Quantum computers will never work, because "nothing" can travel fastest than light, not even information. Only God can have all the answers, not a machine

To pooya87

"That makes no sense.
For starters bitcoin is not a company and nobody is sitting on top setting its price to get people to buy it or not.Secondly if you buy something else, the price of that other thing would go up!"

To Gladitorcomeback

"How so? I don't understand what you mean, if people buy other cryptocurrencies instead of Bitcoin, that wouldn't make the price of Bitcoin rise up or grow because the whole concept revolves around the demand and supply mechanism"


------------

Proof of work discovery solved those issues, because there is not only supply and demand, there also is the network security

a- If people starts to buy other Bitcoin competitors, it would make the Bitcoin network less secure

b- Everybody wants the Bitcoin network to be the most secure, the buyers and the sellers

c- Then if the Bitcoin network becomes less secure, then all parties, buyers and sellers, are forced to accept a higher Bitcoin price to make the network more secure, and this price increase discourages/block people from investing in competitors

to btc78
to CODE200

 litecoin, dogecoin, monero can't grow, they are just moving horizontally. It's not possible to copy bitcoin and the chart proves it. The reason is that forks and copies makes bitcoin network insecure, and this forces the price to move up, when the bitcoin

price goes up, the network becomes more secure, and people make profit, and this makes impossible to compete with bitcoin


to odolvlobo

Yes i agree with you, but bitcoin is different because it does not have intrinsic value, so the price can rise indefinitely, Bitcoin has a price but no value. Financial bubbles only form when the price deviates significantly from intrinsic value, and then they burst.

But, if Bitcoin has no intrinsic value, only price, then the price can never deviate from value since it does not exist then it's not possible to form a bubble

To Blueblit 25

Yes the price will increase forever, because the buyer and the seller both wants the bitcoin network to be secure, and the price must always increase for the network to be always secure. The increase in price also blocks all PoW competitors, because competition

means the network be insecure

To Reatim

All other Pow coins are invalid, because if people’s attention shifts from bitcoin to other coins, the price of bitcoin increases, preventing people from investing in other coins, because they make more profit with bitcoin

"Bitcoin is not a company and does not have a group of people to decide whether they should lower or higher the price based on competition" - This mechanism works automatically. The higher the price, the more people will want

to buy because it means higher profit. I know it's not very intuitive, but it's a fact, no other pow coin  succeeded

1-  People buy Bitcoin because it makes them profit from it

2-  Bitcoin makes profit because it makes people buy it


It's a circular argument, and creates a perfect closed system, no other "product" can make it, in the center there is greed moving this perfect circle


---------------

And why it's impossible to copy bitcoin's proof of work, meaning that only bitcoin is proof of work is valid:

If many people wanted to buy another PoW coin instead of Bitcoin, the price of Bitcoin would rise, meaning it would generate more profit, which would make people buy only Bitcoin. Therefore, it is not possible for people to buy another
proof of work coin instead of Bitcoin because this would make Bitcoin's price increase generating more profit, which would prevent competition.
In a normal company, competition forces companies to lower prices. In Bitcoin, the logic is inverse, it raises the price and prevents competition from emerging, which makes proof of work impossible to copy.


if this logic is invalid, please correct me if i'm wrong thx

To serjent05

By your own definition, an invention should be patented, is bitcoin patented?

Electricity is an invention or a discovery?

If bitcoin is stored energy as electricity, so it's a discovery too

That does not make any sense. Discovery means something has already been existing even before you knew it did. For example: gravity. Isaac Newton did not invent gravity but he discovered it. It is an existing concept that he just named and studied.
Bitcoin did not exist before Satoshi. He created it and until now we are still using it. All cryptocurrencies are a product of innovation and invention.
[/quote]


Just because i have a dream does not mean that i invented dreams. Bitcoin is a discovery not an invention, just like the wheel. Satoshi is important, but he did not created bitcoin, he discovered it

Because bitcoin is a discovery, all others pow coins are inventions

Bitcoin is the result of a great discovery made by satoshi nakamoto, the proof of work method, that stores money into energy form, without leaks

and cannot be copied, because proof of work prevents double spending, so there's only bitcoin

To lizarder

Natural selection does not remove all losers from a system, it just creates a balance in which there are more winners than losers

if winners are those who buy and keep bitcoin, and if natural selection laws do apply to bitcoin, there will be more buyers than sellers and the price

will go up forever


To nakamura12

It's not possible to copy bitcoin because what proof of work discovered was resistance against replicability itself, wich means that all other altcoins based on proof of work are

false, not decentralized

There is only one truth

if bitcoin if true, then all other coins based on proof of work are false

proof of work = bitcoin, there's no other

No, because

the future is chaothic and entropic

but in bitcoin, and only in bitcoin,  chaos makes the price go up, and order makes the price go down, and if the future is chaothic then we can predict that bitcoin price will go up as long as there is proof of work

in a normal company order makes the price go up and chaos makes the price go down, bitcoin is the opposite, the more chaos, the more the price will go up, because it's the only decentralized (entropic) market,

all other markets are centralized (syntropic), and that makes bitcoin an amazing discovery, more chaos = price will go up, in bitcoin 

To lizarder

" what does losing mean?"

Losers are those who sell bitcoin

winners are those who buy and keep bitcoin

If natural selection do favor the winners over the losers, then we will have more buyers than sellers, and this explains why bitcoin price will go up in the future


----------------

To decodx

- decentralization requires that there needs to exist only one center, because if there is no center, there is no decentralization. Proof of work does not invent a center, it discovers it

and that's why bitcoin's proof of work cannot be copied, decentralization means discover a center, not invent one, and the center of decentralization is bitcoin

- centralization admit several centers, because it invents them, not discover them. 

centralization = invent a center

decentralization = discover the only center with proof of work, spending energy

"There are literally thousands of altcoins out there that were created by copying the Bitcoin idea and even the original source code.  And you say that it cannot be copied?"

You cannot copy bitcoin, that's the reason why altcoins based on pow will all fail, bitcoin is proof of work itself. Proof of work means resistance against replicability itself


"On the other hand, it kinda makes sense that Bitcoin can't be reverse engineered. I mean, how in the world can you reverse engineer something that everybody knows the coding for any time that we want? Can't be done."

yes it can't be done, bitcoin is the only product made by mankind that cant be reverse engineered or copied

So the conclusion, the final tought is that:

Bitcoin is like a company in which natural selection is the CEO or manager of the company

all other companies and business need a manager, bitcoin does not, because it's natural selection, and this CEO will

make the price go up because he's good at what he does

To serjent05

"I think decentralization is the opposite because it encourages participation from different individuals thus it defies the idea of a closed system."

Decentralization= entropy
centralization = syntropy

Entropy can only work on a closed system, that's the second law of thermodynamics.

Bitcoin is a closed system because it's impossible to reverse engineer it. But on markets we can reverse engineer about anything, companies do copy each other ideas, only bitcoin is a product that can't be reverse engineered, and

that's why bitcoin is amazing. The first step is to admit that it's a closed system, the next is to assume that only bitcoin is decentralized, the last step is to admit that if it's decentralized, then natural selection laws do apply, and the weaks are

eliminated naturally from the system, and this makes the price go up as long as blockchain exists

To decodx
To Hatchy
To letteredhub


Bitcoin is a closed system because it's not an invention, but it is a discovery. Stock market, and usd, are inventions, and what makes bitcoin a discovery is the concept of proof of work, and it is

closed because its not possible to rediscover it.

And if it's a closed system, you have to agree with me that entropy is applied. Entropy means decentralization, common markets are not subject to entropy because they tend to centralization, but bitcoin tends to

decentralization, and that means natural selection is working on bitcoin, because natural selection acts on decentralization.  

But on natural selection there needs to exist a loser and a winner, because that's how it works




 

"When I read this thread I died laughing, man what a dark thought and that is why losers are removed in bitcoin? and I can't see who these losers are that you are talking about, since in this market the two big requirements for profit are long-term patience, in my opinion, and investing money that the person can afford to lose so that when the price drop a lot and the person will be at a loss and will not sell even if many years pass, eventually the price will recover. Of course, people need to have historical knowledge of prices by looking at the bitcoin charts since it was created. people need to frequently follow news about bitcoin

and also news about the financial market. It has nothing to do with natural selection. It's strange that last week I saw a post from someone who talked about religion, he associated bitcoin with religion, today I see you associating bitcoin with biology. In both cases, this association they are making is simply absurd. bitcoin has nothing to do with religion, bitcoin has nothing to do with biology. This idea that you remove losers to become winners is so absurd that I don't even want to imagine how the hell you came to such a conclusion. what type of market study"


Do you agree with me that those who sell bitcoin are losers, and those who buy and keep bitcoin are winners?

Natural selection removes losers from the system

If bitcoin is a closed system it uses natural selection, and then it will have more winners than losers, so the price will go up forever

"I think that’s totally accurate seeing as cryptocurrency specifically bitcoin can not be studied biologically speaking. Natural selection is a biological concept that typically applies to species not coins which are products of technology.
Yes bitcoin is a closed system hence why we can not change anything from the past transactions as displayed in the blockchain."


Natural selection means surviving entropy eliminating the weak. If you have a closed system you have entropy, and then natural selection, the weaks are eliminated, and the winners survive. If bitcoin uses natural selection, only the winners keep bitcoin, in the long therm this means that the price will go forever up.


"Your logic is flawed on so many levels. First off, natural selection has nothing to do with the stock or cryptocurrency markets. It applies to biological evolution, not financial markets. Companies and individuals in the market compete, sure, but they don't magically eliminate losers.

Second, Bitcoin is not a "closed system", anyone can get in and out of "the system" whenever they want. And Bitcoin eliminates "losers" by... what, burning their coins?  No, it definitely doesn't have any built-in social darwinism where it actively kicks out losers or anything crazy like that. "


Bockchain is not open, we only have 21 million coins, but other markets, like stock market, are open, government can create money out of nothing. Bitcoin eliminate losers because natural selection eliminate losers, their coins tend to go to winners. Natural selection is a mathematical concept, it's not just biological