My view on bitcoin

[albert11]

Most bitcoiners want bitcoin to increase in value so bad, they will do anything it takes to make it go mainstream but don't really see where this is will lead us or even care at all how bitcoin will look like in the future.

I've known about bitcoin for very little time but from what i could gather here and there (correct me if i'm wrong), bitcoiners have been very enthousiast about bitcoin for many reasons one being that it is an alternative currency which is not manipulated by banks.

So when I see goldman sacks investing in bitcoin and everyone wetting their pants i am starting to think that we might have two differents crowds of bitcoiners, one that wants the currency to succeed and one that wants the value to rise but don't really care about the currency itself.

In my opinion people who wants the value to increase and wants rapid mainstream adoption will be responsible for bitcoin to never go mainstream, the blockchain will though, people will be transfering fiat between eachothers using the bitcoin blockchain or another one, but what is the point of having a blockchain in the background doing all the work and fiat on top of it? people will have no incentive to use the actual bitcoin, merchants will probably in the future have fiat denomination for their digital payment, and all transactions that were previously cash could be monitored by government with the help of bitcoin banks like coinbase and circle.

One of the awesome things about bitcoin is that it helps understand how money works in our current system, it raises very interesting questions, it educated people about what actually is money and also raises awarness about current manipulated fiat system.

By putting the blockchain in the background with fiat on top we will slowly remove all of these subjects from being discussed that are so important.

Bitcoin to me is not gold2.0 as some believes, gold is an asset bitcoin is an alternative currency.(my opinion)

The question i ask is why do all these people want bitcoin to go mainstream apart from the fact that they will earn money from that? if bitcoin is mainstream one day we will probably never hear about the word "bitcoin" anymore.

My post may sound a bit like i am some anarcho libertarian but I am absolutely not, i think government has a role in society but this role is not the issuance of money, bitcoin fascinates me because it is sound money and not controlled by anyone.

Even if bitcoin blockchain remains decentralized what is the point of having fiat going through it ?

Personnaly i think that's a good thing that we have many different crypto currencies, some very interesting open source projects of bitcoin ecosystem could very easily be rolled out on another crypto but i just think that bitcoin is not heading in the right direction because people do not give it the time to.

Bitcoin was meant to be an alternative currency not a new means of payment, we have that already it's called paypal and the version 2 of paypal is what bitcoin is slowly becoming.

[tokeweed]

tldr version?

[Elwar]

tldr version?

Bitcoin's problem is fiat. And people don't care because they want higher fiat prices.

[tokeweed]

tldr version?

Bitcoin's problem is fiat. And people don't care because they want higher fiat prices.

Oh ok.  Lol

[redsn0w]

Most bitcoiners want bitcoin to increase in value so bad, they will do anything it takes to make it go mainstream but don't really see where this is will lead us or even care at all how bitcoin will look like in the future.

I've known about bitcoin for very little time but from what i could gather here and there (correct me if i'm wrong), bitcoiners have been very enthousiast about bitcoin for many reasons one being that it is an alternative currency which is not manipulated by banks.

So when I see goldman sacks investing in bitcoin and everyone wetting their pants i am starting to think that we might have two differents crowds of bitcoiners, one that wants the currency to succeed and one that wants the value to rise but don't really care about the currency itself.

In my opinion people who wants the value to increase and wants rapid mainstream adoption will be responsible for bitcoin to never go mainstream, the blockchain will though, people will be transfering fiat between eachothers using the bitcoin blockchain or another one, but what is the point of having a blockchain in the background doing all the work and fiat on top of it? people will have no incentive to use the actual bitcoin, merchants will probably in the future have fiat denomination for their digital payment, and all transactions that were previously cash could be monitored by government with the help of bitcoin banks like coinbase and circle.

If I can say you what I am thinking about all this situation :  bitcoin wil never go mainstream because it is not 'made' for all the people; and this is why:

1) Some people don't have any knowledge of what is internet, or how to use a computer or a smartphone.
2) Some people have never used a credit/debit/prepaid card, and those people still prefere 'cash'.
3) Bitcoin can afford only <10 transaction / sec and we want that it becomes mainstream (I'm talking about real bitcoin , with transaction on the chain).

One of the awesome things about bitcoin is that it helps understand how money works in our current system, it raises very interesting questions, it educated people about what actually is money and also raises awarness about current manipulated fiat system.

By putting the blockchain in the background with fiat on top we will slowly remove all of these subjects from being discussed that are so important.

Bitcoin to me is not gold2.0 as some believes, gold is an asset bitcoin is an alternative currency.(my opinion)

The question i ask is why do all these people want bitcoin to go mainstream apart from the fact that they will earn money from that? if bitcoin is mainstream one day we will probably never hear about the word "bitcoin" anymore.

A lot of people want only to make some dollars (euros, yen, etc..) when the bitcoin will pump and buy some bitcoin when it will dump (pure speculation , nothing to do with the real bitcoin concept). I also want to dump all my bitcoin when the price will be a little more high (not for 240 dollars ).

My post may sound a bit like i am some anarcho libertarian but I am absolutely not, i think government has a role in society but this role is not the issuance of money, bitcoin fascinates me because it is sound money and not controlled by anyone.

Even if bitcoin blockchain remains decentralized what is the point of having fiat going through it ?

Personnaly i think that's a good thing that we have many different crypto currencies, some very interesting open source projects of bitcoin ecosystem could very easily be rolled out on another crypto but i just think that bitcoin is not heading in the right direction because people do not give it the time to.

Bitcoin is (will be) a valid alternative to send large (and not) quantity of money without the use (or trust) in a third party service (like bank, etc..) and especially with the lowest fee in the world and the rapidity (I'm not talking about the confirmation, only of the sending of the transaction) from a point A to a point B.

[tyz]

I don't agree. Bitcoin's problem is not fiat but the lack of mass adaption. This however results from too few useful real life applications which using Bitcoin. It is too hard to get into all this Bitcoin stuff when you don't have a technical background or interest.

tldr version?

Bitcoin's problem is fiat. And people don't care because they want higher fiat prices.

[tokeweed]

The problem I see with bitcoin is what the hell is taking the Willy bot so long to come back. That would surely shut everyone up.  You want moon??  There! Good job Willy!  Everyone happy.  Willy says fuck ya'll.

[redsn0w]

I don't agree. Bitcoin's problem is not fiat but the lack of mass adaption. This however results from too few useful real life applications which using Bitcoin. It is too hard to get into all this Bitcoin stuff when you don't have a technical background or interest.

tldr version?

Bitcoin's problem is fiat. And people don't care because they want higher fiat prices.

The lack of mass adoption is a consequence of the 'lack of knowledge' and we know that some people don't want to learn and don't like the "new technology" so I think this is another problem.

The problem I see with bitcoin is what the hell is taking the Willy bot so long to come back. That would surely shut everyone up.  You want moon??  There! Good job Willy!  Everyone happy.  Willy says fuck ya'll.

Then we can say the problem for bitcoin is the willy bot, and that bot used a lot of FIAT currencies... so the problem is the FIAT 'part' . I think we have a problem!

[dothebeats]

Most bitcoiners want bitcoin to increase in value so bad, they will do anything it takes to make it go mainstream but don't really see where this is will lead us or even care at all how bitcoin will look like in the future.

I've known about bitcoin for very little time but from what i could gather here and there (correct me if i'm wrong), bitcoiners have been very enthousiast about bitcoin for many reasons one being that it is an alternative currency which is not manipulated by banks.

So when I see goldman sacks investing in bitcoin and everyone wetting their pants i am starting to think that we might have two differents crowds of bitcoiners, one that wants the currency to succeed and one that wants the value to rise but don't really care about the currency itself.

Sad but true. Most users of bitcoin are in it for the profit, not in it for the innovation and the coin per se. Most even use it as a means of getting more fiat rather than keeping bitcoin as bitcoin. They didn't even use it for payments or everyday use, they just hoard it (or hodl) thinking that prices would skyrocket and change it to fiat.

In my opinion people who wants the value to increase and wants rapid mainstream adoption will be responsible for bitcoin to never go mainstream, the blockchain will though, people will be transfering fiat between eachothers using the bitcoin blockchain or another one, but what is the point of having a blockchain in the background doing all the work and fiat on top of it? people will have no incentive to use the actual bitcoin, merchants will probably in the future have fiat denomination for their digital payment, and all transactions that were previously cash could be monitored by government with the help of bitcoin banks like coinbase and circle.

One of the awesome things about bitcoin is that it helps understand how money works in our current system, it raises very interesting questions, it educated people about what actually is money and also raises awarness about current manipulated fiat system.

I care about the value, not that much. In fact, it is

There are still bitcoin users who are dedicated on the improvements and innovations made in bitcoin, and they care less about the value more than anything else. It is bad for a technology to be brought to its peak only to be "milked" out by some profit-hungry people. That will bring the technology down to its lowest, imo.

By putting the blockchain in the background with fiat on top we will slowly remove all of these subjects from being discussed that are so important.

Bitcoin to me is not gold2.0 as some believes, gold is an asset bitcoin is an alternative currency.(my opinion)

The question i ask is why do all these people want bitcoin to go mainstream apart from the fact that they will earn money from that? if bitcoin is mainstream one day we will probably never hear about the word "bitcoin" anymore.

My post may sound a bit like i am some anarcho libertarian but I am absolutely not, i think government has a role in society but this role is not the issuance of money, bitcoin fascinates me because it is sound money and not controlled by anyone.

Even if bitcoin blockchain remains decentralized what is the point of having fiat going through it ?

If blockchain is used even in the fiat system, people who uses it will have more restricted movements and every single cent they spend would be monitored, which I think is not good and worrying. Also, blockchain without bitcoin is pointless, because the concept of the block chain ledger is made for bitcoin.

Personnaly i think that's a good thing that we have many different crypto currencies, some very interesting open source projects of bitcoin ecosystem could very easily be rolled out on another crypto but i just think that bitcoin is not heading in the right direction because people do not give it the time to.

There are cryptocurrencies with good technologies with it, it's just that people also use those to gain more btc in order to have more fiat. Bitcoin users are really giving the time for bitcoin to see widespread adoption. Some even educate others to use bitcoin as well. It's just that seeing bitcoin prospers is a double-edged sword: there will still be consequences after all the success in it.

[tokeweed]

I don't agree. Bitcoin's problem is not fiat but the lack of mass adaption. This however results from too few useful real life applications which using Bitcoin. It is too hard to get into all this Bitcoin stuff when you don't have a technical background or interest.

tldr version?

Bitcoin's problem is fiat. And people don't care because they want higher fiat prices.

The lack of mass adoption is a consequence of the 'lack of knowledge' and we know that some people don't want to learn and don't like the "new technology" so I think this is another problem.

The problem I see with bitcoin is what the hell is taking the Willy bot so long to come back. That would surely shut everyone up.  You want moon??  There! Good job Willy!  Everyone happy.  Willy says fuck ya'll.

Then we can say the problem for bitcoin is the willy bot, and that bot used a lot of FIAT currencies... so the problem is the FIAT 'part' . I think we have a problem!

Get Willy to pump BTC to over 10,000 USD.  These threads and bullshit opinions about the problems of BTC...  GONE!

Everybody will start counting their benjamins.

[tokeweed]

If you know the problem.. Like you really reeeaally think you know, then try to figure out a solution and start something out of it.  I'm pretty sure the people behind Circle and Coinbase are trying to find a solution.  And they are being funded millions for it.

[crazyivan]

The only problem BTC s got is consumer protection. Most of people stay away cause they feel BTC s somehow connected to scammers and ponzi pumpers. Once there s appropriate, very loose legislation in place to act as a consumer protection mechanism, BTC acceptance s going to increase and this ll affect the price as well.

[Q7]

Having known on the problem there's really nothing much we can do except to continue play our part and create awareness about bitcoin. I'm one of the group of people who wants to see bitcoin succeed in any way I can and that is why I'm less bothered when it comes to price. Also instead of going further into debate about how to change that we'll just have to spread the word and continue doing it.

[albert11]

Maybe bitcoin should have been tied to the price of gold to act like a real currency or something else? idk just a though..

[tokeweed]

The only problem BTC s got is consumer protection. Most of people stay away cause they feel BTC s somehow connected to scammers and ponzi pumpers. Once there s appropriate, very loose legislation in place to act as a consumer protection mechanism, BTC acceptance s going to increase and this ll affect the price as well.

You forgot Satanists.  That will be a big one.

[bornil267645]

As long as bitcoin will be used in exchange of the fiat, the true goal won't be fulfilled. Someday when, people will finally be able to use Bitcoin as a currency of it's own dimension, Bitcoin will gain it's true success.

[albert11]

  I'm pretty sure the people behind Circle and Coinbase are trying to find a solution. 

A solution to bitcoin not being used as currency ?  Afaik they are part of the problem.

[tokeweed]

As long as bitcoin will be used in exchange of the fiat, the true goal won't be fulfilled. Someday when, people will finally be able to use Bitcoin as a currency of it's own dimension, Bitcoin will gain it's true success.

What do you suggest we do and how?

[bronan]

Well sending is not allways fast and to be honest its much too slow to be used for most shops as a means to pay.
Unless you use one of the large payment processors, but these have an issue currently as well.

It still is using fiat to get bitcoin then try to use it to get it to the place you want where it is again put back into fiat.

The fees are these days not so small anymore its actually becoming pretty costly if i see how much i have to pay for a transaction to get it faster to the receiver.
Ofcourse at the moment now bitcoin has dropped to less than a fifth of its highest value, its not something i care about much but if it was over 1000 dollar you probably could compare to bank prices already.
Yes i know you can lower the fee, but if you do your probably end up waiting more often a very long time before the transaction is being processed and confirmed.

The guy who posted earlier about having to wait 4 hours for the transaction to be confirmed happened to me as well, and already found myself several times having the problem that a payment failed because the confirmation took more than the required 15 minutes.... hence btc send but the buy failed .... ending in me having to go through alot of crap to get the btc back.
Then there is the issue with the ever growing blockchain which requires a very long time to get loaded even with the provided partial blockchain on torrent.

Another weird issue i encountered is that my amd 8 core has completed the blockchain rescan from version 10.1 in less than a day while my intel monster machine is taking much longer and crawls through the file, currently it now at 32 hours ( this is very odd that the version 10 was so much faster. ) and only has done till 20 sep 2013 yet
Somehow it seems to no longer use the bootstrap.dat.
While on the amd it constant showed that it was comparing to the file on disk, but the intel seems to have switched over to loading from the net.

Before anyone says use faster drives "no its not the disk speed" the 2 ssd's pro in raid 0, do easily 1100 MB/s but that does not speed it up that much.
Not sure yet what is the reason for the weird behavior on the intel machine. Actually thinking about killing this and copy the amd files over.
 
Indeed as long as bitcoin does not have a more stable price tag and is slow in processing ( do not understand me wrong here international its probably still darn fast, if you do compare it to bank transfers ) we have ideal in my country which is probably the fastest avialable, the payements are as fast as the connection is.
The money gets to the seller in seconds and needs no confirmations.
Second best is credit/debit cards which can be pretty fast as well in most cases still much faster than btc, but this comes with a price tag.

Mining is a thing of the paste for most people on the planet, only those with deep pockets and/or large stash of btc probably can stay in the mining game.

[acquafredda]

I don't agree. Bitcoin's problem is not fiat but the lack of mass adaption. This however results from too few useful real life applications which using Bitcoin. It is too hard to get into all this Bitcoin stuff when you don't have a technical background or interest.

tldr version?

Bitcoin's problem is fiat. And people don't care because they want higher fiat prices.

The lack of mass adoption is a consequence of the 'lack of knowledge' and we know that some people don't want to learn and don't like the "new technology" so I think this is another problem.

The problem I see with bitcoin is what the hell is taking the Willy bot so long to come back. That would surely shut everyone up.  You want moon??  There! Good job Willy!  Everyone happy.  Willy says fuck ya'll.

Then we can say the problem for bitcoin is the willy bot, and that bot used a lot of FIAT currencies... so the problem is the FIAT 'part' . I think we have a problem!

Get Willy to pump BTC to over 10,000 USD.  These threads and bullshit opinions about the problems of BTC...  GONE!

Everybody will start counting their benjamins.

I think you're right. On the long run this is what 90% of the people in here want.