Merged Bitcoin - Part 3

gnome said:
Of what use is your hopes? Pile it up with some thoughts and prayers and see what good it does anyone.
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Of what use is your vitriol?

gnome said:
Or, you could refuse to participate. More people refusing to trade in it disincentivizes mining.
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Not that I do any mining myself but as long as there is a potential profit in mining or buying bitcoin, mining will never be "disincentivized".
 
psionl0 said:
Well you are the one who asked why else I would bump this thread (if not to invite posters to make fools of themselves). If that is not reading my mind then that is a big assumption.
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In a previous post, you said "the purpose of bumping this thread wasn't really to invite posters to make fools of themselves". The clearly implies you had another reason, but when I asked what the other reason was, you merely restated the quoted statement as a question. I can't answer a question about your motives for an action if you haven't divulged them - not being a mind reader and everything.

Has it ever been anything else?
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I thought the idea was to use it like a currency. There were some attempts to do that, but everybody seems to have lost interest.

It is yesterday's news as far as the main stream media is concerned (so not reportable) and will continue that way until the next big development pushes it to the forefront again. That doesn't mean that things aren't happening.
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So what things are happening?
 
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jeremyp said:
In a previous post, you said "the purpose of bumping this thread wasn't really to invite posters to make fools of themselves". The clearly implies you had another reason, but when I asked what the other reason was, you merely restated the quoted statement as a question.
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The reason is exactly what I stated when I bumped the thread: "This must be the first time in the history of the bitcoin threads that the thread actually dropped off the monthly list". I had no ulterior motive. I never realized that this would re-start an endless stream of pages of bickering (silly me).

jeremyp said:
I thought the idea was to use it like a currency. There were some attempts to do that, but everybody seems to have lost interest.
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That may have been the original intent (Satoshi Nakamoto said as much in his original message) but it soon turned out that "hodling" was the better idea.

jeremyp said:
So what things are happening?
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Watch this space.
 
psionl0 said:
Of what use is your vitriol?
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Because it's a weak excuse.

Not that I do any mining myself but as long as there is a potential profit in mining or buying bitcoin, mining will never be "disincentivized".
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It isn't a toggle switch. Fewer participants means less potential returns from mining. You don't control other people, but you control your own part: whether to trade in it, whether to promote it.

Obviously I can't tell you what to do. But this is not an objection you have provided any meaningful response to.
 
psionl0 said:
That is a fundamental misunderstanding of POW. Fewer participants means lower mining costs for the same number of bitcoins.
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But if fewer non-miners want the bitcoins, that doesn't matter so much does it?
 
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psionl0 said:
The reason is exactly what I stated when I bumped the thread: "This must be the first time in the history of the bitcoin threads that the thread actually dropped off the monthly list". I had no ulterior motive. I never realized that this would re-start an endless stream of pages of bickering (silly me).
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When you said that, I didn't think you were being serious, sorry. I think it's better to let threads in which people have lost interest die rather than continually resurrect them.

Watch this space.
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Oh goody. Another "guess what psionl0 is thinking" game.
 
Gulliver Foyle said:
Well, you do want to keep that distinction all to yourself.
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Soothsaying, projections, false analogies, ad hominems and just plain insults - I have seen them all in this thread. What this exercise shows is that there are heaps of posters just champing at the bit to do it all over again.

I will not bump this thread again (unless there is real news).
 
ponderingturtle said:
Why has everyone soured on NFT's. They are fundamental crypto and so are sure to bounce back any day now
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I get a bit of amusement out of collecting scam paraphernalia. For example, I have three Iraqi Dinar that I got for cheap off Ebay back when there were sellers everywhere offering the nearly worthless currency in bulk for the coming "revaluation" that would make holders rich. I was probably one of the few buyers who wasn't buying it in thousand-note bricks, and my 50 cent shipping was almost as much as the total purchase price.

I guess I could buy an NFT for cheap now, but what's the point? The links will probably all be dead in a few years (if not already) so it has limited value as a keepsake or novelty. You can already print out any NFT you wanted regardless of ownership if you wanted to do so. Even as a gimmick there's not much utility in these things.
 
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psionl0 said:
OK you win. Bitcoin serves absolutely no purpose whatsoever and there will be no new developments in the crypto field. :rolleyes:
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No don't be silly. I expect grifters to find many more ways to take money from idiots by giving them magic beans without actually having to grow beans.
 
JoeMorgue said:
No don't be silly. I expect grifters to find many more ways to take money from idiots by giving them magic beans without actually having to grow beans.
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On that theme, here's a video about the true nature of Bitcoin and why it hasn't gone away yet:-

Crypto: The World’s Greatest Scam


"Bitcoin to Blockchains, to NFTs, to Web 3.0... it's time to find out if it's really all the hype or just part of one of the greatest scams in human history."
 
More details about the utter collapse of the NFT market:

“Dead NFTs: The Evolving Landscape of the NFT Market” is a new report from dappGambl, a community of experts in finance and blockchain technology. Upon analysis of 73,257 NFT collections, the authors found that 69,795 have a market cap of zero Ether (ETH), the second most-popular cryptocurrency behind Bitcoin. In practical terms, that means 95 percent of NFTs wouldn’t fetch a penny today — a spectacular crash for assets that reached a trading volume of $17 billion amid a frenzied bull market in 2021. The study estimates that some 23 million investors own these tokens of no practical use or value.
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95% of the NFT market has 0 cash value, 23 million people left holding the bag.

https://www.rollingstone.com/culture/culture-news/nfts-worthless-researchers-find-1234828767/
 
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