There are actually two bitcoins. There’s the blockchain-technology bitcoin, which I think is fantastic, and the future, and all sorts of businesses are investing tens or hundreds of millions of dollars in Silicon Valley and around the world to build businesses on the back of the blockchain technology because it’s so wonderful and can move assets frictionlessly. But then there is this aspect of the pretend currency and the pretend commodity. Part of the con is in the pretend commodity, because this is a completely shallow, liquidless market. When you know that there’s, what, 13 million coins in circulation, and more than 50% of the them are owned and managed by about 950 people, you realize how shallow the market it is and how subject the market is to manipulation.
At last, someone with common sense explains the difference between the technology and the "currency" unit. Most of the get-rich-quick hardcore fanatics try to deceive people by telling how bitcoin's unit value is tied to the technology it's based on. The "currency" is nothing more then a big pyramid for a few to get rich at the expense of others.
The technology can be used without everyone having to make a small group of speculators rich. Speculators who haven't actually contributed anything to the development of the technology itself.
It's only an illusion that bitcoin's unit value is backed by the technology itself. I think that it's a good thing that some people will start to publicly lift the veil behind bitcoin and it's market system. I would recommend him to look into all the exchanges and question on what would stop them in playing the market themselves, with information that isn't public.
200 posts, do you realize the reward for maintaining the blockchain is bitcoin, and it's our job to make bitcoin widely used and valuable?
GET ABOARD SAILOR
That's the thing. The millions worth of equipment isn't needed to maintain the blockchain of bitcoin. Increasing hasrate of the network doesn't improve anything in the network. The general idea was that it would increase the security, but now most of the network goes through only a few pools, and if those pools get compromised, then the network will get compromised, no matter how big was the overall hashrate of the network. So, rewarding miners actually means rewarding work that has no use.
The bitcoin mining equipment merchants are practically snake oils salesmen who prey on the ignorance of consumers.
I'm on board "the crypto casino" already, only not in bitcoin, because bitcoin is old, boring and fragile to me. I'm now into newer cryptos, that have more attractive attributes and that are currently at the beginning stage, not the end stage.
All pools are dependend on thier individual members. Leaving pool or changing it is much easier than change a country you live in, change government you pay taxes to ot change bank you have your money in.