You don't get it do you. Those are needed because credit cards are accepted as a common payment processing system worldwide. Bitcoins and the power sucking network are not needed at all because its an answer to a problem that doesn't exist. Which makes it a TOTAL waste of electricity. How hard is that to understand?
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Who Stole $400 Million From Mt. Gox?
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You don't get it do you. Those are needed because credit cards are accepted as a common payment processing system worldwide. Bitcoins and the power sucking network are not needed at all because its an answer to a problem that doesn't exist. Which makes it a TOTAL waste of electricity. How hard is that to understand?
It's in it's INFANCY. It answers the problem of egregious credit card fees for one.
You don't think those fees wouldn't be coming if the network got popular and started being regulated...think again.
nvgrim
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and gets rid of companies like western union who profit off the fees they charge you just to send money to someone.
Popularity of the bitcoin has nothing to do with the mining of it. Mining is a means of securing the network, processing transactions, and being rewarded to do so. Popularity has to do with adoption and use, nothing more. Credit cards have been around since the 80's, fiat for 100+ years. You seriously want to argue over something that has yet to develop into something that could very well be a viable means of exchange? Really? When the block rewards are done, the miners who continue to support the network are rewarded transaction fees, although you would have known this if you bothered to take a few minutes and read the whitepaper.
I understand what your saying but maybe you don't know what I was asking. Read it again...carefully.
Unviable as in mining? Not everyone has to mine to get BTC. So, no argument there.
Hardness in mining... it's always going to increase and decrease depending on the amount of hashing power on the network to remain a 10 minute block generation time. So, no argument there.
Miners may be in it for profit, but there are others that are in it because they believe in the future of it.
Perhaps you should clarify because your stance seems to suggest it's only about the miners and has nothing to do with what the potential of BTC can become.
nvgrim
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He just explained it to you. Yes the net rate will drop some,but there will always be miners on the network processing transactions and getting paid the fees. No one would allow the BTC network to just die,because if there are no miners then there is no currency.
Yeah, dude! He doesn't get it! It's simple that anything that pcjunkie doesn't like that uses electricity is therefore wasting it! We all know pcjunkie's Law!
My stance is if it isn't popular nobody would use it, so yes it relys on popularity except for the righteous few I guess. Secondly if Joe blow can't mine anymore without spending a fortune then its popularity will die out. It will take server farms to process transactions. I don't see people flocking back to mining bitcoins with measly old video cards do you? Alt coins are ascii resistant but they are coming out. Once you get the few willing to spend tens of thousands up front its over for the common guy. These things burn bright and fast but eventually die out like the current alt coin fad...
That's right, I forgot. The only way Joe Blow can obtain BTC is by mining it.
But, but, but, lalalalalalal fuck you...I heart bitcoins!
That's about your style of post isn't it?
Nope you could by them unless your paranoid or a crook?
So then why does the difficulty of mining have anything to do with a person buying BTC in the first place. Hint: It doesn't.
Again, BTC can increase in popularity because A) it's profitable to mine and/or B) people see long-term potential for it (be it mass adoption or speculation).
Keep being stuck in your ways, it's fine.
Thank you for proving my point. I'd gather that most here defending this scheme (very unhealthily I might add) would stop the minute it becomes unprofitable to mine. But please keep up the dreaming like your fighting some holy fight.
Isn't it amazing how much pcjunkie knows about Bitcoins and the Bitcoin community even though he doesn't even know how it works and doesn't bother to read a single thing about Bitcoin on his own?
If only he could communicate worth a shit, he'd be the Bitcoin God.
Isn't it amazing how much pcjunkie knows about Bitcoins and the Bitcoin community even though he doesn't even know how it works and doesn't bother to read a single thing about Bitcoin on his own?
If only he could communicate worth a shit, he'd be the Bitcoin God.
I thought you were going to go defecate to get rid of some of that anger? Hurry up, I'll wait and then we can have a grown up talk. Once you don''t make anymore money mining then come back and tell me how much you love it.
CreepyUncleGoogle
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Because its true and a lot of people just don't really get it (plus its kinda fun ^^). But seriously, saying "never intended to be used solely for illegal things" is sort of weird. You could totally run off with all the hidden meanings in that by saying, "Solely? So it was only made partly for illegal things!" or "Solely? So who admits they're making up something that is going to exploit a whole bunch of hobbyist computer-y people into mining junk and giving something credibility so a few people can take advantage of the ability to buy nasty kid prawns without it being traced back to them?"
Dey ignorantz es stronnng en dis 1!!!11!!!111
CreepyUncleGoogle
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Yes, that too ^^
Actually, I stopped making money mining in September of 2011 when the price first fell to almost nothing and people like you were spewing the same shit. I still liked it. Still liked it when the price crept back up a few months ago and got back into mining. Made more money. Now I've stopped mining again. I still like it, as you can see. If it becomes profitable to mine again, I will. If not, no big deal. It's always been more of a hobby than a profit-making venture for me. You know, because I like to learn about technology and how it can change our lives.
You seem to be the only one flailing in their own filth about how something you have zero experience with or knowledge of is a complete waste of electricity and shouldn't even be allowed to be spoken of in polite company without violence being visited upon the utterer's person. I'm not sure if this is because you missed out on the first two surges. I'm not sure if it's because the entire concept is beyond your comprehension, which wouldn't surprise me, considering that spelling and grammar also seem to slip your intellectual grasp. If I had to guess, I'd say your consternation is due to the fact that you are no different than any of many masses who get their information from headlines and factoids, and you live for fear. Fear is quite addictive in the Western world these days. It's the most effective tool for changing people's minds, regardless of the irrational nature of the thinking.
Now, perhaps you can repeat "defecate" again since you apparently just learned the word when I used it earlier.
nvgrim
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Youre are taking what I am saying way out of context and it looks like your are just another person that refuses to listen to what the other side of the party has to say because in your mind you are right and everyone else is wrong. What i meant by solely is satoshi didnt create the bitcoin protocol so people have a way to buy drugs online anonymously which is what you are acting like thats all crypto is about.
No, it isn't. It's your opinion, and nothing more, because you have no proof of your assertion.
CreepyUncleGoogle
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Cryptography is for hiding things and sushi isn't even using his real name (supposedly) and has done everything to create a bunch of mystery and creepy music that plays when people talk about him (her...I think she's a girl because only a girl would be that awesome to come up with something this creatively confusing).
Anyway, idc why it was made. The fact is that it's dirty porn and drug money and if people were really doing things that were honest with it, they wouldn't mind having their transactions tracked and managed by an international organization and their identities tied to their ewallet things.
Plus, bitcoins get seized all the time during raids in drug cooking places. Bitcoins = drugs/porn/human trafficking/energy drinks/etc until someone takes over the stuff and manages it so it's not possible to get away with buying stuff without the authorities knowing.
CreepyUncleGoogle
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Can you prove otherwise? Probably not, so there's no point in saying that my not proving is any less valid than your not proving. Nyah!
Parja
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It will always remain viable to mine in one way or another...just not for everyone. It's a self-regulating system.
The difficulty of mining adjusts automatically to maintain a steady rate of blocks being found. So if the mining rate to value ratio goes belly up, some people stop mining and the difficulty drops. Bitcoin value goes through the roof and everyone jumps on the bandwagon, the difficulty goes up. Conceivably, at some point the value and hash rate will reach a fairly steady equilibrium state. However, new technologies and new AltCoins will continue to come along and throw a wrench in the works.
Dr. Righteous
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Bit coin mining is NOT solving real world problem. It is cracking encryption for the sake of cracking encryption and doing NOTHING OF VALUE. There is NOBODY awaiting on the result of the encryption cracking to take advantage of it's value.
And like I said; if there was some REAL VALUE TO IT ALL this would be something worthwhile. NOTHING=NO THING=NOTHING
This kind of reminds me of the argument that our universes genesis was by sheer chance.
Chance is nothing. It has no mass, no energy, no being.
nvgrim
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You say this,but you do realize that cash transactions are way more anonymous than TBC right? With BTC there is a public ledger that everyone can see every transaction on. Yeah you dont know there exact identity of the wallet holders but at least you can see wallet X sent a certain amount to wallet Y. Cash is way more dirty than BTC and i dont mean that in a literal sense...
Yes, with the fact that people have legitimately bought various goods publicly using Bitcoins, including myself.
You: Bitcoins are only used for illegal activity. I have no proof.
Me: Bitcoins are used for legal activity. I have proof.
You: No they aren't.
Me: Beep.
You: People who use Bitcoins just buy drugs and guns and kiddy porn.
Me: Actually, you can even buy a mansion for Bitcoin.
You: You're a mansion.
Me: You're a towel.
nvgrim
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All the time? I can account for one and that is with Silk road. There was a silk road v2 but it was shut down as well. So quit acting like every month BTC gets seized by the fed because of drug trafficking.
Funny how they say we don't understand and to read up, yet they provide no actual proof except vague comments. I raised valid concerns and counterpoints and all we get is FU bitcoins forever, you just don't get their awesomeness! The most laughable is the energy waste counter arguments. Most will drop it like a rock once they stop making a profit. That's just human nature and they'll move on to the lazy get rich quick scheme .
Again, that is your opinion, not a fact. My opinion is that the lack of non-governmental currencies in the world puts way too much power in the hands of politicians, and that the world as a whole would benefit from currencies to hedge against things like this.
CreepyUncleGoogle
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Um...cash transactions are pretty easy to track. That's how alphabet agencies used to totally bust people all the time in the 70s and 80s and junk. Don't you watch any Matlock reruns? And no, lots more other money systems are used for normal business transactions than bitcoins because bitcoins were either made and not spent or spent on the few super questionable places that accepted them until like a couple months ago. You can totally bet that if a bitcoin changed hands a year ago, it was probably buying something illegal like a gun, another human, or a drug.
CreepyUncleGoogle
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People really tend to fall in love with something they do or used to do. It's sort of natural to get emotionally attached to things, concepts, or ideas and that doesn't mean they're weaker or lesser people than someone else. A lot of that is what's happening with bitcoin advocates who see it as the next big thing (and it really might become that which is fine since it doesn't really change the fact that you're trading something that is supposed to represent an value). Its just so weird to watch people have this giant love thing over it, but the guys in this forum aren't always known for their moderation or restraint.
nvgrim
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Ok now you are just trolling. I am done wasting my time trying to reason with you. I'll PM you a pic of my lambo next year when BTC rebounds