Bitcoin Forum

I cannot see the whole world using bitcoin when its going to create such wealth disparity.

There are roughly 13 million coins in circulation, with the maximum amount being 21 million. This means over 50% of all coins in being, are in control of a small minority consisting of maybe 0.01% of the worlds population.

Yes, there is a super-elite rich at the moment, but not at the scale we are talking about if bitcoin were to be adopted.

Is it not more sensible to think that yes, a cryptocurrency will exist, but not bitcoin? A coin where you are automatically assigned a certain amount based on your wealth at the moment, in relation to others?

I find it absurd that someone, i.e the Winklevosses could own 1% of the worlds monetary power. Noone, absolutely noone in their right mind, will allow someone to hold this amount insane amount of resources.

I understand, the concept and even bitcoin itself is revolutionary, it has woken us up to what could be, but the origination and adoption of bitcoin was messy and only open to people who (rightly so) had knowledge and guts. But just because someone has guys it doesn't mean they are deserving of something.

99.99% of the worlds population controlling 50% of the worlds monetary value and therefore resources, when early adoptors, i.e the 0.01% own the other 50%. 1 person in the 'bitcoin elite' would have the same monetary power as 10,000 people. That's disgusting and human morality itself will not allow for this to happen.

Don't get me wrong cryptocurrency is the future, just not one causing a dictatorship to be born.

And for the short term I see no reason to invest either....


Swiping cards is just about the simplest thing you can do, most transactions under $50 don't require a signature, and security codes and card expiry are incredibly small concerns.

Bitcoin's headaches are immense, slow txn processing, irreversible for the consumer, funds are lost if wallet is compromises...now follow me for a sec...

Merchants can't replace credit with bitcoin. Simply can't. Credit is money you don't have and bitcoin is money you do have. A good credit card offers rewards, 100% fraud protection, ubiquitous acceptance, FICO score benefits, and an entity between you and your money. Tons of consumer value.

Now debit - debit fees were sliced by the Durbin amendment, so suddenly they aren't all that much more than the 1% exchange price of bitcoin.

While debit and bitcoin are comparable in that they are money you have, there is still no compelling reason for your average consumer to pay a fee to obtain bitcoin just to make an everyday purchase.

Merchants can want to eliminate transaction fees all they want but until there is clear value for the most important point in the value chain, the consumer, mass adoption will not occur. Even worse, to fix bitcoin's shortcomings, you need to regulate it, guarantee it, set up escrow's, exchange btc for USD...all the things that will make it just like the mainstream banks bitcoin is seeking to circumvent.

Even if these are fixed, its too late, people will realise the wealth disparity caused.

A new world cryptocurrency will be replace it, where the wealth disparity stays the same, where it is today... but with all the benefits that crypto has to offer so the world doesnt collapse?

Comments?

I think you're making a few assumptions that won't happen. 

First, at some point, those holding Bitcoin will spend them (or would you lock up all of your wealth in one asset class?).  So you won't end up with 1% holding over 50% of the Bitcoins.

Second, the vast majority of users will hold very little Bitcoin (just like you don't put all of your available cash in your checking account).  The use will be more of a flow in, flow out.  For example, I have half a bitcoin in my spending wallet.  I go to the store, buy something.  The store owner takes the bitcoin for the transaction and immediately trades it in for dollars, pounds, euros, etc.

Third, those perks and fraud protection cost money.  You're paying more for goods and services because of it.  Don't fool yourself into thinking the credit card companies and merchants are eating these costs.

The only reason credit cards will continue to exist is that many people rely on them to deal with short-term cash-flow shortfalls.  Although I believe there will be Bitcoin backed cards available soon.

Hmm, well people will not be spending their bitcoins recklessly. If they do spend it so for e.g. on a house or in another company, they still hold the power, with the underlying value of that power being bitcoin. The only real spending that would occur would be on depreciating assets, which would only account for a small amount of the purchases made. The rest would be hoarded in appreciating assets, so they never lose control of the power they first received with the massive wealth disparity that may come from bitcoin.

I don't know about credit card company. But the merchants are eating the cost of fraud.

People spend their BTC in arbitrary ways now. Some of them, such as gambling, are arguably reckless ways.

http://cryptobettingindex.com/top-usd-wagered/ (http://cryptobettingindex.com/top-usd-wagered/)

Are you predicting that this behaviour will change? If so, why, when and how will it change? Can you offer any evidence to support your predictions?


 

the bitcoin is divisible, this shouldn't be a problem, you don't need to own a whole bitcoin in future, when the price will skyrocket

I guess if wealth is evil, you better give me your money and bitcoin so you'll be safe.

I agree that right now things are a lot less exciting than they were in Nov & Dec. 2013 and I enjoyed reading your thoughtful post.

However, I still think there is a lot of room for bitcoin adoption.  Bitcoin is like electronic cash, yes it's not reversible but it has very low costs - 10K statosi - versus 1.9%+ for credit and debit cards.

While I don't like the initial wealth distribution either, you don't need a lot of bitcoins to use it.  I think that is why more merchants adopting bitcoin has not moved the price, they are just using coinbase and so the need for additional bitcoins is nominal.

My faith in bitcoin only increases. One reason is accelerating adoption. The other reason is reading the same arguments against bitcoin's success again and again.

Bitcoin was not built to provide socialist welfare or to babysit the masses. Bitcoin breathes freedom. And that's why it works and likely will succeed.

ya.ya.yo!

His point is money=power and in this case too much power in the hands of too few people
(not that it is any different now)

ahhh. another newbie posting in bitcoin discussion when you should be reading about what bitcoin is. please just go back the beginngers section and read more before you come up with your brilliant plant about bitcoin. there are people who have been here from the beginning and know way more than you. bitcoin doesnt need shortcomings fixed, it CANNOT BE EVERYTHING AT THE SAME TIME. it is bitcoin and it will stay what it is.

if you are losing your faith - stay away from our community. We need only those who are full of enegry and have a strongest will

I'm a bit depressed by this long period of stagnation but I know that sooner or later the price will recover and hit new highs.

Lol? Do not tell me to leave this community for questioning bitcoin. Questioning how the world works is how the world has progressed so rapidly.

You are getting your ego involved. Lets just keep this down to pure intellect and opinion instead of insults, as it will not get us anywhere.

And I'm sure I'm not the only one with these questions. Just because I'm a newbie it doesn't make my remarks invalid. Instead of throwing insults, why do you not instead throw a constructive answer/opinion? You need to practice a bit more compassion, as they say, all you need is love! Now come here and let me give you a big fat kiss on the lips iluvpie60!

Most people that are here joined after the first bitcoin boon. Those of us that have been here since the beginning of GPU mining have more patience. First BTC was trading for 70 cents of something, it slowly went up, then SR was announced, then it jumped to 4 bucks overnight, then within a few weeks it hit in the 30s then it slowly went down to 2 dollars in the winter, then it stayed around the 4 dollar range for months, then it slowly went up to 8 then 6 to 9 months later asics were starting to be released to btc got its engines going.. then cyprus hit and we went to 266 or so.. then we pull back to the low hundreds for months. then boom, to the moon probably because of the chinese..

What Im saying is that bitcoin was stagnate or worse for a couple years, when bitcoin doesn't do amazing things for a few months everyone freaks out...

Wait til the infrastructure gets solidified and the EFT's start.. Who cares that the twins own 1 percent of coin, they plan on selling it to investors. Im trying to spread the word on bitcoin, trying to get businesses to take it.. Got my doctor to take it and 2 7-11's.. If everyone did that, where do you think bitcoin would be?

This is not a get rich scheme.. If all goes well, we should see new all time highs within a couple years...

OP hold BTC from the vacancy ... but, now, it don't have FIAT money for the september and not make profit in BTC.
OP leave
Well, OP ... bye !

Bitcoin isn't a get-rich-quick scheme, if you have lost your faith, the best thing you can do is howl your coins and forget about them for some years.

Bitcoin is the One World Currency, so it makes perfect sense that Satoshi/Illuminati would create it in such a way that it would eliminate the middle-class. They only want the poor (slaves) and the rich classes. If enough people with good hearts amass Bitcoin, it could be the Achilles heal in their plans. The people with large sums of cash could do something to help the poor, while "they" try to ruin people's lives. There will eventually only be 500,000 people in this world once they put the Georgia Stonehenge stuff into action. Just work to amass as much Bitcoin as you can and you'll also be in a place to help fix this mess.

Well he may be right to say that money does equal power. However money does not equal control over bitcoin. What he is saying is an issue with overall society. The fact that Bitcoin is PoW and not PoS (piece of stake aka piece of shit) means that regardless of how many BTC one person has they will not be able to affect others who have bitcoin (except the price if/when they decide to sell).  

Or sell them to me. I would happily take them. :)

Uhm, OP actually produced solid arguments. You, on the other hand, provide nothing but childish, badly written ad hominem attacks. Why don't you try refuting his arguments instead? Is it because you're unable?

Nobody will care- If bitcoin is useful enough and easy enough.

i think it's both to be honest, it can be a quick rich scheme but it's also a long term investment

Will they though? Yes, it may be useful and easy, especially with the introduction of smart contracts//derivative coins etc...and will therefore cut inefficiency of how the human race in general manages itself, but people will inevitably care if the value of everything they have worked for, suddenly runs into the hands of the few elite.

You can argue that there is a rich elite at the moment which is absolutely fucking the world right now, but the amount of potential disparity that bitcoin may create will be absolutely catastrophic, causing the human planet to turn all dystopian. I know this sounds like something out of a book, but this could happen, especially if no single authority has control over this object.

People will care if their $10 turns into the equivalent of $0.01 cents in bitcoin, which is the case if bitcoin is to flourish. But this is just my opinion, and maybe it will change with a bit more understanding...

I predict satoshi come back some days and distribute his wealth to the poor to balance it out. Some old early adopters could do the same before they die. Hackers steal from early adopters and maybe Kapeles, then spend the easy money on their needs. Btc will be distributed evenly in the end.

Sure. And "Jesus Christ will come back in The End".

Bitcoin whales will spend their coins when the time is ready.
They will not wait until their death.
At one moment they will redistribute them to others who provides goods and services.
They will also be rewarded for the fact that they were first movers and pioneers who made this all possible.

Don't be jealous, just take part in the eco system or leave. Nobody forces you to stay.
I on the other hand feel a desperate need to be in this community because it feels good to be in it.
All get rich quick people will learn their lessons and loose if they are in bitcoin only for the FIAT.
Because remember one thing.
The moment they "cash out" into FIAT when price is 1,000,000 nobody wants those FIAT notes because the world will run on bitcoin at that moment.
I already know one person who made "profits" and sold all his bitcoins (lol, moron)
He will learn his lesson in a few years

He has a point though about bitcoin not being "the one". This current POW scheme is doomed to failure as the data centers are getting bigger and bigger with less people mining by the day. I believe a better system will take over and it will happen very quickly when the this system gains traction. What do you think is going to happen bitcoin if a new crypto currency rises to $500 million  marketcap in its first few months. The whales will start to migrate to the new coin, slowly at first but rapidly later.

While you and lots like you keep hitting F5 wishing BTC reaches $1000 as a commodity, that will not happen.
BTC needs to grow, adapt and evolve, interact and be used, spent and diversified.
As i've said before, The biggest owners of BTCs are the ones that are killing it, trying to hold their balance and make "the others" spend it first.
In Spain we have a saying:
"Entre todos la mataron y ella sola se murió".

This is known as the black & white fallacy: in reality, many cryptocurrencies will--and already do--co-exist, you have absolutely no reason to use just one of them alone.  In fact, there is a natural disincentive to use bitcoin as it lends too much power to the "early elite" so to speak; people really hate for other people to be wealthy, apparently, so they'll likely use other crypto and treat bitcoin like we treat gold now: savings, just for the fact that it's the most used--thus most trusted--crypto to date.  It's funny to think of bitcoin as a savings money now since it has just wild swings, but by the time this money is worth enough to actually be the issue you think it will be, its swings will have died down considerably.

I recall, but not the name, an existing or perhaps planned system of payment which would allow merchants to accept all (or rather, most) crypto easily without having to do any extra work, and then get the crypto they want out of it, similarly to how bitpay can turn bitcoin into fiat for merchants who don't want to handle bitcoin.  This would make it dead simple to have all the crypto you want, without having to worry about being forced to use bitcoin in the fear that someone else will profit from your participation.  Your fear that there can be a super-rich elite born from this money should be settled; you should, however, remain prudent about the fact that the rich can still use government to get super-rich, as they always have, even if a new currency is being used widespread.


I have no idea what you mean here; instead of the market, would you rather your wealth be assigned by a central power? ???


Then why do you fear people will continue to use bitcoin?  Simple market knowledge shows you why this doesn't happen: there's a natural disincentive, as I outlined above.  The only way it can happen is through force.



Right; they're deserving of something because they own said something.  They own it because of their "guts".  They are not entitled to their something because of their guts, they are entitled because it is their property.


Worried about a hypothetical that can't happen?  You're lying somewhere in this quote.


Dictatorships are not caused by money, they're caused by submission to wartime planners.  As outlined above, there is a natural disincentive to stop using a currency if there's fears of helping a small elite become too wealthy.


So invest for the long-term.


Your card can get stolen easily from your wallet, or by forgetting it somewhere: most transactions under $50 don't require a signature, and security codes and card expiry are incredibly small concerns...for the thief as well.  With bitcoin, you can protect your wallet with a password, and prevent all transactions without this password.  Oh god, the headache of remembering a password :(  I can see why you're in love with the idea of a card: considering you're the type to base your ethical theory on how equal or unequal people's wealth are, you never plan on owning a business in your life, so it's easy to miss how bitcoin evens the playing field between the two.  Cards are a great expense to business at very little or no cost to the consumer; it would be weird for you to not prefer it that way, even if it's a power disparity (hey you're against those, right?  Or is it just when you're on the wrong end? :P)

Bitcoin transactions are instant, by the way; the confirmations just ensure that the transfer is legit.  I assume you've never once spent bitcoin at an establishment or even an online retailer or you'd know that they take no more time than a debit card transaction, as far as the consumer is concerned.  Furthermore, bitcoin transactions are reversible for the consumer: if the consumer gets dicked over on an order, the merchant can easily send the money back out of his own will.  The problem you have is that the merchant can't be forced at any given time within 30 days, which is a pretty awful way to do business (a lot of money is lost through these types of frauds.)  And yes, you can have your bitcoin stolen as with any medium; it's just how it goes with property.  It is, however, a disparity between the two to mention it for one, but not the other.  For bitcoin, this is mitigated simply by not keeping too much BTC on your "spending" wallet; everyone is familiar with the concept of checking and savings, things in savings can't be spent easily; likewise, bitcoin has cold wallets and wallets, the former of which is hard to spend.  I'm certain this will be streamlined as time goes on (coinbase now has something called a "vault" where money goes in, but doesn't easily come out.)


It's probably better that we not use credit; that has led to many wealth disparities, which you seem to be against.


There is if your average consumer is being paid in crypto, Mr. "What if bitcoin takes over the world?!"  You can't look that far into the future, then ignore it completely; this is a very poor argument on your behalf.  Yes, it's true that all crypto has little incentive to the average Joe, since the average Joe only really cares about the path of least resistance of which bitcoin is not it.  However, there are many previously outlined benefits to using bitcoin--if lack of a central authority is not enough, then there's probably not a lot someone can do to convince you otherwise.  The central authority has far more wealth than you do, btw; is this a "necessary wealth disparity"?  Or do you believe you're special in that very few people care about wealth disparities?


Bitcoin doesn't seek to circumvent those things, it is not a conscious being.  Satoshi's purpose for Bitcoin was to operate without a central authority, which has clear benefits that you haven't acknowledged or are simply unaware of.  Most important of all, because bitcoin is not centrally regulated (though it is regulated by the protocol, mind you,) it cannot be inflated, therefore it cannot be used for the purposes of empire, thus wars must be paid for in the here and now, rather than by selling off the future, ergo the world is, by and large, a much more peaceful place to live as wars are too expensive to wage.

I'm not saying people should use a product they're uncomfortable with for the strict purpose of future benefit (because deferral of gratification would be a sign of intelligence ergo an unreasonable standard for most people), but I am saying it's a cause worthy enough to advocate.  Many people can't be convinced logically of the usefulness of an item, they remain skeptical no matter what; many do it because other people are doing it and they don't want to be left out.  That's fine, but in order for that to occur, you need people and businesses to use an "inferior" product so it can get enough infrastructure to function as a direct and improved replacement to the monetary system of today, including all the benefits of cards and such, and all of which are possible without a central governing authority.  Doesn't have to be bitcoin specifically; all cryptos are very similar, and I suspect many will be in use in the future, not just one as you've concluded.  I don't care how similar bitcoin becomes to mainstream banks (nor was this ever its specified purpose to be averse to banks), so long as there's no benefit to tampering with it (everyone jumps ship to another crypto the moment the update to increase the bitcoin supply is released), then we have a product that has the potential to change the world for the better.


I hope by now I've explained exactly why this quote is irrelevant; there's nothing to fix (aside from popular opinion) and no cause to worry about a major wealth disparity.  Bitcoin does not operate like fiat, although I'm sure government might try to force usage of one or the other.  So long as nobody has to use bitcoin, you never have to worry about a wealthy bitcoin elite; there will be plenty of wealthy bitcoiners, no doubt, but none that'll rule the world without the help of a third party.


I will refer you to your initial black & white fallacy at the top of the post: all cryptocurrencies are wordly and many new ones are being developed all the time.  You're trying to superimpose fiat onto bitcoin, and it doesn't work.  There will never be a one world crypto, because there will never be two people exactly alike, let alone billions!


Thank you for removing yourself from the liberal echo-chamber for a moment; I invite you to study some Austrian economics here, to help balance your views: https://mises.org/Literature

Bitcoin did not and will not "create" wealth disparity as you falsely assert.

People who want bitcoin can buy it - fairly cheaply as it turns out.

Those who do not want it don't have to buy it.

That's all there is to it. It isn't the only asset in existence and stop acting as if it is.

You make a good point, however there are counterpoints to this.

1.  Whether wealth is held in stable currency or an appreciating asset,
the wealthy owner isn't consuming resources just by ownership.  However, luxurious  living
requires spending actual wealth and buying depreciating assets.

And with Bitcoin, once the coins are spent, they are gone.  This is in sharp contrast to the
current system where the rich get richer.  So it may start out as more skewed, but over time,
Bitcoin actually favors more equitable wealth distribution, and the trend is in the right direction.
Right now, we are on the wrong track, with power and wealth getting more centralized.
With Bitcoin, it would forever march toward equality.  In the long run, all wealth would be earned.

2.  Also, even appreciating assets require real wealth to be spent on their use as a resource.
A house requires property taxes to be paid.  A classic car requires maintenance, etc.  These
things require further distribution of funds.

3.  Yes people will convert Bitcoins to other assets as you say,  but this will not happen
all at once, in say 40 years.  it will happen in various stages along the way...each time,
further distributing the wealth.  

4. There may be some generational stashes of coin, but they would erode over time
when used for luxury, and would only cause occasional disruption.

The rising price of bitcoin is something satoshi very much intended to bootstrap this whole bitcoin thing as an economy in its own right. I can't think of another good way to get people to use a decentralised peer to peer currency, can you? Remember, 1:1 swapping of fiat for government-crypto would inevitably involve banks because people do not store their monetary assets as cash any more, thereby entirely missing the point of cutting out middle men. And so consumers wouldn't notice any difference. I'm afraid every important change involves suffering for some, even the internet and mobile phones  killed off some jobs at the same time as creating more and benefiting those who could adapt.

Egalitarian cryptos on the way. Any crypto needs adoption for success, so adopters can feel free to regularly use new and new egalitarian or close-to-it coins until wealth redistribution result'll comfort them.

Maybe, but they aren't new. I see this argument pop up now and then. Firstly people will spend, they're not just gonna sit on them. Secondly, I do not care that much who holds most of a currency I'm using. But IF i have to choose, I choose computer geeks over bankers any day ;)

99% people here are here coz trying to get rich  ::)

whales can't dump because they are the one, that have rised the price to 400, they dump on their pump? it's stupid, they must wait for other whales, or dump small amount to the poors, and the latter is good

How could you possibly know that - especially since you just registered on the forum today?

I disagree too.

I first registered for research purposes, for personal learning only.
Spent a lot time lurking before registering, when I started to have my own questions.

How do you lose faith in something that's only been around for 5 years or so?   :o

I wonder if the same people lost faith when the Internet was in it's infancy not so longer ago.

Who is OP working for?

Everyone somewhat critical of the Bitcoin permabull cultist mentality must surely work for banks and/or governments ...  ::)

Why don't you just refute his arguments, instead of asking silly questions about his personal credentials and background?

What's with the echo chamber mentality here? Are you guys trying to outdo /r/Bitcoin in that regard as well?

It's been around for almost six years, and it's showing signs of aging. It's been nine months since Bitcoin's ATH, and it's been in a downtrend ever since. The downtrend seems to be continuing. Sustaining a price over 500 is very hard, almost impossible, for BTC right now. And it's gonna be harder in the future.

The way to automatically allocate a new currency based on wealth prior to adoption already exists. It's called an exchange. If you have 1% of the cash on earth and everyone is buying bitcoin you can buy 1%.

Very early adopters (I missed that boat by the way) are rewarded for the higher risk that they took in jumping in early. Do you really think they will hold forever? They'll gradually sell off their holdings until there is a more even distribution.

Bitcoin becoming the dominant currency is far from a sure thing by the way.


I agree here. When you throw around these accusations at anyone who is even slightly doubtful it makes you look like a raging fool. People should always be asking questions, raising doubts, addressing concerns and considering the worst as well as the best case scenario.

Please substantiate this assertion with examples of similar events that have occurred in history.

some points :

- There is no support it left roughly 1 to 2 months ago if it was even there.

- less than 100k of BTC could flaw the price.

- the reason it ran up to create the illusion of "high valuation" was though complete monopoly.

- that monopoly is broken (basically)

- I'd say the "market" would value Bitcoin between $2 and $50 based on "brand speculation" if the valuation collapse doesn't cause significant structural collapse. (i.e multiple 51% "events")

As the BTC price rise with increase adoption, the bitcoin whales will slowly cash out their coin stash. It's not like BTC will jump from 500 to 10k overnight so the wealth distribution will have time to even out. Unless Mr. Nakamoto decides to reappear and announce his plans for world domination.

Not necessarily. As the price rises they will have no need to cash out more than small amounts- unless they want to buy a castle :)
(or a country)

The tycoons of today spend millions and always have more than before. It will be no different.

Some of your assumptions are wrong. Bitcoin is gaining trust and popularity practically speaking but loosing in theory..

So?

I am an optimist and don't buy your views at all.This is a lay man's perspective on the concept of Bitcoin so stop posting such opinions on the forum if you don't believe in its establishment and use then why invest your money on it.However,i will advice you to be patient and watch the trend for at least 2 more years then may be your views will change.

I think some of your assumptions are wrong because bitcoins is rising and spreading very fast. Its value is also on the rise.

What's wrong with wealth disparity? Every one of us has different interests and attitudes that makes us have different incomes. There's nothing wrong with that.

For those that think that wealth disparity is wrong, I recommend Murray Rothbard's Egalitarianism as a Revolt against Nature. You can find it free here: https://mises.org/books/egalitarianism.pdf

I can never understand why so many people lose faith in things so easily. Bitcoin has been around for what now....5 years? In those 5 years we have seen bitcoin rise and become more popular and even some companies are now accepting it, to me that is a huge step and shows me that bitcoin still has a way to go yet. It's far too early to be losing faith I feel.

The wealth disparity is happening NOW. 1% own shit ton of power, most people are legit POOR. BTC gives us a second chance.

I agree. Why should we lose faith? Bitcoin is still vastly superior to fiat alternatives. It seems obvious to me that crypto currencies will be widely used in the future. It's just a matter of time that more and more companies accept them and encourage people to use them, by for example giving discounts over other methods like Paypal and credit cards.

Well if you are here to become rich thru bitcoin then do not be here. Well for me, Bitcoin is here to stay but its too risky to invest your own money for it.

Don't you think what you said is totally bullshit?
I'd like to hear different voice from the community.

Bitcoins act as seed capital, Bitcoins fuel and propel all the other crypto 2.0 technologies, decentralized companies, etc. It makes no sense sitting on Bitcoins. Bitcoins can potentially give you 1-10x returns over the next 5 years, keeping with inflation or not. But crypto 2.0 technologies and decentralized companies stock can potentially give you 10-1000x returns over the same period.

https://bitcointalk.org/index.php?topic=766406.0
https://bitcointalk.org/index.php?topic=762346.msg8649839#msg8649839

the problem is that you came to a bitcoin forum to talk about how bitcoin is probably not going to be widely used.

mostly everyone here has low levels of critical thinking and is all like "bitcoin is gonna go moon and i make profit derppp"

honestly i dont even know why i continue to post here and read things, you are mostly right and yes bitcoin will obviously not be used by everyone. it might be .001% use bitcoin or it might be 1% use it who knows. the certain thing is that it can be bought out like anything else, exchanges can be bought out, mining can be bought out etc...

the trustless part is the protocol, but you have to trust the miners/exchanges/services that use btc and all that(unless you escrow which almost every normal person will say is a fucking stupid way to spend your time).

Bitcoin starts becoming a currency, not an investment. Which is actually good.
Although I don't like it, most (if not all) altcoins are traded (between them or to/from fiat) through... bitcoin. And some altcoins seem to have a very bright future.


Both of these can get to the conclusion that Bitcoin is far from dead. I can even say that although its price is not great, the coin is actually doing good.

I guess this backs up the notion on why some people in the industry want to start using Bits. A lot of new people to Bitcoin do not realize that it is divisible and the price barrier hinders adoption for some. People will always feel gloomy about the BTC price at some point but you need to imagine how gloomy people were after the first major bubble in 2011. A lot of people thought they missed the boat but those people who held are far more happier now. I personally think BTC will continue the same pattern for years to come. And if you are too worried about BTC adoption, you can always diversify into altcoins ;)

You sure about that? (https://www.youtube.com/watch?v=QPKKQnijnsM)

Every time after a bubble people is in panic but if you wait some months you will see that another rise will come.

That is correct.

https://i.imgur.com/az6rWrh.png

Currently the market sees bitcoin monopoly. If it started equally with other cryptos then it would be worth $10/coin..

I like your post..and agree.

here is an example

if we had a central authority we could turn off transactions from people like this.

holy shit !

this will be HUGE !

What's wrong with inequality? Rothbard will help you: https://mises.org/books/egalitarianism.pdf

If the chart is right we will see a value of about 10000$ as a peak of the next bubble, the history repeats but sooner or later it stops...

You are somewhat wrong..but you are also right in saying bitcoin won't be able to replace fiat!

If this really happen, I think Bitcoin will become very popular like investment and will attract much more people.
In this case nobody will really care if some big merchants will accept Bitcoin or not, everybody will invest in hope to earn some good profit and this will help growth of Bitcoin, at least for some time.