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Why would Bitcoin curse itself to a death sentence in 2140 then, Shami?
Why would Bitcoin curse itself to a death sentence in 2140 then, Shami?
There is nothing stopping it from working after that date. Miners not only get money from mining coins, but also from collection transaction fees on the transactions they facilitate. Between now and 2140, their revenue will gradually shift from being mostly mined bitcoins into being mostly from transaction fees.Originally Posted by Horn
Shami-Amourae (9th April 2013)
Unlike the fiat FRN which can be printed into infinity, bitcoins can only be mined until the year 2140 to limit them being inflated. If you still mine for bitcoins after that year. You'll be given transaction fees for securing the ledger and confirming that the coin is authentic.
"Paper is poverty, it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788
"The greatest threat to the state is when the people figure out they can exist without them." - Twisted Titan
"Some Libertarians are born, the government makes the rest."
"Voting is nothing more than a slaves suggestion box, voting on a new master every few years does not make you free."
Shami-Amourae (9th April 2013)
What they said.
I think that could be it. Bitcoin is proving itself to be a viable alternative to state issued currencies, and with what 1 or maybe 2% of the population even knowing what they are, with every passing day, thousands more enter the bitcoin economy and make the currency more valuable. We are so used to depreciating money (it's all we've ever known) that when an appreciating money comes along we're skeptical that it can't be real! Remember, when the US was on the gold coin standard, the money appreciated every year. You could buy more next year with your gold dollars than you could this year, which is the opposite of our money today.
On the other hand, I can't help but think that this phenominal increase in the trading value for bitcoins is a massive pump and dump courtesy of central bankers around the world. Isn't the Fed permitted to buy any asset it wishes? What if the Fed is simply pumping money via thousands of anonymous exchange accounts into the bitcoin economy? Then once they own a controlling share they can dump it. The longer they maintain the bubble, the more people will be attracted to it, the more people will put their own money in it, and wham! once they dump it, humanity's faith in cryptocurrencies is shattered.
"Liberty is so creative, and the government is so stupid, that I’m very optimistic about the future"
- Lew Rockwell
Many of us felt that humanities faith in cryptocurrencies was shattered in the 2011 crash of Bitcoin when the price went from $30 to $2. In the larger scale of things all it did was strengthen the fundamentals, shake out weak hands, and send prices to all time highs. The Bitcoin market is basically the example of what the Gold/Silver market would be if bankers weren't able to manipulate Gold/Silver with paper (derivatives.)
If the bankers somehow buy up all of the Bitcoins we always have alternatives, like Litecoin. All of my money is with Litecoin, not Bitcoin, since I think that's a better place to be since prices are still low. Once Mt Gox officially implements it it will skyrocket, even if Bitcoin plunges. Mt Gox already has the API in place:
https://mtgox.com/api/1/generic/currency?currency=LTC
Even if this current run ends in a crash (which is likely) it will have educated more people about cryptocurrencies, and more people will stick around than leave. Check out these Google Trends for Bitcoin:
http://www.google.com/trends/explore#q=bitcoin&cmpt=q
This is a no brainer investment once you understand the fundamentals and this new groundbreaking information. Litecoin is your second chance to get at the bottom of the Bitcoin style run. I may be wrong, but that's what I personally believe.
The idea of cryptocurrencies is here to stay forever.
How to get more Bitcoins, when there ain't no more Bitcoins?
Sorry, your currency is a dead flop without expansion.
Silver and Gold's is unlimited.
You trade for it, just like you trade for gold and silver today. Stability is a key factor in what a good money provides. Gold is incredibly stable due to it's rarity, but is still being mined. The biggest market bumps during the gold standard days where when lots of gold was found during the gold rush days. Do you think if all the gold was mined on earth that gold would become a "dead flop"? What about silver? There's lots of talk about the silver supply drying up; once you can't mine any more silver, will that cause the price of silver to collapse?
"Liberty is so creative, and the government is so stupid, that I’m very optimistic about the future"
- Lew Rockwell
The world to.
There's always the moon Alice...
Yes, people would revert to Tallysticks been there done that.
I believe it was created by computer manufacturers who's profit margins were falling below expected levels.
Whether or not they had any sense as to the scale it might achieve or was needed, is debatable, maybe it was only designed towards a specific market & quantity of users & their equipment.
Well them and Internet Gambling sites teamed up.
Those casino makers are among the most secure and insured programs on the face of the planet. Obama did them wrong.
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