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RE: BTC miners are finally throwing in the towel!

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BTC miners are finally throwing in the towel!

jrcornel (84) in bitcoin • 6 years ago

Why were you surprised I posted about it?

In regards to your 51% attack...

New study says that is extremely unlikely:

https://bitcoinist.com/bitcoin-51-percent-attack-study/

bitcoin

6 years ago by jrcornel (84)

$1.76

5 votes

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atempt (57) · 6 years ago

I was surprised because you make the impression of a shill for Bitcoin whom probably sits on quite a lot of it.
You ignore its bad properties:
waste of energy, centralization of currency ownership and centralization of currency mining, and I probably forgot or was never aware of more.

$0.87

17 votes

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jrcornel (84) · 6 years ago (edited)

I don't ignore them, I just listen to what the market is telling me. Everything you have said about bitcoin is true, yet why has it not been knocked off its throne now for close to 10 years? Many altcoins have been better than bitcoin for getting close to a decade, yet here it remains... why?

$1.26

8 votes

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atempt (57) · 6 years ago (edited)

The market tells you contradicting things over time.
Now the trend is down.
Even you became pessimistic.
When do you choose to care about the market's tells?

why has it not been knocked off its throne now for close to 10 years?

Because it had a monopoly for over 5 years out of the 10, and when competition emerged, it was not better, and was even less popular due to bitcoin's relative longevity.

Many altcoins have been better than bitcoin for getting close to a decade, yet here it remains... why?

First, no "altcoin" even existed over half a decade ago
Second, no "altcoin" that is better existed for even close to half a decade ago.
Third, as far as I know, only Byteball is better, the rest are shit or worse, or do you know about other currencies that are better?

So much for Bitcoin's legacy, that the entire market capitalization of all of the rest of Bitcoin's competition combined with Bitcoin itself are as big as one DJIA component, at least Gregory Mannarino said so more than once.

Bitcoin and its competition, including Byteball will not break out into mainstream due to the extreme difficulty of their use and the perils of centralized exchanges.
Most people are even less tech oriented and even more risk averse than I, so how can these currencies be adopted by common people?
You claim that Bitcoin remains, but it never and will probably never break into mainstream because of what I wrote.
Ethereum and Litecoin are not better.
Most of the rest are even worse.

$0.58

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jrcornel (84) · 6 years ago

"First, no "altcoin" even existed over half a decade ago"

Namecoin was the first altcoin and launched in early 2011. I'll respond to the rest of this later.

$1.14

6 votes

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jrcornel (84) · 6 years ago

Regarding the market telling me things... it tells me things in how it has built the infrastructure. There is a reason that bitcoin is the most widely used pair at exchanges. I don't decide which coin people are going to stick with, but for whatever reason, bitcoin has been crowned king and not given up that crown despite literally thousands of altcoins claiming to be better than bitcoin in different ways over the course of roughly 8 years. That could certainly change at some point, but for now, it is what it is. The fact that bitcoin is merely software that can be upgraded and updated at any time likely is a big part of this. What bitcoin lacks today, it could have as a feature tomorrow, ya know?

Bitcoin doesn't have to break into mainstream as a payment option to make it a wildly successful investment. I wrote previously about endowments moving in, pension funds will be next. They will take a 1-3% allocation in bitcoin because it is not controlled by any government and it is not correlated with any other financial assets. It makes for a great portfolio diversification tool. These funds collectively control trillions of dollars.

With that being the only driving force, bitcoin could still reach new highs even if it has nothing else going for it, though it likely will have other advantages as well.

$1.12

6 votes

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atempt (57) · 6 years ago

Regarding the market telling me things... it tells me things in how it has built the infrastructure.

How does the market tell you that?

literally thousands of altcoins claiming to be better than bitcoin in different ways over the course of roughly 8 years.

Which "altcoin" existed 7 or even 6 years ago?

The fact that bitcoin is merely software that can be upgraded and updated at any time likely is a big part of this. What bitcoin lacks today, it could have as a feature tomorrow, ya know?

You mean that it can turn from a wasteful POW blockchain to a DAG, or that it can become inflationary like Steem, or both?

Bitcoin doesn't have to break into mainstream as a payment option to make it a wildly successful investment.

This is obviously and evidently true.

I wrote previously about endowments moving in, pension funds will be next. They will take a 1-3% allocation in bitcoin because it is not controlled by any government and it is not correlated with any other financial assets.

What are endowments?
Pension funds will not be allowed to do it, the same way that they are forced to loan money to tycoons whom bribe judges to default on their debts and bribe politicians and regulators to force the pension funds to buy their debt again and again.

With that being the only driving force, bitcoin could still reach new highs even if it has nothing else going for it, though it likely will have other advantages as well.

If so, why are you not buying it like crazy now at a discount?

$0.81

14 votes

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jrcornel (84) · 6 years ago (edited)

Where to start...

I just told you that namecoin was created in early 2011, close to 8 years ago at this point.

The market tells me that because if there were a better option, the market would use it!

You do know that bitcoin is inflationary as well right, as are most cryptocurrencies?

Endowments = https://cointelegraph.com/news/report-harvard-stanford-mit-endowments-all-invest-in-crypto-funds

Endowments were not allowed to buy it at first, just like pension funds weren't. They all will be soon, a bitcoin ETF is the final hurdle.

I am buying it hand over fist. I have been buying all the way down actually.

$1.32

5 votes

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atempt (57) · 6 years ago

I just told you that namecoin was created in early 2011, close to 8 years ago at this point.

And I just missed it.

The market tells me that because if there were a better option, the market would use it!

So if the market tells you that Bitcoin is better than Byteball, then it is true?

You do know that bitcoin is inflationary as well right, as are most cryptocurrencies?

Only in the sense that its available quantity still increases, but so far, it is still assumed that it has a finite eventual quantity, so it is not really inflationary.

Endowments = https://cointelegraph.com/news/report-harvard-stanford-mit-endowments-all-invest-in-crypto-funds

Endowments were not allowed to buy it at first, just like pension funds weren't. They all will be soon, a bitcoin ETF is the final hurdle.

Not that it made me know what endowments are, but it made me know better what you wrote about.

I am buying it hand over fist. I have been buying all the way down actually.

Not according to you:
https://steemd.com/bitcoin/@jrcornel/re-clumsysilverdad-re-discernente-re-jrcornel-terrible-day-in-the-crypto-markets-20181119t234613762z

$0.42

18 votes

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jrcornel (84) · 6 years ago

Yes, the market has decided that bitcoin is more valuable than byteball, and I agree with it.

You do know that it doesn't run on a blockchain right? They aren't really even comparable.

In terms of security, they are in different leagues, actually not even different leagues, different universes.

In regards to inflationary, I would say something that is going to increase in supply tomorrow vs. today is considered inflationary, in fact that may be the very definition of it, though we are splitting hairs here.

Whether you understand what an endowment is or not is not my problem, it is not my job to educate you. You have a wealth of information at your finger tips with a few key strokes and a search engine.

Have fun!

$1.47

5 votes

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jrcornel (84) · 6 years ago (edited)

Ha, yes I have been buying it all the way down from 12k down to 6k and everything in between. I actually just bought a few more yesterday around 4k. Is that ok with you or does me pausing 12 days ago when it broke 6k on my buys until I saw a bounce, mean I can never buy again?!

$1.44

5 votes

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themarkymark (78) · 6 years ago

Flagged for bid bot abuse @steemflagrewards

sleeplesswhale (39) · 6 years ago

You got a 13.48% upvote from @sleeplesswhale courtesy of @atempt!

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luckyvotes (38) · 6 years ago

You got a 91.75% upvote from @luckyvotes courtesy of @atempt!

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dolphinbot (55) · 6 years ago

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