The hope for many here in Bitcoinland is that bitcoin will one day become a significant internationally-recognized currency, trusted and used on a large scale. To that end, I would like to address one of Bitcoin's most serious but easily remedied issues (IMHO). Users of a currency want it to be stable, predictable and BORING. They don't want there to be questions regarding its future behavior or fate. Unlike day-traders and high-risk speculators, they want constancy and certainty. One of the most significant and unnecessary causes of uncertainty for Bitcoin is the "halving event". As the next halving event draws near, you can expect an explosion in the number of posts that ask or predict what will happen at the "halving". For example:
Now, perhaps you are the type of person that lives on adrenalin, and loves the roller-coaster side of bitcoin's nature; maybe you even made money from it. But if you want bitcoin to become a trusted form of value transfer, you want it to fade into the background, and be no more thought about than TCP/IP. In addition, I fear that a significant disruptive event could occur at the halving. If miners' profits are marginal immediately prior to the halving (as market forces cause them to be, if mining has achieved equilibrium), then miners will experience serious losses (as in almost 50% of operating expenses!) immediately following the halving, and this situation will continue, at least until the next difficulty adjustment (bear in mind that there is a limit on the magnitude of the change in difficulty that is permitted at each adjustment, so it may take more than one adjustment to achieve equilibrium). Profit-motivated miners may, if they are short-sighted, drop off to avoid operating losses until the difficulty readjusts and mining resumes profitability. If a significant number of miners drop off, that will impact the time it takes to arrive at the next difficulty adjustment, because new blocks will take longer to discover. In a worst-case scenario, the two weeks between difficulty adjustments could stretch to months, causing delays and swelling blocksizes. All this angst and uncertainty is unnecessary and avoidable. All it requires is a small change in the reward algorithm. Instead of reducing the reward by 50% every four years (FOUR YEARS!), the reward should be reduced in micro-steps, perhaps even on every block. In this way, there would be no "event" to cause one to worry, speculate or obsess. There are two (or more) ways in which the conversion could be handled, either of which exponentially reduces the reward, just as the current algorithm does:
transition to micro-step reward adjustment ASAP; or
perform the next 50% reward adjustment on block 420,000 as currently scheduled, but then transition to micro-step adjustments.
In either case, the coefficient is selected so that the last of the 21 million bitcoins is created at the same time it would currently be. If a fork is being seriously considered, this simple but important improvement should be made.
Let me make sure I understand the hive mind. China pushes Bitcoin up then pulls it down equally as fast. Random people then post gifs of roller coasters and say welcome to Bitcoin.
OK... Then you have Roger Ver who could very well find himself in trouble soon the way he acts... He is going to piss off the wrong person if he hasn't already. How in the fuck does anyone expect this to be taken seriously? Honest question. Edit: I'd love any responses from people with accounts at least 1 year old. The 1st 2 troll replies don't count.
07-17 20:52 - '* Roller coaster GIF: Check. * Roller coaster upwards: Check. * Title of thread describes my feelings: Check. * This sub never lets me down: Check. / **Results: You are currently viewing r/bitcoin** / *Fuck you disbelievers.*' by /u/bull-whale removed from /r/Bitcoin within 0-4min
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