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1  Alternate cryptocurrencies / Bounties (Altcoins) / 🔥🔥[BOUNTY]BITEX - The First Locally-Embedded, Yet Global, Crypto-Bank🔥🔥 on: April 19, 2018, 07:36:25 AM




The First Locally-Embedded, Yet Global, Crypto-Bank


     


TO CHECK YOUR ENTRIES IN THE BOUNTY PROGRAM, PLEASE GO THROUGH THIS LINK
»»» Participation Sheets: goo.gl/ZScjxC



We are creating a new and approachable financial economy by providing hyper-localized crypto-banking services through a global platform across multiple continents. Development has been ongoing since 2013 and is now being completed. We already have eight franchise licensees and are accepting bids for local franchise operation licenses in countries worldwide.

Bitex wants to ensure that the benefits of the new cryptocurrency-based digital economy can also be felt by those under-served or left out of the current banking system. This is the world’s first localized crypto-bank.


This is the Official Bounty Thread


Token Allocations: 4,500,000 XBX Tokens equivalent to $4,500,000

We are conducting a dynamic Bounty Program. We will update the campaigns allocations depending our marketing need. Changes will happen by period and will be communicated before a week start. A period could be one, two or three weeks long. We will make sure to be transparent and communicate in advance changes.

Week 1 - April 19th to April 25th
• Facebook Campaign: 4% ($180,000 worth of tokens)
• Twitter Campaign: 10% ($450,000 worth of tokens)
• Telegram Campaign: 21% ($945,000 worth of tokens)
• Signature Campaign: 37% ($1,665,000 worth of tokens)
• Content Campaign: 28% ($1,260,000 worth of tokens)


Week 2 - April 26th to May 2nd
• Facebook Campaign: 4% ($180,000 worth of tokens)
• Twitter Campaign: 10% ($450,000 worth of tokens)
• Telegram Campaign: 21% ($945,000 worth of tokens)
• Signature Campaign: 37% ($1,665,000 worth of tokens)
• Content Campaign: 28% ($1,260,000 worth of tokens)


Week 3 - May 3rd to May 9th
• Facebook Campaign: 4% ($180,000 worth of tokens)
• Twitter Campaign: 10% ($450,000 worth of tokens)
• Telegram Campaign: 21% ($945,000 worth of tokens)
• Signature Campaign: 37% ($1,665,000 worth of tokens)
• Content Campaign: 28% ($1,260,000 worth of tokens)


Week 4 - May 10th to May 16th
• Facebook Campaign: 4% ($180,000 worth of tokens)
• Twitter Campaign: 10% ($450,000 worth of tokens)
• Telegram Campaign: 21% ($945,000 worth of tokens)
• Signature Campaign: 37% ($1,665,000 worth of tokens)
• Content Campaign: 28% ($1,260,000 worth of tokens)


Week 5 - May 17th to May 23rd
*** Bounty paused *** Coming back soon with new allocations***


GENERAL RULE:
• All bounty hunters must join our Official Telegram Channel.
• Register your entries through our Google Forms located on each campaign. Please do not flood the thread with your entries.
• Weekly Reports for the entries needed to be submitted within each bounty week to qualify. Use the Google Forms to submit your entries.
• You can reach the Bounty Manager on this thread. Any questions and clarifications about the bounty program will only be discussed here or on the Bitex Global ICO Telegram group.



REGULATIONS:
• Stakes will be finalized at the end of the Bounty Program.
• The Bounty Program will run until the end of the token sale
• We reserve the right to disqualify your entries from any campaigns if:
  1. You are not practicing honest conduct or spamming forums.
  2. We might need to refuse you from participating in any of our Bounty Campaigns regardless of reason.
  3. You must take action reaching the Bounty Manager for any issues within bounty week or we will not take fault for stakes lost.
  4. Your entry does not meet the minimum requirements for that bounty week, you will not receive any stake in that current week. But you still have a chance to participate in the next bounty week
  5. Spamming, cheating and having many accounts are strictly forbidden. We will completely remove you from all and any campaigns if found responsible under our management.

*** Please READ the whole bounty campaign post for which it might have special rules according to each campaign. ***


TO CHECK YOUR ENTRIES IN THE BOUNTY PROGRAM, PLEASE GO THROUGH THIS LINK
»»» Participation Sheets: goo.gl/ZScjxC




Facebook Campaign
Submit your entries here: ***Bounty on pause ***

Token Allocation: 4% - $180,000 worth of tokens
100 - 500 Friends = 0.25 Stake per Share/Like
501 - 1,000 Friends = 0.50 Stake per Share/Like
1,001 - 2,000 Friends = 1 Stake per Share/Like
2,001 - 3,000 Friends = 2 Stakes per Share/Like
3,001 - 4,000 Friends = 4 Stakes per Share/Like
4,001 - 5,000 Friends = 6 Stakes per Share/Like


RULES:
1. Bounty Hunters must share and like Bitex's posts.
2. Facebook accounts with less than declared friends is an invalid entry.
3. Bounty Hunters who duplicates entry will be disqualified unless you informed us if it was mistakenly posted.
4. We will only allow 20 entries each account per bounty week. Exceeded entries will not be counted.
5. We reserve the right to invalidate any of your entries even without reasons.





Twitter Campaign
Submit your entries here: ***Bounty on pause ***

Token Allocation: 10% - $450,000 worth of tokens
100 - 500 Followers = 0.25 Stake per tweet
501 - 1,000 Followers = 0.50 Stake per tweet
1,001 - 2,000 Followers = 1 Stake per tweet
2,001 - 5,000 Followers = 2 Stakes per tweet
5,001 - 10,000 Followers = 4 Stakes per tweet
10,001+ Followers = 6 Stakes per tweet
RT/Like = 2 Stakes
Follow = 5 Stakes


RULES:
1. Bounty Hunters must share and like Bitex's posts.
2. Bounty Hunters must follow the Official Twitter Account of Bitex.
3. Twitter accounts with less than declared followers is an invalid entry.
4. We have the right to invalidate entries if a Bounty Hunter duplicated its entry even on different bounty weeks.
5. We will only allow 20 tweets and 20 RT/Like entries each account per bounty week.
6. Tweet must include both @Bitex_Global and #BitexGlobal with unique content.
7. Retweet/Like must not be older than 2 weeks to qualify.
8. We reserve the rights to invalidate all of your entries even without any reason.





Telegram Campaign
Submit your entries here: ***Bounty on pause ***

Token Allocation: 21% - $945,000 worth of tokens
Joining Telegram = 50 Stakes
Wearing Bitex Avatar = 5 Stakes
Wearing Bitex Website on name (ico.bitex.global) = 5 Stakes
Referral (every member)= 10 Stakes


Please use this avatar:

https://i.imgur.com/O8S5o4E.jpg

RULES:
1. Bounty Hunters must be part of our Official Telegram Channel to participate.
2. Stakes are not counted for the whole bounty week when a bounty hunter is caught even once not wearing Avatar/Website.
3. Duping on referrals will make the entries invalid.
4. Referral by each account is entitled up to a maximum of 20 entries.
5. We reserve the rights to invalidate all of your referral entries with no reasons.





Signature Campaign
Submit your entries here: ***Bounty on pause ***

Token Allocation: 37% - $1,665,000 worth of tokens
Members: 20 Stakes per day wearing the signature
Full Members: 40 Stakes per day wearing the signature
Senior Members: 60 Stakes per day wearing the signature
Hero Members: 80 Stakes per day wearing the signature
Legendary Members 120 Stakes per day wearing the signature


RULES:
1. Bounty Hunters must at least ranked as Member in order to wear our signature.
2. Bounty Hunters must report every first day of the week to be counted for the whole bounty week. Those who report at the middle of the week will only be counted for the days they are wearing the signature with the valid postings.
3. Bounty Hunters who will be caught not wearing the signature in the bounty week they participate will be disqualified for the whole bounty week.
4. Bounty Hunters must at least make 10 posts every bounty week wearing our signature or else their entry for that bounty week would be disqualified.
5. Posting in the following sections (AND ALL OF THEIR SUB/CHILD BOARDS) will not be eligible for the bounty. These sections are: Marketplace; Off Topic; Archival; Marketplace (Altcoins)
6. Poor quality posts such as “Hello”,”Good Luck”, “This project rules”, and other inadequate posts will not be considered as an entry for the bounty.
7. The Bounty Hunter must contain a minimum of 100 characters in their post to make a valid entry.
8. Bounty Hunters must also wear the signature to make a valid post.
9. Bounty Hunters with red trust scores cannot participate in our bounty.
10. Having multiple accounts is not allowed and will be restricted to participate in all of our campaigns.
11. If you're leaving us for another campaign, please PM the Bounty Manager. Otherwise, all of your entries will be forfeited.
[/left]


Legendary/Hero Signature

BITEX
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The First Locally-Embedded, Yet Global, Crypto-Bank

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WHITEPAPER | ANN
JOIN WHITELIST NOW!

Code:
[center][table][tr][td][FONT=Arial][size=27pt][B][color=black]BIT[/color][color=red]EX[/color][/B][/size][/FONT][/td][td]
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[/td][td][url=https://ico.bitex.global/?utm_source=bct&utm_medium=sig&utm_campaign=sig_v1][size=15pt][color=white][glow=red,2,300][b][font=arial]The First Locally-Embedded, Yet Global, Crypto-Bank[/font][/b][/url]
[center][font=arial][size=8pt][b][url=https://goo.gl/RjfzZH][color=black][u]TELEGRAM[/u][/url]    [url=https://www.facebook.com/bitex.global/][color=black][u]FACEBOOK[/u][/color][/url]   [url=https://twitter.com/bitex_global][color=black][u]TWITTER[/u][/color][/url]    [url=https://www.youtube.com/channel/UCBVe/][color=black][u]YOUTUBE[/u][/color][/url]    [url=https://line.me/R/ti/p/%40bitex-glb][color=black][u]LINE[/u][/color][/url][/center][/td][td]
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[/td][td]
[url=https://ico.bitex.global/docs/XBX-Token-WhitePaper.pdf?utm_source=bct&utm_medium=sig&utm_campaign=sig_v1][size=12pt][color=black][b][font=arial]WHITEPAPER[/font][/b][/url] | [url=https://bitcointalk.org/index.php?topic=3344238.0][size=12pt][color=black][b][font=arial]ANN[/font][/b][/url]
[url=https://kyc.bitex.global/][size=12pt][color=blue][b][font=arial]JOIN WHITELIST NOW![/font][/b][/url]
[/td][/tr][/table][/center]


Senior Member Signature

BITEX
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The First Locally-Embedded, Yet Global, Crypto-Bank

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WHITEPAPER | ANN
JOIN WHITELIST NOW!


Code:
[center][table][tr][td][FONT=Arial][size=27pt][B][color=black]BIT[/color][color=red]EX[/color][/B][/size][/FONT][/td][td]
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[/td][td][url=https://ico.bitex.global/?utm_source=bct&utm_medium=sig&utm_campaign=sig_v1][size=15pt][color=red][b][font=arial]The First Locally-Embedded, Yet Global, Crypto-Bank[/font][/b][/url]
[center][font=arial][size=8pt][b][url=https://goo.gl/RjfzZH][color=black][u]TELEGRAM[/u][/url]    [url=https://www.facebook.com/bitex.global/][color=black][u]FACEBOOK[/u][/color][/url]   [url=https://twitter.com/bitex_global][color=black][u]TWITTER[/u][/color][/url]    [url=https://www.youtube.com/channel/UCBVe/][color=black][u]YOUTUBE[/u][/color][/url]    [url=https://line.me/R/ti/p/%40bitex-glb][color=black][u]LINE[/u][/color][/url][/center][/td][td]
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[/td][td]
[url=https://ico.bitex.global/docs/XBX-Token-WhitePaper.pdf?utm_source=bct&utm_medium=sig&utm_campaign=sig_v1][size=12pt][color=black][b][font=arial]WHITEPAPER[/font][/b][/url] | [url=https://bitcointalk.org/index.php?topic=3344238.0][size=12pt][color=black][b][font=arial]ANN[/font][/b][/url]
[url=https://kyc.bitex.global/][size=12pt][color=blue][b][font=arial]JOIN WHITELIST NOW![/font][/b][/url]
[/td][/tr][/table][/center]


Full Member Signature




Code:
[center][font=arial]BIT[color=red]EX[/color] >>> [url=https://ico.bitex.global/?utm_source=bct&utm_medium=sig&utm_campaign=sig_v1][u]The First Locally-Embedded, Yet Global, Crypto-Bank[/u][/url] <<< [url=https://kyc.bitex.global/][color=blue]JOIN WHITELIST NOW![/color][/url]
             [url=https://goo.gl/RjfzZH][color=black][u]TELEGRAM[/u][/color][/url]    [url=https://www.facebook.com/bitex.global/][color=black][u]FACEBOOK[/u][/color][/url]   [url=https://twitter.com/bitex_global][color=black][u]TWITTER[/u][/color][/url]    [url=https://www.youtube.com/channel/UCBVe/][color=black][u]YOUTUBE[/u][/color][/url]    [url=https://line.me/R/ti/p/%40bitex-glb][color=black][u]LINE[/u][/color][/url]   [url=https://ico.bitex.global/docs/XBX-Token-WhitePaper.pdf?utm_source=bct&utm_medium=sig&utm_campaign=sig_v1][color=black][u]WHITEPAPER[/u][/color][/url]   [url=https://bitcointalk.org/index.php?topic=3344238.0][color=black][u]ANN[/u][/color][/url][/font][/center]


Member Signature




Code:
[center]BITEX >>> [url=https://ico.bitex.global/?utm_source=bct&utm_medium=sig&utm_campaign=sig_v1]The First Locally-Embedded, Yet Global, Crypto-Bank[/url] <<< [url=https://kyc.bitex.global/]JOIN WHITELIST NOW![/url]
                [url=https://goo.gl/RjfzZH][u]TELEGRAM[/u][/url]    [url=https://www.facebook.com/bitex.global/][u]FACEBOOK[/u][/url]   [url=https://twitter.com/bitex_global][u]TWITTER[/u][/url]    [url=https://www.youtube.com/channel/UCBVe/][u]YOUTUBE[/u][/url]    [url=https://line.me/R/ti/p/%40bitex-glb][u]LINE[/u][/url]    [url=https://ico.bitex.global/docs/XBX-Token-WhitePaper.pdf?utm_source=bct&utm_medium=sig&utm_campaign=sig_v1][u]WHITEPAPER[/u][/url]    [url=https://bitcointalk.org/index.php?topic=3344238.0][u]ANN[/u][/url][/center]




Content Campaign
VIP Bloggers and Influencers only
Submit your entries here: *** Bounty on pause ***


Token Allocation: 28% - $1,260,000 worth of tokens
per Article = 20 Stakes
1st 500 views = 50 Stakes
per succeeding 1000 views = 100 Stakes


RULES:
1. The article must be of high quality and proofread.
2. The content must be unique.
3. In an event that we found out you have copied or plagiarized an article, you will be restricted to join any of our campaigns.
4. The article must be published publicly otherwise it would be rejected.
5. The article should contain not less than 500 words.
6. The article must include links to our website, bitcoin thread, and at least 3 of our social media accounts.
7. Eligibility of any article will be at our discretion, and we reserve the rights to reject any article even without reason.




2  Alternate cryptocurrencies / Announcements (Altcoins) / This thread has moved on: April 18, 2018, 11:59:20 AM
This thread has moved to https://bitcointalk.org/index.php?topic=3651047
3  Economy / Currency exchange / WTB btc (paypal) on: March 17, 2014, 10:59:49 PM
22 usd
4  Other / Off-topic / DigitalGeneration on: December 08, 2013, 01:33:56 PM
Do you know it?
Is it legit? Scam?

https://coingeneration.com/
5  Economy / Currency exchange / [WTS] 0.025 BTC. Paypal. on: December 08, 2013, 10:53:11 AM
780 usd / btc.

=> 0.025 btc = 19.5 usd.
6  Alternate cryptocurrencies / Altcoin Discussion / I got small amount in cryptsy on: September 22, 2013, 01:06:27 PM
I got:
0.01977549 LTC
and 0.09 XPM


How can I convert it (free of charge) to btc? Sad
7  Economy / Economics / BTC will never extend more on: September 05, 2013, 02:34:23 PM
Hello,

I have been thinking a lot about BTC, how nice and beautiful it can be, but I came to the conclusion that it reached its maximum spreading. Here is why.

Prelude

I know that a lot of bitcoiners think that banks = evil, and that they should not make money. I am not gonna discuss that matter here ; even if I do not understand why private companies (banks) are less legitimate to make profits than companies selling water when people can't stop drinking water, or companies that have to employ young children 12 hours per day in China to manufacture products. I will only focus about bitcoin and fiat currencies.

Why do people use bitcoins?

I can see only 5 main reasons that make people using bitcoins:
- for buying stuff online (but only occasionally).
- for buying illegal things online (drugs).
- money laundering.
- for investing, and making some profit.
- eventually, as a safe haven like gold.

1) Buying products online

The first use of bitcoins is to buy stuff online. You can go here, here for digital goods or here for computer hardware for example. You can also go to bitmit to buy some other stuff, or different online shops that accept bitcoins.

The number of shops that accepts bitcoin might increase in the future, but it will be used only occasionally.
The first reason is a trust matter. When you send bitcoins to a seller, you have no idea if he will ever deliver you the products (ask BFL). You can use an escrow but (1) it is a hassle and (2) you have no more clue that the escrow is more trustworthy that the seller. So basically you are sending money, hoping to receive the product, without any guaranty. When you pay with fiat money, you can easily charge back, or get refunded in case of a problem...
The second reason is about the price. What is the point of buying something, if you can have it cheaper somewhere else? There is 2 ways of getting bitcoins: mining or buying. Mining will be hardly profitable, and if you have to buy bitcoins with fiat, pay the exchanges fees, and then pay the bitcoins fees, you will end up with paying an higher price rather than paying with a Credit Card...

Therefore, it will mainly stay at a smaller scale, like now, with occasional transactions, and for cheap stuff, or when anonymity matters.

 2) Buying illegal stuff online

I will develop a lot this part, but if you want to buy drugs, you can go to silk road. Of course, it is only a small aspect of the bitcoin economy, but at least this part will remain.

 3) Money laundering

I am not gonna explain much about it as well... But bitcoin can be used to do that.

4) Investing

When media spoke about bitcoins earlier this year, a lot of people wanted to invest in bitcoins to make money. Still, some of them are using this sub-forum to speculate about bitcoin price and make some profit. At the end of the day, they do not care about bitcoins, and they only want to make some dollars.

https://bitcointalk.org/index.php?topic=288699.msg3092674#msg3092674
Bitcoin is a waste of time.

It is only good for turning $ into more $.

Nobody is really interested in Bitcoins, everybody is only interested in making more $ through Bitcoin.

 5) Asset?

I do not know if people are doing that, but eventually bitcoin can become like gold an asset that people buy thinking that the value will remain constant or increase in the future (hoarding? Not sure if that is the correct term).

Why bitcoin is popular for scammers?

Bitcoin transactions are irreversible. If you send 1 btc to an address, you can never get it back, if the owner does not want to. There is no regulation, no police ... That's why it is a scammer paradise. You can see people giving IDs (fake or not), and scamming for less than 10 dollars here.

If you manage to get some bitcoins, you are free to do anything with it. Nodoby knows who you are, and you can spend them as you like. That's why a lot of wallets got hacked, or mt.gox accounts. Even with SMS double authentification, you can find in the forum people crying and complaining about compromised accounts.

Bitcoin-central got hacked twice, and instawallet is still struggling to refund compromised accounts, 5 months later.

Why bitcoin can not extend more?

There are 4 6 7 main reasons:
- what I just said before (about scammers). Bitcoins is unsafe for customers, because transactions are irreversible.
- because it is not convenient to use.
- because the fees are too high
- because confirmations are too slow.
- because the value is changing too quickly.
- because people don't trust it.
- block size.

5 reasons to use bitcoins, but only the first one is interesting to increase the spread of bitcoins. Buying drugs, money laundering, investing and hoarding are just anecdotic. The main thing that could extend bitcoin is the ability to buy more legal things online (point 1)... But it should not be able to exceed current stage.

 1) Scams

Bitcoins is not safe for customers. If your wallet is hacked, noone will never give you back your fund. You can't file a complaint and upload evidence. You are fucked up. Therefore, it will never be reach a massive adoption, if it does not become safer. And it can not become safer because of what it is: irreversible transactions.

 2) Not convenient to use

When I first downloaded the client, I knew nothing about IT, computers, and crypto. I installed the software, and I read some stuff on internet. I found it really difficult to learn about, and I stopped reading quite quickly because I understood nothing.

It is not user friendly. When I use my phone, I am not Einstein, I know nothing about telecommunication, modulation, demodulation and so on, but it is really easy to use.

I tried to download the blockchain. It took ages. I gave up.
I searched more, and register on an online wallet (blockchain.info).

But who will do that? Any new user, will just give you and forget about it. If you open the software and find it difficult to use, lousy, you won't bother persevere.

 3) Fees are too high

Bitcoins fees will become higher and higher. Block rewards will decrease, so the miners will have to increase the fees if they want some incentive to keep the things running. For a customers point of view, Credit Card are free of charge, and can even make you save some money (cash back).

Anyway, you have to buy bitcoins one way or an other: by investing in a mining equipment, or buy buying it directly. So, you have to pay some fees in order to convert fiat -> btc. You can get paid by bitcoins, but it is unlikely to happen due to the high volatily of the price.

Then, when you make a bitcoin transaction you have to pay for the network fees, and often for the websites/sellers fees... So, at the end of the day, you pay more than if you did not buy bitcoin. You gain in anonymity, but you pay more. And for legal purposes, it is bad. Sad

 4) Confirmations are too slow

An other problem is that confirmations are too slow.
Credit Cards take up to 180 days to proceed but they confirm within seconds.

Bitcoin transactions need at least 1 confirmation to proceed (because of double spent). And up to 2 - 6 confirmations to proceed. So, it is much faster to proceed but much longer to confirm. Problem is that only confirmation is important: it is the time you wait before leaving the supermarket.

And it won't be possible to wait a couple of hours or days with your bags at Walmart, before the transaction is confirmed...

 5) Price volatility

With 10k bitcoins in 2010 you could buy a pizza. Now, in 2013, you can buy a house, a car, and a kidney.
With 10k usd in 2010 you could buy a car. You still can buy a car now with the same amount of money.

It is compulsory for a merchant, to have a price stability. If you can buy 1 products or 3 with the same amount of money depending on the day of the month, you rely too much on the current price, and you can't run a decent business. Imagine that you get paid a car just before mt.gox lags and crash: you would have lost more than half of the price of the car....

Bitcoin price will always be volatile because of the tiny market, and it is not going to implement a stable economy out of it.

6) Trust

Did you ever try to speak to anyone who does not know anything about bitcoin? What did they say?

"- I don't trust it, it's a crap".

If people don't trust something, they will not use it. Why would they trust bitcoins if they can lose it all anytime?
Why would they trust bitcoins if the value can change so quickly?
Why would they trust bitcoins if it is not backed by any government in the world? By nothing at all? And can be attacked/abandonned/cracked anytime.

They simply won't. And they do.

7) Block size

The current block size limit is 1 MB, about 2000 transactions maximum can be recorded in each block.

Imagine that miners want 50 btc / block like before, it means that every transaction should have at least a 0.025 btc fee. Assuming that btc price rises and reach a value between 500$ and 1,000$ it will cost between 12 and 25$ per transaction.

The second problem is simple: 2 000 transactions / block means 200 transactions / min maximum. This is not enough for the whole world.

Conclusion

Some improvements can be make in order to create some tool more user-friendly.
It is also possible to fix some issues with the confirmations.

But some intrinsic aspects of bitcoins make it not possible to be used widely like USD or EUR:
- transaction are irreversible (good for scammers - trust problems with sellers).
- fees will grow higher and higher, and you can't do anything but buy btc. So, why not just buy it with fiat?


But it does not mean that bitcoin will disappear. It does not mean that it will be worth nothing in 2015.
It will be used, like it is now. Maybe by more people in the future. The price might increases if people thinks that it is a safe asset, and that its value might increase in the future. The number of shops accepting bitcoins might even increase. But we will never go to the next step.

BTC is not going to replace fiat.
BTC is not going to rule the world.
BTC was not intended to.
8  Bitcoin / Bitcoin Discussion / BTC will never extend more on: September 05, 2013, 02:32:45 PM
Hello,

I have been thinking a lot about BTC, how nice and beautiful it can be, but I came to the conclusion that it reached its maximum spreading. Here is why.

Prelude

I know that a lot of bitcoiners think that banks = evil, and that they should not make money. I am not gonna discuss that matter here ; even if I do not understand why private companies (banks) are less legitimate to make profits than companies selling water when people can't stop drinking water, or companies that have to employ young children 12 hours per day in China to manufacture products. I will only focus about bitcoin and fiat currencies.

Why do people use bitcoins?

I can see only 5 main reasons that make people using bitcoins:
- for buying stuff online (but only occasionally).
- for buying illegal things online (drugs).
- money laundering.
- for investing, and making some profit.
- eventually, as a safe haven like gold.

1) Buying products online

The first use of bitcoins is to buy stuff online. You can go here, here for digital goods or here for computer hardware for example. You can also go to bitmit to buy some other stuff, or different online shops that accept bitcoins.

The number of shops that accepts bitcoin might increase in the future, but it will be used only occasionally.
The first reason is a trust matter. When you send bitcoins to a seller, you have no idea if he will ever deliver you the products (ask BFL). You can use an escrow but (1) it is a hassle and (2) you have no more clue that the escrow is more trustworthy that the seller. So basically you are sending money, hoping to receive the product, without any guaranty. When you pay with fiat money, you can easily charge back, or get refunded in case of a problem...
The second reason is about the price. What is the point of buying something, if you can have it cheaper somewhere else? There is 2 ways of getting bitcoins: mining or buying. Mining will be hardly profitable, and if you have to buy bitcoins with fiat, pay the exchanges fees, and then pay the bitcoins fees, you will end up with paying an higher price rather than paying with a Credit Card...

Therefore, it will mainly stay at a smaller scale, like now, with occasional transactions, and for cheap stuff, or when anonymity matters.

 2) Buying illegal stuff online

I will develop a lot this part, but if you want to buy drugs, you can go to silk road. Of course, it is only a small aspect of the bitcoin economy, but at least this part will remain.

 3) Money laundering

I am not gonna explain much about it as well... But bitcoin can be used to do that.

4) Investing

When media spoke about bitcoins earlier this year, a lot of people wanted to invest in bitcoins to make money. Still, some of them are using this sub-forum to speculate about bitcoin price and make some profit. At the end of the day, they do not care about bitcoins, and they only want to make some dollars.

https://bitcointalk.org/index.php?topic=288699.msg3092674#msg3092674
Bitcoin is a waste of time.

It is only good for turning $ into more $.

Nobody is really interested in Bitcoins, everybody is only interested in making more $ through Bitcoin.

 5) Asset?

I do not know if people are doing that, but eventually bitcoin can become like gold an asset that people buy thinking that the value will remain constant or increase in the future (hoarding? Not sure if that is the correct term).

Why bitcoin is popular for scammers?

Bitcoin transactions are irreversible. If you send 1 btc to an address, you can never get it back, if the owner does not want to. There is no regulation, no police ... That's why it is a scammer paradise. You can see people giving IDs (fake or not), and scamming for less than 10 dollars here.

If you manage to get some bitcoins, you are free to do anything with it. Nodoby knows who you are, and you can spend them as you like. That's why a lot of wallets got hacked, or mt.gox accounts. Even with SMS double authentification, you can find in the forum people crying and complaining about compromised accounts.

Bitcoin-central got hacked twice, and instawallet is still struggling to refund compromised accounts, 5 months later.

Why bitcoin can not extend more?

There are 4 6 7 main reasons:
- what I just said before (about scammers). Bitcoins is unsafe for customers, because transactions are irreversible.
- because it is not convenient to use.
- because the fees are too high
- because confirmations are too slow.
- because the value is changing too quickly.
- because people don't trust it.
- block size.

5 reasons to use bitcoins, but only the first one is interesting to increase the spread of bitcoins. Buying drugs, money laundering, investing and hoarding are just anecdotic. The main thing that could extend bitcoin is the ability to buy more legal things online (point 1)... But it should not be able to exceed current stage.

 1) Scams

Bitcoins is not safe for customers. If your wallet is hacked, noone will never give you back your fund. You can't file a complaint and upload evidence. You are fucked up. Therefore, it will never be reach a massive adoption, if it does not become safer. And it can not become safer because of what it is: irreversible transactions.

 2) Not convenient to use

When I first downloaded the client, I knew nothing about IT, computers, and crypto. I installed the software, and I read some stuff on internet. I found it really difficult to learn about, and I stopped reading quite quickly because I understood nothing.

It is not user friendly. When I use my phone, I am not Einstein, I know nothing about telecommunication, modulation, demodulation and so on, but it is really easy to use.

I tried to download the blockchain. It took ages. I gave up.
I searched more, and register on an online wallet (blockchain.info).

But who will do that? Any new user, will just give you and forget about it. If you open the software and find it difficult to use, lousy, you won't bother persevere.

 3) Fees are too high

Bitcoins fees will become higher and higher. Block rewards will decrease, so the miners will have to increase the fees if they want some incentive to keep the things running. For a customers point of view, Credit Card are free of charge, and can even make you save some money (cash back).

Anyway, you have to buy bitcoins one way or an other: by investing in a mining equipment, or buy buying it directly. So, you have to pay some fees in order to convert fiat -> btc. You can get paid by bitcoins, but it is unlikely to happen due to the high volatily of the price.

Then, when you make a bitcoin transaction you have to pay for the network fees, and often for the websites/sellers fees... So, at the end of the day, you pay more than if you did not buy bitcoin. You gain in anonymity, but you pay more. And for legal purposes, it is bad. Sad

 4) Confirmations are too slow

An other problem is that confirmations are too slow.
Credit Cards take up to 180 days to proceed but they confirm within seconds.

Bitcoin transactions need at least 1 confirmation to proceed (because of double spent). And up to 2 - 6 confirmations to proceed. So, it is much faster to proceed but much longer to confirm. Problem is that only confirmation is important: it is the time you wait before leaving the supermarket.

And it won't be possible to wait a couple of hours or days with your bags at Walmart, before the transaction is confirmed...

 5) Price volatility

With 10k bitcoins in 2010 you could buy a pizza. Now, in 2013, you can buy a house, a car, and a kidney.
With 10k usd in 2010 you could buy a car. You still can buy a car now with the same amount of money.

It is compulsory for a merchant, to have a price stability. If you can buy 1 products or 3 with the same amount of money depending on the day of the month, you rely too much on the current price, and you can't run a decent business. Imagine that you get paid a car just before mt.gox lags and crash: you would have lost more than half of the price of the car....

Bitcoin price will always be volatile because of the tiny market, and it is not going to implement a stable economy out of it.

6) Trust

Did you ever try to speak to anyone who does not know anything about bitcoin? What did they say?

"- I don't trust it, it's a crap".

If people don't trust something, they will not use it. Why would they trust bitcoins if they can lose it all anytime?
Why would they trust bitcoins if the value can change so quickly?
Why would they trust bitcoins if it is not backed by any government in the world? By nothing at all? And can be attacked/abandonned/cracked anytime.

They simply won't. And they do.

7) Block size

The current block size limit is 1 MB, about 2000 transactions maximum can be recorded in each block.

Imagine that miners want 50 btc / block like before, it means that every transaction should have at least a 0.025 btc fee. Assuming that btc price rises and reach a value between 500$ and 1,000$ it will cost between 12 and 25$ per transaction.

The second problem is simple: 2 000 transactions / block means 200 transactions / min maximum. This is not enough for the whole world.

Conclusion

Some improvements can be make in order to create some tool more user-friendly.
It is also possible to fix some issues with the confirmations.

But some intrinsic aspects of bitcoins make it not possible to be used widely like USD or EUR:
- transaction are irreversible (good for scammers - trust problems with sellers).
- fees will grow higher and higher, and you can't do anything but buy btc. So, why not just buy it with fiat?


But it does not mean that bitcoin will disappear. It does not mean that it will be worth nothing in 2015.
It will be used, like it is now. Maybe by more people in the future. The price might increases if people thinks that it is a safe asset, and that its value might increase in the future. The number of shops accepting bitcoins might even increase. But we will never go to the next step.

BTC is not going to replace fiat.
BTC is not going to rule the world.
BTC was not intended to.
9  Alternate cryptocurrencies / Altcoin Discussion / What to do with lost coins in cryptsy? on: September 04, 2013, 12:02:31 PM
Hello,

I have some XPM and LTC in cryptsy but not enough to cash out or trade for btc Sad
What can I do with it?
10  Economy / Economics / Is it true that btc is a "deflationary currency"? on: September 01, 2013, 10:09:04 PM
Hello,

I often read that bitcoin is a "deflationary currency", but I wonder if it's true.

At least before I die, new bitcoins will be created, and the number of btc will keep increasing every minute.

And even when the maximal amount of btc will be reaching (dunno when), it does not mean that the prices will decrease.
It will occur only if the number of transaction stays the same, or if the velocity of the money will reduce, which might not happen.
11  Other / Beginners & Help / What is the simplest mean to buy BTC online? on: July 13, 2013, 10:35:42 AM
Help me plox.
12  Other / Beginners & Help / Hello on: July 12, 2013, 06:57:13 PM
Help me with bitcoin plz.

My address:    18PbuxDoKFHLiqcTpNpddXH1mFnNE87ydw
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