• UvasUvas Posts: 678 Silver ✭✭✭✭
    Great article, this company is certain to succeed. it is simply digitalizing and distributing the money that stands the test of time.
  • GoldmattersGoldmatters Posts: 3,963 Admin
  • UvasUvas Posts: 678 Silver ✭✭✭✭
    edited March 2017
    After thinking about the article a bit, I am not certain that bitcoin can be called a ponzi scheme. While its price does seem to be a speculative bubble, bitcoins do not promise any kind of a return on your investment. There would be no real pressure to keep increasing the amount of money flowing into bitcoins. If the amount of investments level off, or even decrease, the result wouldn't be a complete collapse as would happen in a ponzi scheme. The price of bitcoins would simply stop going up , or drop some amount.

    I agree with Roy that bitcoin's main utility is that it is an untracable way to move value. There will always be a market for something like that. But even if bitcoin continues to lose market share, it has been proven to work and will continue on in some manner.
  • UvasUvas Posts: 678 Silver ✭✭✭✭
    edited March 2017
    Perhaps there is a collapse point for bitcoin. If the speculative price bubble bursts and the value of the coin is less than break even for the majority of miners, then the miners would abandon the system. And if enough miners left, the system would simply stop functioning.

    I suppose the key to bitcoin surviving something like this would depend upon if the remaining miners would see an increase in their income because of reduced competition from less miners. If that is the case, then there would be an optimal amount of miners for a given amount of transactions and the system would self correct due to free market pressures.

    Interesting stuff to ponder...
  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    For me, the most powerful point of Roy's ambitious article was...

    'money must follow the natural order of things and that abstract concepts of money not inexorably linked to nature will inevitably fail as money."

    Whenever we humans get a little too uppity about ourselves, Nature has a way of smacking us up the side of our collective head. I recommend the book "Sapiens" by Yuval Noah Harari for his insights on the history of mankind and our possible future if we persist in our delusions.

  • ike11ikeike11ike Posts: 164 Bronze ✭✭✭
    @GoldMatters @Uvas @GrandpaBrian Thanks for the suggestions and insights gentlemen.
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    edited March 2017
    One thing @Roy Sebag keyed in on is that math is really just a tool. Something I've heard Jacque Fresco say. "I see harmony in nature." Einstein responded to Jacque, "yes the universe is lawful."

    Fresco's conversation with Einstein

    I agree with the twitter comment that it would be nice to hear this in spoken word but I'd even take it a step further and create a video animated piece on it. Maybe throw in a little humour for engagement!

    Great piece Roy.
  • TauntFourstarTauntFourstar Posts: 218 Bronze ✭✭✭
    edited March 2017
    from what I understand, bitcoin transactions will require terabytes of data storage at some point and as it increases past a reasonable amount, will drop many that host data locally and will ultimately be serviced by big companies that can afford it when data becomes too expensive for the little guys... so its not just mining, but data that will be challenge along with compute...

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