I think bitcoin makes no sense at all

[Leonsoft]

I think bitcoin makes on sense at all.
A decentralized money means every client holds a central bank -- it's feasible only for a very small scale. The block chain is 10G today. It can grow up to 100...0GB if it wants to get the same position as usd or euro or cny -- obviously it's impossible.
It's no better than an idiot comapring to current finacial system. It does not support transaction, rollback, tracing, etc.
When more people get involved, it will be a nightmare.
When SHA is hacked, everything is gone.
The rule for wealth is so ridiculous -- btc mining likes lottery. Is this better than rules in today's real world? No, it's just ridiculous.
It's just a new kind of Ponzi scheme. Everyone hope his btc will become more and more expensive so he can get rich without doing anything. I do not think they will succeed.

Am I wrong?

[marcovaldo]

Yes you are wrong....

[RodeoX]

Welcome, you have a lot of reading to do my friend. Your observations have been noted and dispelled years ago. Bolck size, SHA, distribution, all have been addressed ad-nauseum. and the ponzi thing...   Well, you have a lot of reading to do.

[Peter Lambert]

I think bitcoin makes on sense at all.
A decentralized money means every client holds a central bank -- it's feasible only for a very small scale. The block chain is 10G today. It can grow up to 100...0GB if it wants to get the same position as usd or euro or cny -- obviously it's impossible.
It's no better than an idiot comapring to current finacial system. It does not support transaction, rollback, tracing, etc.
When more people get involved, it will be a nightmare.
When SHA is hacked, everything is gone.
The rule for wealth is so ridiculous -- btc mining likes lottery. Is this better than rules in today's real world? No, it's just ridiculous.
It's just a new kind of Ponzi scheme. Everyone hope his btc will become more and more expensive so he can get rich without doing anything. I do not think they will succeed.

Am I wrong?

Look into "chain pruning" for reducing the size of the blockchain.

Not having transaction rollbacks is considered a positive attribute.

When SHA is hacked, then we can upgrade to a different algorithm.

It is not a ponzi scheme, you might want to do more research into what a ponzi scheme is. Bitcoin does not pay any interest.

Yes, you are wrong.

[DannyHamilton]

Please don't feed the trolls.

[rumbitla]

I think bitcoin makes on sense at all.
A decentralized money means every client holds a central bank -- it's feasible only for a very small scale. The block chain is 10G today. It can grow up to 100...0GB if it wants to get the same position as usd or euro or cny -- obviously it's impossible.
Am I wrong?

I just bought a 64GB SD-Card for $20. Enough for a much bigger blockchain.

Yes, you are wrong.

[johben]

I think bitcoin makes on sense at all.
A decentralized money means every client holds a central bank -- it's feasible only for a very small scale. The block chain is 10G today. It can grow up to 100...0GB if it wants to get the same position as usd or euro or cny -- obviously it's impossible.
It's no better than an idiot comapring to current finacial system. It does not support transaction, rollback, tracing, etc.
When more people get involved, it will be a nightmare.
When SHA is hacked, everything is gone.
The rule for wealth is so ridiculous -- btc mining likes lottery. Is this better than rules in today's real world? No, it's just ridiculous.
It's just a new kind of Ponzi scheme. Everyone hope his btc will become more and more expensive so he can get rich without doing anything. I do not think they will succeed.

Am I wrong?

And you think what is security in banks based on? SHA protects passwords to servers etc.
And you don't need to download all the block chain. You can have online wallet. Some of them are very secure with keys kept on your own hardware.
And it has so many advantages like no chargebacks which is a nightmare for merchants and many many more. Just read more.

[DeathAndTaxes]

I just bought a 64GB SD-Card for $20. Enough for a much bigger blockchain.

and at the very least you can expect to be able to buy a 2TB one in 2023 for roughly the same price.

[Leonsoft]

I think bitcoin makes on sense at all.
A decentralized money means every client holds a central bank -- it's feasible only for a very small scale. The block chain is 10G today. It can grow up to 100...0GB if it wants to get the same position as usd or euro or cny -- obviously it's impossible.
Am I wrong?

I just bought a 64GB SD-Card for $20. Enough for a much bigger blockchain.

Yes, you are wrong.

$20 is not cheap enough (for me), I believe 64GB will be too small for soon, and sooner in the future.  The other problem is it takes several days to download it (~10G). If more people use bitcoin, maybe we need millions of years to download it. 

[DeathAndTaxes]

If more people use bitcoin, maybe we need millions of years to download it. 

Yup millions of years.  Your right, can't believe nobody noticed this before.
I recommend uninstalling the client and clicking [logout] in the upper left of the forum.

[Kyle91]

Bitcoin is online currency since technology is becoming more advanced this can be very useful in the future.

[Leonsoft]

well, let me do some more reading...
but one thing I still insist is, this is an unfair game, for those who involved late, and too fair for those participate early. So it's not likely to attract more people in the future.
I know someone already have answers for this too, but obviously they are not convicing.

[jarhed]

Lol, OP, you're right

No solution for size, new twisted ponzi, mining is a lottery, most here have grandeur of wealth, etc.

[Singlebyte]

well, let me do some more reading...
but one thing I still insist is, this is an unfair game, for those who involved late, and too fair for those participate early. So it's not likely to attract more people in the future.
I know someone already have answers for this too, but obviously they are not convicing.

Do everyone a favor and take DeathAndTaxes advice:

"I recommend uninstalling the client and clicking [logout] in the upper left of the forum."

[Leonsoft]

Such kind of reply just verified my oppinion. But I take your advice to logout.

[pokergodjjj]

I thought the same thing until I got into bitcoining. I like the concept and everything about bitcoin.

[MrW00f]

if it wants to get the same position as usd or euro or cny -- obviously it's impossible.

Yep; having a money that worth nothing as the banks simply creates it by creating loan with 90% of your deposit, then the bank getting the money from the customer making the loan thein create new ones qith 90% of it.. etc... etc... and you'll realize with the economy is so fucked up...

when you have to pay with interest something that does NOT exists at the beginning... that's an issue

[acis4283]

Curious I've heard the same argument from someone before... what if bitcoin price drops, what if someone sends you a fake bitcoin, what if SHA256 gets hacked.  "ANYTHING can be cracked" he says.  While I believe it's much easier to hack someone's computer than to crack SHA I started wondering if bitcoin is just too hard for the non-tech savvy to understand.  Or they'll believe it when it's too late, as it is with ANYTHING when you're ignorant of something.  Just another missed opportunity, I guess...

[DeathAndTaxes]

Curious I've heard the same argument from someone before... what if bitcoin price drops, what if someone sends you a fake bitcoin, what if SHA256 gets hacked.  "ANYTHING can be cracked" he says.  While I believe it's much easier to hack someone's computer than to crack SHA I started wondering if bitcoin is just too hard for the non-tech savvy to understand.  Or they'll believe it when it's too late, as it is with ANYTHING when you're ignorant of something.  Just another missed opportunity, I guess...

Most people don't understand how the internet works, how credit cards work, hell even how electricity works.  It is simply a matter of faith.  You click on the internet button and the internet just works.  Nobody know how it just does, something to do with tubes and stuff.

Bitcoin will be no different.  Bitcoin is still raw and clunky kinda like the internet in 1980.  Over time it will become smooth and shinny and masses will never have a clue how it works ... it just does.

[hromobiti]

I had similar concerns, but the more I read and think about Bitcoin the more it seems solvable