Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 20878. (Read 26607966 times)

Bitcoin's utility is using it to buy stuff online. And it is close to being to the point where you can drop your bank.

It is merely a currency, you switch to whatever currency is best for the situation. I live in Germany but work for the military so I have access to the military base. Everything on the military base requires dollars, everything else requires euros. I am used to going back and forth between currencies. I don't "buy dollars" and watch the value fluctuate. I convert some euros to dollars and get enough for things I might need for that week. I convert bitcoins to euros with enough currency to pay for things in the near future. My reserve currency is bitcoins because it is easier to store and travel with bitcoins than with cash and that is what I am paid in. I don't worry too much about the value fluctuation other than spending more when the price goes up a lot and holding off when the price drops.

Yes, thanks. Although I think that if a state decide to kill bitcoin, it won't do it by purchasing secondhand mineries. It would use instruments it's more used to: police, legislation, banks etc.

I agree that scarcity is necessary for creating proper bitcoin infrastructure. However, I think the scarcity should be natural, rather than artificial one.

If the scarcity is artificial one, like the 1M limit, and is determined by political means, it would be handled by political methods as well. All efforts will go to political and bureaucratic struggle. This is a way to soviet-style economy.

If the scarcity is natural one, like propagation time and is caused by technical reasons, it would be handled by technical methods. All efforts will go to solving these technical obstacles. This is the way to the Moon

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Bitcoin is permission-less. There is nothing stopping anyone from competing. There are some places where government subsidizes mining, but there are other places where energy is very cheap. Currently the subsidies are the biggest incentive for mining. There is no need to regulate that, but energy isn't the only resource needed for mining. Bandwidth is also needed to allow adoption. There isn't any adoption to concentrate at the moment.

Businesses milk their production to death all the time. It's an exit strategy. The Chinese miners could switch tomorrow to a pre-mined bank owned Chinacoin and spend billions marketing it. Bitcoin would be left with a sudden hashrate drop and the miners would be well rewarded by the Party.

I wonder if your opinion would change if there are bank depositor bail-ins and capital controls.   

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Brazil currently has many big problems, but fortunately bitcoin still does not seem to be one of them.  Perhaps Brazilians are indeed smarter than the folks in your bithole.

Industry does get concentrated.  For example, many car makers that were independent in the early 20th century got absorbed by the big ones -- Ford, GM, Chrysler in the US.  There are thousands of other examples. 

Customs barriers and national economic policies are one obstacle for the concetration of  traditional industries.  In some countries, anti-trust / fairi-competition laws also prevent total centralization.  Neither of these obstacles exists for bitcoin.


Miners are not fools to kill their cash cow; but there are many things they can do to squeeze more milk out of it, that will not be bad enough to scare bitcoiners away.

I think there is some confusion on this board. A mining pool does not really control the hashing power on that pool. If they try to do something strange with the hashing power, the miners behind the pool move their miners to another pool. Antpool would probably be less than 5% of the network if they didn't allow outside miners. The only real exception (with more than about 5%) is Bitfury who does independently control 20% of the network right now and growing.

obviously... you missed the point.. once all the precious metals are mined from the earth you cant mine any more just by tweaking the program code.. the way things are going it will be the "cripplecoiner" mining companies who will vote/decide if the cap on bitcoin production is raised .

Do you realise how retarded you sound?

Bitcoin could run fine under 10 bitcoins with some little magic.

So the new Swiss Bank Account, huh? Why not just store wealth in an active volcano? It doesn't do you any good to hide wealth if you can't retrieve it.

My mother had a supertitious prayer in Venetian that she recited during storms, asking for "Santa Barbara e San Simon" to protect us from "thunder and lightning".  Of the same genre as St. Benedict's apocriphal verses to repeal the Devil.

"The economic majority rules" is a similar mantra that superstitious bitcoiners invoke to drive away the menace of the Five Evil Mining Pools, those that have 70% or more of the total hashing power.   The bitcoiner's mantra is just as logical, effective, and tested by experience as those medieval formulas.

If a mining majority decides to impose a protocol change, that the other players don't like but can live with -- like higher or lower block size limit, higher minimum fees, delayed reward halving -- the "economic majority" will accept it, because it knows that miners can hurt them far more efffectively and promptly than they can hurt the miners.

Holders, in particular, have almost no power.  All they could do is to commit financial suicide by dumping their coins and crashing the price; but they wold inflict more harm to themselves than to the miners.  Therefore they will not do that; they will keep holding, praying to Sain Barbara that the price will not suffer.  Indeed, I bet that they will even speak out in favor of the change, to protect their investment.

When the US government removed the backing of the dollar, Americans did not burn their dollar bills.  When banks as a whole raise their fees or cut some services, clients do not run en masse to close their accounts.  


Well, not "every" bitcoin holder would do that.  Like bankers and governments, the miners will usually avoid diong something so bad that it will directly hurt all of them and cause all of them to revolt.  Therefore, most holders will be upset, but will not spend real money with utility bills just to fight some ideological "purity of protocol" cause.  

But, even if all off-line mining equipment was brought on-line again, it probably would not account for 20% of the total hashpower.,

i want 300 or under 200!!!
c'mon btc! do something!

they will make more when the "cripplecoin" miners vote to make more .. they have to because people lose bitcoins all the time by losing their private keys to their cold storage wallets and stuff.. precious metals is a much more true deflationary and scarce supply than cryptos... bitcoin is not being straightforward about the cap just as they are not being straightforward about "blockchain blacklists" or how they intend to use "cripplecoins" and the new miner companies ability to vote how slow we gonna go and how much fees they are going to charge everyone ... u need to ask yourself again what is bitcoins utility because you obviously have not thought it through.

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