Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
brg444
on 19/10/2015, 05:15:40 UTC
Quote from: Cconvert2G36 on October 19, 2015, 05:07:22 AM
Quote from: brg444 on October 19, 2015, 04:59:06 AM
Quote from: Cconvert2G36 on October 19, 2015, 04:51:03 AM
Quote from: brg444 on October 19, 2015, 04:46:10 AM
Quote from: Cconvert2G36 on October 19, 2015, 04:44:04 AM
Quote from: brg444 on October 19, 2015, 04:37:33 AM
Quote from: Cconvert2G36 on October 19, 2015, 04:34:53 AM
Quote from: brg444 on October 19, 2015, 04:27:05 AM

Why not move to BitSharesforum then and give us a break? By the sounds of it it's better right? I mean... it can scale to trillions of transactions, what else could you possibly want.



By "us" you mean you and iCE? oh, I almost forgot the cuddly but distinctly more inept hdbuck.

You couldn't possibly be taking sides with a guy who believe you can buy block space on the blockchain, are you?

Using an admittedly shitty analogy doesn't automatically mean everything he subsequently says is invalid.

I similarly don't write off all of your opinions, despite your recent statement that people might pay $5, 10, 50 to make an entry on your easily replicated, 5 mining pool run, settlement layer.

Good luck easily replicating 500,000,000 GH/s  Cheesy

People invest in mining coin because of what it can be. Not for what it is today. More fees spread over more transactions is definitely in their interest. If core devs insist on keeping this veneer of control, they would be wise to compromise for 4MB in 2016, and doubling at the halvings.  

That's actually not how it works.

People invest in mining coins to make a profit. That's it. They do so by mining the chain that holds the most value, value that is entrusted to it by investors.

Don't believe for a second that miners decide what chain to follow or that rules should be set according to what is "in their interest".

I'm not going to go digging, but you recently were arguing in this thread that bitfury doesn't sell their coins, they're banking on the future, being positive on today's income sheet is secondary. They are using big venture capital money to basically buy huge amounts of coin without pushing the secondary market. This is absolutely forward looking, not investing in today's system that costs $7 or whatever per tx in inflation costs.

Your final statement should stand alone as it succinctly shows your complete misunderstanding of how, and why(!), this whole thing even works.

Hmm wait a minute. Who ever mentioned fiat profit?

Profit, in this case, is denominated in Bitcoin.  Bitfury mines the Bitcoin blockchain simply because it is the most valuable coin. The value is not in the future but now. The fact that it fluctuates is irrelevant.

As for your last comment, what is it you don't agree with? Do you propose miners are origins of Bitcoin value? Or that we should set the rules of the protocol so as to maximize their profits regardless of the costs externalized to other participants?