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Author Topic: Bitcoin keeps failing  (Read 4779 times)
EvilPanda
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November 22, 2013, 01:57:45 PM
 #21


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.

True, a lot of people have limited access to computers, internet, banking, especially in poor regions, but they have (or could afford) mobile phones with wallets, or any other small pieces of tech, which are easy to carry, and work for days without electricity. By having a BTC wallet instead of cash you can feel safer cause it's encrypted and more secure than a credit card, no central authority watching over your money, you just have a coin in your pocket and the whole system can go F*** themselves.

Nowadays people are insecure, just look at this whole prepper thing, nobody heard about it since the cold war. In the US you can at least buy a gun and shoot it from your porch, imagine how people in the EU feel - no real rights, no weapons and more countries in debt or bankrupt.


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November 22, 2013, 02:03:22 PM
 #22

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.

Sure. That would be fine but my point is most people don't understand that Bitcoin is not the only digital currency.

But this is changing and very very rapidly. Bitcoin is like the web crawler of the early 90's, we still don't know who will be Google. Yesterday for the first time, Max Keiser talked about Litecoin on his show. It's happening right in front of our eyes.

Digital currencies are taking over the World and it's not going to be a bitcoin-only ride. IMO.

Bookmark for reference: http://coinmarketcap.com/

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
MikeyVeez
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November 22, 2013, 02:17:36 PM
 #23

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

What is it then?

Useless psuedo bullshit, bitcoin was created to get the sheep to accept digital currency, it will be replaced by government backed digital currency and botcoin will just die thereafter when they deem ready to murder it.

Ohh you see all these Bitcoin scams can't trust some black market currency, but you can trust ECB and FED backed digital currency.

Bitcoin knew about its mass scaling problems and did jack shit in the last 5 years to address them, either really stupid or done on purpose.
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November 22, 2013, 02:21:02 PM
 #24

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

What is it then?

Useless psuedo bullshit, bitcoin was created to get the sheep to accept digital currency, it will be replaced by government backed digital currency and botcoin will just die thereafter when they deem ready to murder it.

Ohh you see all these Bitcoin scams can't trust some black market currency, but you can trust ECB and FED backed digital currency.

Bitcoin knew about its mass scaling problems and did jack shit in the last 5 years to address them, either really stupid or done on purpose.

I agree that Bitcoin has scalability issue, but the rest of ur post isn't backed by anything.
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November 22, 2013, 02:21:21 PM
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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.

True, a lot of people have limited access to computers, internet, banking, especially in poor regions, but they have (or could afford) mobile phones with wallets, or any other small pieces of tech, which are easy to carry, and work for days without electricity. By having a BTC wallet instead of cash you can feel safer cause it's encrypted and more secure than a credit card, no central authority watching over your money, you just have a coin in your pocket and the whole system can go F*** themselves.

Nowadays people are insecure, just look at this whole prepper thing, nobody heard about it since the cold war. In the US you can at least buy a gun and shoot it from your porch, imagine how people in the EU feel - no real rights, no weapons and more countries in debt or bankrupt.



This is very true, heard something that the poorest countries all have smart phones a data like a massive majority. The europeans me being one of them can go fuck themsleves, they deserve what they get with their pseudo bullshit progressiveness, ohh guns are bad good you dumb twats have fun getting fucked from other people with guns.

What do you expect from the nation who is going to Usher in anti christ
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November 22, 2013, 02:24:13 PM
 #26

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

What is it then?

Useless psuedo bullshit, bitcoin was created to get the sheep to accept digital currency, it will be replaced by government backed digital currency and botcoin will just die thereafter when they deem ready to murder it.

Ohh you see all these Bitcoin scams can't trust some black market currency, but you can trust ECB and FED backed digital currency.

Bitcoin knew about its mass scaling problems and did jack shit in the last 5 years to address them, either really stupid or done on purpose.

I agree that Bitcoin has scalability issue, but the rest of ur post isn't backed by anything.

Its backed by many things go do some research. If you look at the current landscape governments all want a digital currency it means more control when they can track everything you spend your money on.
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November 22, 2013, 02:29:26 PM
 #27

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.

Sorry for your loss.

I'll advise not going full fiat unless in case of extreme need - full fiat tends to make people bitter and angry.

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November 22, 2013, 02:32:58 PM
 #28

Code:
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.

Sorry for your loss.

I'll advise not going full fiat unless in case of extreme need - full fiat tends to make people bitter and angry.

Excellent off topic rant about your penis being massively small, and your need to boost your ego.
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November 22, 2013, 02:48:21 PM
 #29

Sorry for your loss.

I'll advise not going full fiat unless in case of extreme need - full fiat tends to make people bitter and angry.

Thx. But it's not a loss coz I used that money to create more money (in USD though). It's delusion that u should hold Bitcoins to get max profit. Money must work.
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November 22, 2013, 02:59:08 PM
 #30

Sorry for your loss.

I'll advise not going full fiat unless in case of extreme need - full fiat tends to make people bitter and angry.

Thx. But it's not a loss coz I used that money to create more money (in USD though). It's delusion that u should hold Bitcoins to get max profit. Money must work.

Yes. But I think many Keynesian-types have gotten their causality inverted when they look at successful economies and liquidity and cash flow. I strongly suspect that you cannot legislate a good economy by "forcing" cash flow, because the only way to make cash flow more than is natural, is to change the equilibrium by making it *more expensive* not to have it in motion, and the physicist in me reduces these concepts into a vague sort of economic perpetual-motion machine. Maybe they'll be able to switch up the game before it runs out of steam, but it certainly will eventually if left unattended...

Uberlurker. Been here since the Finney transaction. Please consider this before replying; there is a good chance I've heard it before.

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November 23, 2013, 10:11:27 AM
 #31

One more thread about when 1 BTC == 1000000 USD. Yeah, ppl care only how to make more dollars using bitcoins...
Mellnik
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November 23, 2013, 11:06:18 AM
 #32

Bitcoin is just a couple of years old, give it some time!
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November 23, 2013, 11:07:32 AM
 #33

Bitcoin is just a couple of years old, give it some time!

Ok. But it's 5 years old, btw.
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November 23, 2013, 11:14:49 AM
 #34

Bitcoin is just a couple of years old, give it some time!

Time is quite some issue here.
Bitcoin has rise in price like there is no tomorrow but in number of people actually using it the increase is just laughable.
If something new and more user friendly comes on the market the future is grim for it as a currency.

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November 23, 2013, 11:46:09 AM
 #35

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, when Bitcoin becomes more mainstream, one coin would cost 10 000$ and more. So tell me, how one bitcoin can hold its price stable at the current level?

"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
Come-from-Beyond
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November 23, 2013, 11:50:42 AM
 #36

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, when Bitcoin becomes more mainstream, one coin would cost 10 000$ and more. So tell me, how one bitcoin can hold its price stable at the current level?

It can't, and this makes it unusable as a currency.
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November 23, 2013, 11:56:52 AM
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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, when Bitcoin becomes more mainstream, one coin would cost 10 000$ and more. So tell me, how one bitcoin can hold its price stable at the current level?

It can't, and this makes it unusable as a currency.

Very short-sighted my friend.

The currency is in it's infancy.  After mass adoption the price will become more and more stable as more and more resources are sold in Bitcoin.

When China trades oil in Crypto currencies perhaps you'll consider updating your views.

Of course by then the investment opportunity will long be gone.
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November 23, 2013, 12:04:13 PM
 #38

The currency is in it's infancy.  After mass adoption the price will become more and more stable as more and more resources are sold in Bitcoin.

I bet Satoshi wouldn't agree with u. He wrote that price will go up non-stop, otherwise fees wouldn't cover mining expenses.
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November 23, 2013, 12:36:27 PM
 #39

I bet Satoshi wouldn't agree with u. He wrote that price will go up non-stop, otherwise fees wouldn't cover mining expenses.

Bitcoin has no "price". It has an exchange rate with other currencies.

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November 23, 2013, 02:37:01 PM
 #40

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

What is it then?

Useless psuedo bullshit, bitcoin was created to get the sheep to accept digital currency, it will be replaced by government backed digital currency and botcoin will just die thereafter when they deem ready to murder it.

Ohh you see all these Bitcoin scams can't trust some black market currency, but you can trust ECB and FED backed digital currency.

Bitcoin knew about its mass scaling problems and did jack shit in the last 5 years to address them, either really stupid or done on purpose.

+1
Agree , a digital currency backed by the govt will work and will succeed better , however BTC may succeed as a digital currency when there is chaos maybe i don't know , but anyway its not about BTC specifically its about digital currency , BTC in itself is nothing is just another form of paper money man made currency in a digital form with a limit , that's it its nothing really , any group of people/country can make another form of BTC , that's why it will drop hard but not necessarily die ....
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