The deflationary problem - page 17. | Bitcointalksearch.org

Sweft

full member

Activity: 136

Merit: 100

Quote from: MoonShadow on June 04, 2011, 07:11:46 PM

Quote from: Sweft on June 04, 2011, 07:09:24 PM

Listen, this is a serious problem.

People think it's beneficial to stop the reward for generating new blocks. They're wrong. They're also idiots. Maybe they're misinformed, but it's not a good position.

NO ONE should believe this. It's stupid. I don't know how people came to the conclusion.

You need to check your premises.

I have to go too. Later, no time for this.

Sweft

full member

Activity: 136

Merit: 100

Quote from: Vladimir on June 04, 2011, 07:07:30 PM

yep it will require not world's top 10000000 most powerfull computers to attack some bitcoin transactions but world's top 999900 most powerful computers. Yapity yap, that must be a disaster....

Vladimir i'm discussing the future.

Right now the ecosystem is healthy. An unhealthy one would be where reward stops for block generation.

MoonShadow

legendary

Activity: 1708

Merit: 1010

Quote from: Sweft on June 04, 2011, 07:09:24 PM

Listen, this is a serious problem.

People think it's beneficial to stop the reward for generating new blocks. They're wrong. They're also idiots. Maybe they're misinformed, but it's not a good position.

NO ONE should believe this. It's stupid. I don't know how people came to the conclusion.

You need to check your premises.

Sweft

full member

Activity: 136

Merit: 100

This is not acceptable language. This is your final warning. Check yourself or I will.

-creighto

da2ce7

legendary

Activity: 1222

Merit: 1016

Live and Let Live

Quote from: Sweft on June 04, 2011, 07:09:24 PM

INFLATION IS GOOD for bitcoin. It supports the hashing network.

You mum is GOOD for bitcoin... providing she doesn't charge to high.

Sweft

full member

Activity: 136

Merit: 100

Quote from: Coma on June 04, 2011, 07:05:00 PM

Quote from: Sweft on June 04, 2011, 07:02:14 PM

Quote from: mewantsbitcoins on June 04, 2011, 07:00:36 PM

Where do these lunatics come from?

Are you really that fucking stupid? Seriously? You don't see the problem? If you're that stupid i feel sorry for you. Is it an ego thing? I hope so.

You started your topic stating:

Quote

In 2040 new block generation will stop

Which is plain wrong. If you think you have a valid point and would like to be trated seriously I'd suggest you correct that, and double-check the rest of your original post for errors.

And try to have some fun too.

Listen, this is a serious problem.

People think it's beneficial to stop the reward for generating new blocks. They're wrong. They're also idiots. Maybe they're misinformed, but it's not a good position.

NO ONE should believe this. It's stupid. I don't know how people came to the conclusion.

Hash secures the network and miners don't make as much money, they'll stop mining. Once hash goes down, value of bitcoins goes down. Bitcoins are only worth the hash of the network. Not their supply. It's irrelevant. You can fix supply, but if the network is insecure, they're not worth anything.

INFLATION IS GOOD for bitcoin. It supports the hashing network.

Vladimir

hero member

Activity: 812

Merit: 1001

-

yep it will require not world's top 10000000 most powerfull computers to attack some bitcoin transactions but world's top 999900 most powerful computers. Yapity yap, that must be a disaster....

da2ce7

legendary

Activity: 1222

Merit: 1016

Live and Let Live

Quote from: Sweft on June 04, 2011, 07:00:08 PM

There's a simple fix to this solution. Don't decrease intensives for people to mine. Once you do you compromise the network.

I don't know why you people are so hostile to this. It should be very easy to understand.

Other than you being retarded and not being able to use the 'forum search' function... (hint: it comes under the name 'search')

You make the assumption that because the hash-rate MAY be slower... the network differently is less secure.

What you fail to take into account is that the 'security environment' e.g. the total ammount of capital needed to 'attack' the network might make an attack prohibitively expensive... even if the 'normal' hash rate is extremely low.

For example the hash rate might normally be 1/1000 the rate it is now.... (maybe)... but there is 1 000 000x the current hash rate available on demand if an attack is detected...

Therefore an adversary MUST gather 1 000 000x the current hash-rate to attack the network... even tho the normal hash-rate is 1 000 000 000 times lower. (and the network is still secure).

Garrett Burgwardt

sr. member

Activity: 406

Merit: 256

Coma

full member

Activity: 140

Merit: 100

Quote from: Sweft on June 04, 2011, 07:02:14 PM

Quote from: mewantsbitcoins on June 04, 2011, 07:00:36 PM

Where do these lunatics come from?

Are you really that fucking stupid? Seriously? You don't see the problem? If you're that stupid i feel sorry for you. Is it an ego thing? I hope so.

You started your topic stating:

Quote

In 2040 new block generation will stop

Which is plain wrong. If you think you have a valid point and would like to be trated seriously I'd suggest you correct that, and double-check the rest of your original post for errors.

And try to have some fun too.

Sweft

full member

Activity: 136

Merit: 100

Quote from: Vladimir on June 04, 2011, 07:01:39 PM

m8, the reward was effectively reduced almost in half a week ago (again)... so what?

The reward wasn't reduced.

The hash went up, security of the network went up, price went up. Effective reward remained the same or increased.

If hash ever falls, the network becomes prone to attack. A strong network is one with growing hash to keep ahead of potential attackers.

Removing block generation reward may reduce the number of miners. If that happens, bitcoins will lose value. Not gain.

Sweft

full member

Activity: 136

Merit: 100

Quote from: mewantsbitcoins on June 04, 2011, 07:00:36 PM

Where do these lunatics come from?

Are you really that fucking stupid? Seriously? You don't see the problem? If you're that stupid i feel sorry for you. Is it an ego thing? I hope so.

Vladimir

hero member

Activity: 812

Merit: 1001

-

m8, the reward was effectively reduced almost in half a week ago (again)... so what?

Coma

full member

Activity: 140

Merit: 100

mewantsbitcoins

full member

Activity: 126

Merit: 101

Where do these lunatics come from?

Sweft

full member

Activity: 136

Merit: 100

There's a simple fix to this solution. Don't decrease intensives for people to mine. Once you do you compromise the network.

I don't know why you people are so hostile to this. It should be very easy to understand.

Sweft

full member

Activity: 136

Merit: 100

Quote from: mewantsbitcoins on June 04, 2011, 06:57:16 PM

Quote from: Sweft on June 04, 2011, 06:55:45 PM

Quote from: mewantsbitcoins on June 04, 2011, 06:52:40 PM

You do realize that we already past the 500 most powerfull computers on earth COMBINED

I don't care. This is today. My hypothesis is for 2040. If you don't understand this, i can't help you.

There's a reason to mine. You profit from transaction fees and new block generation reward.

IF YOU DO NOT KEEP INCREASING HASH THE NETWORK IS PRONE TO ATTACK.

That's a fact. To claim inflation of bitcoins hurts the network is stupidity. It creates a reason to mine. Mining secures the network. If you remove that reason to mine, the network will be compromised.

THE ONLY REASON BITCOINS ARE WORTH ANYTHING IS BECAUSE OF SECURITY. If hash does not keep rising, the network will be compromised. It's not a maybe. It's a definite.

Yea, probably by the aliens from space Grin

Listen dude.

It's pretty simple.

If you remove an incentive (money) to mine, you'll decrease hash. That's a fact.

If you decrease hash the network is less secure. That's a fact.

Why do you want less people mining? Mining should be rewarded because it secures the network. If we're decreasing the average time a block is rewarded, then mining is less profitable. We don't want that. It's stupid.

da2ce7

legendary

Activity: 1222

Merit: 1016

Live and Let Live

Quote from: Sweft on June 04, 2011, 06:55:45 PM

It's not a maybe. It's a definite.

What is a maybe is that you don't understand how bitcoin works...

What a definite is that you are not God, therefore you cannot 'know' the future.

MoonShadow

legendary

Activity: 1708

Merit: 1010

Quote from: Sweft on June 04, 2011, 06:49:44 PM

Reward for blocks will stop in 2040. Yes or no?

No, the block reward will not end in 2040. It will not end until about 2129.

mewantsbitcoins

full member

Activity: 126

Merit: 101

Quote from: Sweft on June 04, 2011, 06:55:45 PM

Quote from: mewantsbitcoins on June 04, 2011, 06:52:40 PM

You do realize that we already past the 500 most powerfull computers on earth COMBINED

I don't care. This is today. My hypothesis is for 2040. If you don't understand this, i can't help you.

There's a reason to mine. You profit from transaction fees and new block generation reward.

IF YOU DO NOT KEEP INCREASING HASH THE NETWORK IS PRONE TO ATTACK.

That's a fact. To claim inflation of bitcoins hurts the network is stupidity. It creates a reason to mine. Mining secures the network. If you remove that reason to mine, the network will be compromised.

THE ONLY REASON BITCOINS ARE WORTH ANYTHING IS BECAUSE OF SECURITY. If hash does not keep rising, the network will be compromised. It's not a maybe. It's a definite.

Yea, probably by the aliens from space Grin

Topic: The deflationary problem - page 17. (Read 32501 times)