The failure of Bitcoin will be the amount of energy needed to mine the remaining coins until the 21,000,000 limit is reached. Then people will lose interest because there will be no way to get more - unless they split them - which would mean they lose their limited quantity. Flawed from the beginning.
@thefinn said:
The failure of Bitcoin will be the amount of energy needed to mine the remaining coins until the 21,000,000 limit is reached. Then people will lose interest because there will be no way to get more - unless they split them - which would mean they lose their limited quantity. Flawed from the beginning.
Miners charge a fee to process a transaction, the system is set to transition to the fee based reward system once the final Bitcoin is mined.. which is expected to occur around 2140.
Sooo the way I see it,,,
1. miners still gonna be diggin' for a while ( or solving complex mathematical equations)
2. There is a second incentive beyond newly minted coins for miners to process transactions ( in the form of the transaction fee)
Once again a price jump. I'll sell half into USDT at 8% up then again at 20% if one does that well. Then buy it back when it falls on it's face. Meanwhile I'll mine and sell a pile of Verus coin that's staked in a pool taking profits on both sides. Yep, just keep the waves coming because I'm covered. Think I'll put something on the BST because I'm thinking of getting another F1 miner. Any request? T$'s, Seated stuff?
I actually saw a movie on Netflix about the tulip mania in Holland.
There were some tulip bulbs worth more than others. Like Bitcoin and other lower value cyber currencies.
Of course, we know how that ended.
At least with the tulip bulbs you got a pretty flower!
Sooo the way I see it,,,
1. miners still gonna be diggin' for a while ( or solving complex mathematical equations)
2. There is a second incentive beyond newly minted coins for miners to process transactions ( in the form of the transaction fee)
Aren't the blockchain hashes becoming harder to compute as the blockchain lengthens?
If so, what happens to the fee in 10 years?
The fee will set a floor under where anyone will want to execute. Sure, there is litecoin for smaller transactions but litecoin will eventually have the same issue.
Will there be a bitcoin2.0 that re-establishes a new Bitcoin crypto when the fee becomes cumbersome on Bitcoin1.0? Will Bitcoin die due to those fees ?
Sooo the way I see it,,,
1. miners still gonna be diggin' for a while ( or solving complex mathematical equations)
2. There is a second incentive beyond newly minted coins for miners to process transactions ( in the form of the transaction fee)
Aren't the blockchain hashes becoming harder to compute as the blockchain lengthens?
If so, what happens to the fee in 10 years?
The fee will set a floor under where anyone will want to execute. Sure, there is litecoin for smaller transactions but litecoin will eventually have the same issue.
Will there be a bitcoin2.0 that re-establishes a new Bitcoin crypto when the fee becomes cumbersome on Bitcoin1.0? Will Bitcoin die due to those fees ?
Bitcoin by itself is a solid structure, as in it's never been hacked! Now stuff that's built on it's framework has many times. So in the end bitcoin will be more of a storing of value opportunity as opposed to a common transaction vehicle. You are correct in the assessment on difficult to a point. Mining difficulty is not linear and does actually go down when it's not profitable to mine. So there will be a balance in the end. The bitcion 2.0 (lightning framework I believe) will help a lot.
Ethereum based coins can be for more robust and those will be the everyday transaction vehicle of choice. Cool part is swapping between any two is relatively painless, fairly quick (few seconds usually) and really cheap.
The cons in the whole crypto scene is the power requirement. Oh and the decentralized nature of the cheap systems of exchange. If you make a mistake in the transaction work flow, like a misplaced decimal point then there is no recourse. I'm on the learning curve for the exchange called ForkDalta and I'm wrapping my head around the whole token creation, smart contact thing by practicing with tiny amounts. I can mine certain Tokens but haven't found the workflow to exchange it
"It was odd that bitcoin was built around the SHA-256 hash function created by the National Security Agency, and that the entire concept was remarkably similar to what was described in an NSA paper published in 1996 titled ‘How To Make A Mint: The Cryptography Of Anonymous Electronic Cash."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
The gas station down the road now has a Bitcoin kiosk, and I mean there is only two gas stations within ten miles, plus a bar, a Circle K, a feed and tractor place and a church or two is all that's in my area. Had to do a double take on that machine. The fee of 15% is a little steep so I'll pass. But I've seen friends to use it because they didn't want to go through the KYC (know your customer) hassle of sending ID info and pics required by the exchanges. I did the KYC requirements with the Binance exchange so it's only 3%.
Sold and brought the dip on the big coins like I knew what I was doing. Slow and steady even cycles, please. I've been mining DNR and VRSC for months. Each were being mined at 125 /day early and now at 38/day with the price 5x up. Markets are thin on those but they move and the ROI went cruising by a while ago. Bring on the gravy, please!!
Folks are slabbing the things! Some are very attractive. I cannot believe a silver "round" with a hologram and code is valued at 50K! More than most coins I get to see every day.
@Insider2 said:
Folks are slabbing the things! Some are very attractive. I cannot believe a silver "round" with a hologram and code is valued at 50K! More than most coins I get to see every day.
More gravy, please. My crypto portfolio has doubled again. Limits in place for a good nights sleep. Time to let it ride and hope it slides downward. I miss buying it cheap.
When I finally put all the pieces together on exactly what a decentralized ledger is, how it works, and the benefits it has over our current system I've been all in with a 400% return in 18 months. We are on the precipice of a data storage revolution and finance fits within the pieces nicely. Some say it's not real money but neither is a credit card. If I want real assets I'm just a few internet orders away from gold silver, US dollar transfer, whatever.
Jim Rickards: "The spike of bitcoin to $11,000 following the China devaluation is a symptom of Chinese people using bitcoin to avoid capital controls and get their money out of China."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Yup, tax evasion and money laundering are it's best features..
Along with drug and arms dealing, human trafficking, bribes and extortion, and the smuggling of contraband and fencing of stolen goods. As a plus, it consumes time, computer space, and energy!
@Baley said:
Yup, tax evasion and money laundering are it's best features..
Along with drug and arms dealing, human trafficking, bribes and extortion, and the smuggling of contraband and fencing of stolen goods. As a plus, it consumes time, computer space, and energy!
Digital PMs would be no different.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
@Baley said:
Yup, tax evasion and money laundering are it's best features..
Along with drug and arms dealing, human trafficking, bribes and extortion, and the smuggling of contraband and fencing of stolen goods. As a plus, it consumes time, computer space, and energy!
I was going to make some tongue-in-cheek reference to how rock n roll was going to subvert the youth. But in truth, such substantial changes DO bring dangers as well as opportunities, and DO eventually become part of the familiar landscape.
The point is that blockchains and their descendants are here to stay, and will be assimilated into the human enterprise one way or the other. And if history is any guide, such innovations prove neither as catastrophic or salvific as early reactionaries or revolutionaries envision.
Globocoms are throwing money at blockchain tech, it’s going to be around....the form of fashion it plays in non financial b2b stuff is still being hashed out.
AI backbone is where we’re at right now with it....growing pains totally in play for a while across the board.
@Baley said:
Yup, tax evasion and money laundering are it's best features..
Along with drug and arms dealing, human trafficking, bribes and extortion, and the smuggling of contraband and fencing of stolen goods. As a plus, it consumes time, computer space, and energy!
This is true, it's a good thing the USD, gold, silver, etc.,...has never been associated with such nefarious acts. ;-)
@jmski52 said:
I didn't even attempt to figure it out, because it made no "horse" sense.
It's easy. No, really! You just wire money to an exchange and they send you an encrypted code for your "money". Then you can fly around the world and cash it in anywhere, tax-free. Unless it goes "poof" in the meantime. Then you're stuck in Bahrain or Tokyo or Rio and can't hitch a ride home.
I buy a lot of stuff using credit or the transfer of funds electronically (pay pal, square, etc.) . Talk about a "crypto". As a matter of fact , I can't remember anyone who paid with cash, online... in the last 20 years. That said, my original $500 Purchase in bitcoin is still only worth $250. How's that for ROI ? And I still can't find anyone transacting with it. Not for the commodities I deal in or contractors, or maintenance guys.
@metalmeister said:
And to think Zuc's Faceplant origins were to rate hot girls on college campus.
GLTA
Take a look at the DARPA program "LifeLog" and when it was "cancelled". Next take a look at when Facebook was founded... I could be wrong, but I think its original intention was a bit bigger than what was publicly stated.
China says 'All in' for btc and xrp just did over 50% of all trade volume for all coins yesterday. Did anyone else buy on that crypto dip? I guessed the drop low enough my usdt/btc order went through.
Comments
Maybe if that cac starts putting stickers on them the bitcoin will be worth something. lulz
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
The failure of Bitcoin will be the amount of energy needed to mine the remaining coins until the 21,000,000 limit is reached. Then people will lose interest because there will be no way to get more - unless they split them - which would mean they lose their limited quantity. Flawed from the beginning.
Miners charge a fee to process a transaction, the system is set to transition to the fee based reward system once the final Bitcoin is mined.. which is expected to occur around 2140.
Sooo the way I see it,,,
1. miners still gonna be diggin' for a while ( or solving complex mathematical equations)
2. There is a second incentive beyond newly minted coins for miners to process transactions ( in the form of the transaction fee)
It's all about what the people want...
https://nypost.com/2018/12/16/price-of-bitcoin-falls-below-cost-to-mine/
Once again a price jump. I'll sell half into USDT at 8% up then again at 20% if one does that well. Then buy it back when it falls on it's face. Meanwhile I'll mine and sell a pile of Verus coin that's staked in a pool taking profits on both sides. Yep, just keep the waves coming because I'm covered. Think I'll put something on the BST because I'm thinking of getting another F1 miner. Any request? T$'s, Seated stuff?
I actually saw a movie on Netflix about the tulip mania in Holland.
There were some tulip bulbs worth more than others. Like Bitcoin and other lower value cyber currencies.
Of course, we know how that ended.
At least with the tulip bulbs you got a pretty flower!
Shovels can dig deep holes.
Knowledge is the enemy of fear
Aren't the blockchain hashes becoming harder to compute as the blockchain lengthens?
If so, what happens to the fee in 10 years?
The fee will set a floor under where anyone will want to execute. Sure, there is litecoin for smaller transactions but litecoin will eventually have the same issue.
Will there be a bitcoin2.0 that re-establishes a new Bitcoin crypto when the fee becomes cumbersome on Bitcoin1.0? Will Bitcoin die due to those fees ?
I rode that wave nicely for a 15% bump in coin quantity.
https://bloomberg.com/crypto
50% bump up and locked with the stops in. FPGA's are chugging along at 30$/day. Let the tulips bloom way out in the future.
50% bump up and locked with the stops in. FPGA's are chugging along at 30$/day. Let the tulips bloom way out in the future.> @MsMorrisine said:
Bitcoin by itself is a solid structure, as in it's never been hacked! Now stuff that's built on it's framework has many times. So in the end bitcoin will be more of a storing of value opportunity as opposed to a common transaction vehicle. You are correct in the assessment on difficult to a point. Mining difficulty is not linear and does actually go down when it's not profitable to mine. So there will be a balance in the end. The bitcion 2.0 (lightning framework I believe) will help a lot.
Ethereum based coins can be for more robust and those will be the everyday transaction vehicle of choice. Cool part is swapping between any two is relatively painless, fairly quick (few seconds usually) and really cheap.
The cons in the whole crypto scene is the power requirement. Oh and the decentralized nature of the cheap systems of exchange. If you make a mistake in the transaction work flow, like a misplaced decimal point then there is no recourse. I'm on the learning curve for the exchange called ForkDalta and I'm wrapping my head around the whole token creation, smart contact thing by practicing with tiny amounts. I can mine certain Tokens but haven't found the workflow to exchange it
IMF Reveals That Crypto Is The New World Order End Game
"It was odd that bitcoin was built around the SHA-256 hash function created by the National Security Agency, and that the entire concept was remarkably similar to what was described in an NSA paper published in 1996 titled ‘How To Make A Mint: The Cryptography Of Anonymous Electronic Cash."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
The gas station down the road now has a Bitcoin kiosk, and I mean there is only two gas stations within ten miles, plus a bar, a Circle K, a feed and tractor place and a church or two is all that's in my area. Had to do a double take on that machine. The fee of 15% is a little steep so I'll pass. But I've seen friends to use it because they didn't want to go through the KYC (know your customer) hassle of sending ID info and pics required by the exchanges. I did the KYC requirements with the Binance exchange so it's only 3%.
Getting real now, my portfolio just sailed past five figures. That's a 3x ride so far.
Ruskies need to launder a bit of money. That's all that this is good for.
...or Kim Jong-un.
These days its hard to tell the difference between the ruskies and a us gooberment official. That said, I thought bitcoins was already bankrupt lol
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Sold and brought the dip on the big coins like I knew what I was doing. Slow and steady even cycles, please. I've been mining DNR and VRSC for months. Each were being mined at 125 /day early and now at 38/day with the price 5x up. Markets are thin on those but they move and the ROI went cruising by a while ago. Bring on the gravy, please!!
Folks are slabbing the things! Some are very attractive. I cannot believe a silver "round" with a hologram and code is valued at 50K! More than most coins I get to see every day.
Do you have a picture of one slabbed?
More gravy, please. My crypto portfolio has doubled again. Limits in place for a good nights sleep. Time to let it ride and hope it slides downward. I miss buying it cheap.
Better be trading in real money. At least it is safe and you can keep in your pocket.
Some days peanuts. . . some days shells
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
While this is political, this is on topic....
unlike other cryptos which are backed by nothing, LIBRA will be backed by the USD or a basket of other currencies.
When I finally put all the pieces together on exactly what a decentralized ledger is, how it works, and the benefits it has over our current system I've been all in with a 400% return in 18 months. We are on the precipice of a data storage revolution and finance fits within the pieces nicely. Some say it's not real money but neither is a credit card. If I want real assets I'm just a few internet orders away from gold silver, US dollar transfer, whatever.
https://youtube.com/results?search_query=BITCOIN+Is+MONEY%21+Donald+Trump+got+it+Wrong%2C+Twitter+EXPLODES
Jim Rickards: "The spike of bitcoin to $11,000 following the China devaluation is a symptom of Chinese people using bitcoin to avoid capital controls and get their money out of China."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Yup, tax evasion and money laundering are it's best features..
Along with drug and arms dealing, human trafficking, bribes and extortion, and the smuggling of contraband and fencing of stolen goods. As a plus, it consumes time, computer space, and energy!
Liberty: Parent of Science & Industry
Digital PMs would be no different.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I was going to make some tongue-in-cheek reference to how rock n roll was going to subvert the youth. But in truth, such substantial changes DO bring dangers as well as opportunities, and DO eventually become part of the familiar landscape.
The point is that blockchains and their descendants are here to stay, and will be assimilated into the human enterprise one way or the other. And if history is any guide, such innovations prove neither as catastrophic or salvific as early reactionaries or revolutionaries envision.
Here's a warning parable for coin collectors...
Globocoms are throwing money at blockchain tech, it’s going to be around....the form of fashion it plays in non financial b2b stuff is still being hashed out.
AI backbone is where we’re at right now with it....growing pains totally in play for a while across the board.
... stuff is still being hashed out.
Punny...
It's all about what the people want...
This is true, it's a good thing the USD, gold, silver, etc.,...has never been associated with such nefarious acts. ;-)
Yah, lots of drug dealers exchange kilos of product for tons of silver. Great point!!
Liberty: Parent of Science & Industry
Rio's not bad.
Tokyo is really not bad
I like XRP....workin' project, that is workin'
!!!!
xrp is definitely a working project and should be one of the few that survive the consolidation. Exchanges are delisting junk regularly lately.
Looks like Libra (the Facebook “cryptocurrency”) is dying a quick death:
https://arstechnica.com/tech-policy/2019/10/visa-mastercard-stripe-and-ebay-all-quit-facebooks-libra-in-one-day/
What did you expect from anything with the book... they are not too keen on privacy or regulations.
What’s a billion dollar fine or two? Need to be hit with percentage fines.
Just a lemon drop opinion.
And to think Zuc's Faceplant origins were to rate hot girls on college campus.
GLTA
100% Positive BST transactions
I buy a lot of stuff using credit or the transfer of funds electronically (pay pal, square, etc.) . Talk about a "crypto". As a matter of fact , I can't remember anyone who paid with cash, online... in the last 20 years. That said, my original $500 Purchase in bitcoin is still only worth $250. How's that for ROI ? And I still can't find anyone transacting with it. Not for the commodities I deal in or contractors, or maintenance guys.
Take a look at the DARPA program "LifeLog" and when it was "cancelled". Next take a look at when Facebook was founded... I could be wrong, but I think its original intention was a bit bigger than what was publicly stated.
https://en.wikipedia.org/wiki/DARPA_LifeLog
https://www.wired.com/2004/02/pentagon-kills-lifelog-project/
A search on a way to spend or buy bitcoin
https://www.youtube.com/results?search_query=How+To+Shop+On+Amazon+With+BITCOIN?
GBTC was added to the OTC Market Index and popped 22% on Friday.
China says 'All in' for btc and xrp just did over 50% of all trade volume for all coins yesterday. Did anyone else buy on that crypto dip? I guessed the drop low enough my usdt/btc order went through.
The vig is way out of line on bitcoin. The broker makes
all the money.
I invest a little just enough to wet my whistle. It's a small diversification in case it becomes a standard.