Re:Looks like JP Morgan got caught buying Bitcoin today (use...
by nosuchthing on Saturday September 16, 2017 @04:35AM
(#15263613)
BTC because it's scarce
BTC isn't really scarce, there's quiet a few newer iterations like Litecoin, Monereo, Ethereum, Dogecoin etc..
It's also worth noting the supply was minted mainly by miners doing very low difficulty work early on, using basic home computers.
Satoshi made an intensional design choice to gain control of the supply for a very low cost, exploiting late adopters as bag holders.
The incentive system for bitcoin mining might of anticipated gaining popularity as time passes and increasing the reward as the network grows, but the system was designed completely opposite of that, at the expense of the masses for the benefit of sending the supply to the mining nodes operating in the first few months.
It's also worth noting the supply was minted mainly by miners doing very low difficulty work early on, using basic home computers.
Satoshi made an intensional design choice to gain control of the supply for a very low cost, exploiting late adopters as bag holders.
The incentive system for bitcoin mining might of anticipated gaining popularity as time passes and increasing the reward as the network grows, but the system was designed completely opposite of that, at the expense of the masses for the benefit of sending the supply to the mining nodes operating in the first few months.
https://www.welivesecurity.com/wp-content/media_files/total_...