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Author Topic: Bitcoin is useless  (Read 3228 times)
vsyc
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January 23, 2018, 12:21:46 PM
Last edit: February 12, 2018, 11:00:46 AM by vsyc
 #1

I am amazed with number of people being fooled with BTC:

1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.
9. Bitcoin has a limited supply, but it does not help much. Bitcoin has a code that can be amended and its enough of small group of people to work together to support that. Question really is: do someone need that hassle? No really. Bitcoin has satoshis, that currently meaningless and just nice numbers after dot, but this a very well painless way to inflate any crypto currency and its up to liquidity providers. Again it falls to point #5 and #6. Added on 24/01/2018

Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.

Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.

BTC is scam of the century, stay away.

UPDATE 12/02/2018:

As this forum full of bots, I will emphasize one question from the user:

Ok, for all of you that insist that Bitcoin is not useless, tell me!

What do you use Bitcoin for?

Please don't tell me what it could be used for or how other people might use it. I want to know how you use it. Also, please don't tell me about trading or hodling. Those are not uses.


Hope to get constructive answers.

UPDATE 11/02/2018:

One by one, it becomes recognizable that Bitcoin at this stage is very useless. DarkNet, is the one who started one, and the one who will make a dump: https://cointelegraph.com/news/is-darknet-done-with-bitcoin

This is a very worried signal

UPDATE 30/01/2018:

Bitcointalk, and many other crypto related forums are heavily manipulated by bots, the amount of useless posts and conversation is just crazy. Even look at this thread, so much messages about "it will make me reach", "it growing", "I am going to be wealthy" so much manipulation, only in ponzi game this possible. It proves just on how bitcoin is useless, because 90% of people just copy paste message from bots, even not knowing basic fundamentals.

UPDATE 29/01/2018:
Few points were made here that are unfair:

1. Bitcoin is a first one, its revolutionary and so on and so forth, wrong, Bitcoin is a client that is build on top of practices that were developed and test long time before Bitcoin e.g. Proof of Work, Hashcash, eCash, bit gold, Merkle Tree, Peer-to-Peer,Byzantine fault tolerance etc.

2. Bitcoin is still in development and it needs a time and so on and so forth, really? its a 10 years old technology. Its usage is very easy predictable, no rocket science here. Scailibility problems were addressed long time ago. But like in every corrupted government, Bitcoin has biased devs, greedy miners and exchanges driven by capitalists. Why to care about tech? When everyone is just become wealthy on nothing. This is why its scam and this is how it become useless, because everyone only cares about price, not utility on day-to-day basis. Typical ponzi game.

3. Bitcoin is store of value, fake as is. Everything that has Blockchain underneath is store of value, Bitcoin is neither exception nor unique here. And again it has no value, because there is no utility. Remove exchanges from equation, and tell me how much BTC will be worth 1 pizza?

UPDATE 24/01/2018:

Everyone is amazed of why I called it useless, well, recently Stripe dropped support for Bitcoin payments. This is the prove of Bitcoin being useless. Stripe was not the only one in recent months to do so. It should ring a bell.


UPDATE 23/01/2018:

useless, guys the fact that some of you become reach and wealthy does not make Bitcoin useful. You wealth does not come from values that are used in propaganda.

1. Why I am still here? I believe there are technologies that are better maintained and lead than BTC, I prefer put money in something that bring value, has use-case and been used.
2. LN is panacea! Well not, so far its more dream than reality, no doubt it will be delivered in one or other way, but it will not solve all problems and so far it has more questions than answers.
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January 23, 2018, 01:13:21 PM
 #2

I respect your point of view when it comes to bitcoin. It wasn't entirely useless if a lot of people are benefiting from it. A lot of people get rich because of bitcoin and I think it is quite rude to say it was useless.
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January 23, 2018, 01:19:24 PM
 #3

If you now said bcash is the real thing, and that it's the only crypto that could be used as a payment system or a currency, I would say you are working for Roger Ver. As a Sr. Member you should be here for a while, so you had enough time to make some research about crypto and bitcoin, but you are either going to the wrong sources, or you didn't understand anything you've read.

You are entitled to your opinion, but you are wrong in most of the aspects of your analysis.

You say it has no value or use, but lets compare it to fiat. Fiat might have an enormous amount of liquidity, is backed by governments and it's well established worldwide. It's our traditional financial system but although it might seem stable, we do see come big crises now and then, simply because people can just borrow money from banks, and since there is no max supply, there is the risk of hyperinflation, and it does happen. Just look to Venezuela now. This happens because our financial system is broken, but we don't really have an option.

Bitcoin on the other hand, has a limit supply, just like gold, but it's easier to use, it's much more secure than fiat and can't be forfeit (and you don't need banks to verify this for you), and isn’t confined by borders of countries. Bitcoin is is independent, robust and most importantly, decentralized. It's price can't be influenced by banks or govern politics, and this makes it much more reliable than fiat.

You are correct about fees and txs taking a while to confirm, but this is where your research is probably failing you. The lighting network has the potencial to solve these issues, and it's close. A lot of users are testing it on the main net, and we even have universities that are committed to put the LN to the test, so we will see it soon, and right now things looks promising.

https://bitcointalk.org/index.php?topic=2784564.msg28574299#msg28574299

As soon as everything is up and running, we will see more stores using it, adoption will grow, BTC will get more stable, and it will not just be used for payments, it will actually have the potencial to replace fiat.

Maybe we will never see all this happening, but it has the potencial for that, and you can't deny it.

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January 23, 2018, 01:20:00 PM
 #4

LOL. This problems you have pointed is just being ignored by its users. You know why? Because it has been very profitable, of course RISK will always be there, but it is nothing compared to the price you can get.
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January 23, 2018, 01:21:00 PM
 #5

For now, I think the best use for Bitcoin is just investing instead of transferring funds because of its fees and tat for confirmations.
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January 23, 2018, 01:23:08 PM
 #6

Transactions can take days or even weeks, and a lot of people I know including me have already stopped buying Bitcoin and instead invest in other coins with potential for microtransactions such as Ripple.
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January 23, 2018, 01:23:58 PM
 #7

I agree with #1-#4, but #5-#8 are a stretch.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Buy stuff on Amazon at a discount with bitcoins or convert Amazon points to bitcoins: Purse.io
Join an anti-signature campaign: DannyHamilton's ignore list
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January 23, 2018, 01:33:12 PM
 #8

I personal like Bitcoin. If you think Bitcoin is not right for you. There are other alternative coins out there with cheap transaction fee.
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January 23, 2018, 01:36:31 PM
 #9

I am amazed with number of people being fooled with BTC:

1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.

Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.

Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.

BTC is scam of the century, stay away.
BTC makes useless if people who work with it doesnt know how to used it properly or they are not educate  about it,One more thing is your not managing your money in bitcoin.And if you work with those scammer.
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January 23, 2018, 01:54:17 PM
 #10

We all have different views in everything specially in bitcoin and i respect your opinion. But for me bitcoin is not useless in fact it helps a lot of peoole make lives better. Heard about an inspiring story of my classmate with regards to his bitcoin experience that makes me encourage to do bitcoin too. How his life changes and even quitted his job just to focus bitcoin and now he is getting what he want in his life.

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January 23, 2018, 01:59:14 PM
 #11

it's a a financial experiment, with many disadvantages.
the question can it be fixed?

Enjoy your life, one day at a time. Bitcoin Address: 1HrWs3tDzWr13zocV3qP9ENRLgiDuewtsu
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January 23, 2018, 02:08:35 PM
 #12

I am amazed with number of people being fooled with BTC:

1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.

Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.

Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.

BTC is scam of the century, stay away.

1. It should be solved with Lightning Network.
2. It should be solved with Lightning Network.
3. It should be solved with Lightning Network.
4. It is rather pseudonymous. You can create as many addresses as you want. One per transaction, for example.
5. It is decentralized, but few players are dominant.
6. It is a great store of value.
7. It is a good, though volatile, store of value.
8. You can pay for insurance. I remember cryptofacilities had an offer of a third party service long ago.

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January 23, 2018, 02:12:05 PM
 #13

You brother got it all wrong, are you with the New World Order?
it seems like you did not learn a thing about bitcoin, why did you even come here and post things.
did  you finally make up your mind about quitting in Bitcoin?

Try to study the history of trade and currency.
Real money/fiats are not the first currency used by humans. It started with stones/coppers coins, weight trading and just barter trades.
It just so happens that the corrupt and greedy world government manipulates our money. It's so complex you don't even want to start asking, just do your own research.

And lastly all of us here at least not you obviously feel that Bitcoin is the future. You know it baby, haha.
I don't need to go tell all the details because it was said on the previous comments i just want to change the minds of other people like you. Whom their minds got swayed and maybe gave up hope on a better system for the future of humankind. Blockchain is not perfect but it's way better than what we have today, it's convenient and it's improving.
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January 23, 2018, 02:12:16 PM
 #14

it's a a financial experiment, with many disadvantages.
the question can it be fixed?

I guess not unless some improvements will be implemented. As others suggest, a lightning network could solve these problems but the problem is acceptance and massive implementation. I give credits to the Dev's because its not easy to this kind of improvement.
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January 23, 2018, 02:14:22 PM
 #15

You are talking about well known weaknesses of the system, and for sure they are - at present - a big problem.
But they can be solved in future, so you can't call bitcoin a scam just because it's not still perfect.
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January 23, 2018, 02:26:27 PM
 #16

Weird AF, but OK, so let's say that Bitcoin does have problems. And it deifnitely DOES. It's not about Bitcoin! It's about the blockchain funcitoning as a platform for transparency - an immutable ledger for any type of service u can imagine. It's all about altcoins from this point on, altcoins which can build on the space which was opened by BTC. It served its purpose, now let it retire to FLorida and revel in the cash it has made. There is young blood surging in through the altcoin and thats where the future is.
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January 23, 2018, 02:30:03 PM
 #17

You are talking about well known weaknesses of the system, and for sure they are - at present - a big problem.
But they can be solved in future, so you can't call bitcoin a scam just because it's not still perfect.

It's like saying that a patent for an item is a scam, no one as of yet is claiming that bitcoin is the finished article and worthy of being considered to be the 'best' thing ever. It will take some time and lots of improvements, but the potential is there and investors will see that.

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January 23, 2018, 02:30:38 PM
 #18

I am amazed with number of people being fooled with BTC:

1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.

Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.

Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.

BTC is scam of the century, stay away.
I am wondering as well why you are still here if you think that bitcoin is just a big mess and scam. Get lost if you don't want to be fooled, we respect your opinion but respect our decision as well to stay here not because it will benefit our whole nation but we would like to have this kind of innovation that would benefit our Economy as well. Don't be fooled with your own understanding, search more and gather enough evidence to prove it.

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January 23, 2018, 02:30:47 PM
 #19

Well, everyone to their own opinion. I cannot say some of the things you have mentioned aren't true, but few of them are not. Also, is there any new tech that is not bound to have some issues from the start? You think Rome was built in a day? Some of these would be solved and if you think there is an alt that can do it better if tested on a large scale without experiencing some issues, then it is a free world, you can switch rather than hating on bitcoin which is what I see most of your point as. Even ETH got his own share from cryptokittens, so you think because some of these other alts are faster, they can be comparable, then you should wait until it gets the attention bitcoin has.

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January 23, 2018, 02:57:48 PM
 #20

I am amazed with number of people being fooled with BTC:

1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.

Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.

Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.

BTC is scam of the century, stay away.
what? no its not. bitcoin cannot be a useless because there is so many people who been really rich because of bitcoin so what is your problem with it and what a trash question.

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