Topic: Scarcity model bullshit. - page 3. (Read 2760 times)
Dogecoin is -> way.
Ripple works of the scarcity model. I am not sure about dogecoin but I bet it works the same way as bitcoin.
I know the energy cost are less, it says so in the article. I dont know the exact price to mine a coin but it anit cheap. 600 +
I know the energy cost are less, it says so in the article. I dont know the exact price to mine a coin but it anit cheap. 600 +
I like the scarcity model.
Everything that is more rare is worth more.
Everything that is more rare is worth more.
Ripple.
$15mill of electric to make bitcoin pfffft. sorry but totally wrong
actual costs are about 8 times less.
after all if it cost 8x the amount to mine it compared to current costs to buy it.. no one would mine it..
3600 coins produced on average per day, $15mill / 3600 = $4166.67
so lets say GHASH had 45% of the network
=1620 bitcoins a day
=OP suggests each bitcoin costs $4166 (based on the maths from the link in the OP)
so why would GHASH pay $6.75mill a day to an electricity company, when they can spend less buying 1620 coins....
Ghash must be utility company investors not bitcoin investors (sarcasm)
.. the article seems to think that miners sell 7 coins at todays prices to cover the electric cost of mining 1 bitcoin..
the articles editor needs to sack their mathematician and the guy that checks facts before publishing(meaning the editor himself)..
actual costs are about 8 times less.
after all if it cost 8x the amount to mine it compared to current costs to buy it.. no one would mine it..
3600 coins produced on average per day, $15mill / 3600 = $4166.67
so lets say GHASH had 45% of the network
=1620 bitcoins a day
=OP suggests each bitcoin costs $4166 (based on the maths from the link in the OP)
so why would GHASH pay $6.75mill a day to an electricity company, when they can spend less buying 1620 coins....
Ghash must be utility company investors not bitcoin investors (sarcasm)
.. the article seems to think that miners sell 7 coins at todays prices to cover the electric cost of mining 1 bitcoin..
the articles editor needs to sack their mathematician and the guy that checks facts before publishing(meaning the editor himself)..
Its failed over and over again. Bitcoin is pointing out all of the failures of basing an economy on a finite item in limited supply.
Do you like KNC's bitcoin mining data center? http://www.veooz.com/photos/rH7iMre.html
Do you like the consolidation?
Do you like the energy cost to create one bitcoin? http://www.forbes.com/sites/timworstall/2013/12/03/fascinating-number-bitcoin-mining-uses-15-millions-worth-of-electricity-every-day/
Do you like the price instability?
Do you like the willy report? http://willyreport.wordpress.com/
http://peacefreedomprosperity.com/7776/inability-bitcoin-serve-rational-economic-calculation/
It sucks having the technology and being so close to something that could change the world but wasting time on repeating the failed attempts of the past.
There is a better way.
Money Power In You
E.C Riegel, Private Enterprise Money, 1944
"There is a treasure buried in your consciousness. If you will dig it up from the debris of superstition and fear that covers it you will gain a freedom and self-mastery that will lift your life to a higher plane. This is the money power in you.
The power to create money with which to purchase wealth, health and happiness actually lies dormant within you. You have thought of the money power as something remote from you and beyond your grasp. You have dreamed of the good you could and would do if you had money power. You have blamed others for not accomplishing this good. You have blamed them for evil economic and political conditions; for unemployment, for poverty, for crime, for war.
It is quite logical to blame these maladies upon the malfunction of the money power, but you have not suspected that the money power resides in you and because of your failure to exert it the world is afflicted with miseries. You have the power; you have the responsibility. The power and responsibility to banish poverty, unemployment, insecurity, misery and war rests entirely with you.
You, in cooperation with other intelligent persons, can drive economic and political evils further and further from the area of your life and ultimately they may be driven from the face of the earth. You can do this by the money power in you, expressed first in your own prosperity and happiness, and radiating to others. You can do it and you must do it. There is no power outside of you that can bring these blessings to you.
Petitioning the Government is like writing to Santa Claus. You need no laws — there is a law, a natural law that governs your money power. You need no government aid. You need only cooperation with and from persons who, like you, have resolved to exert the money power inherent in us all. This power in each of us needs only the recognition and respect of our fellows to spring forth and exert its blessings.
We need not petition Congress and we need not waste time to denounce bankers, for they can neither help nor hinder our natural right to extend credit to each other, and this is the perfect basis for a money system."
"1.The Scarcity Model: A single uniform quantity in limited supply made valuable by its own scarcity.
In other words, the value of this type of money depends on the supply of, and demand for, the money commodity itself. Conventional definitions of money define money only in terms of this model, a "medium of exchange". Examples are: cowries, gold and silver, fiat cash and coins, bank credit, and now, in the model's purest and most spectacularly speculative form, Bitcoin.
2. The Abundance Model. A promise of something specific from someone specific made valuable by its redemption in real production. The value of this type of money is defined by the promised redemption in goods and/or services. As such, this type of money is promises of an indefinite number of non-uniform commodities in indefinite supply and, unlike the limited quantity "coin" concept of money, the total quantity of these credits in circulation does not affect their value, because the value of a credit is defined by what its issuer will redeem it for in real goods and/or services. Examples are: business-to-business barter credits, customer rewards, travel points, discount coupons, mutual credit systems."
https://www.youtube.com/watch?v=XyWfUqEyIZc
If you see anyone working on this concept of money please message me Thanks.
Do you like KNC's bitcoin mining data center? http://www.veooz.com/photos/rH7iMre.html
Do you like the consolidation?
Do you like the energy cost to create one bitcoin? http://www.forbes.com/sites/timworstall/2013/12/03/fascinating-number-bitcoin-mining-uses-15-millions-worth-of-electricity-every-day/
Do you like the price instability?
Do you like the willy report? http://willyreport.wordpress.com/
http://peacefreedomprosperity.com/7776/inability-bitcoin-serve-rational-economic-calculation/
It sucks having the technology and being so close to something that could change the world but wasting time on repeating the failed attempts of the past.
There is a better way.
Money Power In You
E.C Riegel, Private Enterprise Money, 1944
"There is a treasure buried in your consciousness. If you will dig it up from the debris of superstition and fear that covers it you will gain a freedom and self-mastery that will lift your life to a higher plane. This is the money power in you.
The power to create money with which to purchase wealth, health and happiness actually lies dormant within you. You have thought of the money power as something remote from you and beyond your grasp. You have dreamed of the good you could and would do if you had money power. You have blamed others for not accomplishing this good. You have blamed them for evil economic and political conditions; for unemployment, for poverty, for crime, for war.
It is quite logical to blame these maladies upon the malfunction of the money power, but you have not suspected that the money power resides in you and because of your failure to exert it the world is afflicted with miseries. You have the power; you have the responsibility. The power and responsibility to banish poverty, unemployment, insecurity, misery and war rests entirely with you.
You, in cooperation with other intelligent persons, can drive economic and political evils further and further from the area of your life and ultimately they may be driven from the face of the earth. You can do this by the money power in you, expressed first in your own prosperity and happiness, and radiating to others. You can do it and you must do it. There is no power outside of you that can bring these blessings to you.
Petitioning the Government is like writing to Santa Claus. You need no laws — there is a law, a natural law that governs your money power. You need no government aid. You need only cooperation with and from persons who, like you, have resolved to exert the money power inherent in us all. This power in each of us needs only the recognition and respect of our fellows to spring forth and exert its blessings.
We need not petition Congress and we need not waste time to denounce bankers, for they can neither help nor hinder our natural right to extend credit to each other, and this is the perfect basis for a money system."
"1.The Scarcity Model: A single uniform quantity in limited supply made valuable by its own scarcity.
In other words, the value of this type of money depends on the supply of, and demand for, the money commodity itself. Conventional definitions of money define money only in terms of this model, a "medium of exchange". Examples are: cowries, gold and silver, fiat cash and coins, bank credit, and now, in the model's purest and most spectacularly speculative form, Bitcoin.
2. The Abundance Model. A promise of something specific from someone specific made valuable by its redemption in real production. The value of this type of money is defined by the promised redemption in goods and/or services. As such, this type of money is promises of an indefinite number of non-uniform commodities in indefinite supply and, unlike the limited quantity "coin" concept of money, the total quantity of these credits in circulation does not affect their value, because the value of a credit is defined by what its issuer will redeem it for in real goods and/or services. Examples are: business-to-business barter credits, customer rewards, travel points, discount coupons, mutual credit systems."
https://www.youtube.com/watch?v=XyWfUqEyIZc
If you see anyone working on this concept of money please message me Thanks.
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