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2013-04-01 10:02 32702364 Anonymous (Total_bitcoins_over_time.png 900x729 175kB)
Why was Bitcoin created in such a way that mass numbers of coins were released early and fewer get released over time? Shouldn't it be the reverse where more coins get released as it gets more popular? With the scheme setup the way it is, it seems like early adopters get a massive benefit that others don't. It's not a Ponzi Scheme or a Pyramid scheme the way some people have tried to incorrectly use those terms. But it does seem to be setup in a way that vastly benefits a select few over others. It seems like another 1% vs the 99%.

1 min later 32702382 Anonymous
The market should reward those who can make good investments, and this is one example of this. Besides, monetary inflation is not a good thing in the short term.

1 min later 32702389 Anonymous
>>32702364 same thing's gonna happen with litecoins

2 min later 32702392 Anonymous
>>32702364 Of course it's a pyramid scheme. You think bitcoin wasn't intentionally designed this way to benefit the creators and early adopters on the off-chance it went anywhere?

3 min later 32702408 Anonymous
>>32702392 Benefits the creators does not mean pyramid scheme.

4 min later 32702411 Anonymous
>>32702382 >engineered level of difficulty that rewards early adopters >"the market"

6 min later 32702438 Anonymous
>>32702411 The level of difficulty represents how much people are interested in bitcoins, not strictly speaking in a way that benefits the creators. "The market" means everything, which includes other currencies.

9 min later 32702466 Anonymous
>>32702382 If it never took off it just as easily could have been a bad investment. There's no way to predict it from the start. For people that have a lot to lose you can't blame them for being cautious. Not everyone can afford to take risks.

9 min later 32702468 Anonymous
It's not a pyramid scheme because everyone knew Bitcoin was going to be like that ever since the beginning.

10 min later 32702470 Anonymous
Its kinda like gold but the limit is artificial. Sure, you COULD mine gold right now but all the easy stuff has been taken by 'early adopters'.

10 min later 32702477 Anonymous
That picture is basically why libertarians don't like inflation. They don't want to reward people for their work, they want people who already have money to be able to easily engage in rent-seeking by means of artificial scarcity.

13 min later 32702496 Anonymous
I hope Bitcoin fails because I do not want people to get rich by hoarding a "currency". If another crypto-currency arises that does not support early-adopters I will support that.

13 min later 32702502 Anonymous
is there a site similar to coinbase for litecoins?

14 min later 32702506 Anonymous
>>32702496 What you want and what's best are two different things

16 min later 32702535 Anonymous
>>32702506 What's best is subjective. If everyone agreed with me that early-adopters shouldn't be rewarded then early-adopters wouldn't be rewarded. By not supporting Bitcoin I'm just doing my insignificant part in not rewarding early-adopters.

17 min later 32702548 Anonymous
Have you seen what scarcity has done? It's promoted a tech race to push mining. It's exactly like looking for physical, non-renewable resources. It's easy to find gold early on but as time goes by you need to "work harder" to get some. Alternatively, think of oil. It doesn't mean people can't get into the game later on nor does it mean that the fellow who mines while be wise with his own finances, or that the market will bare these prices forever.

19 min later 32702574 Anonymous
>more coins get released as it gets more popular >HURR GIB EVERYONE MONEY EVERYONE WILL BE MILLIONAIRES

19 min later 32702580 Anonymous
>>32702496 >the guy that sees a market in a certain resource he found should not be rewarded better than the guy that jumped in the market 5 months later after he got the signal from the initial guy's profits. What are you suggesting exactly? A flat difficulty? The absence of scarcity would bottom prices and consequently the value.

20 min later 32702585 Anonymous
>>32702574 >implying this is not how keynesians think

20 min later 32702591 Anonymous
>>32702574 go to bed bernake

22 min later 32702604 Anonymous (Ben-Bernanke.jpg 3952x2604 992kB)
>>32702574

22 min later 32702612 Anonymous
>>32702580 But then again, you can fool people into buying bottled water at a price per liter higher than that of gasoline.

22 min later 32702613 Anonymous
>>32702364 this is to encourage early adoption. people under time constraints are under less inhibition and tend to make more hasty decisions, usually in your favor. Home salesmen usually use this, pretending to have a potential buyer at <close date here> to pressure you into getting the house.

23 min later 32702616 Anonymous
>>32702612 Someone wasting their money is not my problem

28 min later 32702670 Anonymous
>>32702616 I'm just saying that value is subjective and doesn't always reflect what the market should in theory think.

30 min later 32702689 Anonymous
>>32702438 The level of difficulty is a variable that can only go upward. Every single interested party could lose interest tomorrow but the level of difficulty would remain the same because that is how the algorithm works.

32 min later 32702697 ennui
>>32702689 >The level of difficulty is a variable that can only go upward no

33 min later 32702709 Anonymous
>>32702477 This. But still I'm a proponent of crypto-currencies for their help in anonymizing transfers.

36 min later 32702740 Anonymous (speed-lin.png 1280x800 16kB)
>>32702689 >The level of difficulty is a variable that can only go upward. But that's wrong.

38 min later 32702766 Anonymous
>>32702740 I'm surprised.

43 min later 32702818 Anonymous
What happens when it runs out?

46 min later 32702864 Anonymous
>>32702477 Libertarians are shit Economists, just like these people who support Bitcoins. Inflation is controlled and done on purpose to make people spend their money, as opposed to just hoarding them.

47 min later 32702883 Anonymous
buttcoins are more like stocks, not currency. 1 billion market cap is not even one of the many mid size tech companies. it will never amount to anything because 1. buttcoins isn't currency, 2. they can take on the multitrillion dollar finance institutions that controls the payment/credit industry.

48 min later 32702890 Anonymous
>>32702883 *can't

50 min later 32702924 Anonymous (1361419039290s.jpg 250x156 7kB)
>>32702364 internet jews created buttcoins

53 min later 32702972 Anonymous
>>32702818 Bitcoin will slowly die because of more and more people keep coins in their wallets, effectively taking monetairy units out of circulation. Scarcity will increase and so will the price. >inb4 jews telling you to buy NAO

57 min later 32703004 Anonymous
>>32702972 That is the exact reason why normal currencies have controlled constant inflation happening, so that this thing (Called: Deflationary spiral) could be prevented.

59 min later 32703028 Anonymous
>buttcoins Because real money issues weren't bad enough.

1 hours later 32703150 Anonymous
>>32703004 If i put One thousand dollars into a savings account I mite earn 2 to 3% interest. But at the same time I will lose 4% to 6% of Value from inflation. And in times of war or depression that could grow to 14 or 17% as it has in the last few years. Fuck inflation.

1 hours later 32703200 Anonymous
>>32702389 Keep telling yourself that.

1 hours later 32703290 Anonymous
>>32703200 n...no that's what's gonna happen they're making a lot now and are going to exponentially make less The code is precisely the same as buttcoins. They just produce faster

1 hours later 32703335 Anonymous
What do you care if early adopters happen to make some money, OP? It doesnt mean that you lose money. You still profit from being able to enjoy the great payment system that bitcoin is. In fact I think early adopters deserve some profit for paving the way for mainstream use.

1 hours later 32703388 Anonymous
I'm sticking with bitcoin litecoins are impossible to sell without going through some russian bullshit and having 10% taken from you

1 hours later 32703506 Anonymous
>>32703290 Bitcoin currency was created to solve certain problems. WhateverCoins present nothing new, they're made by people who are jealous seeing original Bitcoin early adopters getting rich. It is nothing but "my own Bitcoin with blackjack and whores". Typical WhateverCoin: - hurr durr less confirmations for transaction. Yeah, sure, who needs security when this crap is made for creators own profit, not for real world use. - hurr durr derp muh faster mining. See above.

1 hours later 32703561 Anonymous
>>32703335 It's still very frustrating to think that some neckbeards suddenly woke up with potential to own the world without - let's be honest - much effort put into it. Early CPU/GPU mining doesn't look like something beyond all abilities of an average individual.

1 hours later 32703578 Anonymous (hqdefault.jpg 480x360 11kB)
>>32703561 >2013 >tfw crime is the only way to become bitcoin millionaire

1 hours later 32703579 Anonymous (ltcusd.jpg 950x530 80kB)


1 hours later 32703597 Anonymous
>>32703578 Since LTC is already picking up, now you can only become a scamcoin millionaire (PPC/TRC).

2 hours later 32703628 Anonymous (57344eb6bbe847ed8015768b3182a43c.jpg 600x350 32kB)
>>32703579

2 hours later 32703632 Anonymous
>>32703561 >Early CPU/GPU mining doesn't look like something beyond all abilities of an average individual. And yet so few individuals still bothered to get into it. I myself remember seeing Bitcoin threads on /g/ early last year and completely disregarded it because I didn't think they would ever be worth more than pennies. I'd say the people who actually believed in the currency early on and took the risks of buying hardware, investing their time, etc. with no guaranteed payoffs deserve to reap whatever profit they can from it.

2 hours later 32703650 Anonymous
>>32703579 looks like pump&dump to me.

2 hours later 32703673 Anonymous
>>32703650 LTC black market has opened not long ago.

2 hours later 32703682 Anonymous
>>32703632 I remember downloading the BTC client somewhere early 2010. I found it intriguing but didn't mine because I had no income.

2 hours later 32703709 Anonymous
>>32703632 >deserve to reap whatever profit they can from it Yes. >took the risks of buying hardware, investing their time, etc Oh, come on! Early mining was all about: "My fancy Radeon for Crusis, let's search for some blocks tonight, shall we?" Time investments? Like "I'm going to john, u mine coins nao."

2 hours later 32703717 Anonymous
>>32703682 I downloaded it around early 2011, but the wallet took ages to update and i figured i won't be ordering anything from the silk road anyway so i said fuck it.. Incidentally, that was also the time when i bought a 5850. Fuck my life

2 hours later 32703744 Anonymous
>>32703709 Sure it's not rocket science, but it did take some research and effort to set up. As mentioned enough that I never even bothered doing the probably hour or two of research that would have been necessary to get my GPU mining back in early 2012. Point was if it was so easy and required no effort, everyone would have been doing it back then. They obviously weren't.

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