Quote from: RodeoX on February 24, 2015, 08:11:45 PM

Quote from: Gleb Gamow on February 24, 2015, 08:02:40 PM

Quote

The current Bitcoin system has at least $364 million in sunk infrastructure costs and burns at least $560 million a year in power. The ONLY source of "income" to support this burden is (1) appreciation of the existing 13.8 million Bitcoins and (2) mining of 1.3 million new Bitcoins per year. Do the math - these numbers just don't add up to a stable system that's gonna work.

Gulp! Isn't that cheaper than building all the banks in the world, not to mention their yearly energy consumption to do the same time that crypto does at a cheaper up-front cost?

When you're done here, OP, head on over to an eBay forum and inform that it's auction model is unsustainable because eventually the world will run out of things to auction on the second-hand marketplace.

Fortunately, BTC is a computer program and does not need any money at all. You are thinking of the desires of miners. Not a need of the system. It worked perfectly fine when BTC costs $0.06.

I am truly interested to see whether Gavin's prediction of falling rates for ASIC miners comes to fruition.