Bitcoin Death is approaching

[Jayro]

I dont know... What kid?

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I'm ashamed to admit I paid a scalper. But a couple of my friends paid up to 4x MSRP. Crazy.

I paid Fry's Electronics $100 over MSRP in-person during the first GPU shortage for my 1060, but thankfully they at least matched the newegg price, so I still saved $30 off.

 

[Deleted member 668561]

That death is coming any minute now

If you say so

 

[Jayro]

People say it's dying because almost all of the bitcoins have been mined. So either they'll rollout a Bitcoin 2, or extend the current one with more coins to mine. But they might wanna make a choice, and quick.

 

[Gamemaster1379]

People say it's dying because almost all of the bitcoins have been mined. So either they'll rollout a Bitcoin 2, or extend the current one with more coins to mine. But they might wanna make a choice, and quick.

Even if it's all mined, it doesn't mean that it stops being tradeable. It just increases scarcity.

Furthermore, they regularly halve the rewards the blockchain gives out in a "halvening". it's an attempt to slow down the process.

No matter how you cut it though, bitcoin being completely mined means nothing for the rest of the cryptocurrency market at large. It doesn't impact the existence or value propositions of say, Ethereum.

 

[jeffyTheHomebrewer]

Good fucking riddance. I hope that every "cryptocurrency" (including "nfts") get run into the ground. HARD.

 

[tabzer]

People say it's dying because almost all of the bitcoins have been mined. So either they'll rollout a Bitcoin 2, or extend the current one with more coins to mine. But they might wanna make a choice, and quick.

As all the bitcoins are mined, finishing in the year 2140, the incentive to maintain the network has always been intended to be the transaction fees--and they already are.

Tagging @Gamemaster1379 for the response on the subject.

 

[Gamemaster1379]

As all the bitcoins are mined, finishing in the year 2140, the incentive to maintain the network has always been intended to be the transaction fees--and they already are.

Tagging @Gamemaster1379 for the response on the subject.

I haven't looked into the specifics of Bitcoin's long term strategy, but that is correct. In networks such as Ethereum, mining fees are already what funds the project's miners. I'm not aware of Ethereum's blockchain itself paying out for it being mined -- the payouts are from others wanting their transactions to be included in that block -- thus the miner includes them for the transaction fee that Ethereum users are offering.

While bitcoin doesn't emphasize this as much, it's still a part of it as well and will likely become more front and center once all Bitcoin is mined or the payout is so astronomically low.

I think a lot of people don't actually realize what most cryptocurrency (including Bitcoin) mining really even is. You often hear it's "solving complex equations", but what for -- not a lot of people know. Most crypto mining is for adding the next block to the blockchain. A block is a compilation of database records -- or more specifically, ledger records of who is spending what on the blockchain. So even after the blockchain itself stops rewarding people for mining -- people will still pay to have their transactions included. Thus, so long as someone wants to move Bitcoin (or whatever crypto) from wallet A to B, there will always be someone who will be mining. Even if the blockchain itself is no longer paying out.

 

[tabzer]

While bitcoin doesn't emphasize this as much,

It totally does. It was front and center in a controversial debate before a minority group of the community split off and made bitcoin cash.

Current reward is per block is 6.25 BTC (predeterimined) + Fees which may average at about 4 BTC (currently). It's not talked about every day among twitterbots but it is in the white paper in how bitcoin sustains itself beyond the subsidized block reward. Also, miners are very aware too because it's literally what they are getting paid.

 

[Gamemaster1379]

It totally does. It was front and center in a controversial debate before a minority group of the community split off and made bitcoin cash.

Current reward is per block is 6.25 BTC (predeterimined) + Fees which may average at about 4 BTC (currently). It's not talked about every day among twitterbots but it is in the white paper in how bitcoin sustains itself beyond the subsidized block reward. Also, miners are very aware too because it's literally what they are getting paid.

Miners are aware I'm sure, but you pull an average layperson off the street--and if they know anything about Bitcoin at all, they absolutely don't know this.

Within Bitcoin's actual ecosystem--sure, they do emphasize it, but take it compared to Ethereum or other ERC-20 focused tokens where that is all its about. Hell, for Ethereum, the bidding system in which it abides by became a controversy when transaction fees were peaking at around $200-$300 a transaction because of the absolutely insane congestion it was having.

 

[tabzer]

Within Bitcoin's actual ecosystem--sure, they do emphasize it, but take it compared to Ethereum or other ERC-20 focused tokens where that is all its about. Hell, for Ethereum, the bidding system in which it abides by became a controversy when transaction fees were peaking at around $200-$300 a transaction because of the absolutely insane congestion it was having.

So you know about Ethereum's controversy regarding fees but you aren't aware of Bitcoin's controversy regarding fees? Ethereum went moon because Bitcoin was having this controversy first. The rewards of Ethereum work on the same principle as Bitcoin's as Ethereum was modelled after it. The incorporation of scripting (smart contracts) makes the calculations more convoluted, but it too has a subsidy reward---although a lot smaller. The biggest struggle with cryptocurrency is with scaling. BTC took to "Lightning" which is creeping solution. ETH 2.0 is supposed to address scaling, but we have yet to see.

 

[Bladexdsl]

we can only hope

 

[Deleted User]

why do people dislike crypto?

 

[0x40]

why do people dislike crypto?

gpu shortage and environmental concerns mainly

 

[The Catboy]

gpu shortage and environmental concerns mainly

And mostly ignorance on trying to find better solutions over than just blaming crypto instead of the actual problems.

If you say so

I was making a funny

 

[Squidge]

God I wish it would already, I'm sick of hearing about it and I'm sick of its impact.

 

[Deleted member 668561]

People say it's dying because almost all of the bitcoins have been mined. So either they'll rollout a Bitcoin 2, or extend the current one with more coins to mine. But they might wanna make a choice, and quick.

Or just move to Monero, asic and GPU resistant based crypto

Monero was created as a successor to btc, and was designed to fix the flaws with btc, one is by using an obfuscated ledger

 

[Gamemaster1379]

So you know about Ethereum's controversy regarding fees but you aren't aware of Bitcoin's controversy regarding fees? Ethereum went moon because Bitcoin was having this controversy first. The rewards of Ethereum work on the same principle as Bitcoin's as Ethereum was modelled after it. The incorporation of scripting (smart contracts) makes the calculations more convoluted, but it too has a subsidy reward---although a lot smaller. The biggest struggle with cryptocurrency is with scaling. BTC took to "Lightning" which is creeping solution. ETH 2.0 is supposed to address scaling, but we have yet to see.

I'm going off public perspective. Ethereum fees resonated much more with the general public--at least with the folks I speak with.

I do crypto training courses with the public and ask them what they know before getting started. They're aware of ETH fees and how they're high. Some aren't even aware that Bitcoin _has_ fees.

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gpu shortage and environmental concerns mainly

The environmental aspect makes me laugh. Nobody made a fuss about its impact until Elon Musk said anything. And that's coming from a man whose primary company, Tesla, isn't even more environmentally friendly than any other car company. They just frontload the carbon emissions into the raw material mining.

 

[MikaDubbz]

While certain countries are outlawing it, and it's taking another big hit at the moment, I don't see the cryptocurrency ever properly dying. It could take many tremendous blows, and a single bitcoin would still be worth far more than a single dollar.

 

[HippyJ3]

Bought a thousand XRP coins back when the price per coin were 10 cents each in US dollars conversion, just waiting for the coin to reach 4k dollars before selling everything, don't care how long it would take, as long as I have the coins, I could sell them when the time is right.

 

[andyhappypants]

So much misinformation spread around regarding crypto! Cracks me up.. sheeple will believe almost anything. China want total control of everything in China, the fact that scores of mining equipment being transported to the USA tells me the complete opposite of what this post is about. Do some research and don’t believe everything you read.

Buy the dip and ride it out

Remember kids, only play within your means and stake what you can afford to lose.

Also I’m not a financial advisor

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dollar: is real money

Dollar is almost worthless, your government is printing bills and further reducing the value of your money