Quote from: amspir on April 07, 2014, 12:19:50 AM

Quote from: serenitys on April 07, 2014, 12:05:31 AM

How is it going to lower prices? Mining just slows the creation of new bitcoin...the usefulness of it and the short supply is what gives it is market value...I'd imagine it would rise since they'd be more scarce.

Not correct. The bitcoin network self-adjusts to keep the creation of new bitcoin on schedule. From an investor's point of view, the creation of new bitcoin has a known, tightly self-regulated rate of creation.

Not correct.. well partly correct, yes it does self adjust... after 2016 blocks have been mined, ie, a very long time. To pretend that the centralization of hashing that is going on, like how the "unknown" petahash has grown about 40% just in the last month, .. you know. KNC's solo mining... Isn't a big problem? .. Is really bad and could be catastrophic to the network if/when one of these giant powers were to go down, power loss, whatever. We've already seen a few occasions where there have been whole days of petahash dropping a bit and block finds were longer than usual throughout those days..

We need to be open and honest about it, perhaps there's a way for mining to still be competitive while helping the network without it becoming just a few huge centralized powers of hash, but I feel that boat has sailed because of skewed information like you and others keeps propagating..

For the record, I've done over a 100 tx with BTC and have yet to have one tx only take 60 minutes for 6 full confirmations, and I always pay fees, there's always a 20-40 min. block in there somewhere... just saying..