Re: It's about time to turn off PoW mining

BitsharesX is one of the very few coins that is truly deflationary at this point in time. A lot of coins claim to be deflationary... cough... Bitcoin... but they will be inflationary during our life time.

I am 100% with the OP, PoW is not the best solution to decentralized consensus any longer due to numerous reasons.

Not during our life time? Not sure how old you are but In 1.5 Yrs time, Reward will drop to 12.5 BTC per Block, 4 years from then 6.25 BTC per Block And half again 4 yrs from then, I beleive within 10 yrs, if BTC holds its ground or even gets more ground, Demand will overpower the amount coming from rewards, which in turn = Deflation.

Hes a dumbass, he thinks supply = inflation.

While infact, the inflation rate of USD trumps all. LOL i bet he think gold is also not deflationary.

The joke is on you guys. Block rewards = inflation, and Bitcoin will be in its inflation stage for quite some time.. Our entire lives. At the current price, Bitcoin needs $597,187,500 USD to come into the market yearly to retain its buying power and current evaluation. That is an inflation rate of about 9.8%, as to the bolded... the USD is currently inflating by 2%.

Umm hello... Fiat is inflating by tens of trillions a year if you include shadow banking.

He referenced specifically the US dollar, and that is what my answer was tailored towards.

Your statement is an inaccurate comparison of inflation, because the market cap of Bitcoin is not nearly the size of the market cap of all FIATs combined plus shadow banking. To make an accurate comparison you would need to set Bitcoin's market cap to that of the current market cap of FIAT, or compare the two based on a percentage. Even then you are combining all FIAT currencies and shadow banking, if you are doing that to make the comparison then you should also combine the inflation rate of all PoW cryptos to arrive at an accurate conclusion.