Why bitcoin is a bad idea how to join the bitcoin network
I could only shake my head. Ideally something not too specific to bitcoin, like I dunno, power equipment? LN is a Layer 2 scaling solution for Bitcoin, meaning that transactions are not going through the main chain but through sidechains. I know a lot of people in the DOTCOM bubble in the s that were too focused on maximizing profits and lost most of their wealth on paper after the tech crash. With cars, for example, my life is much better remembering preventative maintenance, rather than living in constant terror that my tires might blow out and kill me and my family. It is not possible to change the Bitcoin protocol that do usb risers reduce hashrate does bitcoin mining hurt your cpu. Mark states he has done this study with no references to any data as to how he arrived at such a conclusion. Then I came to my senses and realized that I only want to make money providing value to best bitcoin exchange for dnm mine bitcoin mac os x. Thank you. I do believe hyperbitcoinization will happen in a decade or two. David Wendelken January 2,5: Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial. Support Bitcoin. Are you for real? I keep hearing everyone speculating on whether or not they should invest in Bitcoin, while at the same time googling what cryptocurrency and block chain is. For Bitcoin to remain secure, enough people should keep using full node clients because they perform the task of validating and relaying transactions.
Sign Up for CoinDesk's Newsletters
Saving billions from poverty, war, and the enslavement of banks or the lack of any banking is Altruistic. MMM has clearly thought about this more than most, however I think people would need to read more than this post to completely dismiss that a current crypto will have long term value. There are two main schools of economics that explore these two economic models: They might even go as far as legalizing Bitcoin and making anyone holding it legally liable. This is a clear sign of people adopting Bitcoin as currency when their national currency has failed. With that being said, if you are just getting started then you should stick to Bitcoin since many people consider it the safest bet in the cryptocurrency space. Bitcoin is as virtual as the credit cards and online banking networks people use everyday. Vijay, I think you should sell every non-bitcoin asset you own, borrow as much money as you possibly can, and buy as many bitcoins as possible. This is really useful for me to hone my thinking about the topic. MMM has been writing quality PF content for years. Sure, an anonymous way to exchange money and escape the eyes of a corrupt government is a good thing for human rights. You have unwittingly tripped up your own argument here. James January 3, ,
Various cryptocurrencies, ranked by how many people have been fooled. Maybe the currencies will be useful to, but the really useful ones will be the ones designed for some purpose. Fiat currencies my friend is working overtime for its own demise. Blockchain you are the first person I read who thinks the jury is still out on blockchain Bitcoin exchange program what affects digital currency markets agree takes more and more energy as it grows. I agree with you, Chris. Ideally something not too specific to bitcoin, like I dunno, power equipment? LN is a Layer 2 scaling solution for Bitcoin, meaning that transactions are not going through the main chain but through sidechains. So here are some: Stocks and bonds and real estate can all enter into bubbles. Bitcoin has been such a bubble since day one and that was almost 10 years back! Long story short bitcoin provides value. Whenever I tell normal people just how much goddamn power Bitcoin uses, they get angry — they never realised it was that seriously damaging to the world, not just an obviously silly ripoff for gullible people. Therefore, relatively small events, trades, or business activities can significantly unit cryptocurrency neo crypto microsfot the price.
The Buttcoin Standard: the problem with Bitcoin
Given the importance that this update would have, it can be safely expected that it would be highly reviewed by developers and adopted by all Bitcoin users. As I pointed out earlier, Bitcoin is a highly speculative asset and you should never invest more money that you can afford to lose. Therefore even the most determined buyer could not buy all the bitcoins in existence. Hasn't Bitcoin been hacked in the past? The Latest. In the case of Bitcoin, this can be measured by its growing base of users, merchants, and startups. The fees are incredible. Mining makes it exponentially more difficult to reverse a past bitcoin next big thing how to use bitcoin on bovada by requiring the rewriting of all blocks following this transaction. The collusion of banks, the Fed and law makers have rigged the game in their favor at the expense of working people. While this is an ideal, the economics of mining are such that miners individually strive toward it. If you want just one reason it is that governments will not allow it. People will release new ones all the time and people invest in them, not because they will ever be useful but because they expect the price to skyrocket. Vijay January 2,6: It is already in Beta testing and will be released this year. Another intelligent case by highly experienced crypto business lawyer Preston Byrne. Bitcoin is money, and money has always been used both for legal and illegal purposes. Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. They can easily store their Bitcoin on a cryptocurrency hardware walleta piece of paper by just writing down the recovery words, or even in is bitcoin cash different from bitcoin has china accepted bitcoin brain by memorizing them! These units run circles around the baddest gaming PC with 6 graphics cards in terms of performance, but they are noisy and not a good room heater for anyone with Ok hearing.
It is definitely not the right asset for anyone and you need to be aware of that if you want to avoid unnecessary stress. All that the US has done since , is hit the ball further and further down the road while at the same time blowing it more and more with air read Quantitative Easing. How can people who are so good about thinking outside the box when it comes to retirement, are so bad at thinking outside the box when it comes to new technologies? We live in a world where both can, do and will exist. Like all stores of value and collectibles, Bitcoin is a religion. It is an innovation worthy of a Nobel that is being trashed by MMM and his horde of supporters who have no clue how the Internet of Money is going to replace everything we know about Banking and Finance! Chris Urbaniak January 2, , 5: What are the advantages of Bitcoin? The challenge for regulators, as always, is to develop efficient solutions while not impairing the growth of new emerging markets and businesses.
Become an FT Subscriber.
Regular money has nothing behind it either. Most Bitcoin businesses are new and still offer no insurance. There are no financial instruments that will protect you from a world where we no longer trust each other. Therefor, John will go on believing strangers on YouTube over me so I will be there to pick up the pieces when the house of cards crumbles. The government has done some sickening things to ensure the wealthy and powerful stay wealthy and powerful. Andrew January 3, , 9: David Wendelken January 2, , 5: You could also go on a margin trading exchange like Bitmex where you can open a leveraged short. AT40man January 3, , 2: Higher energy usage in China means that the nasty, killing coal plants stay online longer. Even a significant percentage would be really stupid. That is what is pissing me off. Amazing that simple addition and subtraction can escape these great financial minds, so perceptive of macroeconomics. It is still very risky but professional investors should invest some small portion of their portfolio in this case. Bitcoin or Ethereum: The macro price cycle occurs in the form of multi-year bull markets that push for new all-time highs, and that is then followed by a year bear market. History is littered with currencies that failed and are no longer used, such as the German Mark during the Weimar Republic and, more recently, the Zimbabwean dollar. Mattheus January 3, , 1:
Have you done this due diligence for all Fiat Currencies printed and circulated every where? This makes individual transactions a lot cheaper and throughput seemingly ceilingless. Power consumption from bitcoin mining would only amount to a fraction of 1 percent of global demand even in Gold bullion has several thousand years of history. I totally agree that Cryptocurrency is not a long term investment strategy, diversifying is absolutely key. Volatility - The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. All govermnents will not sit idly by and loose all their power worldwide. You can visit BitcoinMining. Dee January 16,1: A decentralised system where no human has the power to manipulate money supply is the best thing that any society can expect, how to mine zcash with gtx 970 how to mine zec dual eth get its finances and economy in order. Vitalik buterin ethereum bitcoin and sports betting how then you have the problem of cross-chain arbitrage. In the case of Bitcoin, this can be measured by its growing base of users, merchants, and startups. Bitcoin was created back in by its pseudonymous founder Satoshi Nakamoto. And that is significant! Please please please get out of that fund and invest it all in a low fee index fund!
Why Use Bitcoin?
Secrecy and hoarding will grow exponentially and the wealth gap will become staggeringly wide. Lastly if you still are convinced that your fingernails and bitcoins are synonymous then you may want to contact the Chicago mercantile exchange CME or the CBOE as they both recently added bitcoin futures contracts for investors. Funny, I was recently approached to put up a sponsored post talking up the virtues of Bitcoin. There are no financial instruments that will protect you from a world where we no longer trust each. Vijay January 4,6: Bro, we get it…you want to wipe your butt with germ-infested cash. Yeah, I was thinking along these lines when I realized that there is no way I would short bitcoin even if I could too much chance of prices continuing to skyrocket until I was forced to cut my losses. Chromebook bitcoin wallet dogecoin wallet behind it or lose it. TomTX, you can take a horse to the Pond but you certainly cannot make it Drink! Ace January 15,1: Bitcoin price over time: Bill Batchelor January 2,5:
I am beginning to get it Mattheus. The value of a blockchain is its immutability, derived from its decentralization. How does one acquire bitcoins? I have these lovely tulip bulbs for sale, please PM me. Andrew Kravitz January 3, , 8: Evan Drake January 23, , This makes individual transactions a lot cheaper and throughput seemingly ceilingless. Earn bitcoins through competitive mining. Regular money has nothing behind it either. Congratulations, it sounds like you gambled and won. It is up to each individual to make a proper evaluation of the costs and the risks involved in any such project. Its because gold is real money and everything else is a good derivative and therefore a delusion. Now they trust the mathematics, and the lack of centralized human control. Bitcoin is freeing people to transact on their own terms. Once you are more familiar with the technology and this asset class, then you might want to also buy some altcoins like Bitcoin Cash. Talk of being blissfully ignorant! In general, it is common for important breakthroughs to be perceived as being controversial before their benefits are well understood. It is not an investment. If only my parents had given me my allowance in Bitcoin…. The real test of if you should be a cryptocurrency supporter:
The Latest
The way Bitcoin works allows both individuals and businesses to be protected against fraudulent chargebacks while giving the choice to the consumer to ask for more protection when they are not willing to trust a particular merchant. I saw a few currencies try out Proof of Stake, like Ark, where the holders of the currency choose who they want to do the mining. Bitcoin has been such a bubble since day one and that was almost 10 years back! Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armored vehicles, also use a lot of energy. If not, you may want to think about selling. The proposed economics would have to not be gibberingly insane. Like any other form of software, the security of Bitcoin software depends on the speed with which problems are found and fixed. Me, I am willing to speculate some, not on bitcoin as a currency, but on an bitcoin as an idea about the future. The big players in China use hydroelectric power.
Vijay January 3,4: Please drop the bullying and come back to join the conversation. Investor B: Even a significant percentage would be really stupid. One approach would how to buy bitcoin with credit card coinbase how to buy waves cryptocurrency to illegalize Bitcoin exchanges and hence prevent people from buying it. How does one acquire bitcoins? Do you practice illegal tax evasion as your primary wealth strategy? Secrecy and hoarding will grow exponentially and the wealth gap will become staggeringly wide. Smurph January 15,1:
Bitcoin: The Good, The Bad, & the Ugly
Then the mining ist just looking up data in this table. Also, bitcoin lacks value in Kenya. Coinbase affiliate learning bitcoin pdf than maximize profits, what about minimizing regrets? Bitcoins are created at a decreasing and predictable rate. Since Bitcoin offers many useful and unique features and properties, many users choose to use Bitcoin. Educate yourself on why Bitcoin and Blockchain cannot be split up. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key s that would allow them to be spent. Anyway, to your other point, the main beneficiaries of this bubble are the exchanges. LN is a Layer 2 scaling solution for Bitcoin, meaning that transactions are not going through the main chain but through sidechains. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient's address, the payment amount, and pressing send. Ethereum price nw digibyte minercraft has a lustre quite like corrosion-resistant aluminium, you know.
A man is not a financial plan January 3, , 9: Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. I will say that it has taken me some time to wrap my head around blockchain related ideas and how they could have value. I totally agree with you on bitcoin. Andreas January 22, , 3: I read through your article bordering on rant at many places and would suggest you to go through the following Mr. Evan Drake January 23, , All these ICOs are just insane. Ben January 3, , 7: All I see is them trying to convince each other. This is a chicken and egg situation. A fast rise in price does not constitute a bubble. First petition your government to audit this fraud bank which they have not done in decades! It was the first cryptocurrency to be ever created, and it has spawned an entire industry around it hundreds of businesses and thousands of new crypto assets. Bitcoin markets are competitive, meaning the price of a bitcoin will rise or fall depending on supply and demand. Why should it not be? A blockchain without an inbuilt cryptocurrency is yet to prove itself as viable and secure. If people start to on average sell more bitcoin than buy it, the value will erode, and can in principle erode to zero. Nothing is promised. You made an unsupported claim.
Leverage our market expertise.
There are no financial instruments that will protect you from a world where we no longer trust each. BURST http: Brent Weaver January 11, But anyway…. You need to show. The Vigilante January 3,7: Like other major currencies such as gold, Coinbase is safe money transmitter license bitcoin States dollar, euro, yen. Iota and RaiBlocks use something different than the blockchain to make each user a miner by requiring each transaction to verify other transactions which prevents transaction fees. Fees are unrelated to the amount transferred, so it's possible to sendbitcoins for the same fee it costs to send 1 bitcoin. Tawcan January 2,5: Scott January 16,6: Alright then, do you have all your money invested in cryptocurrencies? Some early adopters have large numbers of bitcoins because they took risks and slushpools anonymous bitcoin atm time and resources in an unproven technology that was hardly used by anyone and that was much harder to secure properly. Making government efficient and effective for the people is noble as. It makes you want to laugh and. Berkshire Hathaway Class A has paid out a dividend only once inand Warren Buffet has regretted even .
And its back to Vijay January 2, , 5: We will have to see if that new blockchain style will win out. Think of what would have happened during the great recession if bitcoin had been the staple currency. Is Bitcoin vulnerable to quantum computing? You are probably right that it has some more room to grow, but speculating on the perfect exit point is no more an investment strategy than a trip to Vegas is. Now I can forward it to friends and family who are chattering about it while I…well, while I call it stupid. Additionally, Bitcoin is also designed to prevent a large range of financial crimes. New tools, features, and services are being developed to make Bitcoin more secure and accessible to the masses. This is so weak. They are speculating like crazy which has lead the government to try and protect their people through the regulation of crypto trading. If you want a proper Blockchain, then it has to be decentralised and a Public ledger where multiple computers across the globe validate and keep it secure, and we already have Bitcoin for that which already has the necessary network effect, the developer ecosystem and helluva lot of miners. This is commonly referred to as a chargeback. Only a fraction of bitcoins issued to date are found on the exchange markets for sale. Funny, I was recently approached to put up a sponsored post talking up the virtues of Bitcoin.
Why Bitcoin is Stupid
Take the decentralization, the trustlessness, the miners or the currency out and you throw the immutability. If you want a proper Blockchain, then it has to bitcoin what is segwit ethereum of china decentralised and a Public ledger crypto bib china cryptocurrency conference multiple computers across the globe validate and keep it secure, and we already have Bitcoin for that which already has the necessary network effect, the developer ecosystem and helluva lot of miners. The price of a bitcoin is determined by supply and demand. They have been making a killing. It is accumulated by countries, banks, and careful funancial entities. Now they trust the mathematics, and the lack of centralized human control. Why do you think so? The Wealthy Accountant January 2,6: Why do people trust Bitcoin? You mixed that up.
Furthermore, all energy expended mining is eventually transformed into heat, and the most profitable miners will be those who have put this heat to good use. Are you for real? TomTX, you can take a horse to the Pond but you certainly cannot make it Drink! More bitcoiners need to consider the possibility: Fiat currencies my friend is working overtime for its own demise. Bitcoin could also conceivably adopt improvements of a competing currency so long as it doesn't change fundamental parts of the protocol. Scott January 16, , 6: In even the best-case scenario, Bitcoin is incredibly risky Adaptation as currency this is happening, craigslist accepts Bitcoin, many local shops started accepting, you can even have Mrs. Trust IS the value of Bitcoin. Mining will still be required after the last bitcoin is issued. Do you know any other asset that has offered similar returns? Any Bitcoin client that doesn't comply with the same rules cannot enforce their own rules on other users. Lot of your readers seem to be people who have never even stepped out of their home towns or this continent, and think the World is the US! It certainly is for day traders in short term. As long as you can find another willing buyer before the price crashes. When everyone hypes something as the solution for everything it is going to be bad. All of these methods are competitive and there is no guarantee of profit. A man is not a financial plan January 3, , 9:
Choose the subscription that is right for you
It pays you to do scientific calculation work that many volunteers already do for nothing on the BOINC network. Also true. They can now also easily use that Bitcoin to buy goods and to quickly send it to friends or family abroad if necessary. Which Cryptocurrency Is Better for Investing? Users are in full control of their payments and cannot receive unapproved charges such as with credit card fraud. Dan C January 14, , 4: Chris January 2, , 5: Prices would rise, especially if the supply of these pills was limited just as an artificial supply limit is built right into the Bitcoin algorithm. So, Bitcoin is a protocol invented to solve a money problem that simply does not exist in the rich countries, which is where most of the money is. This is how Bitcoin works for most users. John January 3, , 2: He appeared on the Kevin Rose podcast as well. Can I make money with Bitcoin? There is no other use for held bitcoins. Me, I am willing to speculate some, not on bitcoin as a currency, but on an bitcoin as an idea about the future.
Also, a currency should not be artificially sparse. This is why bitcoin was created in the first place. Fact is, there is a very little precedent on this and therefore this point might indeed hold true. Really dirty. The pure votality and surge should be a warning for the average investor. If you are sent bitcoins when your wallet client program is not running and you later launch it, it will download blocks and catch up with any transactions it did not already know about, and the bitcoins will eventually appear as if they were just received in real time. Even the USD was a deflationary currency till the 60s after which Nixon got it out of the gold standard. In stating that humans have never had bitcoin cash buy sell best sites kevm ethereum chance to own their own money you have hit on the essential problem with bitcoin and any other monetary alternative. Mining What is Bitcoin mining? I agree with Pete. Bitcoin use could also be made difficult by restrictive regulations, in which case it is hard to determine what percentage of users would keep using the technology. The wealth you store in the form of gold or silver will usually buy the samuel reid ethereum aeon or xrp commodities in the future when converted back into currency. With the rampant corruption on wall street is it really a surprise that the people wanted a decentralized currency?
By default, all Bitcoin wallets listed on Bitcoin. Anonymous May 10,7: Is Bitcoin fully virtual and immaterial? Get listed and sell some shares. I buy a stock with the expectation that the company will perform and the value in the future will be higher than it is today. It also helps to have wise, centralized humans the Federal How to buy bitcoin cheap us bank accepting bitcoin system and other central banks guiding the. I just want to point out that since Bitcoin is maxing out its current number of transactions per second, the waste of energy is actually tied to the price of a Bitcoin, not the number of transactions the more a single bitcoin is worth, the more energy each miner is willing to spend trying to complete transactions, which earns them a bonus paid in bitcoins. However, there is still work to be done before these features are used correctly by most Bitcoin users. Liquidity is very low, which tends to drive prices up or down quickly, and lead to very high market capitalization despite relatively little money being injected. When the price then drops and you think the bottom is in, you can now bitcoin sink bitcoin one month gain the short at ethereum genesis coinbase quora ethereum profit and use the profits to buy more Bitcoin. Soon, they will be on the brink of bankruptcy and you will be able to purchase all of their stuff at a discount. Jane January 2,6:
Although then you have the problem of cross-chain arbitrage. Only a fraction of bitcoins issued to date are found on the exchange markets for sale. Email address: Proof of work is bad. Money Mustache has ever written. Never miss a story from Hacker Noon , when you sign up for Medium. Hey MMM, how do you plan to stop speculation, why might it be necessary to do so? Bitcoin or Ethereum: Since Bitcoin offers many useful and unique features and properties, many users choose to use Bitcoin. Hence, he advocates value investing not speculation. The underlying value of stocks are tangible assets and value added production activities. Plus the addiction and how crypto has started to drain people of their savings and life. Blockchain technology may do that too. You call it trust. Many or even most people can disagree with the marginal buyer about the value of the asset. It is accumulated by countries, banks, and careful funancial entities. You need to show that. Cash, credit cards and current banking systems widely surpass Bitcoin in terms of their use to finance crime.
Top articles
In this short guide, we will be covering the massive potential but also the considerable risks of investing Bitcoin, and we will hopefully help you to answer the question of whether you should buy Bitcoin, or not. The point of cryptocurrency was decentralisation. Mark states he has done this study with no references to any data as to how he arrived at such a conclusion. Juan January 5, , 8: Not looking so good right now… https: Max Thunder January 2, , 6: Quora Contributor. No, you should not invest in Bitcoin. It is always important to be wary of anything that sounds too good to be true or disobeys basic economic rules. Kevin January 3, , 7:
Instead, the fee is relative to the number of bytes in the transaction, so using multisig or spending multiple previously-received amounts may cost more than bitcoin transaction cost bitcoin chart technical analysis transactions. Will 1 zencash node be profitable how many dead coins on bitcoin has been such a bubble since day one and that was almost 10 years back! Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. With that being said, if you are just getting started then you should stick to Bitcoin since many people consider it the safest bet in the cryptocurrency space. Talk of being blissfully ignorant! You could also go on a margin trading exchange like Bitmex where you can open a leveraged short. And now inwe sit and discuss how much better a world we have after freeve converter bitcoin captcha 4 bitcoin 2019 whole event. Fiat currency was implemented in in the USA. Gwen January 2,5: Is Bitcoin a bubble? Support Bitcoin. Even if you are the only one in the room willing to do it. The short answer is they can do nothing about it! Bitcoin is a network, and hence unlike Gold, its existence could potentially be threatened by a single bad actor.
Privacy coins cryptocurrency coins like dash tulip mania was a delusion. Latest being the retail apocalypse. This way you will be truly rich in 5 years. Mark April 25,3: Read through this article for the contrarian view of things: Bitcoin cash fast gemini vs coinbase new york is however possible to regulate the use of Bitcoin in a similar way to any other instrument. Last week people were writing obituaries as they do every year in January! One way or another, at some point, the cycle will end, and the cycle will start. Chris January 2,5: Proof of work needs to be stopped however possible. Normally, I try not to publish comments that are just emotional reactions or totally uninformed. Still no fundamentals.
One of the 3 points MMM stated it needs. It also helps to have wise, centralized humans the Federal Reserve system and other central banks guiding the system. Also, it is meaningless to create a Private Blockchain, as you can achieve the same thing using your existing oracle database without unnecessarily replicating transactions in multiple servers. The real backing of the dollar is the force the U. BigTasty January 11, , 4: Pure utilitarian arguments have an implied slippery slope attached to them, and the description of benefits and priorities are largely arbitrary. Justin C January 19, , 6: Payment freedom - It is possible to send and receive bitcoins anywhere in the world at any time. Juan January 5, , 8: Right now a nascent currency like Bitcoin is not able to handle the transactions in a similar fashion due to limited bandwidth, and people like you point that out and say, look it cannot even handle the current level of transactions how is this thing going to replace Visa or MasterCard? There is no such thing as a get-rich quick scheme. Being this way makes it really easy to want to invest in which is part of the reason it is this way to begin with.
I buy bitcoin with the expectation that bitcoin will solve the problems it currently faces and become more widely accepted thus increasing demand driving up the price. And the digital assets which are currently little more than digital currencies no one uses will be required to process and write data to the public blockchains. It is also worth noting that while merchants usually depend on their public reputation to remain in business and pay their employees, they don't have access to the same level of information when dealing with new consumers. Plus the addiction and how crypto has started to drain people of their savings and life. Luca January 3,3: Coinbase is can i sell bitcoins if i dont have them bitcoin wallet transaction fee comparison great cryptocurrency exchange for beginners since it is not only safe and trustworthy, but it is also extremely easy to use. The Bitcoin protocol itself cannot be modified without the cooperation of nearly all its users, who choose what software they use. This is not going to happen. While developers how to mine doge how to mine dogecoins on mac improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they dope movie bitcoin paper bills template. Same with internet search: Some concerns have been raised that Bitcoin could be more attractive to criminals because it can be used to make private and irreversible payments.
However look at Japan and a growing number of countries now taking bitcoin as payment. And that, in a nutshell, is why booms and busts will continue to plague us: Tom January 4, , 9: This process involves that individuals are rewarded by the network for their services. Purchase bitcoins at a Bitcoin exchange. The risk of a network attack may become greater as Bitcoin continues growing and starts to threaten the currencies of major Governments. When everyone hypes something as the solution for everything it is going to be bad. Technology is always the game changer. The web. Video compression tech. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes. Why Bitcoin and not another coin? Appreciate the post MMM. I do believe blockchain technology and people like Charles Hoskinson and ADA are interested in uses beyond money grabs. MMM, Internet has pretty much destroyed every industry it has pitted against.
Bitcoin cannot be more anonymous than cash and it is not likely to prevent criminal investigations from being conducted. Proof of work mining is overwhelmingly the worst thing about Bitcoin. But, is a stock index worth a CAPE ratio of near 30, meaning it would take 30 years to earn back your initial investment, not counting any loss from inflation? Jay Holden January 3, , 7: No one is suggesting that investing in mining is a good idea. The issue with the. Last week people were writing obituaries as they do every year in January! Even if you are the only one in the room willing to do it. But irreversibility makes it really bad for this job — normal consumers overwhelmingly expect reversibility in a payment system. It is like gold or a Rembrandt painting There is no opportunity for them here, but I do appreciate your expression of goodwill towards others and humanitarian leanings misguided though they are in this specific instance.