See you guys at $2 and not being profitable to mine

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Cool, but the work does not do anything where computations on full blockchains perform a purpose.

You see what I am saying correct?

The only real difference between this and say an ICO from a market perspective is it is a slow trickle distribution vs an IPO style debut to market.

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It cannot be double spent because of the ETH network, not because of the mining mechanic.

From an energy perspective they could have saved even more if it was not POW, and just gave random blocks to people running a node that does nothing more than ping in.

If you think this team is going to make the best wallet solution in the market you are very deluded.

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Mining allows anyone to particpate with a GPU or CPU.

ICO's only help those with deep pockets.

A NEET who has NO MONEY but a computer can Mine his favorite project because he believes that the project will be worth something watching the price incline or decline. iether way if the amount of coins mined can pay the electric then he can keep putting for his energy to his project.

A man with lots of money to spare can buy 27% of an ICO opening day and control the market with the click of a few buttons.

and guess what.... There a shit ton of NEETS.

1. Duh I explained this.
2. Not in the long run as BTC will need stronger and stronger computers (which will require more power) to run more and more Difficult questions. It makes MORE sense that you would hit a difficulty cap and then ALL coins would be in circulation. Kind of like Gold being mined from the ground. Once all the gold was extracted you wouldn't keep paying your miners to dig dirt would you?
3. The lava wallet is a bonus.

a bunch of NEETS is nothing compared to china, a very rich person could purchase a shitload of hashing power and mine this to death, there's no difference.

Yeah, but why the GPU ?

Again this could all technically be distributed with a basic host on your computer returning keepalive instead of a hash rate concept. (could enforce IP limitations )

This type of system again only rewards the person with the most money sunk into computer hardware.

mining in bitcoin serves two aspects: (1) securing the network; and (2) decentralized distribution of the cpins. you are conceding point #2 I believe as a major purpose of mining 0xbtc. point #1 is irrelevent, because it is on the ethereum network. so what is your point? just because mining doesn't secure the network doesn't mean it's any less attractive-- as long as the miners still get paid, they won't care.

FUD. Hashing power has tripled in the past 3 days.

It might seem like a small difference, but it's actually quite significant.

1) Since there was no ICO, this makes it one of the ONLY tokens to not even be on the radar of SEC security classifications. Gemini could pick this up tomorrow and not have to do any paperwork (they won't, but just as an example).

2) Since there was no ICO and devs hold nothing they haven't themselves mined, it is incredibly distributed. This is actually pretty significant, since it means that it has a legitimate claim towards store of value on the ETH network. The slow trickle distribution is significant since miners can hop on and any point and start to receive new mintage, as opposed to a singular ICO event. Economically, the price of 0xBTC, even without any speculative value added, is tied to the mining difficulty. Miners might not secure the network persay, but they do serve to stabilize price in the long run. Since difficulty of mining is adaptable, in the long run profits from mining are marginal. All new tokens are brought into the world and bought with nobody making money (miner spends about as much as it cost him to sell the token). This is an incredibly powerful economic argument in favor of stability and store of value status.

Great, so it is better than BTC, you just explained every alt coin. Not a high bar to hop over.

The miners need to convince the market that it has value in order to keep the price in check with the hash rate. This is different than BTC because BTC derives value now not from the hashpower , but from being a trading pair like the US petrodollar.

How are they planning to convince people this has value ?

If they cannot do that it will just be a mine coin of the month for people operating big rigs.

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Distribution by a central source creates uneven trade.
The Point of the Decentralized distribution is supposed to be this way as it creates a slight inequality so that the wealth can be distributed into a market the same way.
IF someone can mine 100,000 coins
and the other guy can only mine 5,000 Coins

The guy with 100,000 coins will sell at a market price that will be profitable to him.
While the guy with 5,000 coins may wait for the profitability to be there.

NO because the miners left then the difficulty would drop so that there would be more to reach a value of equitable fund.

God we have been through this.

I get that but miners leaving the network is a death blow for this young project.

If the hashpower establishes a downtrend the coin will slowly bleed out even though that is counter intuitive thinking about it from a perfect supply and demand system.

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Look at the chart, even after the last large increase in hash rate the difficultly never dropped back down.

Its over.

0x1d00ffff.github.io/0xBTC-Stats/?page=graphs&#

It's weird. in the beginning I was fudding 0xBTC to accumulate more. which I did ultimately when it was around 13 cent. I amassed 300K 0xBTC. I definately think I have enough to make it. the problem though is that I can't stop fudding my own investment where I am literally all-in with my life savings. I designed some of the most hated and posted memes regarding 0xBTC. again... I am all-in with my live savings and I have no intention whatsoeva to shill this project. instead I went to insane lengths to meme fud whenever I can. sometimes I sit a whole day in front of the screen and I FUD FUD FUD FUD. I don't something is wrong with me. but since I have invested in 0xBTC I feel verydifferent. my behavior makes absolutely no sense... yet I am 100% sure I have to FUD my own investment.

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That is not where BTC derives value... it derives value from being a censorship resistant store of value currently.

People really dont seem to understand the coin is only going to be worth as much as it costs to mine.

That's the point. Mining is for fair distribution, not hand outs for those who have already made it like airdrops.

The network is secured by ETHs hashrate, or whatever the PoS equivalent is once Casper happens.

DOMP EET please so I can fill my bags for cheap

Can I mine without spending ether?

Mining/hash rates for this this coin have gone parabolic sifu

OH MY GOD....
Okay one more time....
The market can be at any level, Rght because some MINER who can Mine a value of coins CAN SELL.
From the market perspective if PRICE DROPS others will BUY to make a profit. People WILL BUY because they know it's deflantionary.

Do you understand??? Like why BTC is valuable because it's deflationary in value.

You can pool mine in a pool without paying for the GAS.

Tell me how, on linux.

Incorrect, in the early days I agree but now the money coming in is buying bitcoin to buy other coins or trade BTC.

The buy and toss in the paper wallet is a fraction of the volume. The vast majority is speculative market pairing.

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There is a miner for linux

github.com/azlehria/0xbitcoin-gpuminer/releases

I feel like this really was the "hidden" feedback loop that has driven price so high up, people that said things like "btc will go over 1000 dollar in a few years" were looked at as crazy because they didn't even understand

> how does bitcoin work

when hash rates goes up, difficulty goes up to keep blocks at around 10 minute intervals

See.

Great, but why does it have value ?

That is the core question here, BTC makes sense because it serves a purpose in this current market.

Let me answer that question for you, this currently has value because of the low barrier to entry, with a classical blockchain you need to lay a foundation. With this people and exchanges can use existing ETH infrastructure to manage their speculative asset.

Last question for you, do you ever see in the future a real business or random Joe Blow accepting your 0xBTC as a store of value?

If the answer is yes, then be comfy know that you are going to make it. This pump is most certainly not over, but I you have to see that this will never be "the" coin or even a serious competitor for the allready crowded as fuck market.

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probably some part of it is that. but there's still a fuck ton of active wallets holding a fuck ton of bitcoin.

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Rewards Until Readjustment 282 (~9.6 hours)

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Take a look at the top 50. Do you see any future for even 50% of them? Bytecoin has a 1 billion dollar marketcap. Dogecoin has a 500 million marketcap. Please explain their value.

Here's it's purpose: it's the first mineable ERC-20 token. It's Bitcoin that can be used with smart contracts.

Alright I will answer these questions to you.
Even BTC started at .000001 cent

0xBTC is being used at store value as it already is a group of individuals and markets already do.

Next BTC is the most Valuable coin excepted and Even it isn't used in mass and widely adopted. Very few companies actually use BTC as form of payment. The only reason it did is because of the value sky rocketing.

now a "JOE BLOW" as you put it may except out of pure interest like most crypto.

It may be the most distributed but I'm curious, will that hold once it gets to a much larger market cap?

Wouldn't in theory if all the smaller wallets sell and distribute further etc., but some of the big wallets just hold, they'll grow to larger percentages of the total supply? So those top 100 addresses holding

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t. desperate n0xbitcoiner

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That is the point of rising difficulty and electric cost.
You still have to sell some coins in order to keep your operation running.
As difficulty rises you get less coins. Eventually these Wallets will have to drain or stop mining.
OR keep buying coins but who has a endless supply of money as the price continues to rise?

This is also basic stock market Eventually there hands will also be very itchy which cause a devalution of the currency which others would buy.
Just as BTC.
This is what made BTC valuable.

Lets assume the FUD for this coin is real. How far will this token pump anyway?? We only care about making money right?

Actual Pajeets Decided to pump because money. Like most any other shitcoin.

Its done dude...

19m supply you do the math. has potential to unironically hit 1eth

...

Shameless bump

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Ok thanks I'm a 24 yr old boomer who knew exactly jack and shit about stocks before I got in crypto last year. Still learning really. Anyway that makes a little more sense, just not sure how strong the "fair distribution" argument is - it is a decent point but it still stands that it could centralize further, later on

Centralization will be difficult unless you have a ton of moneys as price rises.
It will always maintain a price similar to it's value that the market may want it at a constant rate.
Basically if want to keep buying it to centralize it means you have to BUY IT from everyone else who has one. Which would cause the price to rise exponentially. If I had 1 of kind of something then the value of the coin Would Unbelievable high because the value that all those coins have to everyone else.

it also has a constant rising volume of coins which requires more and more buys at a higher price for smaller volumes.

Bump this thread
Let the fudders know.

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Seriously Get in here you damn fudders. Stop hiding in other threads.

all the fudders are gone. did we win?

The Rats jumped ships to rafts to try to reuse there old arguments.