Topic: In 2015, faucets are bad for bitcoin - page 29. (Read 25956 times)

Quote from: coinableS on March 07, 2015, 06:30:01 PM

I have to agree with OP. I dislike faucets, they don't help the bitcoin ecosystem at all. They're just a haven for ads and captchas so the website owner can try to make a few bucks on advertising. "click this button once every hour and you might make 10 cents if you do it every hour, 24 hours a day for few weeks". What a joke.

Beginners will happily do that. Who would risk money into something that isn't guaranteed by anyone and with a entirely new concept?

And may I ask why it doesn't help the bitcoin ecosystem? IMO it attracts more people into the bitcoin system, and it rewards the faucet owners.

As a side note, it also directly benefits the miners, by offering more transactions and fees, which leads to stronger incentives to mine.

Exactly, faucets are a part of the bitcoin ecosystem.

I doubt anyone would join if we take this facility away. And that results in bitcoin prices dropping, and miners dumping their coins.

Respectfully, I disagree. The price would not be affected at all if faucets went away. I got started by buying $20 worth and playing with it, not a very risky investment. However, in favor of your argument, I can see how faucets can attract more people to the bitcoin ecosystem. No one has ever heard of playing a game and getting free money in return until bitcoin faucets came around... So I retract my statement that they offer nothing, but they don't offer much IMO.

Problem is first time people don't want to buy. They would rather spend their time in front of a computer screen than going to the bank.

But I respect your opinion, as you respect mine.

coinableS

legendary

Activity: 1442

Merit: 1186

Quote from: Bizmark13 on March 07, 2015, 10:02:25 PM

In order for the same to happen for people using faucets today, Bitcoin would need to replace approximately 1/5 of all the fiat in the world.

Good thing bitcoin is more than a fiat replacement. We have something better than banks and governments. We have a community of people who are working together to see bitcoin succeed.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: Bizmark13 on March 07, 2015, 10:02:25 PM

Quote from: ranlo on March 07, 2015, 09:41:17 PM

Quote from: Zoomer on March 07, 2015, 08:54:13 PM

I would have to agree with them being bad for bitcoin and for the persons mental health lol It is a waste of time for anyone who is not a newbie just getting started in bitcoin and learning which it does a good job at in my opinion so they will not go anywhere soon

Bad for mental health? Really? The worst part about comments like this is that back when faucets gave .1 BTC and up *per claim* (as in 2.4+ BTC a day was possible per faucet) people claimed the same thing because they were valueless.

I have the feeling in the next 5 years people are going to cry about how they didn't do faucets back in the day (now). If you had started a few years ago, you could have been earning hundreds of BTC a week off less than an hour of work. Not so worthless now, is it?

Not necessarily. The jump from a 4 million dollar market cap in early 2011 to a 4 billion dollar one today (x1,000) is far easier than the jump from a 4 billion dollar market cap to a 4 trillion dollar one. Someone who had the luck or foresight to hit the faucets back in early 2011 would have made an enormous profit since every dollar earned would be worth 1,000 dollars today. In order for the same to happen for people using faucets today, Bitcoin would need to replace approximately 1/5 of all the fiat in the world.

At the rate inflation is heading in, this might not be so far off. Many countries are facing huge issues due to debt-based economies, and inflation is increasing at rapid rates.

coinableS

legendary

Activity: 1442

Merit: 1186

Quote from: ranlo on March 07, 2015, 09:44:44 PM

Quote from: coinableS on March 07, 2015, 09:41:39 PM

Quote from: coinableS on March 07, 2015, 06:30:01 PM

I have to agree with OP. I dislike faucets, they don't help the bitcoin ecosystem at all. They're just a haven for ads and captchas so the website owner can try to make a few bucks on advertising. "click this button once every hour and you might make 10 cents if you do it every hour, 24 hours a day for few weeks". What a joke.

Beginners will happily do that. Who would risk money into something that isn't guaranteed by anyone and with a entirely new concept?

And may I ask why it doesn't help the bitcoin ecosystem? IMO it attracts more people into the bitcoin system, and it rewards the faucet owners.

As a side note, it also directly benefits the miners, by offering more transactions and fees, which leads to stronger incentives to mine.

Exactly, faucets are a part of the bitcoin ecosystem.

I doubt anyone would join if we take this facility away. And that results in bitcoin prices dropping, and miners dumping their coins.

Respectfully, I disagree. The price would not be affected at all if faucets went away. I got started by buying $20 worth and playing with it, not a very risky investment. However, in favor of your argument, I can see how faucets can attract more people to the bitcoin ecosystem. No one has ever heard of playing a game and getting free money in return until bitcoin faucets came around... So I retract my statement that they offer nothing, but they don't offer much IMO.

If you want to relate it to games... trials have been around since software was first invented, and long before things like Bitcoin were ever thought of. Shareware is another form. This is almost exactly what faucets offer, though there is a tangible benefit (in that you can use the funds to purchase something).

Trials are open to a select few, faucets are open to everyone. What I was referring to was the faucet games, where you earn tiny amounts of bitcoin for playing.

Bizmark13

sr. member

Activity: 462

Merit: 250

Quote from: ranlo on March 07, 2015, 09:41:17 PM

Quote from: Zoomer on March 07, 2015, 08:54:13 PM

I would have to agree with them being bad for bitcoin and for the persons mental health lol It is a waste of time for anyone who is not a newbie just getting started in bitcoin and learning which it does a good job at in my opinion so they will not go anywhere soon

Bad for mental health? Really? The worst part about comments like this is that back when faucets gave .1 BTC and up *per claim* (as in 2.4+ BTC a day was possible per faucet) people claimed the same thing because they were valueless.

I have the feeling in the next 5 years people are going to cry about how they didn't do faucets back in the day (now). If you had started a few years ago, you could have been earning hundreds of BTC a week off less than an hour of work. Not so worthless now, is it?

Not necessarily. The jump from a 4 million dollar market cap in early 2011 to a 4 billion dollar one today (x1,000) is far easier than the jump from a 4 billion dollar market cap to a 4 trillion dollar one. Someone who had the luck or foresight to hit the faucets back in early 2011 would have made an enormous profit since every dollar earned would be worth 1,000 dollars today. In order for the same to happen for people using faucets today, Bitcoin would need to replace approximately 1/5 of all the fiat in the world.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: coinableS on March 07, 2015, 09:41:39 PM

Quote from: coinableS on March 07, 2015, 06:30:01 PM

I have to agree with OP. I dislike faucets, they don't help the bitcoin ecosystem at all. They're just a haven for ads and captchas so the website owner can try to make a few bucks on advertising. "click this button once every hour and you might make 10 cents if you do it every hour, 24 hours a day for few weeks". What a joke.

Beginners will happily do that. Who would risk money into something that isn't guaranteed by anyone and with a entirely new concept?

And may I ask why it doesn't help the bitcoin ecosystem? IMO it attracts more people into the bitcoin system, and it rewards the faucet owners.

As a side note, it also directly benefits the miners, by offering more transactions and fees, which leads to stronger incentives to mine.

Exactly, faucets are a part of the bitcoin ecosystem.

I doubt anyone would join if we take this facility away. And that results in bitcoin prices dropping, and miners dumping their coins.

Respectfully, I disagree. The price would not be affected at all if faucets went away. I got started by buying $20 worth and playing with it, not a very risky investment. However, in favor of your argument, I can see how faucets can attract more people to the bitcoin ecosystem. No one has ever heard of playing a game and getting free money in return until bitcoin faucets came around... So I retract my statement that they offer nothing, but they don't offer much IMO.

If you want to relate it to games... trials have been around since software was first invented, and long before things like Bitcoin were ever thought of. Shareware is another form. This is almost exactly what faucets offer, though there is a tangible benefit (in that you can use the funds to purchase something).

coinableS

legendary

Activity: 1442

Merit: 1186

Quote from: coinableS on March 07, 2015, 06:30:01 PM

I have to agree with OP. I dislike faucets, they don't help the bitcoin ecosystem at all. They're just a haven for ads and captchas so the website owner can try to make a few bucks on advertising. "click this button once every hour and you might make 10 cents if you do it every hour, 24 hours a day for few weeks". What a joke.

Beginners will happily do that. Who would risk money into something that isn't guaranteed by anyone and with a entirely new concept?

And may I ask why it doesn't help the bitcoin ecosystem? IMO it attracts more people into the bitcoin system, and it rewards the faucet owners.

As a side note, it also directly benefits the miners, by offering more transactions and fees, which leads to stronger incentives to mine.

Exactly, faucets are a part of the bitcoin ecosystem.

I doubt anyone would join if we take this facility away. And that results in bitcoin prices dropping, and miners dumping their coins.

Respectfully, I disagree. The price would not be affected at all if faucets went away. I got started by buying $20 worth and playing with it, not a very risky investment. However, in favor of your argument, I can see how faucets can attract more people to the bitcoin ecosystem. No one has ever heard of playing a game and getting free money in return until bitcoin faucets came around... So I retract my statement that they offer nothing, but they don't offer much IMO.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: Zoomer on March 07, 2015, 08:54:13 PM

I would have to agree with them being bad for bitcoin and for the persons mental health lol It is a waste of time for anyone who is not a newbie just getting started in bitcoin and learning which it does a good job at in my opinion so they will not go anywhere soon

Bad for mental health? Really? The worst part about comments like this is that back when faucets gave .1 BTC and up *per claim* (as in 2.4+ BTC a day was possible per faucet) people claimed the same thing because they were valueless.

I have the feeling in the next 5 years people are going to cry about how they didn't do faucets back in the day (now). If you had started a few years ago, you could have been earning hundreds of BTC a week off less than an hour of work. Not so worthless now, is it?

Berau

sr. member

Activity: 448

Merit: 250

Quote from: coinableS on March 07, 2015, 06:30:01 PM

I have to agree with OP. I dislike faucets, they don't help the bitcoin ecosystem at all. They're just a haven for ads and captchas so the website owner can try to make a few bucks on advertising. "click this button once every hour and you might make 10 cents if you do it every hour, 24 hours a day for few weeks". What a joke.

Beginners will happily do that. Who would risk money into something that isn't guaranteed by anyone and with a entirely new concept?

And may I ask why it doesn't help the bitcoin ecosystem? IMO it attracts more people into the bitcoin system, and it rewards the faucet owners.

As a side note, it also directly benefits the miners, by offering more transactions and fees, which leads to stronger incentives to mine.

Exactly, faucets are a part of the bitcoin ecosystem.

I doubt anyone would join if we take this facility away. And that results in bitcoin prices dropping, and miners dumping their coins.

Zoomer

hero member

Activity: 658

Merit: 500

I would have to agree with them being bad for bitcoin and for the persons mental health lol It is a waste of time for anyone who is not a newbie just getting started in bitcoin and learning which it does a good job at in my opinion so they will not go anywhere soon

Berau

sr. member

Activity: 448

Merit: 250

Quote from: wadili89 on March 07, 2015, 08:32:03 PM

accoring to me there is no any risk to BTC from facuts (not that you will make any money from facuts) i do bealive its waste of time at the end what you gonna do is 5$ a month maybe

No one that has already bought bitcoins. Like I have already noted before, beginners who has never purchased bitcoins before wouldn't take the risk and rather prefer to get them for free, whatever it costs them. They have plenty of time.

ranlo

legendary

Activity: 1988

Merit: 1007