Bitcoin is useless

[tophe15]

Bitcoin is not useless for me It really change how I look about life dealing with money. Because most of us, if we have that buckets of cash in our hand, we automatically think, what should I buy? a car? a golden watch? But we didn't think of investing it. By the help of bitcoin it really helps me to learn investing at this very time.

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[Joriecoinbit]

Bitcoin is not useless for me It really change how I look about life dealing with money. Because most of us, if we have that buckets of cash in our hand, we automatically think, what should I buy? a car? a golden watch? But we didn't think of investing it. By the help of bitcoin it really helps me to learn investing at this very time.

Yeah. Bitcoin helps you realized the importance of money. That you have to spend it wisely, or invest it so you'll earn huge profit. It can change your life, and become better. It motivates you to strive hard to earn huge profit. It can even make your dreams come true. There are a lot of benefits you'll get in bitcoin. Don't just look at the dark side of bitcoin but rather the brigher side of it.

If the OP is an optimistic person, he don't have to list all the disadvantages of bitcoin. Everything has an advantage and disadvantage, it's up to you on how you deal with that certain thing.

[Ad Baculum]

You are just listing disatvantages of bitcoin and saying that bitcoin is useless but it's wrong. You should understand that big money is already moving around bitcoin 

Bitcoin is not useless, bitcoin is very important for a lot of people here in cryptoworld because bitcoin is really helping us to have or to make a big ammount of money, so how can you say that bitcoin is useless when it is giving a big oppurtunity for all people to earn a lot of money.

[dzhan]

Bitcoin is really very useful, it is in fact money and money can't being useless. But it have the price very volatile like all crypto currencies so you have to deal with this reality, and you have to learn how to make the most possible profit from trading and holding BTC and how to avoid the risks.

[vsyc]

I need more bots on this thread!

[pvk444]

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.

...

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 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. ...

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. ...

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. ...

You are calling bitcoin proponents "uneducated shills", yet you display ignorance throughout your post. So I bite. Here are some counter-points to your arguments which I am truly curious how you answer:

1. Transactions settle in SIGNIFICANTLY less time, then when using normal  (fiat) payment systems
2. Fees are SIGNIFICANTLY smaller than when using normal (fiat) transfers
3. Developers have scaled the system massively already. The fact that adoption has temporarily outpaced development is a point I concede, but that is not different in any other system that experiences unexpected large growth.
4. Bitcoin was not designed to have complete anonymity or privacy. For that, other coins, such as SpetreCoin (XSPEC) are better suited. The fact that people ASSUMED it would give them full privacy and anonymity out of ignorance can hardly be blamed on  bitcoin
5. It NOT centralized. Nobody has 51%. And even if somebody would aquire 51% of mining power, the underlying technology still does not "centralize" power
6. This statement makes no sense. But translating what you might have meant, bitcoin's "economy" is the same as for any other currency, except that it is not under a central authority.
7. You can buy and sell BTC for fiat, and thus is STORES value. The exchange rate volatily is admittedly high, but not unseen even in fiat currency markets. Stability of the value store is not be mistaken for the store itself
8. How is the money in your wallet insured? If you lose your money there is no insurance that pays you the lost money. Again, you seem to confuse a bank account which might be insured up to a certain amount and holding bitcoin. This is a false comparison on any level.
9. Why is a limited supply bad? Central banks have been printing money which often led to hyperinflation. How is that good?

Now to your updates:
1. Give me ONE example of a disruptive innovation that is not built on using various elements which were developed over time? The wheel has been developped over hundreds of thousands of years, but the car in your garage was still only made possible after several innovations came together in the right way at the right time. And even now, there are still a lot of improvements can be made to something as widespread as a car. So why do want to apply different standards to Bitcoin?

2. Plains and cars are much older than bitcoin, but they are still being improved day by day. Furthermore, from the first use of an email in the 1960 and applications of the internet protocol, to the adoption of the Internet at a global level it took close to 40 years. Bitcoin and the blockchain requires a complete rethinking of traditional ways of payments, it's governance, doing business etc. And during the adoption processes there is a lot of experimentation which leads to further innovation. Disruptive technlogies like Bitcoin take time. 10 years is nothing.

3. This truly shows your ignorance. It's the trusless nature not having to rely on a central authority in P2P payments which makes Bitoin and cryptocurrencies unique.

So, not a single one of your statements holds-up to scrutiny. There are some valid criticism that can be raised against Bitcoin, yet you failed to mention any of them. Given your derogative comments, I suspect you are simply doing what you are accusing other of doing: provid uneducated shilling.


(If you like my post, just click +Merit on the right. It will be appreciated)

[Vohoanghiep]

Haha, while you are here and talking about Bitcoin, there are still a lot of people involved and investing in it. Bitcoin has brought us a lot of benefits, but it means you still have to pay a reasonable price. Bitcoin helps you to become rich, you have to pay a fee for it. Besides, you need more time and effort to be able to succeed. Bitcoin is no different than a real career

[vsyc]

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.

...

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 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. ...

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. ...

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. ...

You are calling bitcoin proponents "uneducated shills", yet you display ignorance throughout your post. So I bite. Here are some counter-points to your arguments which I am truly curious how you answer:

1. Transactions settle in SIGNIFICANTLY less time, then when using normal  (fiat) payment systems
2. Fees are SIGNIFICANTLY smaller than when using normal (fiat) transfers
3. Developers have scaled the system massively already. The fact that adoption has temporarily outpaced development is a point I concede, but that is not different in any other system that experiences unexpected large growth.
4. Bitcoin was not designed to have complete anonymity or privacy. For that, other coins, such as SpetreCoin (XSPEC) are better suited. The fact that people ASSUMED it would give them full privacy and anonymity out of ignorance can hardly be blamed on  bitcoin
5. It NOT centralized. Nobody has 51%. And even if somebody would aquire 51% of mining power, the underlying technology still does not "centralize" power
6. This statement makes no sense. But translating what you might have meant, bitcoin's "economy" is the same as for any other currency, except that it is not under a central authority.
7. You can buy and sell BTC for fiat, and thus is STORES value. The exchange rate volatily is admittedly high, but not unseen even in fiat currency markets. Stability of the value store is not be mistaken for the store itself
8. How is the money in your wallet insured? If you lose your money there is no insurance that pays you the lost money. Again, you seem to confuse a bank account which might be insured up to a certain amount and holding bitcoin. This is a false comparison on any level.
9. Why is a limited supply bad? Central banks have been printing money which often led to hyperinflation. How is that good?

Now to your updates:
1. Give me ONE example of a disruptive innovation that is not built on using various elements which were developed over time? The wheel has been developped over hundreds of thousands of years, but the car in your garage was still only made possible after several innovations came together in the right way at the right time. And even now, there are still a lot of improvements can be made to something as widespread as a car. So why do want to apply different standards to Bitcoin?

2. Plains and cars are much older than bitcoin, but they are still being improved day by day. Furthermore, from the first use of an email in the 1960 and applications of the internet protocol, to the adoption of the Internet at a global level it took close to 40 years. Bitcoin and the blockchain requires a complete rethinking of traditional ways of payments, it's governance, doing business etc. And during the adoption processes there is a lot of experimentation which leads to further innovation. Disruptive technlogies like Bitcoin take time. 10 years is nothing.

3. This truly shows your ignorance. It's the trusless nature not having to rely on a central authority in P2P payments which makes Bitoin and cryptocurrencies unique.

So, not a single one of your statements holds-up to scrutiny. There are some valid criticism that can be raised against Bitcoin, yet you failed to mention any of them. Given your derogative comments, I suspect you are simply doing what you are accusing other of doing: provid uneducated shilling.


(If you like my post, just click +Merit on the right. It will be appreciated)

Teethless worms can not bite, person that asks for "merits" really does not care about validity of its own words.

1. and 2. really did not get nonsense you wrote, unless you provide more details

3. Unexpected? Bitcoin tends to be for payments, its tx per minute is very predictable and easy to predict. What you have now is joke not a massively scaled client.

Also, unexpected grow here is not an excuse here, BTC is 10 years old.

4. Well, its how it mostly time presented.

5. Point was not about technology, so why you offtopic?

6. You did not answer my question

7. In you logic than every fiat can be store of value, with less risks

8. All developed countries store money on bank account and  use  conctless payments nowadays. Physical wallets are stone age. Also some anarchist shills fight banks here, not wallets.

9. I was telling that limited supply is fiction.

Now on other points:

1. You just told the same I told, did not get your point.

2. There is nothing disruptive, immutable record keeping and distributed systems are here since ages, problem was in hardware capabilities which nowasays cheap and fast. So, can not accept your point here, just by comparing with cars, two comoletely different thibgs. About Internet, as you can see it scales with adoption, another bad comparision from you.

3. Re-read what I wrote, than you, than tell me what the heck are you talking about?

So, looks like your comments is another useless attempt to do what?

[biascoin]

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.

It is useless when something like PayPal exists (or regular wire transfers), again, may help some people including criminals but that is not the point. The blockchain regardless it is amazing it is just a database which is distributed and uses other technologies used by other people. Shit, like, with bitcoin you have to pay everytime you do a transfer and the electricity usage for mining is just ... non-sense.

The point is, just like Gold on its early stages lot of people profited from it and made others trust it then creating fiat money. So lot of people was forced to play an unfair game where there is no equality. Bitcoin did exactly the same, people hoarding them early and then asking for others to HODL so they can pump and dump and become even more rich (in dollars).

So really, Bitcoin at most, would be another fiat currency equally unfair for those entering the market at later game. And then, it is as unfair to society as the current banking system. It is not solving any financial problem but just fooling people into it with the hope that it can gain traction while insulting other coins that are pretty much clones of it.

• No scarcity: you can clone Bitcoin and there are hundreds of altcoins. So lot of blocks in the blockchain.
  Useless at the moment as a currency: you have to pay fees every time, and it is extremely slow. Little privacy as well as the ledger registers all transactions.
• No store of value: pump and dump asset, high volatility and no other value other than what the next guy is willing to pay for it.
  

[innocent93]

You simply don't understand that thru Satoshi and Bitcoin it was developed the blockchain technology so it is not fare to say that it is useless. Sorry for you because you have no vision.

[AfterTheFork]

I only agreee with the ~#1 but not as much... loooking for new updates on your listing.

[biascoin]

You are just listing disatvantages of bitcoin and saying that bitcoin is useless but it's wrong. You should understand that big money is already moving around bitcoin 

That is only if you read /r/bitcoin. They do manipulate A LOT in there. In the real world, they have plenty of money to need such a risky asset. Big money does not care, and they can create 10 Bitcoins clones if needed.

However, big money, sends rockets like the Falcon Heavy to the sky and beyond our planet.

[automail]

Everyone has an opinion and I always no matter what it is as long as its not getting in my way. In your case, I admire how you expose such details and how aware you are on what is situation about bitcoin. What I don't understand is that why there are millions of btc users even though things like this exist. Maybe there is nothing we can do about it and that's the way it is. So we have to let it be. Its either we are with bitcoin or we are against them. I will stay with BTC no matter what. It helped me in so many ways.

[zhelis74]

Everyone has an opinion and I always no matter what it is as long as its not getting in my way. In your case, I admire how you expose such details and how aware you are on what is situation about bitcoin. What I don't understand is that why there are millions of btc users even though things like this exist. Maybe there is nothing we can do about it and that's the way it is. So we have to let it be. Its either we are with bitcoin or we are against them. I will stay with BTC no matter what. It helped me in so many ways.

Yes, because everyone has a freedom of choice and expressions. I have already read several comments in social media that bitcoin is a scam and useless but I've never pay attention on that because on my self i truly believe in bitcoin and its future. How can it be useless if that things solve my financial problem? So like any other bitcoin believer i have big trust and dedication for crypto currency and the bitcoin because this is my primary source of income that supports my family.

[LogitechMouse]

I understand what you are saying right now because we have the right to express our own opinion. In your options, I agree with the options 1-4 but the remaining ones? I think I will disagree.

You said in number 7 that bitcoin is not store of value. Can I ask this question, how did the US dollar got its value?? How did the other currencies got its value? Bitcoin got its value because many people put money into it because they trusted it. Try to watch some documentaries regarding bitcoin to know about this.

In option 9 you said that bitcoin has limited supply. Is the limited supply or bitcoin making it useless?? Its the reverse. Because of the limited supply of bitcoin,  it avoids inflation. Not like the other currencies now that are hyperinflated (Zimbabwe currency), bitcoin prevents inflation because of its limited supply.

Make some deeper research before posting here and saying that bitcoin is useless ok.

[2Godbdglory]

bitcoin is useless. many  people may have this notion of freebies  as in things come easily, everything that will progress in life will need to improve as time goes on. people that bitcoin has affected their life positively will say good things about bitcoin likewise vice-versa. i am of opinion that bitcoin is not useless but making life useful

[chengyinoing]

In bitcoin, we all have different opinions, and I respect your opinion.

But I think the best use of bitcoin is to invest, not divert it. It's not useless.

[barontamago]

Ill respect what your saying about bitcoin and accusation. but can you post some evidence more? maybe your mistaken what you read on your research. bitcoin is not useless maybe when you said the transaction take hours maybe you choose a small amount to transact your bitcoin. or maybe there's so many transaction thats in line thats why it takes hour. most of the people don't angry with this cause they know why the transaction become delay. with such accusation bro you must provide many evidence pictures and transanction process to give support to what your saying.

[red00]

for me bitcoin its not useless i believe bitcoin its best crypto currency i doubt that bitcoin become useless

[nightways]

I personal like Bitcoin. If you think Bitcoin is not right for you. There are other alternative coins out there with cheap transaction fee.

me too i really like bitcoin and its not useless because bitcoin can change a life by means of financial, it cant be useless if only you know things on it and if you know all the knowledges for you to change your mind that bitcoin is not useless, they think bitcoin is useless because they dont know what was bitcoin and what bitcoin can give.

This is really a very wrong misconception that bitcoin has got nothing to do with increase in your worth or is useless while in reality, this is not the case. I don’t really think so that bitcoin has such kind of disadvantages due to which we can call it as useless coin. In fact, I think of bitcoin as the best thing in the world as it is helping number of people in having a very good earnings as well as having a comfortable living.