Topic: The only one detail in BTC that makes me thinking is a scam (Read 335 times)
Every detail of bitcoin can be thought to be a scam, I mean all this game with so much money. But bitcoin all this time is there and never went out or it did not exist anymore, but when the snake bites and the beetle is afraid, so with people if somebody is deceiving them, that is why it comes to fear
Well they were the first to believe in Blockchain. They're entitled to it. I'm sure in some years to come, those holding Bitcoin now especially if the price rises a lot will be deemed to be among the scam?
OP is forgetting that the 10 million mined that he's talking about was sold and redistributed among other people. People who mined 1000 bitcoins each very rarely are still holding. Their coins could already have thousands of users if not more. Also, we don't know the number of lost coins, we can only estimate based on the coins that aren't moving. My coins didn't move for 3 years, are they lost?
Too bad i deleted my list with 2 mil bitcoins that was mined from 2008 to 2010, that was not moved from wallets, why you are so sure they sold ? Maybe they just split wallets. Hard to believe they can sell for fiat so many bitcoins.Really? During big moves there's 5000 Bitcoins being traded on Bitstamp every hour. Do you believe that it's difficult to sell large amounts? Think again. There are bigger exchanges than Bitstamp with more trading volume. Traded coins have to come from somewhere. It's not the same 1 million coins being traded over and over.
The ones that mined 10 years ago are unlikely to still be in possession of those coins, they will be spent or lost in a landfill. Only satoshi still has his old coins but they aren't moving
Maybe Satoshi's coins are in landfill also! Just because we can see them
doesnt mean they are accessible, the private keys could be long lost.
@OP just because there were early adopters and they were rewarded or
bought very very cheap coins doesnt mean bitcoin is a scam. Buying
bitcoin today could also qualify you as an early adopter when you look
back in 20 years time, its all relative
Mining has more function in the space than just producing bitcoin. So mining will be demanded however it has not been as profitable. Mining volume and quantity per time had also reduced with the high percentage available. The percentage of bitcoin in the past year involved more of the team than in the recent
OP is forgetting that the 10 million mined that he's talking about was sold and redistributed among other people. People who mined 1000 bitcoins each very rarely are still holding. Their coins could already have thousands of users if not more. Also, we don't know the number of lost coins, we can only estimate based on the coins that aren't moving. My coins didn't move for 3 years, are they lost?
Too bad i deleted my list with 2 mil bitcoins that was mined from 2008 to 2010, that was not moved from wallets, why you are so sure they sold ? Maybe they just split wallets. Hard to believe they can sell for fiat so many bitcoins.
OP is forgetting that the 10 million mined that he's talking about was sold and redistributed among other people. People who mined 1000 bitcoins each very rarely are still holding. Their coins could already have thousands of users if not more. Also, we don't know the number of lost coins, we can only estimate based on the coins that aren't moving. My coins didn't move for 3 years, are they lost?
Let say bitcoin price will reach 2000$, what will happen with miners? Will they afford to still pay electricity to mine it? And yes, is very strange the way bitcoin is mined now, with a lot of equipments who cost large amount to mine bitcoin. The difficulty will always increase and never goes down?
And what will happen when all bitcoin will be mined? How will confirmation work then?
Miners are a dynamic entity, they can shutdown anytime they want their rigs, difficulty also will react dynamically , so, price can go to 10 dollars, miners will react acordingly, they shutoff they rigs if is not profitable for them. But will never shut down all in the same time, it's a dynamic entitity. Me, i can use bitcoin same way at any price whatsoever, problem is that e-commerce industry cannot join this electronic cash system because of volatility. As the guy says earlier, manipulation can last forever, as long as 10mil bitcoins are owned by some small groups of people. If bitcoin goes to 100k, they still have 10mil bitcoins and they manipulate prices at any point in future. And what will happen when all bitcoin will be mined? How will confirmation work then?
-snip-
Ahahaha you just put concrete to my statement, difficulty is another argument how easy was in first 2-3 years to mine 10mil bitcoins by small groups of people, when nobody knew about mining, only in 2012 people waked up and starting to mine. By that time, half of bitcoins where already mined, imagine what will happen if they decide today to sell 3mil bitcoin, where the price will go? And still they have another 7-8 milions of bitcoin mined for free almost.
The difficulty will always increase and never goes down?
The bitcoin/technology behind it, has somewhat gone mainstream thus an increase in the difficulty of mining,this is to ensure that transactions are effectively confirmed,and also eliminate a breach..Miners will continue to spend money to mine,as they are rewarded handsomely for it
And what will happen when all bitcoin will be mined? How will confirmation work then?
It's not going to change anything,as miners would still be the ones to confirm transactions,only that they then wouldn't be rewarded with bitcoins,but solely transaction fees..
yes, your simple explanation gives me the assumption that BTC was created to have difficult volatility and manipulation.
a very far comparison if we look at BTC prices in 2012, to this day, BTC has created a large market volume, and BTC will not return to 2012 prices.
manipulation always be the most influential factor in the market. we will not be able to avoid manipulation.
a very far comparison if we look at BTC prices in 2012, to this day, BTC has created a large market volume, and BTC will not return to 2012 prices.
manipulation always be the most influential factor in the market. we will not be able to avoid manipulation.
Let say bitcoin price will reach 2000$, what will happen with miners? Will they afford to still pay electricity to mine it? And yes, is very strange the way bitcoin is mined now, with a lot of equipments who cost large amount to mine bitcoin. The difficulty will always increase and never goes down?
And what will happen when all bitcoin will be mined? How will confirmation work then?
And what will happen when all bitcoin will be mined? How will confirmation work then?
Even tough anything could be possible and we could all be a part of a big scam, but I doubt that and your statements aren't very accurate.
First of all, the difficulty of mining the early Bitcoin was very low and since Bitcoin had pretty much no value for some time, mining was rewarded with bigger rewards and that's when the most of the Bitcoins were mined. Nobody could have knew that they would make huge money if they holded their mined Bitcoins, so most of those Bitcoins aren't in their miners wallets for a long time now.
Ahahaha you just put concrete to my statement, difficulty is another argument how easy was in first 2-3 years to mine 10mil bitcoins by small groups of people, when nobody knew about mining, only in 2012 people waked up and starting to mine. By that time, half of bitcoins where already mined, imagine what will happen if they decide today to sell 3mil bitcoin, where the price will go? And still they have another 7-8 milions of bitcoin mined for free almost. First of all, the difficulty of mining the early Bitcoin was very low and since Bitcoin had pretty much no value for some time, mining was rewarded with bigger rewards and that's when the most of the Bitcoins were mined. Nobody could have knew that they would make huge money if they holded their mined Bitcoins, so most of those Bitcoins aren't in their miners wallets for a long time now.
I do not understand your question very well, are you saying that it is a scam because before it was easier to mine? if so, that happens with any resource, for example, gold could be easily removed from the rivers, now you need a whole company and miners to mine the material, while a resource is discovered only some take advantage of their early stage while establishing its position in the market.
Gold was spread over the world in the ground, it couldn't be mined by small groups . Bitcoin wasn't equally distributed. Only small groups got them in first 3 years. If they wanted to be a fair currency, they could write bitcoin core to release reward in equal amount proportion. Not 50 btc at every 10 minutes at beginning when nobody knew about it.
Even tough anything could be possible and we could all be a part of a big scam, but I doubt that and your statements aren't very accurate.
First of all, the difficulty of mining the early Bitcoin was very low and since Bitcoin had pretty much no value for some time, mining was rewarded with bigger rewards and that's when the most of the Bitcoins were mined. Nobody could have knew that they would make huge money if they holded their mined Bitcoins, so most of those Bitcoins aren't in their miners wallets for a long time now.
First of all, the difficulty of mining the early Bitcoin was very low and since Bitcoin had pretty much no value for some time, mining was rewarded with bigger rewards and that's when the most of the Bitcoins were mined. Nobody could have knew that they would make huge money if they holded their mined Bitcoins, so most of those Bitcoins aren't in their miners wallets for a long time now.
I do not understand your question very well, are you saying that it is a scam because before it was easier to mine? if so, that happens with any resource, for example, gold could be easily removed from the rivers, now you need a whole company and miners to mine the material, while a resource is discovered only some take advantage of their early stage while establishing its position in the market.
Everyone certainly needs to be very weary and trade or participate in cryptocurrency with serious caution let it not be that one will loss all his hard earned cash suddenly.
I was one of the ones who got Bitcoins early I had over 9 Bitcoins in 2011. These were the days when u could mine them pretty easily and even without your own rig you could join a mining pool and still get good return on it . There were also a lot of decent faucets around who would actully pay out so there were many free ways to get free Bitcoin. I eventually lost interest in Bitcoin until of course it hit the news about its price increase.
Guess whta happened ?
I lost all of my Bitcoins, They are stuck with no way of getting them back because at the time nobody really talked about Private Keys and just how important they are. When Bitcoin hit 20k I searched all of my old hardrives for the data files from my old wallet to try and access my bitcoins. I couldent find it and just gave up in the end so I lost out on around $180k and im not the only one to loose out either many other people have done the same so the bitcoins are just stuck in limbo.
Bitcoin is a pain in the backside and when you cant access them it does make u think that its a scam, but at the end of the day Its my fault that I did not read up more about Private keys. I did the exact same thing with my litecoins and have lost them too lol.
Guess whta happened ?
I lost all of my Bitcoins, They are stuck with no way of getting them back because at the time nobody really talked about Private Keys and just how important they are. When Bitcoin hit 20k I searched all of my old hardrives for the data files from my old wallet to try and access my bitcoins. I couldent find it and just gave up in the end so I lost out on around $180k and im not the only one to loose out either many other people have done the same so the bitcoins are just stuck in limbo.
Bitcoin is a pain in the backside and when you cant access them it does make u think that its a scam, but at the end of the day Its my fault that I did not read up more about Private keys. I did the exact same thing with my litecoins and have lost them too lol.
I, just like you, the author, believe that there are a lot of frauds in the cryptocurrency market and it is necessary to take measures
So, those small groups who knew about it, they mined Bitcoin almost for free in large proportion.
Your forgot small detail here. Noone could expect Bitcoin will gain so huge price in so short time. Because of that even pioneers who mined 10 000 bitcoins on their single home CPU spend their 10 000 bitcoin on pizza and were very happy about it that it worked. That their coins actually was worth ANYTHING.
You could develop it like this, to have most bitcoin first, but it could be easily worth nothing in time. Bitcoin turns out true technological revolution.
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