Why bitcoin can't survive as it is

[Come-from-Beyond]

I have been in bitcoin since mid 2012. I have made some good money on it, and still have some coins. I have been investing in the stock market for more than 20 years before that.  I understand the basic principles of the technology, and I definitely understand market mechanisms and its dynamics. I share the facination for bitcoins and Satoshi's breakthrogh with most of you guys. But I believe the issues I try raise here are very important for bitcoin's future, and the kind of responses I get does not change that, it only disappoints me.

They have hundreds/thousands of bitcoins and want to make a fortune by selling them when the price reach 1000$/1000000$ mark. Sorry, my friend, but u've chosen a wrong place to criticize Bitcoin's deflation mechanism. This mechanism is the core of their way to become rich. Get rid of it - and they will lose a chance to become millionaires.

PS: 99.999% of early adopters don't care about Bitcoin's future. All they need is fiat, as much as possible.

[Zaih]

I knew this would be rubbish before I even read the OP

[mp420]

Bitcoin won't be widely adopted any soon but it's not about what OP said.

We're nearing the block size limit. Just eyeball linearizing the current exponential trend, the number of transactions (excluding most popular addressess) has grown tenfold every year. We're now at about 25,000 daily. There's a hard limit of about 600,000 /day, and it will take at the very least several years of development to do away with it. At the current pace, we'll hit the soft limit (which is going to be lifted in May) before the end of this year, and the hard limit shortly after.

There's actually a significant controversy about the need of changing the hard limit at all. The one thing that is sure is that we'll see the effects of the limit before we can agree about changing it.

[smoothie]

Op,

Sell your coins and be done with bitcoin if you really believe what you say.

[adamstgBit]

Op,


No! for the 21milth time!  Speculation, YOUR DOING IT WRONG!

 

      ...............................noobs

[TimJBenham]

It is the Eternal September

I hope not. That didn't end well for usenet.

[Zangelbert Bingledack]

As most people in this forum I have great hopes for cryptocurrencies. However I just cannot see how bitcoin can achieve mainstream adaptation, because:

Broad adaptation would require >50 million users and market cap>20 billion usd
It must happen over a period of 2-3 years
But practically all bitcoins for that period are already produced and posessed
Some magic kind of distribution must take place - that wont happen!

Bitcoins will remain a sandbox for speculators and kids unless something is done.

One solution is proposed here: https://bitcointalk.org/index.php?topic=181488.0

Magic distribution process?  Hmm, like buying/selling bitcoin on an exchange for other currencies?  Not exactly what I would call magic, and certainly not a problem.   

Exactly. It never fails to amaze me that people imagine the early adopters multiply their net worth by 100 and then just let it all sit in BTC. Then of course in the next breath they say Bitcoin is going to fail or is worthless so who would want it? Doublethink at its finest.