Mining was never even mentioned in the white paper because it is immaterial to consensus. As has just been demonstrated. Again.
And that argument is getting tired. You need to update your script.
499 karma · joined August 8, 2016
And that argument is getting tired. You need to update your script.
Change the PoW algorithm. Do you follow bitcoin, or a dead algorithm?
It is always best to understand a subject before commenting on it.
No it isn't actually.
It tastes real enough.
You should try it. It works really well. And beer is delicious.
https://en.wikipedia.org/wiki/Executive_Order_6102
https://en.wikipedia.org/wiki/Civil_forfeiture_in_the_United...
I think when bitcoin is measured in the multi-trillions, the temptation for the US government to raid american bitcoin exchanges will be too great. And they have form.
I said : > It doesn't matter what they do.
They can adopt it, or not adopt it. It makes no difference whatsoever.
https://en.wikipedia.org/wiki/Capital_gains_tax_in_Australia
> CGT operates by having net gains treated as taxable income in the tax year an asset is sold or otherwise disposed of.
Bitcoin will eventually stabilize to an ever appreciating value asset. But what it will allow you to do is save for a house. If you have a business proposal that encourages people to pay you for a good or service, people will invest their savings in it and take on that risk. Banks will instead move back to providing capital to businesses, using savings from people that are willing to invest. Businesses will again focus on productivity increases, because that's how you get access to capital.
I also don't think it is going to be resisted quite as much as people think it will be. People still need to pay their taxes, and that is not going to stop. The main thing it is going to do is prick the bubble of consumer debt, and remove the banking middle-men from that space. That alone is a multi-trillion dollar industry, let alone the annuities that banks own and graft from, from those assets. Removing these people (i.e. banking debt suppliers) from positions of power, by strangling their access to capital, is a justification for bitcoin in its own right. Imagine a world in which banks didn't control governments.
That's the way it is supposed to work i think. It is pure genius.
Oh that's the crux of it alright. And why should someone take on debt for a fixed asset? Why exactly should a fixed asset increase in cost? Without debt to fuel that fixed-asset price increase, prices will again align with income, not the amount of debt people are capable of servicing. People will no longer acquire housing, leaving it empty, simply for the capital gain.
Bitcoin is the reckoning for that fixed-asset debt bubble.
> large business loan
If they have a business plan that allows them to create capital by having income greater than expenses, people will invest in their business. If they are just going to sit on assets and expect inflation to take care of it, they won't.