First of all I would like to start this off by stating that I am a believer in the possibility of the success of Bitcoin. This may seem like a contradiction with the title of the thread but it is not. This is because the possibility of success is very low due to the reasons which I am going to describe. At the moment bitcoin is 250$ and has been there for quite a while. Exchanges such as cryptsy, poloniex, btc-e, ect. exist to exchange btc to usd and btc to other alt coins. Circle and coinbase exchange btc to usd and are currently common way to receive USD from BTC. That is a brief summary of the current ecosystem.
Now let us imagine that bitcoin reaches "the moon" as is often wished for in the Bitcoin community. Let us imagine that one BTC is worth 1 million dollars. It is commonly accepted that these exchanges, cryptsy, poloniex, btc-e, circle, coinbase, ect. are for profit. They are not running their businesses out of altruism, but for profit. If one bitcoin is worth one million dollars, how is it remotely imaginable that these exchanges will not just run off with the coins? Even more if I have one btc at one million dollars, I will have to go through some sort of intermediary to receive my USD. This intermediary will run off with the coin because of its massive value.
The issue is a facet of human nature, greed. One bitcoin would not even have to reach 1 million usd for the above scenario to become a reality. How high does btc have to go? The 1k mark was enough for mt gox, 2k...would there still be trust? Would they all run off with the BTC? Ok how about 40k?
This is the problem of bitcoin. People steal. Especially when it is irreversible.
By the time Bitcoin is 1 million per coin the exchanges that are centralized will be extremely trustable and with famous faces behind it (Winklevoss with the Gemini one is the start) and not autists like Karpeles. Also 1 million per coin is not a problem, again, bitcoin being divisible by a shitton etc. |
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So , Seems like Paypal and MasterCard has stopped doing business with MEGA (File uploading & sharing provider) Kim Dotcom tweeted : "I like to thank @Paypal for backing #Mega for such a long time. The pressure from Hollywood and the US Government was simply too much."So he decided to switch from those payment methods to Bitcoin and give a boost . I personally think that it's a great oppurtunity for Bitcoin , what do you guys think ?  Kim DotCom is a disgusting bloated fat pig. He peddles in illegal stolen wares. He profits from the illicit use of other people's creations. Most around here don't like copyright, but it remains legitimate law. Nerds love 'free' movies, but it is killing the people who produce movies just like the music industry. Do we really need to have bitcoin involved in more criminal uses? Do we really want to associate bitcoin as this go to tool for assholes who want to steal? Bitcoin will be great as soon as we get rid of the anarchy assholes think its primary use is to traverse the law. Kim Schmitz is merely a dirty filthbag. I don't accept him as an ambassador for Bitcoin.  He's certainly an opportunist but he is very clever marketing guy and knows how to make millions. If he brings millions to Bitcoin then so be it. |
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It is a percentage game. If Bitcoin succeeds, the pay-off will be tremendous. I would rather hold my coins.  This. Lossing what one has now is nothing compared to winning what can be potentially won by holding long term. |
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Anyone can make their own coin on the same fundamentals as bitcoin and claim it's interchangeable 1 on 1. Effectively doubling the amount of bitcoin in circulation. So the real supply is infinite.
This is ridiculous. You need a big network and volume for a coin to work, so its not a problem. |
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because i will go to jail if i didn't pay it  the gov force me to pay taxes, and said it for developing my country but in fact, many tax money is corrupted by bad individual in government If you are using social healthcare or socially funded infrastructures and you aren't paying tax you do deserve jail. If you aren't using any of these and keep it 100% private then you don't deserve jail. Simple as. |
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I don't get the hype with hunger games, overrated, so I definitely dont like this so called parody.
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The problem is we have people like Bill Gates not fully endorsing Bitcoin because they are scared of its decentralized nature.
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They have their own payment system. They own little paypal.
But paypal is accepting BTC so they should too soon. |
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This thread has been posted over a month ago and yet he's still in here checking for bitcoin. Srsly bro, false alarm or still trying to get hold of your bitcoins because you realized that your statements are false? Last Active: Today at 02:15:06 PM
Yeah if you're 'out' of bitcoin, you wouldn't keep coming back every day unless you've got some strange compulsive disorder. Everyone that claims to be out of bitcoin continues checking it and posting constantly which denotes fear of its resilience. |
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There will be a stream? id rather stay at home.
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I think if I've learned anything about trading, it's that the market rarely behaves the same way twice!
It could do something similar again but you didn't expect it. |
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 Amazing how the Marcus and Willy Bots all seemed to manipulate so many huge corporations into accepting Bitcoin. All this attention, all these companies pouring millions and millions of venture capital into the Bitcoin infrastructure.....because of a couple trading bots.  https://www.youtube.com/watch?v=hskXarXtGBwTrolls out in full force Willy trolled Microsoft into accepting Bitcoin, that sneaky Willy!  |
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Why don't you just accept BTC then mix the BTC's in a mixer to make them untraceable?
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You're kind of wrong on it ! that's good thing that silk road got shutdown
How is it wrong? It's neither good or bad, it's what it is. Bitcoin is true free market, stuff like SilkRoad is going to happen. |
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NSA doesn't need to hack exchanges, exchanges "hack themselves" already if you know what I mean.
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Don't support companies that are doing it wrong. It's all we can do.
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Have anyone given the thought that few more halvings can actually reduce the amount of new coins to the market and that supply is now much lower than the demand... and this coupled with ever increasing higher adoption rate. I don't know but i see every possibility as we progresses further
If bitcoin succeeds, a price increase is inevitable, it's basically cause and effect, thats why so many people is holding long term. This is true, although even a bit more simply: If demand remains constant, the price increase is inevitable because the supply is diminishing at a constant rate until it is fixed. "Supply diminishing"? What? Supply is growing at an insane pace, maybe you meant that *supply increase* will diminish over time... Also, as far as we can see, demand is decreasing, not remaining constant: https://bitcointalk.org/index.php?topic=934650.0How do you even calculate demand accurately? Plus we don't know how things are going to develop. It only takes one day for things to blow up then all your work trying to predict adaption goes to hell as it goes viral overnight. |
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It looks like Varoufakis is already giving up and doing stuff that they said they wouldn't do..
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Everyone that isn't on Bitcoin yet has an old man mind. That's a fact.
Adam Smith guesstimated that only one in a million understood inflation. Nowadays, maybe one in thousand understand fiat, bank money creation, central banking. Half the people understand that it is smart to own real value through being short fiat with leverage (which is another way of saying own a house with a mortgage and a small personal equity). Almost nobody understand why a house have value, most people believe it has something to do with the cost of building the house (the defunct labour value theory). Most people trust the central banks. Most people believe the money is well managed. It has nothing to do with age. I suspect some old people know about hyperinflation (but only in failed states, could never happen here). Indeed, most people have no idea how fiat and banks work, which in return puts us in an scenareo where Bitcoin makes no sense for them. To understand Bitcoin, you need to understand fiat and banks, but they are perfectly ok using fiat and banks without knowing how it works. This is a problem. |
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Its doomed to fail if every bitcoin related businesses gets hacked. After the recent hacking incidents im losing faith
I hope you know not all these recent hacks were real. Some of them were simple inside jobs, where the owner or someone from his inner circle simply accessed the machine used to store coins and move the money to his own address. You can't simply hack a cold wallet and this is what happened in some of these cases. Yes, well who knows what really happened. This kind of incidents is a bad image for bitcoin to a person who doesn't know much about bitcoin they would think it as an entire scam scheme.. It's a fact all clueless people tend to think when an exchange gets hacked bitcoin itself gets hacked. Sad to see. |
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