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gizmoflak
Georgetown Fan
Member since May 2007
9362 posts

Kaminsky: Bitcoin is here to stay



WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Kaminsky: Bitcoin is here to stay
quote:

Bitcoin’s got its issues. But it is not competing with perfection.


read that article a couple hours ago. it's mildly decent, but damn, the headline is wayyyy too sensational. that kind of bull shite is frustrating


eta: also, I don't agree with a lot of his points either, but I respect his balanced approach (besides the headline, which probably wasn't written by him anyway)
This post was edited on 5/3 at 7:15 pm


gizmoflak
Georgetown Fan
Member since May 2007
9362 posts

re: Kaminsky: Bitcoin is here to stay
I only linked it because he is well-respected, and he seems to have an honest, impartial take on bitcoin. But yeah, the title was fishy


Vols&Shaft83
Tennessee Fan
Throbbing Member
Member since Dec 2012
27267 posts

re: Kaminsky: Bitcoin is here to stay
What's wrong the title?


gizmoflak
Georgetown Fan
Member since May 2007
9362 posts

re: Kaminsky: Bitcoin is here to stay
Title paints a pessimistic view of bitcoin, but the article doesn't


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Kaminsky: Bitcoin is here to stay
just for clarification, I was talking about this headline: Bitcoin Is Not as Secure, Unregulated, or Lucrative as You Might Think


not the one that gizmo included in the OP


gizmoflak
Georgetown Fan
Member since May 2007
9362 posts

re: Kaminsky: Bitcoin is here to stay
Yeah, I took the liberty of rewriting it


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Vols&Shaft83
Tennessee Fan
Throbbing Member
Member since Dec 2012
27267 posts

re: Kaminsky: Bitcoin is here to stay
I thought the article was pretty neutral.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Kaminsky: Bitcoin is here to stay
quote:

I thought the article was pretty neutral.


it was

but the headline was sensational. probably written by an editor and not the author


gizmoflak
Georgetown Fan
Member since May 2007
9362 posts

re: Kaminsky: Bitcoin is here to stay
quote:

but the headline was sensational. probably written by an editor and not the author


or Poodles


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
59129 posts

re: Kaminsky: Bitcoin is here to stay
quote:

or Poodles


Russian. Statist Bastard™


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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
17572 posts
Online

re: Kaminsky: Bitcoin is here to stay
quote:

or Poodles
According to the search function, I have started exactly 2 threads about Bitcoins. The one poining out Bitcoins are trading for less than $100 that is still on page 1, and one about how Bitcoins would establish a new aristocracy since Bitcoin users would have to go to Bitcoin mining operators to get permission to conduct a transaction using Bitcoins. So I think any asccusations of sensationalism should be reserved for the promoters of Bitcoin who tend to ignore the potential shortcomings that critics have from linked articles.

Just out of curiousity, once the last Bitcoin has been mined, who is going to provide the computing power to validate ownership of Bitcoins? The financial incentive to provide computing power will be gone. Who is going to prop up the "currency"?


joshnorris14
Florida Fan
Florida
Member since Jan 2009
21523 posts

re: Kaminsky: Bitcoin is here to stay
quote:

The financial incentive to provide computing power will be gone.


No it won't and you've already got your answer to this.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Kaminsky: Bitcoin is here to stay
quote:

once the last Bitcoin has been mined, who is going to provide the computing power to validate ownership of Bitcoins? The financial incentive to provide computing power will be gone. Who is going to prop up the "currency"?


they will still collect transaction fees

an equilibrium will establish.

because, if everyone stops mining, then CPU mining will once again be possible (because difficulty would lower) which means that mining will be very cheap and easy, which would lead to more people doing it.

eventually, the amount of miners will increase, causing the mining difficulty to rise again. as the mining difficulty rises, it gets more expensive, so some people will stop mining.

then mining difficulty will lower, meaning some people will start mining again....

and eventually, a nice happy medium will develop.


so, to put it simply, this is a non-issue

:insertwikiiraqdenialpic:


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gizmoflak
Georgetown Fan
Member since May 2007
9362 posts

re: Kaminsky: Bitcoin is here to stay
quote:

once the last Bitcoin has been mined


We'll all be dead by then. Would love to stick around to see if it happens though


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Kaminsky: Bitcoin is here to stay
quote:

We'll all be dead by then.


while technically true, practically speaking, after the year 2033 or so, the bitcoin block reward (and thus the inflation rate) will be so small as to be insignificant



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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
17572 posts
Online

re: Kaminsky: Bitcoin is here to stay
quote:

No it won't and you've already got your answer to this.
What are those answers? If the number of Bitcoins is finite, then at some point in time the very last one will be mined. When that occurs what is the financial incentive to provide computational power to the Bitcoin network? The rewards of providing computational power must exceed the costs or the ratioanl decision is to stop providing computational power. The only way that can happen is if there are transaction fees sufficient to adequately compentsate the providers of computational power.

And just who will set those transaction fees? Why the very people who collect them. An unaccountable consortium who control the use of your currency. Makes me laugh at your fear of central bankers.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Kaminsky: Bitcoin is here to stay
quote:

An unaccountable consortium


No. They are accountable to the market. If, hypothetically, all mining pools and individual miners collude to set a high transaction fee, then people won't use the bitcoin network, which will make mining for them worthless.

Not only that, but what happens if some upstart comes in and undercuts their colluded fee?

Beyond that, most bitcoin transactions likely won't even take place on the blockchain in the future. Actual blockchain transactions will likely consist of large group transactions on a set schedule.

Not only that, but what is it about a free market that you don't grasp? The market is completely free, which means it WILL FIND EQUILIBRIUM.

I'm not worried about the future of mining at all. Not one bit. It is literally one of the items of absolute least concern when it comes to bitcoin. But you can keep making a mountain out of a molehill if you choose.
This post was edited on 5/3 at 8:44 pm


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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21523 posts

re: Kaminsky: Bitcoin is here to stay
You should really read up on how the process works before you make these claims

LINK


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Kaminsky: Bitcoin is here to stay
BTW, you know how I know y'all don't do really do your research?

You keep bringing up non-issues.


If you really did your research you'd bring up real concerns like the block size which currently limits the amount of transactions that can be processed.
This post was edited on 5/3 at 8:53 pm


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