Why rich people with a lot of Bitcoin don't try to improve it? - page 3.

figmentofmyass

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Quote from: stompix on December 21, 2017, 03:47:36 PM

The only one that counts is BCH but the reward is still 1/4 compared to BTC.
So not all miners are going to switch to BCH.

BCH is also an interesting case because of the covert exploitation of asicboost, which was addressed by segwit in BTC. that amounts to a 30% cost advantage over other miners, discouraging decentralized mining. this is why the vast majority of BCH hash power comes from unidentified miners. it's presumed to be mostly bitmain's hash power. if you're mining BCH and you're not bitmain's patsy, then the only other explanation is that you are extremely bullish on BCH vs. BTC.

~Spawn~

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Quote from: ApproximateSunlight on December 21, 2017, 10:20:53 AM

I mean, they are so rich, they can start to mine Bitcoin, even if they lose some money they shouldn't care, they are ok with all those money they already have.
Am I wrong?
If you became rich and you are doing the dream life that everyone wants is thanks to Bitcoin, don't let him die.

You can only speculate that they have sold a lot of bitcoins, cause if that's not the case, their actions goes against logics.

However, don't forget that we have very talented people doing a good job improving Bitcoin, like Adam Back, core developers and people building stuff to the ecosystem.

figmentofmyass

legendary

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Quote from: ApproximateSunlight on December 21, 2017, 10:20:53 AM

I mean, they are so rich, they can start to mine Bitcoin, even if they lose some money they shouldn't care, they are ok with all those money they already have.

one thing about "getting rich" is that it's never enough. people with a lot of money tend to want more and more. the richest people i've ever known have also been the cheapest/stingiest, unwilling to spend money on anything. that's partly why they became rich.

it's also not easy to just start mining bitcoin. with the difficulty trend and unreliability of prompt shipping of miners, you need to be extremely well capitalized. you'd probably need to dump several million $$ into a well planned mining operation to be viable. in order to do so, you'd also need to sell a shitload of your BTC to cover overheads, and you'd have to pay capital gains taxes on all the gains.

Quote from: ApproximateSunlight on December 21, 2017, 10:20:53 AM

If you became rich and you are doing the dream life that everyone wants is thanks to Bitcoin, don't let him die.

fortunately, there are some good souls who are early holders. see https://pineapplefund.org.

Quote

With bitcoin reaching new heights, we're donating a massive amount of BTC to charities and causes all around the world. 5,057 BTC ~$86 million USD total committed. 4,646 BTC ~$79 million USD remaining. 9 charities supported so far. View the address: 3P3QsMVK89JBNqZQv5zMAKG8FK3kJM4rjt.

stompix

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Blackjack.fun

Quote from: ApproximateSunlight on December 21, 2017, 03:18:41 PM

I meant that there are more profitable coins to mine I guess

You can't mine "other" coins with bitcoin mining gear.
You can mine only sha256 coins.

Most of them are crap and if one big farm tries to mine it it will never cover the electricity costs.
What are you going to do with 1000 Mazacoins reward per block?
That's 0.8 $ (not even a full dollar) every 2 minutes.

The only one that counts is BCH but the reward is still 1/4 compared to BTC.
So not all miners are going to switch to BCH.

ApproximateSunlight

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Quote from: stompix on December 21, 2017, 03:16:35 PM

Quote from: ApproximateSunlight on December 21, 2017, 10:20:53 AM

I mean, they are so rich, they can start to mine Bitcoin, even if they lose some money they shouldn't care, they are ok with all those money they already have.
Am I wrong?

Yes , you are!!!
Because rather than asking why the "rich" guys aren't fixing BTC you should start learning who bitcoin works.

More miners would have no real impact on the confirmation speed. The time between blocks will decrease for a while but with the difficulty adjustment it will go back to 10 minutes a block.
One miner or 1 million it doesn't matter, it's not like sending 100 more trucks to carry gold from a mine.

Quote from: tyuner4 on December 21, 2017, 12:04:01 PM

Mining at a loss is not the solution to solve the transaction problem. We have to think of better solution.

Mining at a loss?
An s9 is going to ROI in two months even with 10 cents per kw and you are talking about mining at a loss?

I meant that there are more profitable coins to mine I guess

stompix

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Blackjack.fun

Quote from: ApproximateSunlight on December 21, 2017, 10:20:53 AM

I mean, they are so rich, they can start to mine Bitcoin, even if they lose some money they shouldn't care, they are ok with all those money they already have.
Am I wrong?

Yes , you are!!!
Because rather than asking why the "rich" guys aren't fixing BTC you should start learning who bitcoin works.

More miners would have no real impact on the confirmation speed. The time between blocks will decrease for a while but with the difficulty adjustment it will go back to 10 minutes a block.
One miner or 1 million it doesn't matter, it's not like sending 100 more trucks to carry gold from a mine.

Quote from: tyuner4 on December 21, 2017, 12:04:01 PM

Mining at a loss is not the solution to solve the transaction problem. We have to think of better solution.

Mining at a loss?
An s9 is going to ROI in two months even with 10 cents per kw and you are talking about mining at a loss?

mrcash02

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CryptoTalk.Org - Get Paid for every Post!

If they improve it they will want to improve for their own interests. That happens with Bitcoin forks. Those developers trying to overcome Bitcoin with their new Bitcoin versions are doing this what you are saying, they are rich and try to "improve" Bitcoin, but they don't have acceptance from most investors that still prefer to keep supporting the original version of Bitcoin.

Also, Bitcoin is money and people will move themselves to any other currency if they think it's more profitable and worthful. There aren't sentimental feeling for Bitcoin that will make people put their own financial interests apart to don't let Bitcoin die.

dificanovi

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Buzz App - Spin wheel, farm rewards

Quote from: ApproximateSunlight on December 21, 2017, 10:20:53 AM

I mean, they are so rich, they can start to mine Bitcoin, even if they lose some money they shouldn't care, they are ok with all those money they already have.
Am I wrong?
If you became rich and you are doing the dream life that everyone wants is thanks to Bitcoin, don't let him die.

I think people who get their bitcoin are not stingy because they get a lot of money from bitcoin.
rich people from bitcoin will not choose floating because fortunately a little bit, either joining a bounty campaign is fortunately bigger than a floating one.

KwizatzHaderach

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Improving it is not for the bitcoin holders to do. It is for the developer community along with the miners (as they maintain the network) to do.
Since consensus is always hard to achieve, that is where the problem on the pace of improvement is coming from.

tyuner4

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Mining at a loss is not the solution to solve the transaction problem. We have to think of better solution.

abdullahtahsin420

member

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its very simple Bitcoin holder for long time are the ultimately gainer so they just keeping and don't try to improve it.

KwizatzHaderach

full member

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There should be a voting mechanism in the bitcoin community with regards to its direction.
Nowadays, miners have been too powerful in vetoing certain changes that will affect their bottom line.
Resulting to hard forks that further dilute bitcoin value.

Hard not to see BTC still go down in value in the next weeks. FOMO subsiding nowadays.

Boseda

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Quote from: ApproximateSunlight on December 21, 2017, 10:20:53 AM

I mean, they are so rich, they can start to mine Bitcoin, even if they lose some money they shouldn't care, they are ok with all those money they already have.
Am I wrong?
If you became rich and you are doing the dream life that everyone wants is thanks to Bitcoin, don't let him die.

Mining is not for everyone. Then you gotta consider many of these Bitcoiners are just long term holders with no actual interest in its technology.

ApproximateSunlight

jr. member

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I know it's not dying, this is just a correction that we needed and BCH, but still, someone have to do something

mk4

legendary

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📟 t3rminal.xyz

Why aren't rich people trying to mine to help bitcoin? Same reason as why not all rich people donate money to charities. Some are just simply not interesting in helping others. Also, calm down. Bitcoin isn't dying; it's definitely currently sort of crippled, though.

freightjoe

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Quote from: ApproximateSunlight on December 21, 2017, 10:20:53 AM

I mean, they are so rich, they can start to mine Bitcoin, even if they lose some money they shouldn't care, they are ok with all those money they already have.
Am I wrong?
If you became rich and you are doing the dream life that everyone wants is thanks to Bitcoin, don't let him die.

I think you have misunderstood something. The rich people are rich because they have managed to get people like you to buy their Bitcoins at a high price. That means they are now rich, and you are stuck with a Bitcoin that you can't use for anything and also cannot sell with profit because of the high transaction fees. You have made them rich. They will not help you.

ApproximateSunlight

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Activity: 38

Merit: 3

I mean, they are so rich, they can start to mine Bitcoin, even if they lose some money they shouldn't care, they are ok with all those money they already have.
Am I wrong?
If you became rich and you are doing the dream life that everyone wants is thanks to Bitcoin, don't let him die.

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