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What do people think about Bitcoin?

Discussion in 'BBS Hangout' started by Spooner, Jan 25, 2014.

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What is the fate of Bitcoin?

  1. Currency of the future

    35.0%
  2. Passing Fad

    65.0%
  1. Space Ghost

    Space Ghost Contributing Member

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    Obsessing over Musk.
     
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  2. LosPollosHermanos

    LosPollosHermanos Houston only fan
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    Out of curiousity do you own any other crypto?
     
  3. Commodore

    Commodore Contributing Member

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    hell no

    in a free market, money will tend to one type (you want the form of money that you think most other people will want at some future date, so there is a natural gravitation toward a single type)

    Most importantly, no other crypto has a credible monetary policy. The supply could change, devaluing your holdings. Bitcoin's supply is finite, known and unchangeable.

    Join bitcoin Clubhouse app rooms to build up your conviction and learn more. I can send anyone an invite who needs it.
     
  4. LosPollosHermanos

    LosPollosHermanos Houston only fan
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    I don’t think this gravitation towards PoS is a fad think it will stay. Nothing wrong with diversifying a bit
     
  5. Commodore

    Commodore Contributing Member

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    Proof of Stake is inherently broken. Ethereum bag holders will learn this soon enough.

    In PoS, the more wealth you have, the more rewards you get.

    In proof of work, the more work you do to secure the network, the more reward you get.

    https://nakamotoinstitute.org/static/docs/on-stake-and-consensus.pdf
     
  6. Dr of Dunk

    Dr of Dunk Clutch Crew

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    How do you do more work in PoW?
     
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  7. LosPollosHermanos

    LosPollosHermanos Houston only fan
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    I’m not solely picking one side over another but PoW has its own issues and that’s for consumers to decide. They currently are as well hence rise in PoS
     
  8. Ziggy

    Ziggy QUEEN ANON

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    It would not surprise me if it's revealed at the next Tesla earnings that they actually bought MORE Bitcoin.
     
  9. Space Ghost

    Space Ghost Contributing Member

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    Hire more illegals
     
  10. Space Ghost

    Space Ghost Contributing Member

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    BTC and ETH are two completely difference economic model, network security debate set aside.
     
  11. Commodore

    Commodore Contributing Member

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    Every halving cycle when bitcoin price increases, the shitcoins briefly pump harder because of fear of missing out on bitcoin. But when the bear market hits, the shitcoins will crash and bitcoin will remain.

    This is a replay of 2017.

    People think of this as a technology, but they need to think of it as money (something most people don't understand).
     
  12. I am a Donut

    I am a Donut Contributing Member

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    Dude. Bitcoin drawdown was 85% last bear. I love Bitcoin too, and yes it leads the pack, but your glasses may be a bit too rose colored.
     
  13. saitou

    saitou J Only Fan

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    is this really true? couldn't a proposed protocol update change the supply, and get adopted if enough miners update to that version?
     
  14. I am a Donut

    I am a Donut Contributing Member

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    and does it even matter? Why would a protocol make a change that would devalue their asset?
     
  15. saitou

    saitou J Only Fan

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    i'm not saying the miners would. just want to understand whether commodore's statement is true - is there something special about bitcoin that prevents future updates from changing supply? i know coins like doge have tweaked mining rewards/supply rules along the way.
     
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  16. Commodore

    Commodore Contributing Member

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    such a protocol update would never be adopted (changes require network consensus, and members of the network would never agree to debase their own wealth)

    Much like IPv4, the bitcoin protocol has ossified. Even minor changes are very difficult to implement. This is a good thing, it means the rules are rock solid dependable, and the supply can never change.

    miners work for the network. they don't influence the protocol rules, they obey them
     
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  17. saitou

    saitou J Only Fan

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    ok, so its not that its unchangeable, its just that while it is top dog there's been no incentive to change it so far. other coins have changed in the past to improve tokenomics. before mining rewards end, wouldn't there be a lot of incentive for the miners to change the supply, or is "network consensus" more complicated than just hash power?
     
  18. geeimsobored

    geeimsobored Contributing Member

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    Fundamentally, if someone can tweak the protocol to alter the supply, then they're basically acting as a central banking authority over the currency. It's really no different than the federal reserve modifying the federal funds rate or the bank reserve requirements. Both of those are ways to restrict or expand the money supply.

    It seems like a lot of bitcoin fanatics value bitcoin for its independence from any central authority which means you're locked into the existing money supply trajectory. But this trajectory is also why bitcoin will never become an actual currency (since currencies require price stability which will never happen in a world of continuously restricted money supply growth).
     
    #5138 geeimsobored, May 17, 2021
    Last edited: May 17, 2021
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  19. Space Ghost

    Space Ghost Contributing Member

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    No there is nothing special about Bitcoin that prevents this from happening. Its just much more difficult and people have more skin in the game to prevent radicle changes from happening....but its possible.

    Gold has been the standard for centuries. Since Bretton Woods, gold has been slowly losing its appeal. I would bet on copper before gold.

    If im going to bet on anything over the next decade, its going to be BTC and anything adjacent to it. There is plenty of material out there that discusses long term debt cycles that may help you understand why many hold BTC in such high regard. I share Musks view; BTC isn't the holy grail but its better than anything else out there.
     
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  20. I am a Donut

    I am a Donut Contributing Member

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    yeah I was with you, just adding another question on top.
     
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