Post
Topic
Board Mining
Re: Bitcoin and the little guy
by
sheebang
on 09/10/2013, 06:10:35 UTC

The only thing that will make bitcoin work is if people start to use it, hoarding just makes it a circle jerk. I'm not sure you understand the mining process, the better hardware is an irrelevance (unless you somehow have exclusive access). What matters is how many btc are available and what difficulty is being generated by everyone else doing exactly the same thing as you are. All this talk of "profit" just sounds wrong headed to me.
[/quote]

I fully agree but I do not see any difference to my point. I am not planning to hoard my bitcoins I am hoarding the ones I mined. There is a factor of 1.000 (europ.) or 1,000 (amer.) between these two things, i.e. I have used 1.000 times more bitcoins than what I have mined. In my everyday use of the bitcoin the actual exchange ratio of the bitcoin is not really important. If I transfer $ or € from A to B I only have to have a reasonable stable exchange rate for the time of use. I would be glad if other miners could say the same. Provided the usage factor mining is a tribute to the system not more.

Please do not get me wrong, the tech quote was made to clearify that I also want to be efficient in mining, what currently may be true only for large scale operations and hopefully becomes true for those who are willing to support the system.