>> (p.1)
    Author Topic: [poll] Importance of the mining reward  (Read 1894 times)

    • justusranvier (OP)
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    September 19, 2012, 03:17:48 PM
    Last edit: September 24, 2012, 01:00:55 PM by hazek
     #1
    How important is the fact that Bitcoin is limited to 21 million units to your willingness to use it?

    Hopefully this poll is less confusing than the other one.

  • knight22
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    September 19, 2012, 04:53:09 PM
     #2
    Thanks for this new poll.
    I agree, the one I made is quite confusing...
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    September 19, 2012, 04:59:34 PM
     #3
    BTW I will continue using the actual bitcoin.
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  • Meni Rosenfeld
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    September 19, 2012, 05:03:56 PM
     #4
    If more people had read Schelling's The Strategy of Conflict, there would be less people not understanding why the inflation schedule of Bitcoin mustn't be changed, regardless of the merits of any particular inflation schedule. (Personally I'd be fine with total bitcoins being linear in time if that would have been how Bitcoin started.)
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  • Adrian-x
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    September 19, 2012, 05:10:26 PM
     #5
    Bitcoin is what it is because of the original idea.

    Can we really rebrand it, I vote we introduce some version of "currency" into the name.
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  • knight22
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    September 19, 2012, 05:12:20 PM
     #6
    Quote from: Meni Rosenfeld on September 19, 2012, 05:03:56 PM
    (Personally I'd be fine with total bitcoins being linear in time if that would have been how Bitcoin started.)

    I do not agree with this. Miners need transitions between block rewards and transaction fees rewards over time. Let the reward linear until 21M whould create a big shock for the mining operations when they will all be mined...
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  • justusranvier (OP)
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    September 19, 2012, 05:15:01 PM
     #7
    Quote from: Adrian-x on September 19, 2012, 05:10:26 PM
    Bitcoin is what it is because of the original idea.

    Can we really rebrand it, I vote we introduce some version of "currency" into the name.

    There are already alternate cryptocurrencies with different rules and different names, and almost nobody uses them.

    I think this poll will show all the people who go on about how "Bitcoin is doomed because it doesn't have unlimited currency creation" are completely missing the point. The limited aspect of Bitcoin is a signifigant factor with regards to why people prefer Bitcoin to its competitors.

  • Etlase2
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    September 19, 2012, 05:18:50 PM
     #8
    Quote from: AbelsFire on September 19, 2012, 05:15:01 PM
    I think this poll will show all the people who go on about how "Bitcoin is doomed because it doesn't have unlimited currency creation" are completely missing the point. The limited aspect of Bitcoin is a signifigant factor with regards to why people prefer Bitcoin to its competitors.

    You think that a poll, on a bitcoin messageboard, will show that people like the way bitcoin is? Egads, stop the presses.
    Decrits

  • Meni Rosenfeld
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    September 19, 2012, 05:24:20 PM
     #9
    Quote from: knight22 on September 19, 2012, 05:12:20 PM
    Quote from: Meni Rosenfeld on September 19, 2012, 05:03:56 PM
    (Personally I'd be fine with total bitcoins being linear in time if that would have been how Bitcoin started.)
    I do not agree with this. Miners need transitions between block rewards and transaction fees rewards over time. Let the reward linear until 21M whould create a big shock for the mining operations when they will all be mined...
    I meant of course linear forever, without an upper bound.
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  • the_thing
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    September 19, 2012, 09:27:41 PM
     #10
    I would like Bitcoin to start over new, but solely because I wish I was an earlier adopter. I wish I could by bitcoins for three cents each or so...
    But overally, I believe Satoshi did a good job and so far, it's been working great.





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  • Adrian-x
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    September 20, 2012, 12:39:33 AM
     #11
    Quote from: the_thing on September 19, 2012, 09:27:41 PM
    I would like Bitcoin to start over new, but solely because I wish I was an earlier adopter. I wish I could by bitcoins for three cents each or so...
    But overally, I believe Satoshi did a good job and so far, it's been working great.

    On the adoption curve we are still in innovation territory and will be well after V 1.0 of the client has been released. 
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  • FreeMoney
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    September 20, 2012, 05:31:51 AM
     #12
    Quote from: the_thing on September 19, 2012, 09:27:41 PM
    I would like Bitcoin to start over new, but solely because I wish I was an earlier adopter. I wish I could by bitcoins for three cents each or so...
    But overally, I believe Satoshi did a good job and so far, it's been working great.

    If people all want to do that they can, but it's not a group I'd want to join since they'll probably do it again after spending up their easy coins.
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  • helloworld
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    September 20, 2012, 05:40:51 AM
     #13
    Quote from: FreeMoney on September 20, 2012, 05:31:51 AM
    Quote from: the_thing on September 19, 2012, 09:27:41 PM
    I would like Bitcoin to start over new, but solely because I wish I was an earlier adopter. I wish I could by bitcoins for three cents each or so...
    But overally, I believe Satoshi did a good job and so far, it's been working great.

    If people all want to do that they can, but it's not a group I'd want to join since they'll probably do it again after spending up their easy coins.

    Wasn't ixcoin such an attempt?

  • FreeMoney
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    September 20, 2012, 08:55:45 AM
     #14
    Quote from: helloworld on September 20, 2012, 05:40:51 AM
    Quote from: FreeMoney on September 20, 2012, 05:31:51 AM
    Quote from: the_thing on September 19, 2012, 09:27:41 PM
    I would like Bitcoin to start over new, but solely because I wish I was an earlier adopter. I wish I could by bitcoins for three cents each or so...
    But overally, I believe Satoshi did a good job and so far, it's been working great.

    If people all want to do that they can, but it's not a group I'd want to join since they'll probably do it again after spending up their easy coins.

    Wasn't ixcoin such an attempt?


    I don't follow the details of other chains, is it exactly the same with just the excuse of restarting or is there some supposedly beneficial change?
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  • Adrian-x
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    September 20, 2012, 11:56:17 PM
    Last edit: September 24, 2012, 06:45:42 PM by Adrian-x
     #15


    I would consider switching to a variant that was still limited to 21M but has all the same features, just a different rate of supply.  (And was scalable to 9Bilion users)  
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    September 21, 2012, 01:46:21 AM
     #16
    Quote from: Adrian-x on September 20, 2012, 11:56:17 PM


    I would consider switching to a variant that was still limited to 21M but has all the same features, just a different rate of supply.  (And was scalable to 9Bilion users)   

    The 'improved' schedule is kind of blowing my mind. I'm thinking who would mine in the beginning, but who cares, if no one starts it's super low difficulty. Seems reasonable, but I dunno yet.
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  • helloworld
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    September 23, 2012, 10:53:52 PM
     #17
    Quote from: FreeMoney on September 20, 2012, 08:55:45 AM
    Quote from: helloworld on September 20, 2012, 05:40:51 AM
    Quote from: FreeMoney on September 20, 2012, 05:31:51 AM
    Quote from: the_thing on September 19, 2012, 09:27:41 PM
    I would like Bitcoin to start over new, but solely because I wish I was an earlier adopter. I wish I could by bitcoins for three cents each or so...
    But overally, I believe Satoshi did a good job and so far, it's been working great.

    If people all want to do that they can, but it's not a group I'd want to join since they'll probably do it again after spending up their easy coins.

    Wasn't ixcoin such an attempt?


    I don't follow the details of other chains, is it exactly the same with just the excuse of restarting or is there some supposedly beneficial change?

    Pretty much. The 'developer' (term used loosely, more of a copy&paste artist) of ixcoin claimed all kinds of benefits but most people saw through this as an attempt to simply get on an early adopter train.

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    September 24, 2012, 06:26:00 PM
     #18
    Stick with the original.   Once you start the path of inflation, there is no stopping the justification why "this time is different".  The fact that we don't increase the supply is why we are at this stage and its value is where it is.   
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