Bit Coin

Malthusian

Tarambor wrote: »

The "commercial" level miners all stated that as soon as miners started leaving in any meaningful number that the currency would become worthless.

That's interesting as that's the opposite of how it was supposed to work. Restricted supply was meant to help give the currency value. Gold isn't going to become worthless when all the mines are exhausted - quite the opposite. The drawback is that there's a restricted supply of all sorts of worthless crap in the world - it doesn't matter if there's no underlying demand.

That leaves criminals who wish to be able to transfer value anonymously, and there is now competition for that market from the likes of Monero.

phillw

Malthusian wrote: »

Gold isn't going to become worthless when all the mines are exhausted - quite the opposite.

Gold has an intrinsic value as it's used in manufacturing electronics, jewellery etc. While everyone could walk away from BTC tomorrow.

BTC doesn't work very well for criminals either as all transactions are visible publicly.

HPC_Ghuol_Hunter

Which “commercial” level miners said that and why do they believe it would make it worthless? When difficulty adjusts every 2016 blocks new miners will seize the opportunity left by them. Miners also profit from transaction fees for securing the network.

Herzlos

Diminishing returns. You need to make more than you spend for mining to be viable; the harder mining gets the less profitable the commercial operations become.
It's not an issue if you're using a botnet or stolen hardware, though, so it may continue.

The mining is tied to transaction processing too, so if miners give up transactions will take longer.
Now everyone and their dad is aware of Bitcoin I'm not sure it's going to make much of a return. You might get lucky though bit I'd be looking for something more fun to waste money on.

ExremelyCautiousSocialist

Herzlos wrote: »

Now everyone and their dad is aware of Bitcoin I'm not sure it's going to make much of a return.

Regular people only start getting involved in large numbers when price is moving up exponentially. Aware and involved 2 different things. People often become 1st aware on a bull cycle.

ExremelyCautiousSocialist

HPC_Ghuol_Hunter wrote: »

Decided to join the HPC goons and buy my first Bit Coins yesterday. If this electronically printable money works out I won’t let these goons get the jump on me to buy my property off me for peanuts. I will chart the price movements over the next year. All bases covered.

Decent move over night OP, you must be about 15 - 20% up.

triathlon

HPC_Ghuol_Hunter wrote: »

Decided to join the HPC goons and buy my first Bit Coins yesterday. If this electronically printable money works out I won’t let these goons get the jump on me to buy my property off me for peanuts. I will chart the price movements over the next year. All bases covered.

Bitcoin is an incredible invention that has the potential, no matter what the banks and media say, to do so much good in the world. A little clever man in a third world village with a mobile phone and a good idea has the potential to be his or his villages own bank and trade with the world for peanuts.
Sadly you have dark forces against you and the odds are that Bitcoin will be fought against by the real people who run this world. But if it does succeed the value of Bitcoin has no limits to how high it can go.


Good Luck

triathlon

HPC_Ghuol_Hunter wrote: »

Decided to join the HPC goons and buy my first Bit Coins yesterday. If this electronically printable money works out I won’t let these goons get the jump on me to buy my property off me for peanuts. I will chart the price movements over the next year. All bases covered.

Oh, and just for the record, the chances are the whales orchestrated the last bull run and then sold, I can see the very same pattern happening within the next 18 months where the unknown whales start a bull run and people falling for it again

fun4everyone

let's go baby

Malthusian

triathlon wrote: »

Bitcoin is an incredible invention that has the potential, no matter what the banks and media say, to do so much good in the world. A little clever man in a third world village with a mobile phone and a good idea has the potential to be his or his villages own bank and trade with the world for peanuts.

That has absolutely nothing to do with Bitcoin.

Bitcoin is useless for people in third world villages because of the long transaction times and high transaction costs. They use their mobiles to trade in fiat currency that they can spend, like everyone else.

Why would your little man trade with the world and give up his Bitcoin for their goods and services when he can sit on his Bitcoin and watch it rocket in value?