4 ms·

I think that's one of the biggest flaws of bitcoin and will eventually lead to its collapse. I simply don't want to invest in mining considering how much peopl

I think that's one of the biggest flaws of bitcoin and will eventually lead to its collapse. I simply don't want to invest in mining considering how much people have already mined. There's deflationary pressure for many reasons, but definitely because of the rewards being cut in half every couple of years. And currency deflation is highly unappealing for those who don't have large amounts of that currency. Psychologically this is bad design, and it turns a lot people off from it. It makes it feel like a scam. That's good enough to piss enough people off about it to never use it, including me.

ringaroundthetx 9y ago
> It makes it feel like a scam. Under what definition? Is this definition a standard that couldn't be applied to other currency systems or asset classes that you respect? There's a reason I ask so specifically
modeless 9y ago
> And currency deflation is highly unappealing for those who don't have large amounts of that currency. For an individual investor making a decision about which currency to hold, all else being equal, deflation is always better than inflation. Not sure what you're trying to say exactly.
abhisharm 9y ago
You're describing a cognitive bias wherein you would be turned off from a monetarily beneficial decision because of the foregone gains you would've had had you made the decision to enter the game earlier. This won't lead to the collapse of bitcoin, it just means that those who will profit from mining now and in the future are those who won't fall prey to that sort of thinking.