Replying to Avatar Silner

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.
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Revolution☠️ 1y ago

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.

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Silner 1y ago

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.