Bitcoin Forum

Satoshi's idea of what Bitcoin was going to be has been smashed out of all proportions. He originally wanted a decentralized way of using everyday money. Bitcoin is no longer what he dreamed about but instead has become a financial investment monster which does not look like it will stop anytime soon.
It was exciting when Bitcoin was first launched and we started to see a whole load of websites poping up offering bitcoin payments, sadly they are becoming less and less by the month as website owners struggle to get users to use bitcoin as a currency now, because people are just using Bitcoin to make Fiat money, Sad to see Bitcoin go down this route yet on the positive side its made a lot of people rich so even if Satoshi is cursing what Bitcoin has become at least he has helped people get out of finacial problems and made others very wealthy.

All good things must come to an end at some point and perhaps one good thing had to die for another to be born here. Yes the system Satoshi imagined isn't in tact but an even better one came about I believe. People now in 3rd world countries can use Bitcoin as a safe haven because it is a store of value, something they otherwise would not have been able to. In perspective I think it is just as powerful as when it began in 09.

Do you why website become less which is accepting bitcoin as payment?
Because bitcoin is not really suitable to use as payment. Bitcoin transaction is very slow and the fee of sending is very high.
They need to solve that problem first before continue using bitcoin as payment.

Yep it has helped a lot of people but im not so sure that it is widly used in 3rd world countries because of lack of internet connections. I also think that some very wealthy investors have become even more wealthy  thanks to Bitcoin and I dont think it will die as a crypto but rather just be used as an investment. If the banks control ripple so that its price is fairly stable I think that might be used as an all round everyday cryptocurrency which Bitcoin was meant to be

Yes that is another big problem as well as price volatilty

You have to look for the bigger picture, Bitcoin won't be growing forever and it will not be growing all the time, at some point there will be a bear market. So, at some point this speculative phase will end and Bitcoin will be used more as a money. Bitcoin is still only 9 years old and it might take a decade or even more until it will start actually being adopted, as Biitcoin's technology itself is also not ready to sustain millions of users, so until Lightning Network arrives it will mostly be used as store of value and asset. I'm sure Satoshi understands it all, as he was a very smart person, he knew that projects like this have to grow organically, and this is the reason why he went off the radar, he didn't want to be a dictator. Bitcoin is an idea, a system, it doesn't need leaders to drive it.

Being volatile in nature has made it get prioritized as an investment as well as an trading asset than a transaction source. Maybe the key thing have changed, but the ultimate growth is achieved. Even now the decentralized functioning is getting continued and maybe after years we could see bitcoin as an transaction source with large number of acceptance around the globe.

Yep very true but it needs to drop down to a much smaller value too and become stable. When Fait money came about it was never this volatile and it was also backed by gold. Bitcoin essentially wasent backed by anything apart from an idea. Now it is backed ny Fiat money because that is what people use it for buying to selling for real money. Its the investers which have caused this to happen to Bitcoin and im not sure it will ever go back to what it was meant for because if it starts to loose its value in a big way people will turn to altcoins to try and make a profit just like shares. I really think Bitcoin has taken a wrong turn and dont think it will ever get back on track . Thats just my oppinon btw :)

Well, nothing goes as planned ever. But this trend is going to lead somewhere. I still believe this is just the begining of us using crypto currencies in our daily lives to buy groceries, clothes and so on.

Yes you see the key word there is "investment"  and tbh I dont think it will change. I think other currencys and specially Ripple will become a transaction source because the banks can control its value to some extent and the fact that people tend to trust finacial institutions like banks because they know if something goes wrong they have somebody to go to unlike with Bitcoin and even if Bitcoin was to become a transaction source it would need the same kind of scrutiny as fiat money has so essitianlly it would no longer become a decentralised payment source.

Me too I hope im still alive to see it cause im an old man now lol

We do not know what he is doing, there is a reason why he delegated to some other people the fate of bitcoin, maybe he did not wanted to get arrested or maybe he got tired of bitcoin and move on, if I was satoshi, which I'm not, I will have popcorn and enjoy the ride and see how far my invention goes without me.

And what has changed?
Did somehow bitcoin become centralized?
Satoshi never used the word ONLY when he described what bitcoins should be used for.

Source for this?

How can people make fiat money out of bitcoin fiat money coming into Bitcoin?


I really doubt it.
If he would indeed be cursing it he would take action.
If he is not around anymore and can't take action then I pretty doubt he is able to curse where he is.

But of course he invested in Bitcoin!!! He bougth 10k BTC on Okcoin!!! Don't you read the news?

Yep true I wonder if he invested and is now wealthy

no he isn't and the dream is still alive , actually it's just the beginning and I'm sure the devs will figure it out
people who hasn't suffered from centralization and shady acts of governments and banks won't know how bitcoin is a true savior

actually few hours ago I made a tweet about how 6 years ago Syrians weren't able to use their Visa/Master cards without warning , leaving them not able to use their own money
https://twitter.com/SyGambler/status/949407430575828993

I know that most people these days only care about how much it's going up or down , but many still believe in the true purpose of bitcoin  ;)

I think you've made a great example with the VISA/Master cards. Something which is accepted almost everywhere in the world was doubted at first and criticized. Bitcoin already has plans to deal with it's issues and when the lightning network is introduced that should sort out the current fee crisis.

Bitcoin is not centralised yet but it is loosing its anonymity with lots of sites wanting ID now to enable to trade buy or sell becuase of fraud so it is becoming more like (the big brother is watchin you)

These is no source but when I was here in 2012 there were always people postiing up new sites and when I opened up my directory I had all sorts of sites being submitted now you hardly see any new ones and the ones which were listed have disapeared.

What do you think most people buy bitcoin with ? Most buy Bitcoin with fiat money  and what do people sell Bitcoin for ? People sell it for Fiat money
Fiat money is what is driving the Bitcoin price with it being used as an investment rather than being used as a currency to buy things. If it lost its value and went down to pennys people would not invest in it so essentially its being backed by Fiat money.


 

Maybe we can tell that the main idea of bitcoin is not yet achieved by the founder itself, but it doesn't mean that there is no chance that it will happen in the future. Bitcoin is only 9 years old and it can still be achieved. In every thing that we do, there is always a disadvantages and advantages, we just have to be happy that the inventor of bitcoin shared his invention and most of us are benefiting on it.

You are totally right in every aspect, except one: Satoshi does not exist :) Bitcoin has truly become something totally different from what envisioned in Bitcoin's whitepaper, something unusable as a currency, just a store of value.

Maybe it is?

Satoshi is fully aware that bitcoin, in time, would be so big that some of the features he originally invented cannot keep up with the current demands thus entrusting the development of the codes to a select, knowledgeable people is a good decision. He never said that the system was perfect in his whitepaper, but stated that it is a trust-less, efficient and secure payment protocol. That never changed, apart from the efficient aspect and the economical part.

I think this is never expected from Satoshi, the purpose of bitcoin was for global transaction, unfortunately there are stilll so many country are rejecting bitcoin, if all government can accept bitcoin then bitcoon still can stay on the track, but the for now bitcoin need all the popularity and becoming investment is also good for bitcoin reputation