Bitcoin Forum

So after reading the greatest document on global currency I ever read yesterday,

https://bitcointalk.org/index.php?topic=879726.0

I have come to the conclusion that bitcoin is fatally flawed and that is why the value of bitcoin has falled this year so much.

These are major flaws I see

a. there is no reason for the general public to acquire it
b. there is no easy way for the general public to acquire it
c. it is impossible for most of the world (the poor) to acquire bitcoin since most now have to acquire it from 3rd parties that follow banks rules and the poor is the majority of the world and ignored by western banks
d. it's a toy novel currency for a niche set of western people that refuse to realize most of the world will never use bitcoin nor any bank or credit card
e. the bitcoin network is fatally flawed by how slow transactions are now and it will never be able to handle 100 Million or over 1 Billion transactions a day as a real globally currency unit would need to do
f. 22 Million coins too little to fuel a global economy with 7 billion people, and the high price of a coin will scare aware most of the world.

Granted bitcoin had some really good ideas like the public ledger and blockchain, however, this is why bitcoin will fail, at a certain point transaction demands would cripple the ledger and blockchain as it is designed now. A minor amount of transactions now makes the network SLOOOOWWWWWWW.

Imagine 1000 or 10,000 times more daily volume, the nodes would be crushed.

All fiat systems suck, if you were around any length of time you know how cheap things were years ago, so all fiat sucks.

The limited coin idea to btc was great, but 22 million is far too little to supply 7 billion people.

Like I said the more I read this manifesto the more I think it fixes the flaws of bitcoin.

https://bitcointalk.org/index.php?topic=879726.0

a) people like me have seen that bitcoin protect from the inflation.

b) how many exchange in 2013 ?
how many in 2014 ?
how many decade to initiate a currency ?
we will win ... at the end (in 10 years) ...

c) localbitcoin + smartphone = bitcoin vs. cash FIAT
no rules, no banks, no problems

d) talk to the hand.

e) block evolution of height will change.

f) 22 000 000, 000 000 000 units ... not "only" 22 000 000.

http://cdn.lolbrary.com/2013/12/6/lolbrary.com_42655_1386353744.gif

In the future, you will get paid with BTC, so there is no need to acquire it from exchanges. In fast, in the distant future, there will be no exchanges, as BTC is the only one.

Welcome to Bitcoin!

Oh wait...not a n00b. You should know the answers to all of your questions by now.

Your conclusions are fatally flawed.

That's the greatest document you've ever read? That was one if the biggest pieces of trash I've ever read. What in the world!!! Are you trolling???

Your scenarios have been debunked over and over and over. Just by your misunderstanding of coins vs units I know you don't have an inkling of hope right now. Stop reading trash documents and learn what bitcoin is.

a. it is still in beta, but the main reason would be the general public can get control back over their assets, this has to sink in and the people will know the reason why to aquire it
b. As with current currencies, it is hard work and low pay :(
c. The poor are poor because of b, hard work low pay, this might not change, but it would not be harder to get bitcoin than it would be to get dollars now
d. just like you say, banks and credit cards are a toy novelty, we replace it with bitcoin, so it is our own toy novelty
e. compared to? My bank? takes up to a day to transfer money to another account, compared to bitcoins transaction speed, that is ages
f. like another allready posted, you divide it, a coin is expensive, a tenth million part of a coin is cheap. I will look out for the day a tenth million bitcoin will be worth 1 cent in dollars :)

All technologies eventually lead to centralization and control from a single source because of economic of scale. Peer to peer protocol is a pipe dream to begin with.

Where did anyone say Bitcoin was going to be a global currency? What about all the spin outs of competing cryptocurrencies? What is it with communists having to have 1 of something?

FTFY

Economies of scale are a myth without government interference.

You people live in cubicles and have no real world experience.

If you were actually IN THE REAL WORLD and talking to people you know

a. most in the USA think bitcoin involves drugs, damage is done, they will never take it
b. people say 400 a coin? what? that high price per coin is not understood easily by the masses
c. you can fraction a coin many times, so what, the base unit is a bitcoin and the small amount means a high value per coin he public will never accept, it scares them
d. most of the world barters what they grow and make for what they need to survive, they will never work for bitcoin, now if you GIVE these same poor people in undeveloped countries the technology to hold a wallet and then have it preloaded so they can transfer it around, then techno currency might catch on with 80% of the world that is in what would be 3rd world status by most western banks.

Why do you think all the big credit card companies have such a minor percentage of cards to people on the planet?

90% of the world doesn't hold a card and most don't have a bank account and now many are using technology to do bs like facebook and talk to relatives that left 3rd world nations for better areas to work.

Bitcoin is a minority currency just like credit cards and banks are minority concepts, most of the world doesn't use a bank and 90% have no credit cards

A real global currency needs to be global, bitcoin is just more of the same old elitist bs, it serves a tiny fraction of the elite and the poor will never use it.

It will exist for a while but it will not obtain any significant percentage of the world's population owning wallets.

IMO

exactly

Anyone that ever though "bitcoin would defeat the dollar" or something along the lines is a complete moron. The point of bitcoin is having an alternative to store value, that's all.

And coins are divisible by a ton of units for fuck sakes, how is it that hard to understand. It's not "21 million".

Maybe if you'd make a reason for the general public to visit your sites, you wouldn't have to continually spam the hell out of forums to try and clickbait them.

I guess you didn't read satoshi's white paper it starts off

1.
Introduction
Commerce on the Internet

Commerce on the Net is GLOBAL COMMERCE and he was trying to create a system for GLOBAL COMMERCE ergo GLOBAL CURRENCY

I don't have any links to sites I run

Show me a link to a site I run in this thread

IT DOESN'T EXIST

You are a liar and delusional

Another person that didn't read Satoshi's white paper

It starts off

1.
Introduction
Commerce on the Internet

Bitcoin was designed by Satoshi as the solution to provide a new payment method for internet commerce or a global currency unit

Name one that did not become centralized due to government interference.

Just one.

Welcome to Bitcoin!

aww crap...no you're the same guy again...

Ever heard the term: "shave and a haircut...two bits"?

Currency units change all the time.

All tech starts off with many players and then 3 or so survive and one is the dominant player

Hardware Clones early 80's many players now how many? Not many
OS several players early and windows became the player
Internet Providers many local access companies now a few big companies
Browsers many players now a few
Search Engines many players now a few with google the main one
ebooks many players with now 3 main players and amazon the dominant one


Now none of these tech companies benefited from government rules or interference, in fact MS was hit with a monopoly case

So tech always has many companies and within a short span of time, a few survive and one dominates

Crypto currency is tech, lots of coins now and in a few years one will be dominant and a few will survive

I have come to the conclusion that you are not the sharpest knife in the drawer. And since I AM the sharpest knife in the drawer, I'm probably right.

Why are smaller units of currency not viable?

They were viable in 1950 prior to the rampant inflation. They were viable in the early 1900's prior to rampant inflation. I don't get it, all you do is just make smaller and smaller pieces of a dollar vs. more and more dollars. It seems easier to drop a quarter for a quart of milk vs. 15 quarters.

Why is a situation of gradual deflation scary to people. It encourages savings as opposed to consumption. The problem is you can't imagine because you lived in an inflationary world with constant inflation your whole life. Take a trip to imagination land sometime bud.

So...a lot of technologies with multiple competitors with some dominating players.

The network affect tends to reward early players in a field but they are not the only ones until the government steps in to create barriers to entry. No natural monopoly can develop on its own.

MtGox was rewarded with first player status due to the network affect. They dominated for some time. Had government stepped in to regulate, they could have reined as the sole exchange for many years.

The issue is people that seek control tug at peoples heart. They'll be like look at all this fraud and look at all these innocent people hurt. You see now we need to regulate and control it because people can't be trusted. It's really a lack of love and trust in your fellow man that drives people to regulate and control. The funny thing is people that want to regulate and control pretend to do it out of love. What a catch 22.

Bitcoin, being a global currency, has many foreign adopters. A bit of leeway should be given when it comes to language differences. It is obvious that OP is not from an English speaking country.

These are all very short sighted, bordering on ignorant.

a. Businesses have a reason to prefer it over alternative methods. This means in one way or another, it is cheaper for a business to accept bitcoin over other forms of payment. They have already begun to offer bitcoin only discounts for products. Many places offer cash/check/wire discounts. Bitcoin will very soon be accepted similarly, but is much easier than any of the above for the consumer.

b. It is 100x easier to acquire than 2 year ago. This trend continues.

c. There will be future forms of physical currency backed in some fashion or another by bitcoin. This is bitcoin for the masses.

d. This point shows you have some other motive.

e. Transactions are instant. Confirmations are a little slower. Still faster than anything else, and does not rely on the whim of a central party.

f. This is simply ignorant.

The premise behind point A is pretty dumb.  How is Bitcoin any harder to get than the US Dollar?

now this douche is double posting to his own content?

WHERE IS THE BAN HAMMER?

there are many wrong statemens in your post

Hello 2011. I don't have time to walk you through the answers to all your questions. But rest assured they have been asked and answered a billion times. The fatal flaws you point out are in no way flaws of bitcoin.

I don't think Bitcoin is fatally flawed so much as it's not making use of the latest technology available to cryptocurrencies and that could hold it back. If it falls, the concepts that Bitcoin is based on will still be out there and can be used in the future. I've had some luck with ignoring the exchanges and just earning Bitcoin with my writing. And you're ignoring the fact that a Bitcoin can be divided down to 0.00000001 BTC (a "Satoshi"), so in reality, the number of possible units is high enough to be useful.

GO DO YOUR RESEARCH!!! before just yapping out of your ass because you sound like an idiot to people that know WTF is actually going on.

People far far far smarter than you built this, you don't think that they thought about the 22 (21 actually) million limit? Do you know that it is dividable to 8 dec places right?

FFS just go away. .

This is your own flawed opinion thus this post is invalid.
In no way is Bitcoin flawed from the things that you mentioned. The only way that Bitcoin could be flawed is due to some problem in the technology behind it (note: there currently is none).

there is nothing wrong with deflation at all, this is just the bullshit the fiat money masters try to teach us slaves!!!!!!!!1

only in a world of immortals, deflation would be a problem but we are not immortal, so to delay spending due to deflation makes no sense at all

traffic lights are unnecessary because cars are not invisible and deflation is not an issue because people are mortal. all that rubbish is just for people control.  :( >:(

THIS!

Deflation is bad if your economy has no output, but deflationary currency is whole other thing!
losing weight to stay in shape is good, but, losing weight due to ammonia and diarrhea is NOT!

******** PUBLIC SERVICE ANNOUNCEMENT *********
**********************************************

WARNING!

This thread was started by none other than
Sol Adoni AKA "Sollog" AKA Johnathon Patrick Ellis
AKA John Ennis.

https://images.encyclopediadramatica.se/a/af/John.patrick.ennis-mugshot-20050303.jpg

For more info on this man:

https://encyclopediadramatica.se/Sollog
http://americanloons.blogspot.com/2013/08/650-john-ennis.html

He abuses the Bitcointalk forum by creating
dozens of sock puppet accounts and attempts
to either outright scam, promote his websites,
schemes, or products, or tries to get more
backlinks to his websites, or simply just troll.

He is not to be taken seriously.  Responding
to his posts will encourage him.  Thus,
the best response is to make a copy of this
PSA warning and post that.

Since Bitcointalk allows limitless creation
of accounts with no email verification,
expect Sollog to keep creating endless accounts.

Some of the sockpuppet accounts created so
far include (but are not limited to):  

Bitcoin_exchange, adoni, banque, Ibitcoinloan,
domainbrokers,ibittunes,247bitcoinnewscom,btcdoms,
elix,Protos1,247bitcoinnews,1playercom,ibitcoincasinoorg,
1anonymous,Addition,247casino,Page1,1amonymous,1bitcoinz

*********END OF PUBLIC SERVICE ANNOUNCEMENT************

Nobody knew about smart phones when companies have produced them, now you can see even poor families have smart phones to use social media or other applications. Using smart phone is like an expression for them, it's something new to the world and people love new things. Bitcoin is something like iPhone and I believe it's bigger than that, it's more like internet's invention and it will spread huge like internet in 10 years...

Trolls are going to troll.

The problem with his "argument" is that they are not arguments they are baseless conclusions.

I would accept the fact that bitcoin may have some flaw that will prevent it's success but in order to get me to believe as such you need to present well though out facts and arguments

Whao! Crazyness comes in different flavors.

The smallest unit of Bitcoin is a satoshi. One bitcoin is equal to a hundred million satoshis. So I guess bitcoins can easily fuel the global economy, even if the world's population doubles.

These points are all null and void.
Reason to get it? Because it is decentralized and prevents inflation.
Ease to get it? Of course! Trade money for it!
Can poor people get it? Heck yeah! Have you seen how easily you can get free Bitcoin these days? You get paid to play games on a few websites, such as FreeBTCminer.
For D, what an assumption.
Quickness of transactions? It's faster or as fast as a check!
High price? You can trade for a fraction of a Bitcoin, and in the 1800s, 2 dollars were worth about as much as a Bitcoin!

None of these points are valid.

Not too far fetched, this sock puppet has trust of -6 and has hidden his email address. No shame in hiding your address, but it shows that he does not want to be recognized