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Title: The 3 Unavoidable Problems for Bitcoin Post by: tk808 on January 14, 2014, 05:46:14 AM I'm sure some other people have the same thoughts about Bitcoins future, the fact is noone knows. But maybe there is information out there that i'm not aware of.
1) Government regulations, Taxation, centralizing, or blantly outlawing bitcoin 2) Government digital currencies, if bitcoins technology really catches on will we see governments forming their own regulated digital currencies? 3) Security. 51% attacks and Quantum Computing (I understand SHA256). Quantum is still decades a head of us. Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: Lauda on January 14, 2014, 05:48:27 AM 1) Not a problem.
2) Not a problem. 3) So 51% are related to Quantum Computers (of which non exist) according to you. ::) Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: phazon307 on January 14, 2014, 05:53:13 AM In order for them to regulate it they would first have to get every other country in the world to go along with that government wanting to control something that is open to the entire digital realm it will never happen.
Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: Holliday on January 14, 2014, 05:55:44 AM Government regulations are a problem for everything... this isn't Bitcoin specific. Although, Bitcoin was designed to be resistant to such measures (peer to peer, decentralized).
The possibility of a 51% attack is higher than I would like, but I blame it on miners looking at the short term instead of long term. Perhaps they need to experience an actual attack before taking it seriously. Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: Nagle on January 14, 2014, 07:35:54 AM No, the three unavoidable problems for Bitcoin are:
Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: jonanon on January 14, 2014, 07:47:15 AM Most problems have solutions - Bitcoin can evolve with time - When a problem does arise there will be plenty of people with the ability to solve them or at least work with them to ensure Bitcoins long term survival.
Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: tvbcof on January 14, 2014, 07:50:52 AM No, the three unavoidable problems for Bitcoin are:
While I agree significantly I would point out that it depends on what role Bitcoin falls into. #1 and #2 are actually benefits if Bitcoin is used as a reserve or balancing currency. #3 would likely diminish significantly if it were used as such. If Bitcoin tries to compete as a low-level exchange currency it will probably fail for the reasons you mention and others. Specifically, it cannot really scale to service vast end-user economies while retaining it's current broadly distributed infrastructure approach and without this property there is not much about it which is especially appealing. Particularly when there are options. Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: btc4ever on January 14, 2014, 07:57:37 AM I just had a thought. Maybe altcoins are how bitcoin solves its scaling issues. ;-)
Well, it is a happy thought that we would get big enough to need to solve them anyway. Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: tvbcof on January 14, 2014, 08:02:43 AM I just had a thought. Maybe altcoins are how bitcoin solves its scaling issues. ;-) Well, it is a happy thought that we would get big enough to need to solve them anyway. What a great idea! ;) Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: cdog on January 14, 2014, 08:16:09 AM blantly outlawing bitcoin How did that work out for file sharing with film and music? Government crypto? lol that was a good one, but dont quit your dayjob Quantum computing? If we ever get that, every bank account and military network in the world could be plundered. Bitcoin would be pretty far down the list of "things to do" Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: Peter R on January 14, 2014, 08:20:31 AM 2) Government digital currencies, if bitcoins technology really catches on will we see governments forming their own regulated digital currencies? It looks like the Royal Canadian Mint is moving forward with their "MintChip" digital currency: http://www.itbusiness.ca/news/royal-canadian-mint-readies-its-version-of-bitcoin-mintchip/46113 Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: the_poet on January 14, 2014, 11:24:44 AM Another thing I've been wondering is: given the high fluctuation in value that BTC has been (and will be) experiencing, how can businesses accepting it overcome this problem when pricing their items/services for sale? Should they constantly lower/raise prices?
Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: yntro on January 14, 2014, 03:24:08 PM 2) Government digital currencies, if bitcoins technology really catches on will we see governments forming their own regulated digital currencies? Dont think that they will surpass BTC :)) Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: Littleshop on January 14, 2014, 03:36:54 PM No, the three unavoidable problems for Bitcoin are:
1. True. 2. Nope. I sell things in person and do not wait for confirms. This is only a problem for transactions over $500. All of the issues here can be mitigated. 3. Trueish. It is still too much to price in BTC but do we price things in grams of gold? No, most items are priced in the local currency of the seller. Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: RodeoX on January 14, 2014, 03:38:02 PM So, no problems then. Yay!
Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: rext on January 14, 2014, 03:41:44 PM bitcoin for the win! :D
Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: Piper67 on January 14, 2014, 03:44:59 PM The three problems for the internet are:
1) It's a den of pornographers and child molesters. 2) It's too hard to connect to it. 3) Nobody will ever take it seriously. ;D Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: franky1 on January 14, 2014, 04:05:41 PM I'm sure some other people have the same thoughts about Bitcoins future, the fact is noone knows. But maybe there is information out there that i'm not aware of. 1) Government regulations, Taxation, centralizing, or blantly outlawing bitcoin research the prohibition. they tried to ban and control alcohol.. yet certain members only clubs and moonshine continued along with other methods to keep the alcohol flowing 2) Government digital currencies, if bitcoins technology really catches on will we see governments forming their own regulated digital currencies? right now fiat is mostly digital, when it comes to debit cards and such. so government producing a crypto currency wont be any different. bitcoin exists and grows purely because it is not a government owned asset. 3) Security. 51% attacks and Quantum Computing (I understand SHA256). Quantum is still decades a head of us. for someone to spend millions/billions just to ruin bitcoin, as oppose to spending less to get bitcoin and protect bitcoin, i see no reason why anyone , even government would do anything negative. it would be much like stealing gold and burying it, never using it and claiming gold is illegal No, the three unavoidable problems for Bitcoin are:
[/list][/color] Title: Re: The 3 Unavoidable Problems for Bitcoin Post by: cr1776 on January 14, 2014, 04:08:21 PM The three problems for the dollar:
1. Security of value: A continuos 0.000000001% attack from Central Bankers debasing currency. 2. Government Laws and Regulations: Used more for drugs, porn etc than any other currency in the history of the world so far in violation of the law the world over. 3. Other government's printing their own fiat currencies. If fiat really catches on, we will see other countries like the EU, China, Japan etc trying to print their own money. (Oh wait, I guess it has caught on already). :-) I'm sure some other people have the same thoughts about Bitcoins future, the fact is noone knows. But maybe there is information out there that i'm not aware of. 1) Government regulations, Taxation, centralizing, or blantly outlawing bitcoin 2) Government digital currencies, if bitcoins technology really catches on will we see governments forming their own regulated digital currencies? 3) Security. 51% attacks and Quantum Computing (I understand SHA256). Quantum is still decades a head of us. |