Read more about Bitcoin before buying

[Come-from-Beyond]

Bitcoin has a serious issue which is Scalability. There is no a good solution yet and u should not trust to everything that is written in Wiki (it's edited by earlier adopters who are very interested in selling high). Of course, u shouldn't trust me. So, before u spend all ur life savings it's better to read more about Bitcoin (especially about its limits). Now a lot of people are joining and this will lead to extensive usage and higher transaction volume. When Bitcoin technical implementations hit the wall we'll see a big drop in price, followed by huge cash-outs this will definitely lead to single digits.

It's advice to all newbies: Read more about Bitcoin scalability, but do NOT do it on https://en.bitcoin.it/wiki/, other sources are much better for independent point of view.

[naphto]

People don't really care about a thread here. If they want to buy, they do. And they do mostly because price is increasing and they think that it will keep that way (forever?). They do not really give a shit about what btc is, or what is its problems/issues.

[Come-from-Beyond]

People don't really care about a thread here. If they want to buy, they do. And they do mostly because price is increasing and they think that it will keep that way (forever?). They do not really give a shit about what btc is, or what is its problems/issues.

Scalability issue can lead to massive price dump. At least keep an eye on https://blockchain.info/unconfirmed-transactions. If the number is 10,000+ then we r in trouble.

[naphto]

price dump is inevitable. Only question is "when?".


From 200 usd to 800 usd in 2 weeks, for no reason whatsoever is clearly wrong


Current unconfirmed transactions: 501

[tarena]

I'm a big believe in Descarte's Rule: believe only that which you can yourself provide or observe evidence for

Or, similarly: believe nothing of what you here, and only half of what you see.

We all know how entrenched internet marketers. The internet is overpopulated with biased content produced by people with an interest in persuading opinion. Be it for commissions, or whatever. Early adopters are no different. They have a huge interest in the playing up of bitcoin, and the more they do that the more they make.

Don't misunderstand me, I am fully behind the world of possibilities that bitcoin has created. I am not however, behind the idea that this thing which should be used for the good of the world to free themselves from central power of bankers, should be transferred to benefit those few who were fortunate enough to adopt this technology early on.

I believe LTC shows much promise, as do XPM, FTC, and NMC. The technological improvements aside (if you even agree there are any), one cannot dispute the fact that they offer much greater benefit to those wanting to use crypto today.

[Judge16]

Thanks for the thread, well written. But I think people really care much for BTC anyway. Just want to make money off from it.

[odolvlobo]

What exactly is the problem with scalability? Certainly not the size of the block chain. Last I heard, it is about 15 GB, which takes up less than 2% of my computer's storage. If you don't want to keep a copy of the block chain, just get a light client.

As for early adopters, people have been complaining about early adopters benefitting more than current adopters for years. But the funny thing is that next year people will still be complaining about early adopters, and this time they will be complaining about you.

[Come-from-Beyond]

What exactly is the problem with scalability?

It can't scale to VISA volume without usage of supercomputers with superconnections. If this happens Bitcoin will become a centralized currency.