Why bitcoin or any other mined coins won't work... - page 2.

cr1776

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Quote from: Elwar on June 24, 2014, 04:08:58 AM

Quote from: Xiaoxiao on June 24, 2014, 03:56:49 AM

Quote from: Elwar on June 24, 2014, 03:50:45 AM

Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

It is the love of money that is the root of all evil.

To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a nickel, who is loudest in proclaiming his hatred of money–and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it.

I think s/he missed the reference. :-)

Perhaps it would be better stated that the lack of money is the root of all evil.

Lol

bizzel

newbie

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You seem to not realise the huge gaping ass flaw in your deduction.

If someone wants MORE, meaning more wealth / power. I understand the evil in this. Money is only worth what others value it for. So if someone wants power over the money, or wants to control all the pools, people will see this and the value of the money (or btc) will plummit.

Because pretty much 99% of people understand this (no offence), the one wanting power over the pools will understand it too (if they don't, they won't have the smarts to get it anyway), and thus realise that he/she will only hurt their wealth, not increase it..

Also, don't underestimate the 'power of the people'. BTC is decentralised, the masses have a huge influence.

Tadaa.

zetaray

hero member

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All pools can collude now, we don't need to wait for that "day". When they start to do something that would hurt bitcoin, there will be other pools setup and miners can move their hash power.

Cranky4u

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Like all forms of power throughout history, including money, it will evolve into something else. Gold > Promissory notes > Fiat > Derivatives > Cryptocurrency > Huh

Elwar

legendary

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Viva Ut Vivas

Quote from: Xiaoxiao on June 24, 2014, 03:56:49 AM

Quote from: Elwar on June 24, 2014, 03:50:45 AM

Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

It is the love of money that is the root of all evil.

To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a nickel, who is loudest in proclaiming his hatred of money–and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it.

Xiaoxiao

legendary

Activity: 1274

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The Golden Rule Rules

Quote from: Elwar on June 24, 2014, 03:50:45 AM

Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

It is the love of money that is the root of all evil.

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Quote from: Xiaoxiao on June 24, 2014, 02:47:12 AM

1 Timothy 6:10 The love of money is the root of all evil....

This is perhaps the most true saying I've heard. The love of money (or power, prestige, etc) is the root of all evil.

To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a nickel, who is loudest in proclaiming his hatred of money–and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it.

Kprawn

legendary

Activity: 1904

Merit: 1074

Well it makes sense, but if they do, they might just create a problem for themselves.

People would shift their coins to a currency, where mining pools might be rendered void. Currently there are coins, that is ASIC proof.

There are also hardcore Grin

people here, who wants to see, crypto currency, being a decentralized currency, and work towards, creating a protocol, doing just that.

We have very innovative developers working on this currency and they can change things, to stop that from happening.

You cannot buy massive mining pools, and then have to re-invest in buying, millions of individual mining rigs, at a point, you will see no return on investment.

So bring on the greedy people, we will waste their money.

0xAli

member

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42

Lets enjoy it while it last then. Wink

Xiaoxiao

legendary

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The Golden Rule Rules

Quote from: cuddaloreappu on June 24, 2014, 03:10:57 AM

will this logic apply to dollar too?

It's already happening to the dollar, but let's not get into that.

cuddaloreappu

hero member

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will this logic apply to dollar too?

bizzel

newbie

Activity: 24

Merit: 0

Quote from: Xiaoxiao on June 24, 2014, 02:47:12 AM

1 Timothy 6:10 The love of money is the root of all evil....

This is perhaps the most true saying I've heard. The love of money (or power, prestige, etc) is the root of all evil.

One day, one entity will control all the pools, it's that simple. All they need to do is make an offer that the pools cannot refuse.

I'm not sure if other mined cryptos are the same way since I don't have time to explore them. But in the end, someone or entity is just going to take over bitcoin in a fascist way.

Well, your logic is absolutely flawless. I guess there's nothing left then.

Time to pack up guys, lets go home..

Xiaoxiao

legendary

Activity: 1274

Merit: 1000

The Golden Rule Rules

1 Timothy 6:10 The love of money is the root of all evil....

This is perhaps the most true saying I've heard. The love of money (or power, prestige, etc) is the root of all evil.

One day, one entity will control all the pools, it's that simple. All they need to do is make an offer that the pools cannot refuse.

I'm not sure if other mined cryptos are the same way since I don't have time to explore them. But in the end, someone or entity is just going to take over bitcoin in a fascist way.

Topic: Why bitcoin or any other mined coins won't work... - page 2. (Read 1850 times)