Hi,
I want bitcoin to succeed and very much hope it does, so please don't read this message as bitcoin bashing post, not intended that way. The fact that we're all reading and posting on this forum probably indicates our positive interest in Bitcoin specifically. But just thinking negatively with our black hats on, what could spell the end for bitcoin
1. 50.1% attack - where someone gets enough computing power to out pace a little over half the current hashing capability and invalidates the chain. Probably only feasible for large companies/banks/governments whose interests might be threatened by bitcoin.
2. Government regulation - if the US & EU legislated against holding or dealing with bitcoin, or started seizing wallets. Bitcoin could flee to other jurisdictions, but it certainly could significantly affect its adoption if none of the large multinational companies would accept payment in bitcoin.
3. Unknown bugs - Some flaw in the algorithm that we don't yet know about
4. Better competitor crypto currency with some technical advantage, like speed - Could ethereum replace bitcoin?
Any others that people can think of? and which do you think most likely if any?
Again, not meaning to be negative so please don't be offended,
Thanks
Just like FIAT has not been challenged by another FIAT, Bitcoin wont be challenged by another Bitcoin. If it is challenged, then it has to be something innovative, disruptive... that has not been thought after as of yet. Well, I reckon USD and EUR will get challenged by asian money (JEN and CNY) in the future, this will be the leading FIAT, and BTC will be huge along with metals. But no, no other crypto is replacing Bitcoin, no fucking way lol. |
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Did you stop mininig? how do you see mining in the future? are things going to get fucked up with a mining crisis happening?  |
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Make a big "DOWNLOAD NOW" button that has an officially developed and supported lightweight wallet that looks cool and works smooth. Then, have computer literate people run Bitcoin QTs if they want to support the network and be nodes. The common folk shouldn't be pointed to Bitcoin QT as "the official one" because everyone is downloading "the official one" and few even bother reading about the 3rd party wallets, or they may think "why risk it, lets go with the official". So yeah, we need a lightweight, "average joe" Bitcoin QT wallet.
How is actually the 'common folk' pointed to download the Bitcoin QT? When you google "bitcoin" the first in search results is bitcoin.org, if you go to the wallets page: https://bitcoin.org/en/choose-your-walletYou got a multiple choice and a brief description of every wallet, it's all explained. And if you click 'download' (Bitcoin QT), you get this info: You will need to be patient
Bitcoin Core initial sync can take a long time. You should make sure that you have enough bandwidth and storage for the full block chain size (over 20GB). If you know how to download a torrent file, you can speed up this process by putting bootstrap.dat (a previous copy of the block chain) in the Bitcoin Core data directory before starting the software. Because you are missing the point. When clueless people enter there, they see "Bitcoin Core", it's the first option, and it has the official logo on it, so they download THAT ONE. Then, their computer bloats, the download is too slow, they get frustrated then forget about Bitcoin. People is that dumb unfortunately. https://www.youtube.com/watch?v=vnm4xFC2xNoRead the comments there. Lots of people complaining about "slow download times" and shit. They dont even know the alternative wallets exist. |
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No.
We need nodes.
To transmit transactions.
Lite wallet only and must only work on "lightweight" system ... like smartphone.
Yeah, but dont you understand no one that is a casual bitcoin user is going to be a node? nodes should be people that can run a computer 24/7 and have power of computing and so on and so fort, not the average bitcoin user. Bitcoin will fail if most people are encountered with downloading a 20gb and growing file if they download "the official client" which is what people always do. cal of duty - 22gb battlefield 3 - 20gb world of warcraft - alot more here is 3 examples of where people WOULD download 20 gigabytes purely for maybe 20 hours of game play and for less then $50 of value. so if people have hundreds or thousands of dollars of value in bitcoin. then it makes sense to run the proper bitcoin-core. i do laugh at people that complain about the blockchain size but are usually the same people that have atleast 2 games on their system that exceed bitcoins data size.. and would defend their reasoning for thinking its ok to install a game, but not ok to protect their wealth I think people that download/buy these games will likely play for more then 20 hours, they can also buy a CD version of the game and not have to download. It should also be noted that downloading the blockchain will take a lot longer then downloading any of these games because of the decentralized nature of the blockchain. Another point is the fact that once the above games have been downloaded they generally will not need to download anything again (with the exception of few updates), while a QT user will need to wait until QT successfully re-syncs after they have had their computer off for a long time before they can effectively use it again. This. Not only what I said, but the fact that downloading 20gb of data throught Bitcoin QT takes literall AGES vs downloading a torrent or what not, which takes literally minutes. |
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No.
We need nodes.
To transmit transactions.
Lite wallet only and must only work on "lightweight" system ... like smartphone.
Yeah, but dont you understand no one that is a casual bitcoin user is going to be a node? nodes should be people that can run a computer 24/7 and have power of computing and so on and so fort, not the average bitcoin user. Bitcoin will fail if most people are encountered with downloading a 20gb and growing file if they download "the official client" which is what people always do. cal of duty - 22gb battlefield 3 - 20gb world of warcraft - alot more here is 3 examples of where people WOULD download 20 gigabytes purely for maybe 20 hours of game play and for less then $50 of value. so if people have hundreds or thousands of dollars of value in bitcoin. then it makes sense to run the proper bitcoin-core. i do laugh at people that complain about the blockchain size but are usually the same people that have atleast 2 games on their system that exceed bitcoins data size.. and would defend their reasoning for thinking its ok to install a game, but not ok to protect their wealth Just LOL. These are SUPER FAMOUS GAME FRANCHISES, anything they release will be a SUCCESS. Bitcoin is some obscure as fuck MONEY THING for complete newbies. You are completely clueless when it comes to marketing. Bitcoin is NOT marketeable if you need a big fucking ass download to make it work. Again, only computer literate people will care about it. Normal people aren't going to be Bitcoin QT nodes, let alone in non 1st world countries, where no computer will be able to survive the wallet bloat. We need a better lightweight official wallet. |
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I wish I have bought even just 1k BTC when it was a dollar worth.  not after bitcoin drop back to where it came from $0.0001 No, because I will sell all my properties and buy with 100% FIAT if it ever goes NEAR that price, and so will massive ass intelligent whales. These ridiculous low prices are objectively impossible. Nice trollling tho. |
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Not buying sub1000 (aka cheap as FUCK Bitcoin) = you deserve to stay poor for life. QED.
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Definitely one of these European super sexy girls, Alice Miller or Angel Rivas, ideally both at once.
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Is that Abe or Slenderman? |
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Thats plain nuts. I don't believe this just yet, i'll need to research more into it as to what they are talking about with telephathy. The important question is: How does one percieve such message? Like, how do you know youve recieved a mental message from another person or its just your own brain?
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Yes we are certainly on that nice phase were boat missers get to buy some cheap BTC, but make no mistake, this phase of tranquility may take longer than some would like to believe. I am OK with it tho, that just gives me more time to stack a nice little amount of BTCs.
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The problem with this is 99% percentes, aka most average joes can't really risk their FIAT to buy stuff with BTC. We'll need bigger merchant adoption and more stability and more importantly better wallet and faster smoother behaviour of the software for it to reach a status where people make their daily expenses with BTC mostly. In fact even in the future it may still be seen as a legit store of value like gold rather than an actual currency. We'll see.
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there will not be a pump
it will go down much faster
people take out the money for coming holiday season and speculators will dump more
government and manipulators have too much btc to keep in this economy and have to dump to prevent losses.
we see prices drop too under $100 before december.
we guarantee this price course and can offer you a complete documentation of evidence why this is so for 0.5btc only
remember it is just a small amount to save your investment and full return if our prediction is wrong.
LOL. Fallling and the rest of boat misser's antics are getting funnier everytime. This shit is hilarious at new levels now! So BTC will crash and it's worthless, but in the meantime give us your precious BTC! |
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I think Litecoin will become a good secondary coin. Most others will fail or die.
Have you been following the charts in the last few months? Litecoin is already dead. Well, it's maybe a bit soon to say so, but unfortunately, I dont really see many altcoins surviving this, and Litecoin hasn't got much to offer. Maybe when cryptos become super mainstream, LTC will regain a certain value, but who the fuck knows. |
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We are on that period of disruptive technology where people may have heard about it in mainstream news once, when the 1000USD rally happened. Then 3 years from now when it's higher than ever, just like I do now remembering how i heard about BTC back in 2009 briefly being linked to criminal activity in mainstream websites but didnt look more into it, they will remember how they once say it mentioned in mainstream news but never got more into it, they didn't do the research and the will miss the boat again, except we this time ain't going to miss that boat twice.
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When we hit ATH again I swear I will blast this on my ghetto blasters as I cruise the hood.
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Hobby miners with small farms can mine essentially forever at a small loss. Big miners will not be able to mine for long at a cost due to space and electricity cost (assuming they already paid for their hardware and it wasn't on credit). If big miners fail they could sell off all of their reserve coins, tank the price of BTC and in the end all we would have left are the small hobby miners again.
Well big miners will be lossing on a lot of gains if they dont risk for a while. Nobody said it would be easy. Also if they stop, these smaller miners will get a bigger slice of the pie. It's a game of chicken. The miners can't stop mining because if they do the amount miners can make will go up, so they may as well continue mining and hope the price goes up. Think of it as dollar cost averaging on autopilot. The biggest impact will be that they can't continue to invest in new hardware. As the demand for miners goes down the companies selling them will shift to just mining with the hardware that they make. Eventually those companies will not only reach 50% of the network, but in fact dwarf all mining pools combined. It is my prediction that this will occur as soon as 2015. When this happens the future of Bitcoin will be cast in doubt, there will be panic and drama, and hopefully a solution will be found. Well I guess a solution already exists for such an scenareo? I like to think Satoshi left it all planned and there must be a way to find his views on this, maybe he talked about it here in Bitcointalk or something. |
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In one day it lost all the gain from last 2 years, now people will understand why bitcoin is better than gold  The gold production increased, there are huge amount of gold mined out from china during the last year. But for bitcoin production rate is always fixed Gold inflation is still much lower than bitcoin's. Gold supply is increased only by about 1.5% per year, while for the next years we are still going to have 10% more bitcoins per year: https://bitcointalk.org/index.php?topic=130619.0Not exactly, you can not measure the inflation by production vs total supply, since most of the gold/coins are hoarded and never goes into circulation, the price is only decided by the daily market supply and demand (otherwise now everything in US should have 4x price since FED has increased the total money supply by 4 fold since 2008, in reality there is almost none inflation because most of those money went into banker's pocket and never circulated) Currently bitcoin has a production rate of 3600 coins a day, that is fixed, no one can change that, even if it jumps in a 10 day period, the difficulty will increase to maintain that rate. But for gold, you can increase the amount of mine around the globe to dig out more and more gold every day. The total gold on earth has a fixed supply, but so far human has only mined a very small percentage of it near the surface of the earth and I doubt that it will continue, since the use of gold is getting less and less, many modern jewelry use sophisticated coating technology that does not depends on gold but provide much better looking Anyway gold's price is mostly decided by the mining cost, but it is not the cost of digging gold rose that high, it is the cost measured in fiat money rose, which means fiat money are losing value quickly Yup. And who knows what the total supply of gold can be? We cant know for certain. Any new gold mining discoveries can modify the price, with BTC it's fixed and transparent, whereas we do not know what goes inside the inner circles of top gold mining business, wh ereas everyhing it's clear in the blockchain with BTC. |
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Yes, when fucking stupid FIAT from hell gets buried, BTC is 5 million a piece, then at least i'll be free, I dont know about dumb anti BTC haters tho, they will probably cry with their dollars at night.
Freedom doesn't mean financial freedom alone.  But its a big part of being free by definition. No one likes to get told what to do, henceforth you unfortunately need to be rich to avoid being told what the fuck to do with your daily life and how you manage your time. So yes, we need 1 BTC to go really fucking high to save us all from the boredom of the daily life struggle, otherwise i'll just jump on a train in the next decade. |
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This got so tiresome after 2nd season or so. Filler was good in Dragon Ball, but as an adult I can't watch filler cartoon thing, too boring.
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