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Author Topic: Bitcoin keeps failing  (Read 4808 times)
Come-from-Beyond
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November 22, 2013, 11:08:39 AM
 #1

Yeah, it costs 7 times more but now it can't be used as currency with all these +/-100 USD swings. Early adopters happy but the rest of the world can't use it even as store of value, because when it crosses 1000 USD mark the early adopters will cash out again. Of coz u can hold it until it reaches 2000 USD mark, but will it?
Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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November 22, 2013, 11:12:50 AM
 #2

Bitcoin is not only a store of value. Please google it more next time.

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November 22, 2013, 11:14:52 AM
 #3

Bitcoin is not only a store of value. Please google it more next time.

What is it then?
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November 22, 2013, 11:19:19 AM
 #4

Right now it is it's perceived potential.

It's price is sentiment - if you believe in it, you are a buyer / holder, if not - the opposite.

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November 22, 2013, 11:22:01 AM
 #5

Bitcoin is not only a store of value. Please google it more next time.

What is it then?

I googled for a while and found http://gavinthink.blogspot.com/2012/07/is-store-of-value-enough.html. He mentions only "store of value" and "means of exchange", both aspects were covered in the OP.
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November 22, 2013, 12:11:10 PM
 #6

What the difference when it comes to buying/selling stuff when BTC will grow? Instead of paying 1 BTC you will pay 0.001 BTC etc. I dont see any problem with it as long as you can "translate(?)" the BTC to USD/EUR etc.
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November 22, 2013, 12:22:09 PM
 #7

What the difference when it comes to buying/selling stuff when BTC will grow? Instead of paying 1 BTC you will pay 0.001 BTC etc. I dont see any problem with it as long as you can "translate(?)" the BTC to USD/EUR etc.

Exactly!
Quote
as you can "translate(?)" the BTC to USD/EUR etc.
Bitcoin was supposed to be used as a currency, not as a toy for speculators.
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November 22, 2013, 12:26:18 PM
 #8

What the difference when it comes to buying/selling stuff when BTC will grow? Instead of paying 1 BTC you will pay 0.001 BTC etc. I dont see any problem with it as long as you can "translate(?)" the BTC to USD/EUR etc.

Exactly!
Quote
as you can "translate(?)" the BTC to USD/EUR etc.
Bitcoin was supposed to be used as a currency, not as a toy for speculators.

Yeah , bitcoin was supposed to do  lots of things.
There are people here that said bitcoin will reduce poverty in Africa (how ? , beats me).

Well , guess what , it doesn't do most the things it was supposed to do , but in the future it might.

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November 22, 2013, 12:33:50 PM
 #9

Yeah, it costs 7 times more but now it can't be used as currency with all these +/-100 USD swings. Early adopters happy but the rest of the world can't use it even as store of value, because when it crosses 1000 USD mark the early adopters will cash out again. Of coz u can hold it until it reaches 2000 USD mark, but will it?

the price is volitile because the amount of people in the system doesnt match new comers and a few other factors. the more people that adopt bitcoin for daily use the more stable the price will become. at the moment it is like the first week of the month is peoples payday where they sell of for fiat, then the rest of the month s hoarding. this has been the pattern for months now.

once there are enough people to buy when others want to sell and vice versa, to keep the price at a basic level people will start moving into bitcoin in their droves.. bitcoin is still in the early stages.

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November 22, 2013, 12:45:54 PM
 #10

Yeah , bitcoin was supposed to do  lots of things.
There are people here that said bitcoin will reduce poverty in Africa (how ? , beats me).

Well , guess what , it doesn't do most the things it was supposed to do , but in the future it might.

It does one thing : it allows verifiable transfer of a fungible, finite thing : bitcoin. That, in itslef (and some other properties), is huge, and explains the interest for bitcoin and its future.
Bitcoin might reduce poverty in Africa, yes, because it might lead, directly or indirectly, to the end of debt money. Understand it or not, but that would be a HUGE change in our current world, and would indeed help reduce poverty, to put it simply.

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November 22, 2013, 12:52:36 PM
 #11

Yeah , bitcoin was supposed to do  lots of things.
There are people here that said bitcoin will reduce poverty in Africa (how ? , beats me).

Well , guess what , it doesn't do most the things it was supposed to do , but in the future it might.

It does one thing : it allows verifiable transfer of a fungible, finite thing : bitcoin. That, in itslef (and some other properties), is huge, and explains the interest for bitcoin and its future.
Bitcoin might reduce poverty in Africa, yes, because it might lead, directly or indirectly, to the end of debt money. Understand it or not, but that would be a HUGE change in our current world, and would indeed help reduce poverty, to put it simply.


Of course , that would explain why some countries were poor even before fiat money
And why Greece has gone bankrupt 7 times during the gold standard.


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hilariousandco
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November 22, 2013, 01:04:45 PM
 #12

Hasn't failed me yet. I bought into bitcoin to use it as a currency, but before I got the chance to spend it it quickly doubled in worth. Now it's worth seven times as much and climbing. I would’ve been pretty annoyed now had I spent it all. When/if the currency seems to stabilise at a point in the future, then I'll probably spend it, but for now I think I'll save it as an Investment and see what highs or lows bitcoin can ride. Plenty of people are still buying and selling with it at the moment, but personally I think it'd be unwise to spend it now, but people can do what they want with it; money doesn't have to be spent as soon as you get it. I'm excited to see what happens.

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November 22, 2013, 01:06:40 PM
 #13

Yeah, it costs 7 times more but now it can't be used as currency with all these +/-100 USD swings. Early adopters happy but the rest of the world can't use it even as store of value, because when it crosses 1000 USD mark the early adopters will cash out again. Of coz u can hold it until it reaches 2000 USD mark, but will it?

So sad you sold in 2011. You should have kept some.

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November 22, 2013, 01:12:37 PM
 #14

Yeah, it costs 7 times more but now it can't be used as currency with all these +/-100 USD swings. Early adopters happy but the rest of the world can't use it even as store of value, because when it crosses 1000 USD mark the early adopters will cash out again. Of coz u can hold it until it reaches 2000 USD mark, but will it?

So sad you sold in 2011. You should have kept some.

Yeah... Wait, I sold at 200+ half a year ago! And keep getting them as payment for my coding service. Don't worry about me plz.
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November 22, 2013, 01:18:14 PM
 #15

What the difference when it comes to buying/selling stuff when BTC will grow? Instead of paying 1 BTC you will pay 0.001 BTC etc. I dont see any problem with it as long as you can "translate(?)" the BTC to USD/EUR etc.

Exactly!
Quote
as you can "translate(?)" the BTC to USD/EUR etc.
Bitcoin was supposed to be used as a currency, not as a toy for speculators.

Yeah , bitcoin was supposed to do  lots of things.
There are people here that said bitcoin will reduce poverty in Africa (how ? , beats me).

Well , guess what , it doesn't do most the things it was supposed to do , but in the future it might.

Average 3rd world person in poverty, has no bank account. They have no real means of even amassing wealth safely. Tack on to this, that services like Paypal and others all needed some "Exchange" end to be value, none of which was cash, prohibits them from participating.

Now, some guy can post services , get a small micro wallet, and very good chance he can exchange it one way or another. With 0 fear of some corp just jacking his funds over some KYC issues etc. The real potential is for the world of people excluded from normal banking and savings. IT will just take time and adoption.

OregonMines is expanding. Are you expanding with us?
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November 22, 2013, 01:31:50 PM
 #16

IT will just take time and adoption.

Almost 5 years left. Can u assess when we'll see the progress?
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November 22, 2013, 01:38:30 PM
 #17

Let us not forget that the Bitcoin developer abandoned his project years ago and vanished.

Fortunately there are other currencies with active developers rising to the challenge. Don't worry, if Bitcoin becomes a sheer object of speculation others will find a way. Bookmark this page: http://coinmarketcap.com/

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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November 22, 2013, 01:45:34 PM
 #18

What the difference when it comes to buying/selling stuff when BTC will grow? Instead of paying 1 BTC you will pay 0.001 BTC etc. I dont see any problem with it as long as you can "translate(?)" the BTC to USD/EUR etc.

Exactly!
Quote
as you can "translate(?)" the BTC to USD/EUR etc.
Bitcoin was supposed to be used as a currency, not as a toy for speculators.

Yeah , bitcoin was supposed to do  lots of things.
There are people here that said bitcoin will reduce poverty in Africa (how ? , beats me).

Well , guess what , it doesn't do most the things it was supposed to do , but in the future it might.

Average 3rd world person in poverty, has no bank account. They have no real means of even amassing wealth safely. Tack on to this, that services like Paypal and others all needed some "Exchange" end to be value, none of which was cash, prohibits them from participating.

Now, some guy can post services , get a small micro wallet, and very good chance he can exchange it one way or another. With 0 fear of some corp just jacking his funds over some KYC issues etc. The real potential is for the world of people excluded from normal banking and savings. IT will just take time and adoption.

Of course my friend..
We have no water , no electricity , food only from the UN help funds , but we can store our "wealth" in a wallet.
Problems solved , we're going to Italy to buy Ferraris.

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.SEMUX
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  Superfast with .30 seconds instant finality.
  Tested .5000 tx per block. on open network
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November 22, 2013, 01:49:30 PM
 #19

Let us not forget that the Bitcoin developer abandoned his project years ago and vanished.

Fortunately there are other currencies with active developers rising to the challenge. Don't worry, if Bitcoin becomes a sheer object of speculation others will find a way. Bookmark this page: http://coinmarketcap.com/

You say this as if Bitcoin was no longer being developed.  There is now a whole team working on bitcoin, just because Satoshi is not working on it (or is he? no one knows) means nothing.  What is your point?  Oh probably that everyone should buy Goldcoins.
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November 22, 2013, 01:54:54 PM
 #20

You say this as if Bitcoin was no longer being developed.  There is now a whole team working on bitcoin, just because Satoshi is not working on it (or is he? no one knows) means nothing.  What is your point?  Oh probably that everyone should buy Goldcoins.

I'd prefer not to have developers at all. Most of new features were about centralization and regulation.
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