Quote from: bob123 on July 24, 2019, 12:10:20 PM

Quote from: Khaos77 on July 23, 2019, 08:41:49 PM

In the White Paper , Satoshi assumed the mining market would stay open.
Error 1: ASICS closed the mining market to the rich elite only.

No he didn't.
He already knew that at some point there will be 'larger' server farms who are mining. And that a single individual won't mine in the future.

And neither is the market accessible to the 'rich elite' only.
Anyone can start mining with a relatively low budget.

Low budget -> low income.
High budget -> high income.

FTFY
Low budget -> Basically No Income if not in the Loss category
Your confusion is only outpaced by your Stupidity. Kiss

Feel free to start a topic helping others mine bitcoin for $1000 or less.
Odds are you lose them money, but it will be fun to watch them chew your ass out when your bullshit lands on your face.

Quote from: bob123 on July 24, 2019, 12:10:20 PM

Quote from: Khaos77 on July 23, 2019, 08:41:49 PM

Error 2: Nodes processing transactions for free are in short supply, if any.
Of course this is due to the energy waste, making free transactions impracticable.

No, they aren't. There are currently ~9100 nodes online.

And how many of those 9100 process transactions for FREE all of the Time?
Because there are some people that would like that, bob.

Quote from: bob123 on July 24, 2019, 12:10:20 PM

But you were probably refering to the miner 'wasting' energy, right ?
Well.. this energy isn't wasted either. It is absolutely necessary to guarantee the integrity and security of the bitcoin network.

Another reason, you're clueless , you actually believe that nonsense.
~4 pool operators guarantee the integrity and security of the bitcoin network , energy expend is irrelevant in their power.

Quote from: bob123 on July 24, 2019, 12:10:20 PM

Quote from: Khaos77 on July 23, 2019, 08:41:49 PM

Error 3: Transaction fees alone will not be able to maintain Bitcoin insane energy waste.

They will.

As pointed out, the energy is not wasted. I don't know what kind of shitpost you were creating. And with what kind of purpose.
Maybe you are just not informed at all, or are following your own agenda. I don't know. And i honestly also don't care.

Please inform yourself before composing such shitposts.
It hurts my eyes (and mind) to read that bullshit.

I guess the kind of shitpost that make a shithead like you go full retard. Cheesy

You think Bitcoin will survive on transaction fees alone
when Bitcoin Devs want the majority of transaction in LN offchain network
Don't want to increase onchain scaling of bitcoin
Are of the mind totally devoid of economic reasoning that expects people to pay insane transaction fees ,
when cheaper network just as secure are available.

The only thing we agree on is you are too much of a numb nuts to read or understand my posts.
Feel free to hit the ignore button, if it hurts your teeny tiny brain too much bob. Cheesy

Quote from: odolvlobo on July 24, 2019, 10:26:10 PM

Quote from: Khaos77 on July 23, 2019, 08:41:49 PM

In the White Paper , Satoshi assumed the mining market would stay open.
Error 1: ASICS closed the mining market to the rich elite only.

You don't have to be a "rich elite" to mine. You just need access to cheap electricity. Also, though it was not addressed in the whitepaper, Satoshi had predicted miner consolidation.

Also need a warehouse full of ASICS, if you going to make any real money.
Small miners can't afford to keep up with the difficulty increases, their expensive ASICS becomes a giant paperweight.
https://www.buybitcoinworldwide.com/mining/profitability/

Even if you are lucky enough to earn a small profit, odds are it won't be enough to purchase that new asics every year or two.
So you're always in debt until you go bankrupt. It is a hampster wheel that ends with a dead hamster.
https://www.coindesk.com/bitcoin-mining-firm-giga-watt-declares-bankruptcy-owing-millions

* The reason, that some of the largest PoW miners have not went bankrupt
is that they can raise massive amounts of Venture Capital funding and they survive off of that. *
https://cointelegraph.com/news/mining-giant-bitfury-raises-80-million-in-closed-funding-round-as-mining-market-matures
https://news.bitcoin.com/uk-crypto-ventures-raised-over-255-million-vc-funding-in-2018/
Small time miners don't get many visits from VCs. Tongue

Ask yourself this,
if ASICS were so profitable, why do the companies keep selling them instead of just using them to make money.
Answer because ASICS lose more money than they make, so selling them is more profitable.
https://www.theverge.com/2014/9/23/6833047/bitcoin-conspiracy-theorists-vindicated-as-ftc-shuts-down-butterfly-labs

Quote from: odolvlobo on July 24, 2019, 10:26:10 PM

Quote from: Khaos77 on July 23, 2019, 08:41:49 PM

Error 2: Nodes processing transactions for free are in short supply, if any.
Of course this is due to the energy waste, making free transactions impracticable.

It was never assumed that transactions would be free. The whitepaper mentions fees as an integral part of the system.

Satoshi Assumed their would still be some free.
https://www.metzdowd.com/pipermail/cryptography/2009-January/014994.html

Quote

When that runs out, the system can support transaction fees if
needed. It's based on open market competition,
and there will probably always be nodes willing to process transactions for free.

Satoshi Nakamoto

You can infer from the above, that Satoshi Never dreamed that bitcoin mining would be so expensive in the future, that there is no wiggle room for some free transactions, in the miner's profit margins. Or you could say he underestimated the miners greed.