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those "side projects" are created to bring money to their creator (perhaps a good analogy is "fiat and bank"). So you can take it any way you want 😊

I think the argument is valid though.

For many poor people, the moment when they could afford to mine #Bitcoin has passed.

For many people in the developing world that's no more use than the dollar.

That's the growth problem in a nutshell. You only have to look to see the recent influxes have all been corporate.

I think that's a real problem.

I won't have BTC either and others have it and I'll still love talking about it and researching it and everything around it.

There will always be poor people and poor countries and there will always be scams and people who will believe them.

I also believe (know) that in the future things will be better and the government will not have as much power as it has

When I first heard about blockchain technology I thought this is amazing.

I thought they could invent a coin that measured people's hours of work.

I thought that way we could have a real metiticracy, where people valued plumbers more than politicians, because we need plumbers more often.

That way, I thought, old people can't store value. Young people will become more valuable because they can do more work.

It hasn't happened yet, but I'm still waiting. And I say this as a sexegenariam, because it would be fair.

Agree with replacing politicians with engineers 👽

The older generation is just here to preserve values and pass on to the next 😎Experience is priceless .

You’re in your prime 💪

once_aphysicist 1y ago

This is typical shitcoiner behaviour, scaremonger "#btc is out of reach", propose "my shitcoin alternative". You are starting with a lie that the orange coin is out of reach. 1 USD ≈ 1600 sats, so it's most definitely not.

There are some rough edges when it comes to holding small balances, I'll grant you that. The solution to that isn't a shitcoin, but to get involved and try your ideas and *build* a solution.

If on the off chance you are actually sincere, I invite you to study more how Bitcoin works, particularly minining, the security it provides, and the various downstream consequences of mining incentives. Here's a resource for your reading: https://learnmeabitcoin.com/

Yes you are right , we are just debating BTC is one and only in every way then it has a friend Monero but that is another story 👍😊

I was talking about the psychology of ownership to be honest. I meant mining bitcoin as viable way of owning it is now out of reach of most of the world.

I'm not basing that on the price of #bitcoin but rather the price of #ASIC #mining rigs.

That was real trick the bitcoin maker missed. They should have made it ASIC resistant like #Monero is.

The actual price of bitcoin is irrelevant to my argument.

You mean getting bitcoins by mining . Again I will give purely my perspective .In that you are right the beginning was a gold mine ( like gold mining ) With food comes appetite and so mining companies started to emerge and purely for BTC mining the strongest ones remained ( cheap energy , good location ) . Then there will be those who will make some money on fees and sometimes win some BTC. Then there will be those who want to join the community and try something new.

Well, yes, you are right about owning BTC. Few people can afford to buy it in quantity to gain the comfort of life.

You may be right, but something has changed in the intervening century. That something is the birth rate. If it keeps falling and consequent demand falls with it, as seems likely now, then the price growth of Bitcoin, as well as any other measure of capital value, will eventually tail off.

Gold stanards only really work as long as there is a growing numbe rof people wanting gold and that in turn relies on a growing population. Even a finite mathematical constant like Bitcoin is not immune to that function.

Eventually the rarest resource on earth will be young people and old people will have to pay more for their time, in terms of their work at least. I started realising this as I was getting older.

I'm just amazed no one else is talking about it.

Hanshan 1y ago

I can mine .002 #monero per day.

but mostly just a fun thing to do, not cost effective depending how you measure.

Well I wouldn't include #xmr in my criticism. I think the fact it's ASIC resistant makes it a lot more democratic in that respect.

Mining a shitcoin is a terrible idea when you can simply buy bitcoin and hold it.

Ralphie 1y ago

If I would explain to you why shitcoining is bad for you, would you listen?

Well I question everything, #bitcoin included. I'm not especially sceptical about bitcoin. I'm just generally sceptical about everything.

As a technology #blockchain works. As a currency #BTC works. As a measure of value, nothing works for long in my experience.

Blockchain is nothing more than a SQL database where modifications are linked in a chain.

Proof of Work is the secret sauce in Bitcoin, not blockchain. This is one of many reasons why shitcoins are worthless and going to 0 against Bitcoin. The fact that they "now, with blockchain!" is irrelevant.

Eventually the secret sauce will have to be quantum resistance.

But proof of work was a solution to a problem. It's not a perfect solution though because as energy costs rise, and they will, it prices new miners out of the market.

That solution had now become the problem in my view. We need a quantum resistant proof anyway. Without that the house of cards will fall.

POW was a good stopgap solution but I don't think it can remain that way.

energy costs have been decreasing for the entirety of human history if you do not price them in debasing fiat currencies. The progress of human civilization has been a direct result of our ability to more efficiently harness energy from the environment. With technological innovation that will only continue and energy prices will continue to drop.

There is no "house of cards", everything is working as designed and will continue to.

As for quantum computers, that has nothing to do with proof of work that has to do with the encryption algorithms used in bitcoin. If such a thing as a quantum computer is actually possible, and it in someday in the future developed, then we need only change the encryption systems to use quantum resistant algorithms, which already exist and are well documented.

Mining is a way to turn electricity directly into money. Poor people don't have a lot of excess electricity, therefore mining is not a good option for them. Better to use their labor to earn fiat and then convert that into bitcoin.

It doesn't matter how you earn the bitcoin, mining or otherwise, it's the same result, you hold Bitcoin.

Shitcoins are a terrible idea and a great way for poor people to become even more poor.

zk 1y ago

perhaps use channels in 0xChat for some engagement,

Or groups perhaps is the way to go. This is currently a Bitcoin mainly space, but it was not built to be that, it was built to be a decentralized social network