Who is Satoshi Nakamoto? Does he really exist? If he owns more bitcoin than anyone else how did he get them?
If in the future no more bitcoins can be mined how will verification of transactions take place then? What is the incentive? Is that written in the source code?
Why do people have so much faith in bitcoin?
@metal-brain saidI don’t have any faith in Bitcoin but then I don’t have any faith in the other ephemeral transactional tokens either.
Who is Satoshi Nakamoto? Does he really exist? If he owns more bitcoin than anyone else how did he get them?
If in the future no more bitcoins can be mined how will verification of transactions take place then? What is the incentive? Is that written in the source code?
Why do people have so much faith in bitcoin?
Someone must be running these servers and given ( and I’m guessing here ) new Bitcoin can only be mined if their existence is supported and demanded by offline currency or some sort of physical collateral. I would imagine that they are as prone to bubbles as any other currency and could all end in tears for the bottom four fifths of the Bitcoin pyramid.
"In September of 2018, Japanese tech firm Tech Bureau notified users that over $62 million worth of Bitcoin, Bitcoin Cash, and Monacoin had been stolen from its crypto exchange, Zaif. The hack occurred over a 2 hour period on September 14, but was not discovered until the 17th."
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say no more. Hacks can never steal physical gold.
@earl-of-trumps saidBitcoin can be stolen, but that can be avoided by avoiding third party possession of your bitcoin. You can create what is called a digital wallet to possess it yourself if you choose. If your hard disc gets corrupted you can lose it though, so some people transfer it to a thumb drive and put it in a safety deposit box.
"In September of 2018, Japanese tech firm Tech Bureau notified users that over $62 million worth of Bitcoin, Bitcoin Cash, and Monacoin had been stolen from its crypto exchange, Zaif. The hack occurred over a 2 hour period on September 14, but was not discovered until the 17th."
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say no more. Hacks can never steal physical gold.
People earn bitcoin in return for verifying transactions. This gives people an incentive to keep the system from being corrupted and collapsing. If bitcoin mining ends in 2041 what will the incentive for verification of transactions? If there is no incentive bitcoin will collapse after 2041.
I am not a computer scientist so I don't know what is in the source code, so I have to rely on the experts to tell us what happens after 2041. Do any of the experts tell us what is in the source code to create an incentive to continue transaction verification after 2041? If there is none the whole bitcoin system will collapse, right?
@metal-brain saidYou know a hell of a lot more about it than I do, that's for damm sure.
Bitcoin can be stolen, but that can be avoided by avoiding third party possession of your bitcoin. You can create what is called a digital wallet to possess it yourself if you choose. If your hard disc gets corrupted you can lose it though, so some people transfer it to a thumb drive and put it in a safety deposit box.
People earn bitcoin in return for verifying trans ...[text shortened]... transaction verification after 2041? If there is none the whole bitcoin system will collapse, right?
But I have kept myself naive because I don't care, I will never own cryptocurrency.
Now, I may look up this feature of having a wallet. I don't know why each bitcoin could not have
a serial number just like paper currency, and "holds" placed on stolen currency. Then, I would find it uselful.
But right now...? not for me.
@earl-of-trumps saidBurglars can never steal bitcoins
"In September of 2018, Japanese tech firm Tech Bureau notified users that over $62 million worth of Bitcoin, Bitcoin Cash, and Monacoin had been stolen from its crypto exchange, Zaif. The hack occurred over a 2 hour period on September 14, but was not discovered until the 17th."
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say no more. Hacks can never steal physical gold.
But I don't trust these virtual currencies anyway
@earl-of-trumps saidI understand.
You know a hell of a lot more about it than I do, that's for damm sure.
But I have kept myself naive because I don't care, I will never own cryptocurrency.
Now, I may look up this feature of having a wallet. I don't know why each bitcoin could not have
a serial number just like paper currency, and "holds" placed on stolen currency. Then, I would find it uselful.
But right now...? not for me.
I think a bitcoin does have a number, but it changes with every transaction.
Bitcoin appears to be unstable in the long term. It appears as though it was designed to fail after 2041, yet people still have confidence in it. I am open to the possibility that something else comes after that, but why has nobody brought it up and scrutinized the source code for flaws?
Either there is an answer or there is not. If I cannot get an answer I have to assume bitcoin will collapse after 2041. That is when bitcoin will die.
Contrary to what many claim, there's no hard cap on the number of tokens that are in circulation. Rather, it's computer code and community consensus that determine this cap. Although it's unlikely that consensus would be reached to increase the 21 million token cap anytime soon, I suspect there will come a time when the lack of incentive for bitcoin mining will cause a consensus creation of more bitcoin to reward miners for preserving the system.
The 21 million cap is a myth.
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@metal-brain saidA work colleague has made about 40k with bitcoin in a very short time period, but bizarrely won't sell and quit while he is ahead.
Who is Satoshi Nakamoto? Does he really exist? If he owns more bitcoin than anyone else how did he get them?
If in the future no more bitcoins can be mined how will verification of transactions take place then? What is the incentive? Is that written in the source code?
Why do people have so much faith in bitcoin?
@ghost-of-a-duke saidTell him to dump those Tulips now!
A work colleague has made about 40k with bitcoin in a very short time period, but bizarrely won't sell and quit while he is ahead.
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@kevcvs57 saidI did, but he insists the value will double again.
Tell him to dump those Tulips now!
@ghost-of-a-duke saidYeah so did my great great great great great great great granddad and look at me now.
I did, but he insists the value will double again.
As bitcoin is now, the incentive for bitcoin mining will diminish and it would be in danger of becoming monopolized. Increasing the coin supply to incentivize miners would have to take place to save it from mutiny.
I understand that could happen if consensus takes place to make those changes. Consensus of who? The miners?
How does all of that work? Does someone make a suggestion on the network and people vote on it? Who does the voting?
I read somewhere that bitcoin consensus necessary for evolving has not been accomplished yet. Has consensus really been that difficult to achieve?
This consensus thing is pretty important to the long term stability of bitcoin. Why is it so hard to find out how it works?