I'm spending a year dead for tax reasons.
15th December 2002
Given how it seems to me that the requirements to mine Bitcoins, for example, is getting higher and not lower, isn't it eventually going to get to the stage where it becomes a useless currency?
For anything other than clandestine transactions, that is?
It seems flawed and non-sustainable to me? But I don't fully understand how it works.
Danny King | Community Manager | GameFront.com
11th November 2006
They might collapse, but not for the reason you mention.
Requirements growing higher is natural; it causes fewer coins to enter circulation. You don't keep adding currency to your economy. It devalues the currency. It's a natural process that the "mint" would grind to a halt over time.
However, with the association of cryptocurrency and the black market, as well as numerous thefts and instability, I really can't see this lasting. The salespitch is also its greatest curse. Without a proper, stable sponsor, there's just no way the bloody thing can keep alive.
Caffiene Fuelled Ravings of an undiagnosed Sociopath.
13th June 2008
I'm the kinda guy who would naturally like this shit, but i never got into the cryptocurrency buzz.
It just feels like a lot of work for very little reward. Like I missed the initial gold rush boom of it and now I'm scraping for pennies.
Mikey - GameFront.com - Lead Developer
Mister Angry Rules Guy
1st February 2010
I must agree. Bitcoin is a fake currency.