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Author Topic: Bitcoin is attracting the wrong people  (Read 394 times)
hatshepsut93
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October 13, 2017, 07:51:08 AM
 #21

Bitcoin attracts masses and masses is exactly want to you want for a currency - the more people use it, the more successful it becomes. Even without scaling Bitcoin is worth a lot, it's the first ever and also the most and stable decentralized payment system - it's a huge achievment on its own and there are many possible use cases for it beyond just a currency, many people see it and they keep investing. But also it's not so bad with the scaling as it may seem - Lightning Network would be like a second birth for Bitcoin and will allow it to compete with traditional payment systems for the first time. This can be another reasons for the current rally.

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October 13, 2017, 08:00:21 AM
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What's next? There are topics about Amazon suddenly accepting BTC, but the people who expect this, haven't understood that Amazon would kill BTC if it accepted it. The network couldn't handle such a huge number of additional transactions.

That's an interesting way of looking at it. I've honestly never considered it from that angle. This is somewhat true. Transactions are slow to confirm with the modest number of transactions that we have, so I can't imagine what would happen if we get much more additional strain. This is assuming that everyone who holds Bitcoins will spend, though, and that lots of Amazon customers are going to get Bitcoin just for their purchases. At the current state of things, if this happens, I would assume that the additional load would be bearable. Transactions will get slower though. There's a lot of room for improvement here.

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It is now obvious that BTC will never replace credit cards. BTC is slower than Paypal, and sometimes even more expensive. The past 2 years have clearly shown that there won't be a quick fix to BTC's problems. All the early adopters know that. If BTC's price keeps on rising, that is because the newcomers DO NOT care about BTC. They just want to make a quick buck.

What would you suggest to solve this problem? I mean, Bitcoin was meant to be open, so everyone is welcome to get in on it. Also, if you invested completely because of the ideals, then I salute you, as you're probably among the <1% of the Bitcoin holder population.

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October 13, 2017, 09:39:19 AM
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What's next? There are topics about Amazon suddenly accepting BTC, but the people who expect this, haven't understood that Amazon would kill BTC if it accepted it. The network couldn't handle such a huge number of additional transactions.

That's an interesting way of looking at it. I've honestly never considered it from that angle. This is somewhat true. Transactions are slow to confirm with the modest number of transactions that we have, so I can't imagine what would happen if we get much more additional strain. This is assuming that everyone who holds Bitcoins will spend, though, and that lots of Amazon customers are going to get Bitcoin just for their purchases. At the current state of things, if this happens, I would assume that the additional load would be bearable. Transactions will get slower though. There's a lot of room for improvement here.

Quote
It is now obvious that BTC will never replace credit cards. BTC is slower than Paypal, and sometimes even more expensive. The past 2 years have clearly shown that there won't be a quick fix to BTC's problems. All the early adopters know that. If BTC's price keeps on rising, that is because the newcomers DO NOT care about BTC. They just want to make a quick buck.

What would you suggest to solve this problem? I mean, Bitcoin was meant to be open, so everyone is welcome to get in on it. Also, if you invested completely because of the ideals, then I salute you, as you're probably among the <1% of the Bitcoin holder population.

I'm part of the <1%! First time I'm hearing someone telling me this. Quite true, though. I miss the early, libertarian days when there were posts about how BTC would change the world and destroy governments. What we're having now is more of the same, with BTC attracting greedy speculators, without any wish to change anything. Some cards have been shuffled, as some libertarians early believers now find themselves rich, but that's it.

I just wonder how the new investors will react when the mempool is clogged again, making them unable to do transactions.
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