Topic: The bottom will fall out of Bitcoin soon - page 2. (Read 1942 times)

If people wanted to be paid in IOTA, they will in some way have to go through the Come from Beyond Russian extortion scheme, directly or indirectly.  He is impersonating a central banker after all and cornered the market on day one.  There is no way around that fact.  We might as well call him Czar from Beyond.

The value of currency is denominated entirely by network effect.  If only one person owns it, the value is zero.  If only two or two hundred people own it, the value is still only slightly above zero.  Given the fact that for the value to increase, it requires millions of participants to willingly submit to an extortion scheme, the whole thing becomes a joke.

You didn't define your example well enough for me to comment.  When you say "users gain crypto-currency by working", you could mean almost anything, including strange proof of economic activity systems like in NEM.  Whether it's a central banker power grab scheme or not probably hinges entirely on whether the coins are distributed by a single entity or the protocol itself.

r0ach, you can't quote me pumping IOTA because I don't. The difference between us I understand flaws of coins and raise valid concerns, you ignore that and pump the flawed Bitcoin to dump on n00bs.

r0ach your analysis is incomplete.

Users could gain any crypto-currency by working and being paid in that crypto-currency. Please make it clear that you are referring to a cyrpto-currency which is targeted to investors (speculators) who thus have no way to obtain coins except to buy them in an ICO, because there are no coins created to pay miners and there are no transaction fees (except if IOTA ends up requiring centralization to enforce the Monte-Carlo algorithm as I allege, in which case those centralized servers could demand fees).

Again if the goal was to distribute the coin to the users and not to speculators, the unprofitable mining would not necessarily be a hindrance. And if those users then sold their coins to speculators on exchanges, then there is not a problem.

Your problem with IOTA is its distribution scheme is ICO, not whether the mining is unprofitable. Please don't conflate orthogonal issues.

This is important, becuse otherwise you will misunderstand my coin's design and make a mistake that will cost you a lost opportunity.

You're an IOTA shill trying to dump your IPO on noobs and a BTC bull run that craters alts makes your task difficult.  All IPOs are scams designed to enrich the coin issuer, just like central banks.  You're not fooling anyone with your brand new spam account and primitive attacks, you're just making the coin you're trying to shill for look bad.

Please tell me, who throughout history has issued currency for profit besides central bankers?  No wonder Come from Beyond wants to remain anonymous, because he wants to profit by impersonating a central banker and the legal system will eventually annihilate people doing such things.  

PoS is a closed loop, recursive, permissioned ledger.  I can just corner the market on coins and if anyone requires them, I can now extort them because there is no entry point into the system besides the extortioners.  IOTA shares a similar fate.  With unprofitable mining and no block rewards, you just issue the coin supply yourself, effortlessly create a monopoly out of thin air, attempt to pump the price, and now if anyone requires IOTA for some particular reason, you now get to extort them.  In this regard, IOTA is also a permissioned ledger because there's no entry point into the system besides the extortioners.

In PoW, the coins are constantly being recycled by transaction fees acting as mining reward, meaning there is always a permissionless entry point.  There is no permanent rich get richer scheme with interest or permanently cornered supply and extortion scheme from day one like IOTA.

Doesn't matter the price will still burst. And the Chinese will always treat coins as toys even to the new ones that just started spurt out today. Do you think they won't mine anything?
They've already started mining ETH as far as I know. And most likely, they would dump that shit even before it matures.

Who cares. By the time the chinese imbalance ends Bitcoin can be long gone when all it takes to shut it down is 'asking' two chinese guys. You're not solving the problem of Bitcoin with fuding altcoins, all you're doing is pumping it for personal gains and dumping on unsuspecting n00bs. Shame on you.

China running Bitcoin mining today is a side effect of China controlling manufacturing of....everything on the planet.  That trade imbalance bubble will obviously come to an end in the near future, either through natural bubble popping means or by warfare or tariffs.  It's not really worth discussing because the trade imbalance effect is more implicit on our day to day lives than secondary, tiny markets like Bitcoin.

TLDR:  China, here today, gone tomorrow.  Just like the Spanish & British empire trade routes.

r0ach, your shilling Bitcoin with FUD'ing altcoins is a big disservice to n00bs. When TPTB take down Bitcoin coercing two chinese guys, you'll be personally responsible for huge losses incurred by n00bs buying into your Bitcoin hyping. Do you have a grain of personal integrity or have you been completely taken over by greed?

Does the original poster really think people are going to believe the words of an account created entirely to shill IOTA?  Then the second post is another IOTA post.  You just gave up your fears that the IOTA IPO pump and dump (like NXT) will be entirely overshadowed by BTC halving.

Get it through your heads, there's no point creating brand new shill accounts pretending to be unbiased observers.  It usually has the exact opposite effect of what you desire.  Most people on the forum have an IQ over 100 and didn't just fall off a turnip truck.

Further growth is impossible if the threat remains. Short of changing the hashing algo nothing can make users feel safe to invest more.

Bitcoin is no threat, it's a toy. Even if the price doubles we are talking about 12 billion dollars... peanuts.

It's already is in hands of the chinese, and they are milking this cow like there is no tomorrow.

Come July one or two chinese guys will be in uncontested control of Bitcoin.
TPTB will shut down this joke of a coin network in one hour if they think Bitcoin a threat.