Topic: The Future of the Bitcoin - page 5. (Read 6192 times)

So....I'm trying to make this make sense using real events.

Are we in a "gold rush" stage with Bitcoins? Where eventually the difficulty will get so high that the rate of new mints will be SUPER slow? So then..the "bitcoin veins" will dry up and people will have whatever they have and won't likely be able to mint new ones...? Then...people will have to do business to actually move them around?

It makes counterfeiting incredibly difficult.

Would you mind expanding on this idea of "securing" it?  Why does this secure it?  Because it guarantees that there will always be more?

The whole point of processing is to secure the bitcoin network. Zombie botnet secure it. Intel supercomputers secure it.Bitcoin banks with an interest in bitcoin security will just throw some  mining hardware at the problem. Anybody who mines, secure it. 

Beside, you can never mint more than 21 million bitcoin. It's impossible by design.

We scrutinized this ourselves long time ago and come to a consensus that this is the most fair way we know to distribute bitcoin. Somebody must secure bitcoin in the first place, why not get rewarded for it?

But when the difficulty really gets up there (this is all theoretical..this assumes bitcoins will take off and become something huge) will there really be many Intels? Won't there only be a handful of setups that can mint new coins?  Hell, right now, a supercomputer could mint a couple thousand of these things a day. This is a very perplexing to me as a potential investor.  Do I really want to place my worth into a currency that rewards processing superiority?



This opens up a whole different discussion about legality.  However, it's semi-pertinent.  This system rewards computer power. That is really troublesome.


....I realize I'm scrutinizing the whole idea...and if I don't like it..I shouldn't use it. Yeah yeah. I know. But are people considering this future? Is this what we want for the bitcoin?

Would any amount of randomizing the mint system help this problem?  Or what if everyone had the same odds? And then as the difficulty arose the time between a new mint would increase...

Those who are parasite on electrical source could be competitors. You might have whole zombie botnet that just mine bitcoin.

There will be many such 'Intels' and anyone can potentially start one.  But even the biggest player won't be able to change the rules without everyone agreeing.

Hello folks,

I've been watching this for a long time now, and I've just recently gotten involved...gotten my first .05...the whole nine yards.

It feels great.

But at the same time, I have a question that has been gnawing at me for sometime. I've been reading people's posts about this being a real future currency. I know it's a currency now, but it's not mainstream.  And it's certainly not something that is close to adoption on a large scale.  Here's the issue I see:

Difficulty to mint bitcoins is increasing. This is something that is SUPPOSE to happen, but doesn't this hurt the future of the bitcoin? Using computer power to create more means that those with computer power are the most powerful (not to be redundant).  This works now because it's a new commodity on the uprise..but what happens when the difficulty rises above what an average computer user can manage? In fact, hasn't it already?  To really be competitive in acquiring more of these things, I need to go out and spend a couple hundred dollars on a new video cards. I don't want to argue with anyone about how much the buy in is right now, because that's not really the point.  Difficulty will continue to increase, and what I see when I look ahead is a future where supercomputers mint new bitcoins. That's interesting, isn't it?  Now, I realize that by this point the market will be much more saturated with these things, but I'm trying to parallel this with the dollar.

In a Bitcoin future, will Intel be the next federal reserve?