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Bitcoin has died 166 times, so far

99bitcoins.com

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Re: Bitcoin has died 166 times, so far

#21

Post by zdkl »

lokedhs wrote: post #17
harwoodleon wrote: post #14

A balanced view is that all the articles hold some substance. But the technology is more at threat through its own community than any external force. One question that I don't really understand is how can the total supply of BTC serve its own growth. If the market cap reaches the same value as gold for example - how long before one Satoshi becomes too large a divisible unit to be useful? Can you divide Satoshi?

Isn't the greater problem that the total market cap of bitcoin is always going to be 22 million? In other words, the single bitcoin I own will always be worth 1/22M of the entire market cap, regardless of how much it's used. And I only own one. There are lost of people out there who owns thousands of bitcoins. 1000 bitcoins is 1/22k of the entire market cap. How could this be sustainable?

I don't understand how the issue you're describing is specific to bitcoin.

Consider that wealth in the real world also accumulates in a non gaussian distribution.

Re: Bitcoin has died 166 times, so far

#22

Post by dwaltrip »

Laforet wrote: post #12

And what is the point? Does the price prove that bitcoin has not failed? To me, bitcoin died sometime in 2013 when mining became hopelessly centralised, breaking the economic and security models Satoshi had set forth. The bitcoin thereafter has been a soulness Frankenstein animated by a mixture of ego, greed, and hubris. I don't want to make any predictions, but when the crash comes it will be over before you knew it…

> I don't want to make any predictions, but when the crash comes it will be over before you knew it.

I don't want to critique any sentences, but this one is heavy on rhetoric and low on information.

Re: Bitcoin has died 166 times, so far

#23

Post by 0xFluegel »

firefoxd wrote: post #19

I think bitcoin is a lot like Snapchat. A lot of people dismiss it because it doesn't make total sense. But those who do, are trying to work with it. Yes, it may die next week. But next week may also bring another reason to stick with it. Even if it dies, we already had a taste of it, what are we gonna do? Not try again?

Well... We made it to the moon once - and then decided that it's not neccessary to do it again... /s

Re: Bitcoin has died 166 times, so far

#24

Post by aedron »

tobyhinloopen wrote: post #3
phasecode wrote: post #2

Why does it seem like more and more sites are requesting permissions to send notifications...makes it hard to consider this a "trustworthy" site when the first thing you're trying to do is ask for permissions to send notifications.

Yeah I never accept that. Who would?

It's a poor design where a site is allowed to throw up a dialog like that (also goes for the "this site wants to know your location! yes/no").

It should work like the popup blocker, just show a red cross somewhere, that some action was blocked, and if the user wants to, he can go and unblock it. The onus should be on the site owner to tell his user "if you want this additional functionality, please go and enable ".

Re: Bitcoin has died 166 times, so far

#25

Post by thinkMOAR »

Laforet wrote: post #12

And what is the point? Does the price prove that bitcoin has not failed? To me, bitcoin died sometime in 2013 when mining became hopelessly centralised, breaking the economic and security models Satoshi had set forth. The bitcoin thereafter has been a soulness Frankenstein animated by a mixture of ego, greed, and hubris. I don't want to make any predictions, but when the crash comes it will be over before you knew it…

"Does the price prove that bitcoin has not failed?"

Does the price of a painting determine it is a good painting? Afaik not.

Re: Bitcoin has died 166 times, so far

#26

Post by Tepix »

phasecode wrote: post #2

Why does it seem like more and more sites are requesting permissions to send notifications...makes it hard to consider this a "trustworthy" site when the first thing you're trying to do is ask for permissions to send notifications.

Same with apps on iOS. Smart apps ask the user before they request permission from the OS.

Re: Bitcoin has died 166 times, so far

#27

Post by steeleduncan »

One of the early obituaries on that list mentions that the finite supply of bitcoins, combined with lost crypto keys and hoarding will eventually lead to a situation where there aren't enough coins for it to be a viable currency.

Clearly, in that situation you can subdivide coins as far as required, so it isn't a risk to bitcoin as such. However, I have often wondered if there is any estimate of the "effective supply", that is to say ("minted coins" - "coins where the private key is lost")?

Re: Bitcoin has died 166 times, so far

#28

Post by tete »

lokedhs wrote: post #17
harwoodleon wrote: post #14

A balanced view is that all the articles hold some substance. But the technology is more at threat through its own community than any external force. One question that I don't really understand is how can the total supply of BTC serve its own growth. If the market cap reaches the same value as gold for example - how long before one Satoshi becomes too large a divisible unit to be useful? Can you divide Satoshi?

Isn't the greater problem that the total market cap of bitcoin is always going to be 22 million? In other words, the single bitcoin I own will always be worth 1/22M of the entire market cap, regardless of how much it's used. And I only own one. There are lost of people out there who owns thousands of bitcoins. 1000 bitcoins is 1/22k of the entire market cap. How could this be sustainable?

Compare this with the global economy. The number of Bitcoin users is still increasing, so the wealth is distributing.

If you compare that with the global economy, the wealth is accumulating at a single point.

https://upload.wikimedia.org/wikipedia/en/b/b8/Share_of_weal...

I do however agree that's a problem.

I also think that gold and precious metals are doing good, despite being (currently, essentially) limited.

Re: Bitcoin has died 166 times, so far

#29

Post by fsniper »

dmitriid wrote: post #16

In any other world a change of 30-40% per day in any direction would be a cause of concern. Bitcoin enjoys a reality distortion field that keeps it inflated beyond any reason. It's not that different from any other coin on these lists: http://deadcoins.com , https://magoo.github.io/Blockchain-Graveyard/

In what sense this lists, and bitcoin are different from these? https://trader2trader.co/2012/11/28/list-of-590-dead-currenc...

Re: Bitcoin has died 166 times, so far

#30

Post by [deleted] »

Freak_NL wrote: post #20
Laforet wrote: post #12

And what is the point? Does the price prove that bitcoin has not failed? To me, bitcoin died sometime in 2013 when mining became hopelessly centralised, breaking the economic and security models Satoshi had set forth. The bitcoin thereafter has been a soulness Frankenstein animated by a mixture of ego, greed, and hubris. I don't want to make any predictions, but when the crash comes it will be over before you knew it…

Trying to learn something about blockchain: the technology and its applications right now, means wading through masses of hype and parties anxious to 'get into it' before it's 'too late'. In healthcare IT the blockchain is hot right now. Government bureaus are pushing for adoption, care institute executives heard somewhere that this blockchain thing is the bee's knees and well suited for healthcare stuff like insuran…

[deleted]
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