The State of Bitcoin

[wizzra]

Hey all,
I've been watching Bitcoin since its inception (whitepaper) by Satoshi, and have been following the Bitcoin phenomenon grow upon the US and then the rest of the world throughout the years, and while Bitcoin had it's ups and downs (prices/usage, but mainly the fear a round it this last year) it's been a huge success and an amazing project that had withstood the biggest and strongest evil forces you can think off (governments, state judges, whales, asic companies, ...etc) and it seems to me that Bitcoin will probably have few more years it needs to suffer as it becomes fully mainstream and finally a part of our life as a decentralized currency.

Whatever happens to Bitcoin is totally in our hands, but we cannot let individuals ruine Bitcoin. Individuals like whales/51% consensus pools (company) and more. Although it's decentralized, and quite fast (with the aid of the Lightning Network of course) I think that Bitcoin Core must implement some sort of protection/punishing mechanism to make sure the status quo is not affected by the hands of those wishing to control it, and therefore doing whatever they want with it (dumping prices, withholding coins) ...etc.

It's time that developers really think hard on the state of Bitcoin and where the true vision of Satoshi (either a group or individual it doesn't matter) is. It's our obligation to remain true to that vision and make sure that deventralization at its core means true equality to its users.

Whatever your thoughts are, please share and let the community follow what's right, not what is!

[diouf67]

A large part of the problem with bitcoin is that most of the people who got in with the right reasons in the early days are now multi-millionaires and enjoying lives away from bitcoin. Now the community is greatly different and it's full of cash hungry people, these are the guys who will be taken advantage of by the so called 'status quo'.

What measures do you suggest could be implemented to combat some of the problems that you've highlighted?

[wizzra]

A large part of the problem with bitcoin is that most of the people who got in with the right reasons in the early days are now multi-millionaires and enjoying lives away from bitcoin. Now the community is greatly different and it's full of cash hungry people, these are the guys who will be taken advantage of by the so called 'status quo'.

What measures do you suggest could be implemented to combat some of the problems that you've highlighted?

As a first step, the bitcoin core team (and maybe the developers who are spending their dear time developing Bitcoin) must realise and come forth to an agreement that the Bitcoin project must take a stand about abusement of its usage. In every symbiotic environment (for example, humans/animals) there are mechanisms of status quo (or at least they are implemented). This will ensure at a first stage that the Bitcoin usage is protected (at first to a degree) in such that it cannot be manipulated to everyone's heart content. We as a community can affect this decision to alter and start this implementation by the bitcoin core team, but unless them realising the main issues, one can only just talk.

Of course one would say that protection mechanisms is anti decentralization due to having another layer of "control" by some other system. But what I am suggesting is sort of "proof of justice" mechanism, where we the community can use the blockchain stored information to handle a misusage alert (where as a whale dump 20K Bitcoins and completely change prices in a mere seconds) or in the future, when a company might control 51% of the consensus and start issuing bitcoins whenever they want. We need to come by a global-blockchain-justice-system that is not govern by anyone, but gives the bitcoin a way to mitigate mis-usages.

[VirusTeam]

but it seems to me that bitcoin will not last long because of its lack of stability, which pulls everyone down ((although as we say, we will see! Of course we want to believe that all the same bitcoin will become the crypto currency of the future!

[wizzra]

but it seems to me that bitcoin will not last long because of its lack of stability, which pulls everyone down ((although as we say, we will see! Of course we want to believe that all the same bitcoin will become the crypto currency of the future!

the main issue with stability is due to big players selling whenever they want, causing big drops. Even when mass media is going against Bitcoin, it's not a big catalyst to throw Bitcoin prices 1000-4000$ downtrend. This is a well orchestrated! Which is must be protected from.

[aileen393332xe5157]

The achievements that Bitcoin has achieved is an advantage for it to have a place in the market today. But there are many concerns for Bitcoin for many reasons.
Dealers must be clear about their Bitcoin fluctuations, requiring the founders to have more technological improvements to investors' minds. In other words, the founders need to care about protecting the interests of investors.

[Goodday]

Virtual currency alias cryptocurrency Bitcoin still busy discussed. Because, in the past year the price has risen very high and the current situation many people who want to hunt bitcoin and many also news about the prohibition of cryptocurrency or Bitcoin

[Deolito]

Bitcoin has been dominating both crypto and mainstream news lately, even more so than usual, with mad volatility due to its continuous fork drama and rumours of free money for anyone holding it. Bitcoin breaking new all-time highs almost on a daily basis certainly doesn’t do anything to decrease the attention.

[secodreS]

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[salamyman]

For a moment there I really thought that you were talking about a "state" state. Like the 51st state. That made me laugh. Hehe.

[MAJICOIN]

If bitcoin have their own state this will be also a good point but in the present time it is not looking to become true in the soon and for crypto it should be good if the crypto have a unique community and just like now the people are get connected with another through internet and if this could happen in the society then all the activities will done through bitcoin there and i hope that this dream will come true soon.

[rowsbirddoso]

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[Xester]

Hey all,
I've been watching Bitcoin since its inception (whitepaper) by Satoshi, and have been following the Bitcoin phenomenon grow upon the US and then the rest of the world throughout the years, and while Bitcoin had it's ups and downs (prices/usage, but mainly the fear a round it this last year) it's been a huge success and an amazing project that had withstood the biggest and strongest evil forces you can think off (governments, state judges, whales, asic companies, ...etc) and it seems to me that Bitcoin will probably have few more years it needs to suffer as it becomes fully mainstream and finally a part of our life as a decentralized currency.

Whatever happens to Bitcoin is totally in our hands, but we cannot let individuals ruine Bitcoin. Individuals like whales/51% consensus pools (company) and more. Although it's decentralized, and quite fast (with the aid of the Lightning Network of course) I think that Bitcoin Core must implement some sort of protection/punishing mechanism to make sure the status quo is not affected by the hands of those wishing to control it, and therefore doing whatever they want with it (dumping prices, withholding coins) ...etc.

It's time that developers really think hard on the state of Bitcoin and where the true vision of Satoshi (either a group or individual it doesn't matter) is. It's our obligation to remain true to that vision and make sure that deventralization at its core means true equality to its users.

Whatever your thoughts are, please share and let the community follow what's right, not what is!

Punishment is a good deal but just imagine who are those people who really is pushing the market and value of bitcoin soar up. It is the big whales indeed and if the developers themselves who have the largest whales of all times will create punishment then they are going against themselves. So I guess that suggestion will not be implemented, but it was a nice idea after all.

[krishnaverma]

Hey all,
I've been watching Bitcoin since its inception (whitepaper) by Satoshi, and have been following the Bitcoin phenomenon grow upon the US and then the rest of the world throughout the years, and while Bitcoin had it's ups and downs (prices/usage, but mainly the fear a round it this last year) it's been a huge success and an amazing project that had withstood the biggest and strongest evil forces you can think off (governments, state judges, whales, asic companies, ...etc) and it seems to me that Bitcoin will probably have few more years it needs to suffer as it becomes fully mainstream and finally a part of our life as a decentralized currency.

Whatever happens to Bitcoin is totally in our hands, but we cannot let individuals ruine Bitcoin. Individuals like whales/51% consensus pools (company) and more. Although it's decentralized, and quite fast (with the aid of the Lightning Network of course) I think that Bitcoin Core must implement some sort of protection/punishing mechanism to make sure the status quo is not affected by the hands of those wishing to control it, and therefore doing whatever they want with it (dumping prices, withholding coins) ...etc.

It's time that developers really think hard on the state of Bitcoin and where the true vision of Satoshi (either a group or individual it doesn't matter) is. It's our obligation to remain true to that vision and make sure that deventralization at its core means true equality to its users.

Whatever your thoughts are, please share and let the community follow what's right, not what is!

We can have limits on how much can  a person buy or sell in fixed interval of time. This will control the price manipulation to large extent. But actually, abusers are quite smart, they will find loopholes in any update that is done. For instance, the can cross those limits by investing on the name of employees or even fake identities.

[mammothine]

Yeah bitcoin is a mess. I think there are many good individuals in the community who want to solve it or are working on alts that have already solved it. For them right now it's a marketing and awareness issue for certain alts. There is no logical reason to stay with bitcoin if there's a better solution.

[oceantiger]

Good write up. The issues raised here are for the Dev of bitcoin to look at it and proffers solutions to them. Bitcoin is a valid concept powered by blockchain. 

[Virtual miner]

Undoubtedly the state of the market is in the hands of the community. And we are the ones to control this market by creating demand or lowering demand. So the bitcoin community has a significant role to control the price movements in the crypto market because the prices of all other altcoins is dependent on the price of the bitcoin directly or indirectly. The state of bitcoin just not very clear right now. So the scenario is dubious. Market seems to be quite stable right now. And as of the bitcoin the uptrend is not satisfactory. So let's see what happens in the coming months.

[squatz1]

The only way that we can help bitcoin from people trying to ruin it, is by mining ourselves, operating nodes ourselves, and educating people. The evil in the world are here to make as much money as they POSSIBLY can, they don't care what it takes to do that. They're just going to do it and not care about the consequences. We can't make them change, the miners would never do that, you have to start being the change you want to see in bitcoin if you want to promote it's long term safety.

BE THE CHANGE.

[chaoscoinz]

Hey all,
I've been watching Bitcoin since its inception (whitepaper) by Satoshi, and have been following the Bitcoin phenomenon grow upon the US and then the rest of the world throughout the years, and while Bitcoin had it's ups and downs (prices/usage, but mainly the fear a round it this last year) it's been a huge success and an amazing project that had withstood the biggest and strongest evil forces you can think off (governments, state judges, whales, asic companies, ...etc) and it seems to me that Bitcoin will probably have few more years it needs to suffer as it becomes fully mainstream and finally a part of our life as a decentralized currency.

Whatever happens to Bitcoin is totally in our hands, but we cannot let individuals ruine Bitcoin. Individuals like whales/51% consensus pools (company) and more. Although it's decentralized, and quite fast (with the aid of the Lightning Network of course) I think that Bitcoin Core must implement some sort of protection/punishing mechanism to make sure the status quo is not affected by the hands of those wishing to control it, and therefore doing whatever they want with it (dumping prices, withholding coins) ...etc.

It's time that developers really think hard on the state of Bitcoin and where the true vision of Satoshi (either a group or individual it doesn't matter) is. It's our obligation to remain true to that vision and make sure that deventralization at its core means true equality to its users.

Whatever your thoughts are, please share and let the community follow what's right, not what is!

Bitcoin can die, but not the idea itself. It is the idea that keeps the scene thriving. If Bitcoin does indeed die, surely another will rise within its place, no? How many other coins are currently within circulation on the market? I'm sure that there must be thousands by now.
I could be wrong, but I think satoshi's creation and mission was successful.
     I think Bitcoin was just the example used to show a proof of concept for the blockchain. Satoshi may, or may not have expected bitcoin to last, but instead the idea of the blockchain to be realized. Bitcoin was a demonstration of the real innovation, the blockchain.

[coinholic]

Bitcoin's state is where it should be today. All of the elements surrounding the system may have been foreseen by Satoshi even from the beginning. All of Bitcoin's ups and downs from the past years are part of what Bitcoin is today and is the main reason for its functionality. Yes the idea of having a fair share in this system is ideal, but we just have to accept the reality that there will always be manipulative entities lurking around. It sucks! But we just have to deal with it...