins because owning a whole Bitcoin will be like being a billionaire in conventional paper money, the difference between the paper money and Bitcoin of course is that the volume can't be increased. So to make a long and tiring argument short, yes, BTC/USD price can be crashed, but Bitcoin itself will be fine, it's a bit like when MTGOX was hacked, people panicked, but the reality is Bitcoin is still here and still being traded. We also had the GBLSE taken down recently and that hasn't drastically affected everything either and then there was that glitch with the MTGOX exchange too, while that crashed the price for USD, Bitcoin itself could still be openly traded without problems using the clients.