Quote from: inBitweTrust on October 23, 2014, 05:54:37 PM

Quote from: kokojie on October 23, 2014, 05:47:00 PM

Of course it's a problem, I'm being charged 10% tax on my Bitcoin holding, for something that is easily replaceable and useless.

Please do yourself a favor and let your actions match your convictions. Sell us your bitcoins and invest in Bitshares completely since you have so much faith in DPoS and so little trust in PoW. Why don't you invest in BTSX now before the big marketing push that is coming in a couple months! If you are smart you can even take those profits and re-buy into BTC right before the halfing to profit again and than sell those profits for BTSX.

The fact that you don't sell your bitcoins tells the whole story.

I read the white paper referenced in this thread on why PoW is needed, and while I don't know enough about this topic to say this whitepaper is the last word, it seems plausible.

But then, even if you accept that PoW is necessary, the OP's larger point is still very true: BTC is an unstable system, due to high mining costs, that requires a constant influx of new money or equivalently, fees to be paid by existing users, in order to keep the system going. It's an ongoing tax on users. As such, Bitcoin is unstable and not necessarily an improvement over PayPal (except for the anonymity, which IMO is going away within the next five to ten years). I see in the end Bitcoin becoming like PayPal, nothing special.