Topic: Threats Bitcoin has survived from lindy effect (Read 279 times)

I red the article and it was 4 months ago. Have we recovered from it fully? Do we have any way to know who is running the older version of bitcoin core and who have updated it?

I am glad that they kept it secret instead of being panic.

Thank you for the information.

Runaway supply of illegitimate coins?

That was a nasty bug and we should be thankful to our cryptogods that it wasn't exploited. But what adds insult to injury here is the fact that it hadn't been sitting in the code since times immemorial but was added not so long. That leaves plenty of room to think how Bitcoin is protected (or not protected, for that matter) from future bugs that may get added later, either intentionally or inadvertently. That's a serious issue which questions the validity of the whole concept of cryptocurrencies in regards to its implementation in practice

I'd like to add #6. I am not sure how to formulate is correctly, but it's about creating bitcoins out of thin air. The last (even though only minutes ago I thought it was also the first) time it happened in autumn 2018: https://www.coindesk.com/the-latest-bitcoin-bug-was-so-bad-developers-kept-its-full-details-a-secret. Back then I found the information that some bug could make the whole point of cryptocurrencies about the impossibility to fake coins completely useless very disturbing.
As for the analysis about halving - thanks, that gives some hope, even though it doesn't mean that we can really expect growth. Moreover, it looks like even if we do, we probably have to wait for a year or two..

I believe that you are missing a really important one in your quotes, banks ignoring it.

I remember one interesting quote i have been seeing often this days which states: First they ignore you, then they laugh at you, then they attack you and then you win".

Aren't we nearby the last stage of the quote?. Of course nearby in the economic system means years but it will definitely happen during our lifetime in this generation. We will see that John McAfee and others are not so crazy after all.

bitcoin has been growing constantly and with a very solid foundation. everything else you hear about it is just noise that is lost in the vast background of bitcoin. and it is not about the price or other silly characteristics such as market capitalization. it is all about the actual growth and adoption that bitcoin had, all the infrastructure that has been build and continues being build on top of bitcoin and because of bitcoin.

get a tired sleeping smiley pls

there is nothing special about staying nr. 1 in your own index that you the bitcoin centrists controll themselves. its like buying a trophy and graving your own name into it.

i can also hang out an index in my home, "who is the most awesome user in bitcointalk" and write myself as nr.1 you can never conquer that index because i controll it.

and thats how your bitcoin is nr.1 index works. only big corruption whales like ripple can get into your index into such a high position in the first place.

the effect that you are looking more and more just like a bunch of pow cryptocultists isnt going to be weaker, it gets stronger and stronger

and you will continue finishing of your so called F.U. price chart (middle finger price chart)

you should better focus now on surviving the F.U. effect

 

There has been a steady rise in the market capitalization over the past years, if there is to be a pattern, 2019 should at some point surpass the previous market cap. That is unlikely to happen looking at the current trend, and the market does not follow patterns.
The next Bitcoin halving would significantly affect the market, hopefully we reach a new support level.

I don't see how one thing follows from the other

I agree that it is producers that create all this abundance and wealth around us. Basically, this is what I constantly say myself here. But I also don't forget to add that Bitcoin has nothing to do with that as it is not about production (or facilitating production in a meaningful way) at all but about speculation, which in fact hurts production if it gets out of control and proportion (though Bitcoin itself is too insignificant to make any noticeable effect). To cut a long story short, are you able to show how Bitcoin is here to actually help this big production come about as you claim it does?

Who determines the legal progress? I guess bitcoins is here to eliminate the centralized philosophy but to establish the mass people.

+2 merit for you to add a new dimension for Bitcoin

We are the pioneer of this marathon and we still just started it. We have long way to go and I hope we with our next generation will be able to enlighten the concept, the technology.

Thank you.

I hope this article and the thread will blow some fresh air among the community which is speculating big on the price aspect of bitcoin. Every now and then, we are seeing new threads about the falling price of bitcoin with a simple question - "when the price will increase?" This thread and the article can act as a reference for those pessimistic investors who had entered the market during late 2017.

The 5 points that OP highlighted, can be considered as the few bottlenecks that are hindering the growth of bitcoin, both psychologically and technically! However, despite all the odds, we are still thriving. Yes, we definitely shed some weight in this process to make ourselves fit and stronger to take on a marathon.

40 years ago, when I was a 10 years old child, my mother (who is an MD and worked 56 years for a State Pension of 750 Euros/month) was bringing home on September a BIG crate of apples, for us to eat in the comming winter. I do remember that there were winters were we had 2 crates of apples (not one). We were eating the apples one by one in the winter and in January we were trying to find if there were apples remaining to be eaten.
 A day ago I went to buy food at the near supermarket and I bought 10 apples. There were about 100-200 kg of apples there, for every person to buy.

 Now and then someone is telling a big truth on the internet, 6 months ago I read this "If one wants the production to grow, if one wants the economy to be prosperous (to grow its production), one has to reward these people that work in this economy and make these products." Today we are 40 years from that moment in time when we had a crate of apples to eat for the winter. We have now hundreds of crates of apples to eat for the winter. This is GOOD for everyone and some of this BIG production happens because of bitcoin.

Bitcoin is money to pay any person in this world in minutes for that apples to arrive at you. Those working for these apples are rewarded, and thus they will make everything possible that the next year production to be bigger. If you want to buy a home somewhere in other country, bitcoin is money to pay those people to build your home.

In the next 20 years bitcoin will be good to pay for many thinks that one desires to buy.




  



  

Even though it doesn't show anything negative about the future price of Bitcoin I still be cautious on believing the lindy effect of BTC. This kind of prediction is mostly inaccurate as especially on things or assets with a very little fundamental value to show. Yes Bitcoin has been around for 10 years but does it mean it can be around for another 10 years? We still don't know what the future holds for BTC, we haven't seen any kind of legal progress that can catapult the security of the industry for the next 10 years, or we haven't seen any giant leaps of companies accepting BTC sa a mode of payment in their businesses.

I wouldn't bet too much on the Lindy effect as I haven't found any empirical evidence that supports it or that such concept really works all the time. Though I wouldn't discredit bitcoin from overcoming several crucial threats to its existence or influence, I still don't see how this endurance from bitcoin has something to do with the Lindy effect. If for example there comes something that's much better than bitcoin, the influence it has could easily crumble and crash in just a short span of time, though there hadn't been a single contender yet.

What happens after halving really happens like the 5 quotes you wrote. Either coincidence or indeed planned, but I believe that indeed the pattern happened.
Now when bitcoin prices fall better to wait for the right moment to buy some.

This is the first time am learning about the Lindy effect, and there is a level of merit to its concept. People are wont to trust an idea or technology which has stood the test of time, only the very daring investors take the risk with an untested protocol.
Bitcoin has survived over the years, and is now garnering support from those earlier dismissed it