Bitcoin can't support more than a few transactions a second, since yesterday's sell off we see 72,000 unconfirmed transactions, yet people are yelling "just begun"? That wasn't even a real correction. Just micro-panic. safe to say it's not SCALABLE.
Miners turned down segwit2x, so called a "direct attack on the network" but things like that are the only thing that will allow update of blockchain size.
The majority (60%) of Bitcoin hashing power is controlled by less than 6 pools, safe to say that's CENTRALIZED. There is other protocols and forms of consensus which are truly decentralized.
The blockchain is public, safe to say it's not ANONYMOUS. Things like Monero and Zcash are anonymous.
Cost per transaction exceeds $60 USD, safe to say it's not a viable CURRENCY. Things like Litecoin and Ripple are much better, quicker and cheaper.
Average confirmation time takes 15 minutes and requires multiple (3+) for a transaction to clear.
Things like this will continue to happen:
https://www.cryptocoinsnews.com/700-million-stuck-115000-unconfirmed-bitcoin-transactions/Sure, it can keep going up, but that really doesn't mean it is a good currency. At this point people are buying because of speculation that they will make money and It is a good investment, while 90% do not know what is going on. This just makes it more and more likely we will see a sell-off to the median trend line and maybe even the death of the currency as a whole.
Early this November, Bitcoin Legacy devs said they were abandoning the project. Around that time majority of miners swapped to BCH once it became more profitable and we saw over 175k unconfirmed transactions FROZEN. It does not matter if you have MILLIONS in it, if they hadn't decided to switch back that money is stuck in mempool for a very long time, possibly forever if they never went back.
2 weeks later and it's like it never happened...
I've been in this sector since 2013, and recently all I see is a bunch of kiddies buying into the latest new "hot" thing, without understanding the underlying technology or how it's underdeveloped, just because everyone else is, because they see it on the news, and because they think it's going to go up to the "moon" and get them that "lambo", the last part displaying the same values that keep the majority of the world in the middle class.
It is nothing less than idiotic and all I see is the delusion.
And for those of you who think Bitcoin is a good investment, just know it's the highest risk investment and has been outperformed by altcoin's like BCH, XMR, DASH, and many other altcoin's that are the best in their sector.
Bitcoin will take a 100x multiplier to reach one million.
I've already seen those returns in a lot of altcoins, this year and even the past few months.
For those of you who are bullish on bitcoin, let me hear it. Concrete arguments, not what you think or feel.
Something realistic, data-backed.
You know, like what I provided.
I'm bullish on cryptocurrencies but pretty bearish on Bitcoin.
I hope not to hear silence after seeing 90% of people who hear of it praise it like a new paradigm or religion, that would be the true answer to most of this, even though the proof is in the pudding, all data is public and much more accurate than John, thinking he'll retire early because he thinks he got an early ticket to the train.
I am not spreading FUD, this is all data-backed and realistic "argument".
