Re:It's time for us in the tech world to speak out about cry...
by eli on Sunday May 30, 2021 @10:09PM
(#27339242)
Right, there's lots of interest in Bitcoin as a speculative investment, but no longer as a payment network. That's the part that people are talking about in the past tense. The idea that bitcoins themselves have utility beyond being something valuable that can be owned.
It'd be like if the number of Facebook accounts kept rising, but hardly anyone posts content anymore. If I were a Facebook investor, that would worry me.
Re:It's time for us in the tech world to speak out about cry...
by darkerside on Sunday May 30, 2021 @09:37PM
(#27338992)
> it's a well known 4 year cycle programmed into the protocol
First I've heard of this. Do you have more information?
Re:It's time for us in the tech world to speak out about cry...
by bombcar on Sunday May 30, 2021 @11:40PM
(#27339815)
Taking about a four year cycle on something that has existed for twelve seems the epitome of using too few data points.
Re:It's time for us in the tech world to speak out about cry...
by FabHK on Sunday May 30, 2021 @10:08PM
(#27339231)
GP is presumably talking about the halving of coinbase, ie the mining reward, every 4 years. Currently at 6.25 BTC per Block.
Re:It's time for us in the tech world to speak out about cry...
by arcticbull on Monday May 31, 2021 @02:33AM
(#27340913)
Right, but supply inflation moving from 1.76% per annum to 0.88% per annum is roughly speaking utterly meaningless. People just latched onto this idea because they're using too few data points.
Re:It's time for us in the tech world to speak out about cry...
by FabHK on Monday May 31, 2021 @08:42AM
(#27343467)
Agreed.
And the idea that miners have a god-given right to make $100 per transaction, $40m per day, and therefore if the mining reward halves, the price of BTC must inevitably double, is obviously preposterous.
Usage as in number of network participants. People investing time, energy, risk into the system. Miners, traders, validators, second layer operators. Similar to members of facebook, servers in the internet. Price as in market price. And I'm only talking Bitcoin here.