New essay seriously questions Bitcoin's future success

[Lagartijo]

"The primary requirement for anything to function as money is that of being accepted by people. Bitcoin is designed to avoid relying on central authorities, which increases its function as a store of value. "
That being said, it is perfectly possible for Bitcoin to win. It is the perfect store of value against corrupt Governments trying to snoop around their citizens finances.
I seriously believe this can make the difference...

The essay defines "winning" as being a dominant currency (highest price), while acknowledging Bitcoin's value and function as a substitute currency.

[Carlton Banks]

“Guys this technology has the potential of including all the poor people in the favelas of Brazil into the banking system. When we regulate this with the Central Bank, we should not restrict it but promote it. Let’s not kill the goose that lays the golden eggs steaming logs of excrement.”

http://cointelegraph.com/news/115056/how-3-central-banks-the-financial-elite-embraced-bitcoin-for-one-day?ref=2604&utm_source=twitter&utm_medium=twit&utm_campaign=alx

FTFY 

[Lagartijo]

Appreciate your corrections, but the "goose that lays the gold eggs" central banks are referring to, which they will allow to live, is Bitcoin.

Once all these "revolutionary" geeks have done the work, put out the software for anyone to use (a la Linux), and got all the developing world dependent on cryptocurrencies, all they have to do is change over and release their proprietary, legal system.

“Guys this technology has the potential of including all the poor people in the favelas of Brazil into the banking system. When we regulate this with the Central Bank, we should not restrict it but promote it. Let’s not kill the goose that lays the golden eggs steaming logs of excrement.”

http://cointelegraph.com/news/115056/how-3-central-banks-the-financial-elite-embraced-bitcoin-for-one-day?ref=2604&utm_source=twitter&utm_medium=twit&utm_campaign=alx

FTFY 

[Lagartijo]

Almost three quarters of financial pros think the blockchain can thrive without Bitcoin, because they are just applying their empirical knowledge and common sense in agreement with this essay.

http://www.coindesk.com/73-of-finance-pros-think-the-blockchain-can-thrive-without-bitcoin/ 

[Lagartijo]

Banks cannot be Bitcoin, but they can get close enough for the majority of mortals...

http://www.coindesk.com/meet-the-25-banks-working-with-distributed-ledger-startup-r3/

[Lagartijo]

Like his invention, Dr. Craig Wright cannot win:

"I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot. "

[Doms]

It's entirely up to us whether we decide to use crypto currency or not. Maybe in the future, if the government thinks that crypto currency is becoming a threat to the regulated fiat, they'd come up rules to combat this. They could ban the use of other forms of currency altogether, but where is the progress in that?

[Lagartijo]

It's entirely up to us whether we decide to use crypto currency or not. Maybe in the future, if the government thinks that crypto currency is becoming a threat to the regulated fiat, they'd come up rules to combat this. They could ban the use of other forms of currency altogether, but where is the progress in that?

They are not going to ban Bitcoin. Bitcoin will "ban itself" because governments reflect the people and the value of money depends on the majority, as this essay discusses. Thus whatever populist computer code that can compete with Bitcoin as a store of value will be favoured over Bitcoin, and its execution will be coordinated by governments. It is all too sad, but who cares; the freedom and the lesson heralded by Bitcoin is here to stay.

[fenican]

Bitcoin technology is a very unique and unsettling invention, with endless possibilities. It is free from any centralization, authority or a regulatory system.

Wishful thinking. It is very (80%) centralized in China right now and the authority and regulation system is the voting power of an increasingly small group of increasingly large miners.

[raphma]

"For any currency to succeed ultimately, it needs to be accepted by government as good for payment of debt and taxes. Bitcoin is anathema to the bankers, and these financial terrorists will cause pain and death in any country that attempts to adopt it, and blame it on the currency extremists. They don't need governments to kiss and make up."

https://www.reddit.com/r/Bitcoin/comments/3f6947/why_bitcoin_cannot_win_when_states_across_the/

I think people need to stop focusing on getting BTC accepted as a national currency. The government will not gain anything from doing this and in fact they will lose the power to control the economy. Why would they allow this to happen?

I feel like people should concentrate more on getting BTC accepted by the people as a "alternate currency". There is a much better chance of this happening.

https://news.bitcoin.com/swiss-town-accepts-bitcoin/
It's gonna happen kids, bitcoin will rule! People always wanted to have more control over their money(transactions) and that will never happen without a system like bitcoin.

And bitcoin might die at some point because of the countless flaws and problems, but another crypto would just take the lead.
Banks will fight, goverment will try, but they just cant do nothing against internet.