Topic: Logical and mathematical truth of bitcoin - page 2. (Read 416 times)

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Is unfortunate you don't understand the principles in which bitcoin operate so you are concluding it to ponzi scheme. Bitcoin uses electricity to generate it as banks need a service to generate transactions.

Is unfortunate you don't understand the principles in which bitcoin operate so you are concluding it to ponzi scheme. Bitcoin uses electricity to generate it as banks need a service to generate transactions.

You clearly missing the point here. I'm not attacking, it's your right and all, but:

Bitcoin wasn't created as investment. It's main plan was to act like currency, but people started investing when some guy posted he lost millions just because he sold and didn't hold. Taken this opportunity, smart people started to invest it, while over started to learn about it and by time they did, there was huge FOMO (fear of missing opportunity) So some idiots started to sell houses and whatnot, and lost it all, possibly, that's their problem. We are, people, designed like that, if we see we can earn money easy way, we do it. So no Bitcoin isn't scam, we created current situation and it will never change. I use Bitcoins when they cost around 200$ and never dreamed it will go to 20,000$.

Well you sound pretty convinced with all you are saying about BTC, and again anyone willing to take your advice is free to do so, But everyone venturing into cryptocurrency knows the risks and that includes its high volatile nature. nOT sure how you got here but it must have been out of your own will, so did the others,personal decison making is what matter, if you don't believe in the value of BTC the sit back and watch, you might just get disap
pointed, if not i suggest you keep the negativity to yourself.

Those who want to believe in BTC at all cost, should avoid this topic.
To help some people, who started to think about the core concept of bitcoin, my judgement is:

1) The blockchain part or "mining" in case of BTC is a special kind of scam. For getting a coin You must invest into electricity and computing power. In return You get VERY little chance to be awarded with a coin. This chance is so small, it is mathematically ridiculous, but in practise. ZERO! Nada, ничтo, nichts... What kind of decent money is that, that everyone can apply by spending real money but only few of many millions are actually given by basis of pure luck?

2) The coin part of BTC is a monetary fraud. Although people make transactions voluntarely, they are cheated with the very core concept of BTC. While blockchaining may have some usage as a concept as well as cryptocurrency, it does still not mean that BTC is legit.

Before You attack my opion, try to give logical answer to these questions:

a) why is BTC quantity limited with 21 millions? What limits it? 
b) what is the point of decentralised money, if its so volatile, that rate would drop 75% in 6 months (or grows by the same)? this is called a hyperinflation.
c) why is blockchain technology better in 99,99% of transactions, than regular private/public key technology?
d) do You really understand, what is private/public key crypto and blockchain in its core, or they just sound cool?
e) if BTC had at more or less decent chance to boom again, why dont all the richest investors in world buy it?

Maybe it wasnt planned so, but BTC is the most genious scam in the history.

Previous doesnt mean, You absolutely can not make any money in it. The same goes for ponzis and pyramids. If You go in or out right time, You will earn and at some cases earn well!

It's not pure luck. It is how the system is designed. Why can't you suggest a better way of handling it? If you think you can solve the problems of bitcoin, you're free to create your own shit? What's stopping you?

No, I cant, because blockchaining is not mathematically viable solution for cryptocurrency transactions.

You seem like some from r/btc now. Those are the typical idiots who think that way without any logical explanations.

My English is poor, logic is very much there. Miners do mining, because they think BTC is has real future and they think it, because they are unable to understand the mathematics behind mining.

a) Call that a lucky number? If it wasn't limited, would it have any value? Do company shares are unlimited in supply ?
You didint get my point, I asked what limits it, because the answer is absurd. Nakamoto told, there is 21 million coins and they are released in exponentially decreasign amounts.
b) Hyperinflation never occur in the stock market?
It does.
c) Irrelevant
Agreed, not relevat in context of mathematics.
d) Most of us do? As long as you know how the system works, you don't have to understand every core file of it.Abstraction!
Most of You fail to understand the VERY core concept of mining. Which is a scheme.
e) They might be? How would you know?
https://www.bloomberg.com/features/bitcoin-bulls-bears/  You are welcome to read average judgement to BTC. Dont be mad at me, Im just a messenger. It will be over soon. I would bet 0n 1 or 2 qt 2019.

As they say, how many people, so many opinions. People have long divided into 2 camps - some believe in bitcoin, others do not believe. Who will win - only time will show. I remain an outside observer ...))

I think "HYIP cartel" are using Bitcoin for their 200% to 400% profit per month HYIP programs/ponzis since Bitcoin is anonymous and unregulated.

HYIP programs pay high profits for 2 to 3 years and then they shut down.

Those who want to believe in BTC at all cost, should avoid this topic.

1) The blockchain part or "mining" in case of BTC is a special kind of scam. For getting a coin You must invest into electricity and computing power. In return You get VERY little chance to be awarded with a coin. This chance is so small, it is mathematically ridiculous, but in practise. ZERO! Nada, ничтo, nichts... What kind of decent money is that, that everyone can apply by spending real money but only few of many millions are actually given by basis of pure luck?

2) The coin part of BTC is a monetary fraud. Although people make transactions voluntarely, they are cheated with the very core concept of BTC. While blockchaining may have some usage as a concept as well as cryptocurrency, it does still not mean that BTC is legit.

a) why is BTC quantity limited with 21 millions? What limits it?
b) what is the point of decentralised money, if its so volatile, that rate would drop 75% in 6 months (or grows by the same)? this is called a hyperinflation.
c) why is blockchain technology better in 99,99% of transactions, than regular private/public key technology?
d) do You really understand, what is private/public key crypto and blockchain in its core, or they just sound cool?
e) if BTC had at more or less decent chance to boom again, why dont all the richest investors in world buy it?

Answer to question 1:
Mining precious metals work exactly the same way. If Gold was easy to find, everybody would be into Gold Mining... this is why Gold is valuable.
 Gold despite being scare can be mined by anybody but you have to put in a lot of work to be successful. If you go into mining, your finds should be in proportion to the energy/effort you put into mining. Same thing is applicable to Bitcoin mining.
The creator of Bitcoin clearly understood this fact. He didn't need to copy governments fraudulent way of printing monies that aren't commensurate with their real values.
Unfortunately not a lot of people are into Bitcoin mining. I expect it to be more decentralized than Gold Mining. Small scale miners should exist in Bitcoin like they are in Gold.

Question 2:  Why is Bitcoin limited to 21million? 
To make it scarce and as limited as Gold. Gold and other precious metals are limited too.

Where's the point in that, if You don't understand even simple sentences.

If 17 million coins are released until now and 4 million will be released during 24 years, its a pyramid. Not my fault, You are unable to understand it.

I was expecting hard math and logic supported by corroborating data analysis

I got noob nonsense that meant nothing.

/thread

these kind of threads need to be on junior discussion boards not the main boards.