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Isn't Bitcoin (and other cryptocurrencies) setup to favor the people who got on board in the beginning? (self.Bitcoin)

edcion が 投稿

Someone had to code bitcoin and then they could have just got themselves a shitton of bitcon in the process. They could have started mining day 1 and now sit pretty with all the bitcoins. Why would someone want to jump into a currency that is already dominated by the ones who made it? Why is there a cap? It just seems crazy to me, Bitcoin is no different than the USD because there were people in the beginning with the tools and resources to make all the physical money and they are still doing so. Then Someone wants to get rich so they make a new cryptocurrency and mine like crazy in the beginning to get rich then use a massive marketing campaign to promote the new system and now they are rich as hell and only the elite or those with prior money have the means to mine for more. I don't see what's so great about bitcoin, to me I am just pissed that I can't mine for any so why bother with the whole thing? But unless you got in in the beginning (similar to a stock) then don't you feel similar? Doesn't it lose its appeal to the little guy? Doesn't it just benefit the rich? Isn't it just like a stock and not like a currency? Just some thoughts. (I tried mining for bitcoin 2-3 years ago and spent several days researching but couldn't figure it out)

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[–]cyph3rpunk 4ポイント5ポイント  (12子コメント)

Someone had to code bitcoin and then they could have just got themselves a shitton of bitcon in the process. They could have started mining day 1 and now sit pretty with all the bitcoins.

well.. someone had to start it. Sucks it wasn't me or you.. but maybe if we tried harder :D

It just seems crazy to me, Bitcoin is no different than the USD because there were people in the beginning with the tools and resources to make all the physical money and they are still doing so.

NO... thats not how it works! Yes, people who got in early, are benefiting! that life! you can't compare it with USD! USD is controlled by men in a room! BTC is controlled by the people and and the code.

Then Someone wants to get rich so they make a new cryptocurrency and mine like crazy in the beginning to get rich then use a massive marketing campaign to promote the new system and now they are rich as hell and only the elite or those with prior money have the means to mine for more.

yes! those are called alt-coins! don't buy PuffDaddycoin!

I don't see what's so great about bitcoin, to me I am just pissed that I can't mine for any so why bother with the whole thing?

You don' thave to do anything! just think that one day you might never ever be able to afford a full coin!

Just some thoughts. (I tried mining for bitcoin 2-3 years ago and spent several days researching but couldn't figure it out)

Well, you need to do a little bit more homework.

[–]edcion[S] -3ポイント-2ポイント  (11子コメント)

Please do, this is not an attack against bitcoin I am seriously trying to figure it out. How does it appeal to me or the masses? How is bitcoin not a fiat currency as well? It is just mined from nothing, a bunch of random numbers, there are no tangible uses (unlike gold or silver). I can't make a dollar but I can exchange it for a good or service, and even the guys in charge of the fed can't just dip their hand into the printing press.

[–]MooneRumblebelly 0ポイント1ポイント  (8子コメント)

even the guys in charge of the fed can't just dip their hand into the printing press.

oh son... you have much to learn.

Hey look an article about bailouts that were never approved!

The Fed's $16 Trillion Bailouts Under-Reported

http://www.forbes.com/sites/traceygreenstein/2011/09/20/the-feds-16-trillion-bailouts-under-reported/

[–]edcion[S] -1ポイント0ポイント  (7子コメント)

I mean literally. If they went and took money off the conveyor belts they would be thrown in jail (hopefully). But with bitcoin everyone is just trying to own their own conveyor belts, but only the rich can really afford them.

[–]MooneRumblebelly 0ポイント1ポイント  (6子コメント)

Its cheaper to use bitcoin than visa, paypall or a bank wire so I'm not sure what you mean by only rich people can use them. Bitcoin is the first time the third world has had access to any online financial services at all.

[–]edcion[S] 0ポイント1ポイント  (5子コメント)

Only the rich can afford the expensive servers needed for the mining (now that so many have already been mined). Its not like you can just discover bitcoin somewhere and mine a whole bunch for cheap.

[–]MooneRumblebelly 1ポイント2ポイント  (4子コメント)

Duh, mining is an open competition. Best service provider wins. This is how the free market works. They protect the blockchain, they create the currency in a predictable steady manner, they are completely transparent. It is literally the complete opposite of the never audit me, just trust me we have the reserves FED. Greece trusted a central bank that said it had reserves too, didn't seem to work out well.

[–]edcion[S] 0ポイント1ポイント  (3子コメント)

I guess i don't look at the miners as protecting anything rather than just being competition for everyone else, also they are the ones devaluing the currency. But good point about the banks.

[–]MooneRumblebelly 0ポイント1ポイント  (2子コメント)

Yes but thats because we still need to create coins in a steady and predictable supply. Go look up Mike's presentation on youtube for The Principals of Sound Money. It should help alot.

The miners protect the network from dishonest miners. They must all agree or the one that doesn't is kicked out, this is why no one can corrupt or take over bitcoin without bitcoin knowing its happening and it can adapt or fork as needed to protect itself. Like it did last week.

[–]edcion[S] 0ポイント1ポイント  (1子コメント)

What is a dishonest miner? If I mined for profit is that dishonest?

[–]daemonexmachina 0ポイント1ポイント  (1子コメント)

no tangible uses (unlike gold or silver)

This argument is always leveled at Bitcoin. I don't get it. What the hell use is gold or silver? Pretty things to wear to the country club?

even the guys in charge of the fed can't just dip their hand into the printing press.

Bitcoin miners aren't the equivalent of the guys in charge of the fed. They're the ones donating massive amounts of computing power to verify transactions on the Bitcoin network. The "mining" part is their reward for that utterly essential service. And it costs them so much in electricity and hardware that they turn a fairly meagre profit. Yes, in the early days it was much less expensive, and yes, BTC has appreciated massively since then, making some people fantastically wealthy. But I'd say that's a fair reward for being such early adopters of a technology that is yet to show the world just how revolutionary it can be. And just to be clear: it's still very early doors yet. The people joining today will still be considered early adopters by the annals of history. Make of that what you will.

Edit: typo

[–]edcion[S] 0ポイント1ポイント  (0子コメント)

Interesting point about the miners, they seem to be my biggest question in all this.

One thing silver is used for is my silver solder i use for soldering wires :p And gold is also used to coat the connectors of the wires.

[–]MooneRumblebelly 2ポイント3ポイント  (5子コメント)

Bitcoin is no different than the USD

Except for the whole theft through inflation, crippling the poor, funding endless war and creating entire nations of debt slaves while pumping the gullible state 'educated' puppets so full of propaganda they want to end austerity and keep the bailouts coming.... yeah except for all that its still not even remotely similar.

[–]edcion[S] 0ポイント1ポイント  (4子コメント)

Couldn't bitcoin be controlled in the same way?

[–]MooneRumblebelly 0ポイント1ポイント  (2子コメント)

The fed is controlled by 12 people that are chosen by banks, pure aristocratic oligarchy.

Bitcoin is controlled by anyone that runs a node, pure technical democracy.

[–]shrem_way -1ポイント0ポイント  (1子コメント)

12 People? How many people control 51% of the bitcoin hash rate. Oh that's right - 3.

[–]MooneRumblebelly 0ポイント1ポイント  (0子コメント)

Hey look a buttcoiner that doesn't understand how pools work. Why am I not surprised by your uninformed opinion? oh that's right, your a butt.

[–]TruValueCapital 0ポイント1ポイント  (0子コメント)

Just like what was mentioned above. Bitcoin cannot be controlled the way fiat money is. The reason Bitcoin has caught on with Libertarians, Geeks and Finance people is b/c of its limited supply and decentralization. You should look at Bitcoin as a Network of users. Each time a new user buys/holds/transacts with Bitcoin, the network grows. What you need to understand is that currency in and of itself has great networking effects. Wouldn't you say if the network (blockchain) con't to grow, the "tokens" that give it value go up in value? Why would not we use another alt coin to "get in early"? You can if you like but Bitcoin is the most stable and has all the Apps that give in value being built on top of it. They don't and their prices are very unstable therefore limiting there intrensic value. Bitcoin is backed by the free market system, silicon, hash power, math and so on. Bitcoin is much more like digital gold than anything. Remember the longest chain in Bitcoin wins. If you are trying double spend transactions, how would you expect the other miners to go along with your invalid chain? Bitcoin secures itself through consensus of the other miners trying to get the new bitcoins for verifying the transactions. It takes 51% percent to gain control. Good luck with that...LOL. Its Bitcoin's Blockchain that is the biggest in computing power. If you aren't with the consensus then you don't get the rewards which is currently 25 BTC for solving the puzzle. Next year it drops to 12.5 BTC. In turn that's puts buying pressure on Bitcoin. In theory the price should con't to rise as Bitcoin as it becomes more useful (which increases the demand for the tokens) and the supply con't to decrease.

[–]RainBTC 3ポイント4ポイント  (0子コメント)

Fiat benefits the central banking families.

[–]5tu 0ポイント1ポイント  (1子コメント)

Ok, allow me to share a few views but these are my own opinions so will let you form your own conclusions...

It does share properties with the USD in that it can be used as a medium of exchange, globally tradeable and used as a store of value by some... but that's where the similarities end. There are now pros and cons for the different types of currency here.

Let's start with the cons and get them out the way

  • The learning curve is currently very steep, especially to the non technical world.

  • There is an exchange fee in doing this typically by the exchange you use and 2-3% seems a reasonable rate.

  • You have to look after your funds yourself, there is no undo button when using the protocol level.

  • It's headlines have historically appeared along side nefarious uses as many of those uses are screaming out for alternatives to the closed banking system.

  • It's still in development and things like scalability are still being worked on.

  • It's not widely accepted by retailers or people yet. You generally have to exchange it back to your local currency to pay for goods.

Ok, now the pros. * The system is a push mechanism... i.e. you can give out your bitcoin address to anyone on the internet and your funds are still 100% secure. Something bank details and credit cards simply can't do because it requires a full redesign of the banking system.

  • Payments at the protocol level are absolute, guaranteed. No PayPal chargebacks ever!

  • Payments are instant from anyone to anyone anywhere in the world.

  • It's outside of the banking system, I.e. if Greece had known about it earlier there was no way a 'haircut' would be possible.

  • Transfer fees are a few cents for sending any sized transaction.

  • It enables new types of transactions like escrow or instantly paying multiple people at once.

  • It allows anyone and ANYTHING to own a balance. I.e. computers can now have their own bank account that not even a human could access. This enables an entirely new sector of computer science.

  • The system is very low level and can be built on. In future it's unlikely people will be putting many transactions on the blockchain but instead it's a decentralised settlement device when trust is lacking (e.g. bank to bank transfers).

  • By remembering the pass phrase of words you can access and spend your bitcoin funds from anywhere in the world.

  • Meta data can be included in bitcoin to add to a provable ledger that can't be erased or have it's history modified. This is incredibly useful for property assignment and proof of when something existed in time.

  • It wakes people up to why computer security is important.

  • It's the first finite global digital resource that can't be copied but can be owned hence derives a value in every country.

  • It's an open platform for anyone to write new financial software with in an area that was previously very closed to the private banks and payment providers.

I was impressed when PayPal first appeared and knew they'd be huge but there was no way to be part of it, Bitcoin is vastly more exciting and it allows anyone to get involved. Do early adopters get a better deal? Yes probably, but if it wasn't for the early adopters we'd never have heard about it so the upside for early adoption now has got to be better than say starting to use it in 4 years time.

[–]edcion[S] -1ポイント0ポイント  (0子コメント)

Security is a huge con if you ask me, you disguised knowledge of security as the pro..

[–]GunnyTurd 0ポイント1ポイント  (0子コメント)

The man who coded Bitcoin was named Satoshi Nakamoto, a man who never publicly revealed himself. It still remains a mystery as to who he really is or what he does now. It could have been possible to mine the first however many blocks before releasing it though.

[–]fearLess617 0ポイント1ポイント  (0子コメント)

May I ask how old you are, son?

[–]terphi 0ポイント1ポイント  (0子コメント)

Early adopters have the most incentive for Bitcoin to succeed.