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A Bitcoin Believerís Crisis of Faith
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A Bitcoin Believerís Crisis of Faith

  #11 (permalink)
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Neo1 View Post
The "workers" aka the Bitcoin miners.

Does anyone in this thread actually know anything about Bitcoin?

Bitcoin mining is no longer profitable
there is no business case..

Bitcoin has a reason to exist
but completely different, not for mining profitability

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  #12 (permalink)
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Neo1 View Post
The "workers" aka the Bitcoin miners.

Does anyone in this thread actually know anything about Bitcoin?

Probably way more than you do. It isn't the miners alone who pay the cost but also whoever buys everyday the extra coins coming into the market. A miner can be profitable, thus he is profiting from mining, and his profits doesn't come from thin air, but from the market buyers. Sure, he does bear some of the cost, depending on his own mining cost, but the rest is paid by the market place, and if you ever bought bitcoin it is also YOU...

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  #13 (permalink)
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Pedro40 View Post
Probably way more than you do. It isn't the miners alone who pay the cost but also whoever buys everyday the extra coins coming into the market. A miner can be profitable, thus he is profiting from mining, and his profits doesn't come from thin air, but from the market buyers. Sure, he does bear some of the cost, depending on his own mining cost, but the rest is paid by the market place, and if you ever bought bitcoin it is also YOU...

Years ago I read about the mining process. It did not look like a sustainable process. Because of the processing power needed to 'mine' the coins the equipment was fairly expensive, and the investment needed did not seem to justify the return.

Because the complexity needed for the mining process increases as more coins are more mined I can only guess that the returns are less and less convenient now.

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  #14 (permalink)
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Pedro40 View Post
Probably way more than you do. It isn't the miners alone who pay the cost but also whoever buys everyday the extra coins coming into the market. A miner can be profitable, thus he is profiting from mining, and his profits doesn't come from thin air, but from the market buyers. Sure, he does bear some of the cost, depending on his own mining cost, but the rest is paid by the market place, and if you ever bought bitcoin it is also YOU...

Perhaps you do, i'm no BTC expert. I'm just some dude who buys and sells coins.

I made the comment because often the people who criticize Bitcoin are those who have never even owned any Bitcoin, and don't understand how it works. They've just read a few articles and are now experts on the future of Bitcoin...

It's the equivalent of sharing your opinion about the spoos in the the Spoos thread, when you have never even traded the Spoos.

"Free markets work because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or incentives for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can"
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  #15 (permalink)
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https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.lji2b5jj9

A core developer's thoughts on bitcoin and its future.

A trading related term comes to mind: bagholders.

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  #16 (permalink)
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TheTradeSlinger View Post
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.lji2b5jj9

A core developer's thoughts on bitcoin and its future.

A trading related term comes to mind: bagholders.

Quite the grim picture this developer has painted

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  #17 (permalink)
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xplorer View Post
Quite the grim picture this developer has painted

I think he is right on the money.

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  #18 (permalink)
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Well it did took a bit of a dive in the last day....

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  #19 (permalink)
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Mike Hearn recently got a new job at R3 which is a blockchain project backed by over 30 major banks. Then he posts an article on Medium and the NYT that states his old Ďemployerí has a lot of problems.

https://medium.com/@Technomage/bitcoin-has-now-died-89-times-274df173c246#.prja3ioi8

"Free markets work because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or incentives for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can"
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  #20 (permalink)
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Neo1 View Post
Mike Hearn recently got a new job at R3 which is a blockchain project backed by over 30 major banks. Then he posts an article on Medium and the NYT that states his old Ďemployerí has a lot of problems.

https://medium.com/@Technomage/bitcoin-has-now-died-89-times-274df173c246#.prja3ioi8

Thanks. Interesting that he addressed so many of Hearn's points but avoided the XT issue completely, including the DoS attacks and the censoring.

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