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In relatively plain language, this means that new bitcoins are being created at roughly half the rate as before. > Is Bitcoin now half as valuable? Bitcoin's

by DC-3 6y ago

In relatively plain language, this means that new bitcoins are being created at roughly half the rate as before. > Is Bitcoin now half as valuable? Bitcoin's value, like any currency, is dictated by the market. > Did mining it get easier/harder? The difficulty hasn't changed (although it might if this causes a significant drop in the number of miners). > Less profitable to mine, but existing Bitcoins still have same value as before? It is less profitable to mine bitcoin. The impact this will have on the value of Bitcoin remains to be seen.

arcticbull 6y ago
> Bitcoin's value, like any currency, is dictated by the market. ... is dictated by the whims of Bitfinex and Tether
- mywittyname 6y ago
  The markets for a lot of esoteric commodities are dictated by the whims of a select few organizations. It's partially how so many of these end up being control by cartels, the demand for cranberries or topaz is just no where near that of soy beans and oil, making it relatively easy to corner the market.
  - three_seagrass 6y ago
    True, and there are also commodity markets that are not controlled by an oligopsony, which truly are controlled by the market. It's an important distinction to make, because the statment "Oil's value is controlled by the market" isn't very true.
- gjs278 6y ago
  huuurrr mom I said it again!!! it’s not dictated by tether. at this point it’s dictated by people throwing money into GBTC and forcing them to buy coins to cover the holdings. you are a know nothing. turn off your computer and stop wasting electricity.
chx 6y ago
> Bitcoin's value, like any currency, is dictated by the market. Yeah, no. It's not a currency. https://medium.com/s/the-crypto-collection/play-bitcoin-remember-its-just-a-game-jp-koning-lottery-investment-coinbase-6fd240297c93 https://medium.com/s/the-crypto-collection/play-bitcoin-reme... > Bitcoin lies in the same economic category as financial games like poker, roulette, and the lottery. These are all zero-sum games. The property binding all zero-sum games together is that the amount of resources contributed to the pot is precisely equal to the amount that is paid out. Because nothing additional is created in a zero-sum game, for every player who wins something from the pot, there must be a loser.
- CryptoBanker 6y ago
  Any market that is just a market is a zero sum game.... One cannot create value from trading.
  - avmich 6y ago
    > One cannot create value from trading. I think you're wrong. An illustration could be McDonald's offering of a burger for $1, where you'd prefer burger and McDonald's would prefer $1. If you give them $1 and McDonald's give you the burger, both of you would be better off.
    - chii 6y ago
      The underlying assumption is that your utility of the burger is greater than $1. Which is true because MacDonald is very, very efficient at making burgers (compared to you). With bitcoin, it's a speculative trade. Everybody is "equally" good at making a coin. So the trade is happening purely due to an expectation of future utility, which may or may not come. So therefore, speculation is zero sum.
      - chx 6y ago
        > due to an expectation of future utility, which may or may not come. It's been 11 years and there's not an even idea of what legit utility it might have that existing tools and protocols do not fulfill. A significant proportion of suggestions could be done much better with git of all things...

by DC-3 6y ago

arcticbull 6y ago

> Bitcoin's value, like any currency, is dictated by the market. ... is dictated by the whims of Bitfinex and Tether

mywittyname 6y ago
The markets for a lot of esoteric commodities are dictated by the whims of a select few organizations. It's partially how so many of these end up being control by cartels, the demand for cranberries or topaz is just no where near that of soy beans and oil, making it relatively easy to corner the market.
- three_seagrass 6y ago
  True, and there are also commodity markets that are not controlled by an oligopsony, which truly are controlled by the market. It's an important distinction to make, because the statment "Oil's value is controlled by the market" isn't very true.
gjs278 6y ago
huuurrr mom I said it again!!! it’s not dictated by tether. at this point it’s dictated by people throwing money into GBTC and forcing them to buy coins to cover the holdings. you are a know nothing. turn off your computer and stop wasting electricity.

chx 6y ago

> Bitcoin's value, like any currency, is dictated by the market. Yeah, no. It's not a currency. https://medium.com/s/the-crypto-collection/play-bitcoin-remember-its-just-a-game-jp-koning-lottery-investment-coinbase-6fd240297c93 https://medium.com/s/the-crypto-collection/play-bitcoin-reme... > Bitcoin lies in the same economic category as financial games like poker, roulette, and the lottery. These are all zero-sum games. The property binding all zero-sum games together is that the amount of resources contributed to the pot is precisely equal to the amount that is paid out. Because nothing additional is created in a zero-sum game, for every player who wins something from the pot, there must be a loser.

CryptoBanker 6y ago
Any market that is just a market is a zero sum game.... One cannot create value from trading.
- avmich 6y ago
  > One cannot create value from trading. I think you're wrong. An illustration could be McDonald's offering of a burger for $1, where you'd prefer burger and McDonald's would prefer $1. If you give them $1 and McDonald's give you the burger, both of you would be better off.
  - chii 6y ago
    The underlying assumption is that your utility of the burger is greater than $1. Which is true because MacDonald is very, very efficient at making burgers (compared to you). With bitcoin, it's a speculative trade. Everybody is "equally" good at making a coin. So the trade is happening purely due to an expectation of future utility, which may or may not come. So therefore, speculation is zero sum.
    - chx 6y ago
      > due to an expectation of future utility, which may or may not come. It's been 11 years and there's not an even idea of what legit utility it might have that existing tools and protocols do not fulfill. A significant proportion of suggestions could be done much better with git of all things...