Bitcoin is Dead

[shizzbiz]

Not dead yet.

[1714921020]

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[bitthebullet]

Definitely not dead. Just needs proper recognition and valuation from the public, which is only a matter of time...

[OverallGreatGuy]

Ah gosh, Im so surprised when people think some people want Bitcoins because they are unregulated just because they want to do something illegal.

Let me tell you something, and I know anyone that traveled enough around the world knows this.

In the US, EU, and other countries, you go to a bank branch, with 0$ or 50$ and have your credit card and bank account ready to go. Yes, its all pre-filled.

This is absolutely NOT true in the rest of the world. In most places, minimum to open a bank account is anywhere between 3,000$ and 10,000$ fixed, which you need not only to open but maintain. And no credit cards there.

You see the problem? There is a huge population in this planet that is online and cannot access regular payment systems. This is the only TRUE benefit of bitcoins in terms of not being regulated or controlled. That anyone was able to get them. (was, since this is not true anymore, you can´t mine them anymore....)

You will not believe how many people want to buy something online but can´t, because PayPal is not in their country, or they have not CC or bank account, which of course PayPal requires as well.

You will not believe how many people want access to be able to pay, but can´t.

Bitcoin was a supposed to be a solution to them. Right now, its not anymore, as you need to buy them somewhere, and we are again in the same dilemma, buy them with some standard payment method.

Also, another huge benefit of Bitcoins was that merchants had a way safe to receive money without being scammed, this means chargebacks.

But there is no point for merchants if the consumers owning Bitcoins are null. And they are going to be null, if they cannot get them with their computers.

Now, I don´t care about government intervention, but do you fail to realize that then we don´t actually need Bitcoins at all? If I want something regulated, I will use the real thing like PayPal.

The only reasons I like Bitcoins, is because Bitcoin cannot shut you down. Like PayPal could if they decide this, right or wrong, its possible for the banking systems to shut down any websites payment systems right now. There are only 2 major credit card brands and PayPal is more or less a monopoly as well today.

Bitcoins is supposed to be in the hands of no specific company, so nobody is supposed to impose rules on you.

I really don't get what you're saying.  Whether there ends up being 3 big miners, 1 big miner, or even zero.. How does the number of miners effect bit coins usefulness or value as a currency?

[ronin4bits]

I really don't get what you're saying.  Whether there ends up being 3 big miners, 1 big miner, or even zero.. How does the number of miners effect bit coins usefulness or value as a currency?

The *part* of his point that's valid, and that you're missing, is that the power to control the future flow of coins is represented in the ability to monopolize their generation - it's the problem we have now with fiats - when the central (criminal) bankers own the printing press, then the rest of us have to wait to see how many they make to know which direction the long-term value will go...

On that worry, he's got a point about the centralization of creation of *any* store of value.

BTC is not at risk for this, though.  The OP misses that BTC mining is (always will be?) competitive. If ASICMiner takes their farms off-line, or even stops adding to their hashrate, there's an entire planet of other miners still running. This doesn't happen with traditional, centrally-controlled fiat currencies (under penalty of jail, i.e. counterfeiting).  THE central authority dictates value (interest rates, minimum wages, tax floors) AND creates the medium of exchange - this is racketeering at it's best.

What the OP is worried about won't happen because one company goes faster than everyone else for a little while.

[DeathAndTaxes]

The *part* of his point that's valid, and that you're missing, is that the power to control the future flow of coins is represented in the ability to monopolize their generation - it's the problem we have now with fiats - when the central (criminal) bankers own the printing press, then the rest of us have to wait to see how many they make to know which direction the long-term value will go...

Well no.  First of all it is all academic because there won't be only one miner but even if there was, miners don't control the rate of generation the protocol does.  This makes Bitcoin unlike ANY fiat currency.  Fiat currency is handing the rate of generation to a cartel of elites with 100% implicit trust that they won't abuse that authority through ignorance, corruption, or greed.

[DynamicDK]

I really don't get what you're saying.  Whether there ends up being 3 big miners, 1 big miner, or even zero.. How does the number of miners effect bit coins usefulness or value as a currency?

The *part* of his point that's valid, and that you're missing, is that the power to control the future flow of coins is represented in the ability to monopolize their generation - it's the problem we have now with fiats - when the central (criminal) bankers own the printing press, then the rest of us have to wait to see how many they make to know which direction the long-term value will go...

On that worry, he's got a point about the centralization of creation of *any* store of value.

BTC is not at risk for this, though.  The OP misses that BTC mining is (always will be?) competitive. If ASICMiner takes their farms off-line, or even stops adding to their hashrate, there's an entire planet of other miners still running. This doesn't happen with traditional, centrally-controlled fiat currencies (under penalty of jail, i.e. counterfeiting).  THE central authority dictates value (interest rates, minimum wages, tax floors) AND creates the medium of exchange - this is racketeering at it's best.

What the OP is worried about won't happen because one company goes faster than everyone else for a little while.

The part you are missing is that the production of bitcoins is already defined.  Half of all the bitcoins that will ever be produced are already in circulation.  The amount of bitcoins that any group (or single individual) can mine is limited.  While it has some bearing on the worth of all of the coins available, no one can ever monopolize or control it.  They cannot increase the amount that will be produced over specified time, and they cannot control the coins that are already out there.

Of course, this is all moot, because the idea of a few miners controlling the mining is insane.  Unless someone comes up with such an insanely efficient way to mine bitcoins that it increased the difficulty 100x overnight, which is around what it would take to make Avalon ASICs stop being cost effective at current BtC rates and electricity costs in the developed world, then there will always be many, many other people mining.

The bitcoin system really is quite beautiful.  The kind of leap it would take to break it would also change the world as we know it.  True quantum computing may be able to do it...but that isn't even a sure thing.

[freedomno1]

2011

[Schimanski]

As long as Bitcoin will have a use, it will be worth something.

[DannyHamiltonn]

Maybe ripple save us?

Maybe Litecoin save us?)

[xristoskostouros]

1 BTC = 1 US Dollar.

Thats the future of BitCoin.

Wanna bet all your coins? 

[oldskl]

bitcoins will never be dead. can certainly lower in price but can also raise

[quest]

I hope that the exchange rate will go over 100 euro 

[xristoskostouros]

1 BTC will become 1 US Dollar.
If you want, i put a bet on this. All my coins!

[spartanmorning]

1 BTC will become 1 US Dollar.
If you want, i put a bet on this. All my coins!

what are you basing this conclusion on? If you can predict prices of assets this well and with this much certainty than I should assume you are already a multi-billionaire

[Mr.Dreamanonym]

BTC IS NOT DEAD !BTC

[xristoskostouros]

1 BTC will become 1 US Dollar.
If you want, i put a bet on this. All my coins!

what are you basing this conclusion on? If you can predict prices of assets this well and with this much certainty than I should assume you are already a multi-billionaire

Just trust me 

[xristoskostouros]

BTC IS NOT DEAD !BTC

Who said BTC is dead? We are talking about the price.
The model that BTC is build on, cant die because if all stop mining, difficulty will drop. Demand will start, price will go up e.t.c
BUT THIS AINT HAPPENING.

[monkofnothing]

I haven't anybitcoins to bet I'm waiting until November to buy them.

[hifieli]

is this the start of a new altcoin?

deadcoin?
bitdeath?

dethkoin, the most brutal altcoin. blacker than the blackest black times infinity and here to make everything metal.


Dethklok rules,
hifieli

[NosUna]

It's only just begun