Quote from: bobdude17 on May 25, 2013, 09:01:34 PM

Quote from: Kazu on May 25, 2013, 08:11:14 PM

Just look what the intense competition between miners has lead to: The biggest computational network in the world created, biggest by a fair margin. Bitcoin naturally incentivises competition, due to its fast transfer times (making switching between competitors easy) and its open-source nature (meaning one competitor can't monopolize some part of the client in some way). Now with miners the competition is induced in the protocol itself.

I think its important to note one of the very cool features of Bitcoin economy : Bitcoin incentivizes competition and cooperation.

For instance ASICMiner is going to remain only 30% of the mining force because they know if they got greedy and took it all that other Bitcoiners might be upset and fork off. Then their profits would mean nothing.

It is actually more profitable to maintain the competition than to win the competition. Bitcoin really blows my fucking mind.

I don't think many people honestly get what BTC can be. It is like back in the early days of the internet, but now it is ^2 . There is just too much infrastructure, ideas, technology, brilliant experienced people, etc. behind it.

The sort of ironic thing is that the valuation of BTC slips people for a loop and then they really miss the bigger picture.