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Dissapointing. I was looking forward to how you would try and debate my points. So you agree that there is value in decentralization? I'm not here to debate th
by Jommi 8y ago
Dissapointing. I was looking forward to how you would try and debate my points. So you agree that there is value in decentralization?
I'm not here to debate the profits or moneymaking schemes. My only thesis is that Bitcoin has value, and one of the drivers of that value is it's decentralized and global nature.
>What's going to happen when/if the cost of mining goes above the value of the bitcoin?
There are simulations/discussions on this, and we're not sure.
But the thing is, for the cost of mining to be over the value of bitcoin it would require a huge coordination of miners. Even now, when we saw Bitcoin lose a lot of value it immedietly resulted in a big amount of miners moving to other cryptocurrencies. This then resulted in difficulty reducing, and profits rising back up to previous levels.
But I will admit that, similar to a black swan event, a "bitcoin mining death spiral", could be possible.
- YZF 8y agoSorry to disappoint. I'm not quite sure what sort of debate you're looking for. Bitcoin was the first and definitely is more well known. As to the inherent value of decentralization, I think it's pretty minimal. I never go to Costco and say darn, I wish my credit card used a decentralized system.
- Jommi 8y agoWhat a weird example. So just because now, at this point in time and place, YOU don't need decentralization --> It's useless? What a privileged thing to say. Please reconsider and think a bit more broadly, what could be the value of a system that is globally accessible and not controlled by a central authority. Then you will realize how immensely valuable an unique this resource is.