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I am amazed with number of people being fooled with BTC:
1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.
9. Bitcoin has a limited supply, but it does not help much. Bitcoin has a code that can be amended and its enough of small group of people to work together to support that. Question really is: do someone need that hassle? No really. Bitcoin has satoshis, that currently meaningless and just nice numbers after dot, but this a very well painless way to inflate any crypto currency and its up to liquidity providers. Again it falls to point #5 and #6. Added on 24/01/2018
Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.
Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.
BTC is scam of the century, stay away.
UPDATE 23/01/2018:
useless, guys the fact that some of you become reach and wealthy does not make Bitcoin useful. You wealth does not come from values that are used in propaganda.
1. Why I am still here? I believe there are technologies that are better maintained and lead than BTC, I prefer put money in something that bring value, has use-case and been used.
2. LN is panacea! Well not, so far its more dream than reality, no doubt it will be delivered in one or other way, but it will not solve all problems and so far it has more questions than answers.
UPDATE 24/01/2018:
Everyone is amazed of why I called it useless, well, recently Stripe dropped support for Bitcoin payments. This is the prove of Bitcoin being useless. Stripe was not the only one in recent months to do so. It should ring a bell.
Bitcoin is not useless for me. It is beneficial in my life because since I started Bitcoin, i gain a profit which is bigger than my salary. I agree that trasaction fee is high and slow, but if you have patience in it, you will succeed. I wont stay away from bitcoin as long as I am making income from it. It is just a matter how you see bitcoin, if you think it is useless in your life, then I respect that. It is beneficial only as long as its price is rising. What use will it be to you if prices stagnate or even tank a lot. Bitcoin will turn into a toxic asset for you, and you will drop it like a hot potato. Maybe, OP actually meant its use and application for something else other than speculation. |
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The current trend of Bitcoin is quite volatile. It increased by around 600% in 2017. Of course there is a chance to jump in that level in this year. Every time the price falls , right time to invest in knocks the door. I have another level of trust on this specific currency.
Volatility of Bitcoin is explained by its speculative nature. If speculation runs rampant this year as well, we may see the price grow a few times but volatility will be there too. And it is not set in stone that it will decrease with prices rising. it would go down only if real adoption increases. Right now it looks more like that it shrinks, not expands. |
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Why is BCH coming up in this discussion? They have exactly the same root problem as BTC, with no LN or equivalent (unless they intend to just copy it over). That would be a huge pile of hypocrisy when in the end they will have to copy LN from Bitcoin Core after it takes off big time with regular Bitcoin. Right now the only advantage that BCash enjoys is fast and cheap transactions. Well, it is actually two advantages but both will quickly disappear when LN takes root for real. |
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do not blame Bitcoin if the transaction gets slower, transaction fees get higher or other problems,
blame the community and investors that makes Bitcoin bigger and more famous because the slower transactions caused by the many of the purchase and sale and transaction fee higher such as a queue for our transaction fast in the process or more priority..
How is that really? If Bitcoin has drawbacks and flaws, which were there from the beginning, just in case, how can we blame people using it? This is a very bizarre logic. According to you, they should avoid using it, use it less, or what? Bitcoin has hit the roadblock on its way, and there will be no progress unless and until this block is removed from the road ahead. |
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I don't comprehend why the new clients are so envious about the individuals who put resources into BTC early. Bitcoin is in presence since 2009. Everybody was allowed to make their interests in it and still just a not very many did. The individuals who made their interests in 2010 and 2011 went for broke in doing that, and at last they were compensated for their hazard.
To envy is human. Otherwise people would have to hate themselves for losing an opportunity to earn real wealth. Accepting one's failure is a big no-no for almost anyone. It is a kind of self-defense being in self-denial. Some hate themselves for their failure, most hate others, though everyone should just accept the fact and move on. |
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Technically it is not useless it still has some advantages which we are currently benefiting even until today the first if it is still why is it some of our firms here in our country are accepting bitcoin as mode of payment, and we can cash out our cash through them. Second is that I can still earned a lot money in bitcoin through trading if you wisely look at the move of the price of the market regularly, would something like that be useless. I think not. But I respect you opinion mate.
In this sense it is not useless, it can't be useless since it allows you to earn some bucks here and there or even make a living off it if you are lucky to have a good stash of coins. But right now it is all about speculation, and if speculation goes away, what will be left then? Where could you actually use your bitcoin? Some stores claim to be accepting bitcoin whereas they accept the same dollars or whatever. They don't accept bitcoin directly, they are just not interested in it. |
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First of all, can 1 million USD really make you rich?
Bitcoin is an asset, not a cash generator. So if you only set on top of your bitcoin(s), then they will become only less and less when you cash out. And if you want to support yourself for 10years, 1 million is only a drop of water...
I disagree with you here. An asset, any asset for that matter, is a cash generator. This is the very definition of an asset, that is something which allows you to earn profits. For example, financial capital as in money is also an asset. If you are a carpenter, then your tools and your skills are your assets with which you make goods and sell them. Apart form that, 1 million dollars is a huge amount of money in most parts of the world! |
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one thing I know is that there is always a threshold to everything. They'll keep on fighting and fighting crypto but they'll be fed up sometime and crypto will be back on its feet. Same was done some few years ago when BTC started. By the way it's good it's a regulation and not a ban(that's more threatening).
They are afraid to ban crypto explicitly so they decided to regulate it to death, tax it to the limit until no one is going to use it. But unless they unite at the world level and above, these regulations will most likely fail. Ultimately, all regulations at whatever level will fail, but it may take time until crypto breaks through and crushes them all. |
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...
BTC is scam of the century, stay away.
Even if Bitcoin is used mostly for speculation, how can it be useless? People work to receive payment and if you can receive the same payment via Bitcoin, is it really useless? It may be the scam of the century but it brought about other cryptocurrencies. Or are you gonna say that the whole field is one big scam? What are you doing here then? |
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The bad news about bitcoin and regulations issues all over the world is what is actually affecting bitcoin and other coins. The price has been trap for the past three days and there us a lot of uncertainty in the market. I think and I agree with op that it will take a very serious manipulation before bitcoin can push forward and I think such need to be done. If there is no serious manipulation then don't expect anything positive to happen this year.
I think people exaggerate things a lot. Regulation may be tough but no one speaks about outright ban on crypto, at least not in Europe or US. Any real ban will only decouple crypto from fiat completely and likely lead to the creation of parallel payment structures. It would definitely kill speculation but isn't that what many old-school bitcoiners want anyway? |
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Isn't it possible to make lightning network work in an easier way so that the average user won't even know they are using it?
It should come with time when it gets traction. And don't forget that in most cases it is not up to the users to deal with all the gory details of Lightning Network intricacies because most users don't even use desktop wallets in the first place. They use online wallets like }{apo and Coinbase or even exchange accounts as their wallets. |
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LN is nothing special and person who already has vague knowledge about cryptocurrency should get the idea without a problem.
It's far more complicated. Crypto currency is easy cause it's pretty much like traditional banking. LN is far more complicated. Even when all the tech terms are hidden behind a simple GUI: How to check if a user in a channel defrauds you ? What to do when you're defrauded? How long do you have to respond to fraud? With whom to open channels? How to manage your money over all your open channels? How much does a transaction cost? When does the channel expire? How to indicate that I don't want to open up my channel for routing? How to sign for a transaction? Etc etc etc I somewhat agree with you here. LN is a second layer solution to Bitcoin blockchain, so it can't be easier than the blockchain itself. Nevertheless, to explain something in layman's terms, you don't need to have a detailed and profound knowledge about something and how it works in every detail. You just need to understand it conceptually to be able to explain its concept to your grandma. |
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* The maximum amount you can pay in a certain route is determined by the guy with the LEAST amount of money in his channel
* Users can defraud each other in a channel, so they have to continually check if somebody is defrauding them.
* Unless you have a direct channel to your target, there is NO guarantee AT ALL that you can pay the person you want to pay.
* Users need to be online 24/7 if they want to be part of a payment route. If a user is offline, this particular route is not possible which of course has huge impact on the possible routes.
* Insane amounts of data are being sent because the network needs to be aware of EVERYBODY's payment channel's state (otherwise it can't discover a route)
* You still have huge fees if you want to wire money into/outside the channel.
* It's not feasible at all for bigger payments. Let's say you have to pay $1500 rent/month, are you going to open a payment channel and deposit 3 years rent in it ? Most people have difficulties enough coughing up the next month. But if you have to wire every payment into the channel, then you could just as well pay on-chain because you're paying that exact same on-chain fee.
* It's also not feasible for very small payments/channels. If you open a $30 channel with your coffeeshop to buy a few cups of coffee per week, then the price of your coffee doubles because of the huge fees to open/close the channel.
* Who is going to lock up his money in several channels anyway ? Liquidity, needed for routing money, is going to be a problem
Frankly, I'm not very knowledgeable in the matter and maybe some of your points are in fact quite valid but others certainly not. As I suspect, most transactions are made between just a few big operations like top exchanges and major online wallets, and LN will definitely help them lower the number of transactions to be written on the blockchain. So even a few payment channels will suffice to substantially decrease the load on the network. |
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- Bad news still around for btc from all corners, but suddenly it jumped from 9,200 to 12.000 if you see the history at highest volume btc exchanges, you see some people bought it in high volumes upto 2000x btc in 1x around same time.
- Futures contract expires Jan 28
-low volume, crash scared a lot of people
- look like ascending triangle
-Tether keeps being printed everyday by 50-100million, and backed by usd. To me it looks like
someone is buying BTC with fake/printed coins. = Bigger btc manipulation trap. = these huge btc jumps can only be caused by massive manipulation
Futures contracts are irrelevant. They are cash-settled, and therefore they can't affect the market. Also, the volume is miserable since no one wants to keep them. Apart from that, do you really know that Tether is printing that many dollars everyday? You seem to be repeating some bullshit from very distant past when Bitcoin had actually been rising a few hundred dollars a day. This is no longer the case. |
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Yes i think they deserve what are they now and what do they have now. They've been workhard for it , put a lot of patience and they wait for a long time for bitcoin to rise, they 100% deserve it unless they did illegal to made them millionaire. It is fair , i guess they just play it in early stage so they come up being millionaires.
I mean, why would you think that they don't deserve it. Even if they got it due to luck or some great twist of faith, you can't still say that it is unfair that they are rich and you are not. Many rich people out their fought tooth and nail to get to the point where they are now using what they have or their skills in the beginning. I think if you have the right mindset and if you invest all the time and effort to achieve it, then every person has a chance of becoming rich. I am asking the question, that is, I want to know how people feel about the ones that got in with no particular technical knowledge nor really understanding Bitcoin and got very rich. To be honest, i find the question amusing, if not annoyingly silly. I find the question a bit jealous in nature. I see a lot of people invest money in something they don't truly understand and get rich out of it. And that's really fine, isn't it? There's a lot of businessman all over the planet who does not have the vaguest idea on how the whole thing works out, all they really need to know is the potential of their money earning! So i'll say .. it's absolutely fair and okay! And I'd also like to add that while there are people, businessmen, or whatever who got rich without truly understanding what they did and how it worked out, there are even more people who might have had better knowledge and understanding but which, nevertheless, still failed and ended up worse than when they set out on their business journey. But these people rarely get mentioned. |
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If you received a million dollars wouldn't you feel like you deserve it? I think if anyone can get into this crypto game and make a profit off of it, they deserve it as this requires more than just basic stock trading knowledge. You don't win this game wondering who deserves what. You win by patience, research, and picking the right coins.
But how many people are actually doing this? Isn't it just empty phrases about "research and picking the right coins"? Is it ever possible to pick up the "right coin" when most of them are just pump-and-dump shit? Which are not and have been there for a long time, you just buy them and hold them. How much effort is in this really? |
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I think there is a big difference between regulations and war.
I have always been a friend of some regulative measures because they make it more difficult for scammers to use bitcoin for their purposes.
And I think as well that regulations make crypto currencies more accepted in the public opinion.
Regulative measures can make the trust in crypto currencies stronger, and maybe even decline the big swings of the price.
Massively agree. People tend to exaggerate everything heavily. The world looks like black and white to them, they don't see either colors or shades, all 50 of them. Mass media with their yellow journalism and sensationalism are also a contributing factor. And this can be very annoying or even frustrating when people are so myopic and don't look beyond attention-grabbing headlines. |
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