Something that might severely limit Bitcoin's growth potential.

[Este Nuno]

I predict the market will determine high fees for timely transfers eventually, and subsequently limit Bitcoins growth potential.

The way the protocol functions seems to lead toward this eventuality. It's somewhat ironic that the free market determination of transfer fees will likely constrain Bitcoin's function as an everyday use, free market currency. This doesn't make it any less amazing, but it is something to consider.

One solution could be for payment processing companies to provide their service for less than individuals would pay in fees, Bitcoins answer to Visa I guess. This of course would likely require trust and centralization. I think I remember someone mentioning that Satoshi was quoted as saying that Bitcoin was not designed and never intended to function as a point of sale solution. So I guess this shouldn't come as a surprise to anyone. But clearly many people are hoping Bitcoin extends it's use to replace all of the current payment processing establishment. So it will be interesting to see what solutions people come up with.

[wopwop]

who cares, there are plenty of flaws in bitcoin's protocol that prevents it from being usable in day to day trade

most of us here are only here to cashout on a higher price, the sooner the better so we can move on

[GoWest]

I predict the market will determine high fees for timely transfers eventually, and subsequently limit Bitcoins growth potential.

The way the protocol functions seems to lead toward this eventuality. It's somewhat ironic that the free market determination of transfer fees will likely constrain Bitcoin's function as an everyday use, free market currency. This doesn't make it any less amazing, but it is something to consider.

One solution could be for payment processing companies to provide their service for less than individuals would pay in fees, Bitcoins answer to Visa I guess. This of course would likely require trust and centralization. I think I remember someone mentioning that Satoshi was quoted as saying that Bitcoin was not designed and never intended to function as a point of sale solution. So I guess this shouldn't come as a surprise to anyone. But clearly many people are hoping Bitcoin extends it's use to replace all of the current payment processing establishment. So it will be interesting to see what solutions people come up with.

Systems that work on top of Bitcoin, like Ripple, will takeover the responsibility for most transactions, especially micro-payments.

[wopwop]

With regard to being useful for daily hand-to-hand transactions, Berkshire Hathaway shares, 500-foot (150-meter) yachts, and financial district office towers are not are inconvenient mediums of exchange, and yet markets in them exist.

Yeah, but those things have actual real world value

Bitcoin does not

[chmod755]

most of us here are only here to cashout on a higher price

I'm not. I'm the 1%!

[Este Nuno]

With regard to being useful for daily hand-to-hand transactions, Berkshire Hathaway shares, 500-foot (150-meter) yachts, and financial district office towers are not are inconvenient mediums of exchange, and yet markets in them exist.

Yes, but those are always negotiated for in cash. I doubt anyone has traded their yacht for a few shares of BRK.A.

I assume most people wish Bitcoin to supercede the use of cash in the world economy.

[mobile4ever]

Systems that work on top of Bitcoin, like Ripple, will takeover the responsibility for most transactions, especially micro-payments.

Ripple is under the control of a few people, is that right? The best way to help bitcoin is to provide a truly decentralized market for trading or whatever else people want to do with their money.

[Rampion]

most of us here are only here to cashout on a higher price

I'm not. I'm the 1%!

A vast portion of bitcoiners are in it for the long run. Because it empowers people, not because they want fast fiat profits.

Guys as "wopwop" are just "weak hands" that will allow us true believers to get "cheap coins" in the short term.

[Tronlet]

who cares, there are plenty of flaws in bitcoin's protocol that prevents it from being usable in day to day trade

most of us here are only here to cashout on a higher price, the sooner the better so we can move on

Go away, nobody likes you.

As for the topic, I could be wrong but couldn't the number of transactions significantly increase without making it significantly harder to process the block (aside from the size problem), but as a result significantly upping the number of transaction fees? Such that the current typical transaction fees of .001-.0005 or so (adjusted for changes in Bitcoin's value, of course) would be enough, because each block would have many times more of those fees than in current blocks.

It all depends on what decision will be made about increasing the block size.

[Mike Christ]

Yeah, but those things have actual real world value

Bitcoin does not

So Bitcoin can't be used to make pseudo-anonymous payments over the Internet in a timely manner, and it can't act as a store of wealth, either?  Can a service (that literally nothing else offers as well and in one package) not be valuable?  When you call a maid over to clean your house, do you not pay her because you can never own her, nor short her?

[cypherdoc]

who cares, there are plenty of flaws in bitcoin's protocol that prevents it from being usable in day to day trade

most of us here are only here to cashout on a higher price, the sooner the better so we can move on

you're an idiot. 

i think you should move on NOW.

[herzmeister]

Ripple is under the control of a few people, is that right?

You can fork the Ripple system if you like. Client is open source, server not yet but you can ask them afaik. If you don't trust them with their promise of better decentralization soon, and if you have a better solution to prevent spam and fake accounts than the usage of XRPs, then go ahead.

[ElectricMucus]

who cares, there are plenty of flaws in bitcoin's protocol that prevents it from being usable in day to day trade

most of us here are only here to cashout on a higher price, the sooner the better so we can move on

You are awesome,

I hope you be around for a long time.  

[mobile4ever]

Ripple is under the control of a few people, is that right?

You can fork the Ripple system if you like. Client is open source, server not yet but you can ask them afaik. If you don't trust them with their promise of better decentralization soon, and if you have a better solution to prevent spam and fake accounts than the usage of XRPs, then go ahead.

Its good that it is open source, but then there is just one server? I believe I do have a better solution. Its just plain PHP, can be open sourced, and will work with freely available software on most servers. Users can make money two ways with this. More coming up...

[Bitcoinm]

I'm unsure if Bitcoin is really the optimal p2p currency.  Tor works without fees; why can't Bitcoin be designed differently to work the same way?

[HappyBitCoinUser]

I'm unsure if Bitcoin is really the optimal p2p currency.  Tor works without fees; why can't Bitcoin be designed differently to work the same way?

P2P currently for slow trades waiting on 6 confirmations that take an hour, or use a middle man like MtGox redeemable codes for instant balance transfer.

You'll have power to do either.

[Tronlet]

Tor works without fees;

Barely. And it's quite niche because of it.

[chmod755]

I'm unsure if Bitcoin is really the optimal p2p currency.  Tor works without fees; why can't Bitcoin be designed differently to work the same way?

Tor works without fees, because many people are relaying for free, however the system is extremely slow compared to VPN services, because without fees it allows for abuse of the system.

[wopwop]

who cares, there are plenty of flaws in bitcoin's protocol that prevents it from being usable in day to day trade

most of us here are only here to cashout on a higher price, the sooner the better so we can move on

You are awesome,

I hope you be around for a long time.  

i will for aslong there's real money to be made in bitcoin and this forum is just a side kick for entertainment

[chmod755]

i will for aslong there's real money to be made in bitcoin and this forum is just a side kick for entertainment

You remind of the people who bought BTC for $30+ and cried / complained after it came back to $2, but maybe it works for you. Good luck with your bubble mentality!