Bitcoin is a level playing field, but it is not a giveaway. You could also have taken the risk of starting your own data center. There is nothing unfair about it
Straw man...OP didn't say it was "unfair".
Topic: I no longer consider bitcoin as a decentralized currency... - page 3. (Read 6338 times)
Straw man...OP didn't say it was "unfair".
How the mining centers killing it? Nothing you have mentioned let consider bitcoin stop being a decentralized currency
It was never surely profitable yes, but if you believed in the whole crypto world you would have made a lot of money. Remember those miners who were mining LTC and could barely pay off the electricity when LTC was around $1-2? Whoever kept those LTC and paid the electricity using fiat profited a lot. LTC later on jumped to $30-40 or more (I'm not sure about the exact numbers).
It was the same with btc, even some GPU miners turned on their rigs when the btc was around $1000. It's not about believing but good timing and luck (eg: exchange going up).
the selfishness of miners will be one of the biggest issues for bitcoins.
Wow, a democrat jumped the boards.
So, YOU decide that a guy that invest dollars in a project to mine bitcoins and obtain a calculated profit from the venture is selfish.
Bankers are selfish.
Enterpreneurs are selfish. You know, they intend to buy some shoes at china and sell them at Marcus Neumann with profit. Thieves!
Probably farmers and fishermen are "honest jobs" because they get their "hands dirty" right? Plumber-Joe-ism.
Oh wait, miners get dirty too. Oh but we're speaking of another kind of miners. White collar miners... Criminals!
Cmon.
Bitcoin Mining is the only reason Bitcoin is in full force right now, as they ARE the decentralized net that supports the transactions.
Not a guy holding BTCs waiting to be worth 25,000 dollars. THAT is the big issue of Bitcoin right now, in my opinion.
The volatility is killing it - small deviations are fine but not the huge drops and rises we see every few months
Without volatility = 90% of traders would not be interested in it.
You can't get huge leverage on bitcoin like with forex, so bitcoin gets its liquidity from volatility. Without volatility it would be even more illiquid.
Without volatility there would be way more merchants who would bring even more liquidity to the market.
I'm not saying I have lost any faith but it is lost its touch since I was introduced in 09 if anything it has become monopolized.
What is killing the bitcoin are the multi-million dollar data-centers dedicated to mining, little to no acceptance as an alternative payment method, nearly impossible to keep up with difficulty increases, and limited peer to peer exchanges.
Tell me otherwise?
What is killing the bitcoin are the multi-million dollar data-centers dedicated to mining, little to no acceptance as an alternative payment method, nearly impossible to keep up with difficulty increases, and limited peer to peer exchanges.
Tell me otherwise?
Psst. Myriadcoin. The 1st Multi-PoW blockchain, something that Dan Kaminsky discussed at the 2013 Bitcoin Conference.
I love Bitcoin but I've gone head over heels for Myriadcoin, despite it being glanced over as a 'shitcoin' to most folks. So I understand there will be the typical negative reaction in a Bitcoin thread....
But at least check it out.
I don't know what is scarier, the people denying that control of BTC is slowly concentrating into the hands of large organizations and/or a few super-wealthy investors, or the people who think btc is doing fine and dandy despite being on a hardcore price decline for a solid 4+ months now...
I'm not saying I have lost any faith but it is lost its touch since I was introduced in 09 if anything it has become monopolized.
What is killing the bitcoin...
What is killing the bitcoin...
Nothing is killing bitcoin things are going great compared to any other year.
So much BS. Mining never was a surely profitable endeavour.
Did you even read the OP? Because to me it doesn't sound like you did. Maidak ain't complaining about the profitability of mining - he's arguing that Bitcoin is becoming increasingly centralised as a result of large mining conglomerates and that merchant acceptance hasn't improved as significantly as expected.
So much BS. Mining never was a surely profitable endeavour.
I'm mining since the GPU days and If I had sold the generated BTC immediately (or too soon) I wouldn't have been able to turn a profit.
It was like this soon after GPU mining started.
I'm not sure why the whining (especially from a long time member) it seems quite idiotic to me.
It was never surely profitable yes, but if you believed in the whole crypto world you would have made a lot of money. Remember those miners who were mining LTC and could barely pay off the electricity when LTC was around $1-2? Whoever kept those LTC and paid the electricity using fiat profited a lot. LTC later on jumped to $30-40 or more (I'm not sure about the exact numbers). I'm mining since the GPU days and If I had sold the generated BTC immediately (or too soon) I wouldn't have been able to turn a profit.
It was like this soon after GPU mining started.
I'm not sure why the whining (especially from a long time member) it seems quite idiotic to me.
So much BS. Mining never was a surely profitable endeavour.
I'm mining since the GPU days and If I had sold the generated BTC immediately (or too soon) I wouldn't have been able to turn a profit.
It was like this soon after GPU mining started.
I'm not sure why the whining (especially from a long time member) it seems quite idiotic to me.
I'm mining since the GPU days and If I had sold the generated BTC immediately (or too soon) I wouldn't have been able to turn a profit.
It was like this soon after GPU mining started.
I'm not sure why the whining (especially from a long time member) it seems quite idiotic to me.
From the moment I heard about bitcoin, until now, I always said the same: I'll invest in it and start to use it as soon as my local bakery is accepting bitcoins in exchange for bread. That's about it, you want acceptance and real use for any currency, then the local store needs to accept it, and these stores will only do so when they can pay their suppliers with it (or easily transfer to fiat money).
This last part will be the show-stopper in my opinion... You can have ATM machines, exchanges, brokers, miners all you want, as long as you're not able to walk around in any city in either Europe, Asia, US, Africa ... and pay in the locals stores with bitcoin, then there's no use of all these mining rigs, start-up companies and venture capitalists who try to secure their place.
The main thing they're usually forgetting is getting the local shops and their manufactureres / suppliers to accept it and embrace it.
If bitcoin is able to overcome this hurdle it will truly go through the moon - and back.
This last part will be the show-stopper in my opinion... You can have ATM machines, exchanges, brokers, miners all you want, as long as you're not able to walk around in any city in either Europe, Asia, US, Africa ... and pay in the locals stores with bitcoin, then there's no use of all these mining rigs, start-up companies and venture capitalists who try to secure their place.
The main thing they're usually forgetting is getting the local shops and their manufactureres / suppliers to accept it and embrace it.
If bitcoin is able to overcome this hurdle it will truly go through the moon
- and back.Until that happens, we have to use excellent companies like gyft and bitpay to enable bitcoin adopters to be able to use their bitcoins in more places. If, as a community, we continue to reward companies that have helped move bitcoin forward (overstock, tigerdirect, amazon) and avoid companies that do not (newegg) then we're exerting influence in the marketplace where it actually counts. Fiat shackles will not be broken overnight imo, they'll be broken one tiny piece at a time.
If everybody bashes on Walmart for retracting their gyft support then maybe they'll realize they made a mistake. Stranger things have happened.
From the moment I heard about bitcoin, until now, I always said the same: I'll invest in it and start to use it as soon as my local bakery is accepting bitcoins in exchange for bread. That's about it, you want acceptance and real use for any currency, then the local store needs to accept it, and these stores will only do so when they can pay their suppliers with it (or easily transfer to fiat money).
This last part will be the show-stopper in my opinion... You can have ATM machines, exchanges, brokers, miners all you want, as long as you're not able to walk around in any city in either Europe, Asia, US, Africa ... and pay in the locals stores with bitcoin, then there's no use of all these mining rigs, start-up companies and venture capitalists who try to secure their place.
The main thing they're usually forgetting is getting the local shops and their manufactureres / suppliers to accept it and embrace it.
If bitcoin is able to overcome this hurdle it will truly go through the moon - and back.
This last part will be the show-stopper in my opinion... You can have ATM machines, exchanges, brokers, miners all you want, as long as you're not able to walk around in any city in either Europe, Asia, US, Africa ... and pay in the locals stores with bitcoin, then there's no use of all these mining rigs, start-up companies and venture capitalists who try to secure their place.
The main thing they're usually forgetting is getting the local shops and their manufactureres / suppliers to accept it and embrace it.
If bitcoin is able to overcome this hurdle it will truly go through the moon
- and back.
you are right,
see why Bitcoin is centralized, why Nxt - pure proof of stake - is decentralized: http://nxter.org/nxt-solutions-financial-decentralization-financial-freedom/
see why Bitcoin is centralized, why Nxt - pure proof of stake - is decentralized: http://nxter.org/nxt-solutions-financial-decentralization-financial-freedom/
You are totally right, today the mining is handled only by a few mining networks, that should not suppose a problem as long those networks are not able to falsify BTC (at least I think so, but... Is it possible for a mining pool to validate fake transactions?). On the other hand there is another problem related with that: The Rogue pools.
Pools that only think in money, what will happen in 2050 by the time when the maximum BTC will be reached? If there is no profit for validating a transaction. Why would a miner spend his computing power (with all its related costs) for nothing?
Pools that only think in money, what will happen in 2050 by the time when the maximum BTC will be reached? If there is no profit for validating a transaction. Why would a miner spend his computing power (with all its related costs) for nothing?
Stop posting and start reading noob, so much BS in one post.
You are totally right, today the mining is handled only by a few mining networks, that should not suppose a problem as long those networks are not able to falsify BTC (at least I think so, but... Is it possible for a mining pool to validate fake transactions?). On the other hand there is another problem related with that: The Rogue pools.
Pools that only think in money, what will happen in 2050 by the time when the maximum BTC will be reached? If there is no profit for validating a transaction. Why would a miner spend his computing power (with all its related costs) for nothing?
2050 isn't the ending year for Bitcoin. The estimate is 2140, although I think that it might come up to 5-10 years earlier than that.Pools that only think in money, what will happen in 2050 by the time when the maximum BTC will be reached? If there is no profit for validating a transaction. Why would a miner spend his computing power (with all its related costs) for nothing?
After that the miners will be earning the fees that is it. Let the people of the 22nd century worry about that.
You are totally right, today the mining is handled only by a few mining networks, that should not suppose a problem as long those networks are not able to falsify BTC (at least I think so, but... Is it possible for a mining pool to validate fake transactions?). On the other hand there is another problem related with that: The Rogue pools.
Pools that only think in money, what will happen in 2050 by the time when the maximum BTC will be reached? If there is no profit for validating a transaction. Why would a miner spend his computing power (with all its related costs) for nothing?
Pools that only think in money, what will happen in 2050 by the time when the maximum BTC will be reached? If there is no profit for validating a transaction. Why would a miner spend his computing power (with all its related costs) for nothing?
I'm not saying I have lost any faith but it is lost its touch since I was introduced in 09 if anything it has become monopolized.
What is killing the bitcoin are the multi-million dollar data-centers dedicated to mining, little to no acceptance as an alternative payment method, nearly impossible to keep up with difficulty increases, and limited peer to peer exchanges.
Tell me otherwise?
What is killing the bitcoin are the multi-million dollar data-centers dedicated to mining, little to no acceptance as an alternative payment method, nearly impossible to keep up with difficulty increases, and limited peer to peer exchanges.
Tell me otherwise?
Nope, you are correct.
Those who seek "universal acceptance" of bitcoin done messed it up.
Time to move on.
My $.02.
I actually tend to agree with you, Maidak.
Thanks i'm not bashing or trying to bring negativity. I'm trying to get a point across that this is suppose to be considered a global currency and that in order for it to succeed we need a change. I understand you need some sort of profit in order to survive but it doesn't need to be outrageous profit margins. What I see happening right before my eyes is the same statistic here but with bitcoin. What everyone does is looks the other way.
I've pitched ideas like offering car insurance that can be paid with bitcoin to gauge interest but not enough support to really make it happen. When I first looked at bitcoin I didn't just see a great idea I seen the first step towards what we really need and you all know what I am talking about.
I love bitcoin and think it is a great idea whose time has come, buuuuuuut the exact set up of bitcoin was off I think. It has a huge mining problem. If things keep on going like they are, the only miners will be a few huge megacorporations that make their own in house miners and everyone else will be out of the game. We need a real CPU mined coin that can't be abused by GPUs or ASICS. Maybe something that can't even be pooled.
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