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Author Topic: Where do you see Bitcoin in 5 years?  (Read 1677 times)
Sharky444
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November 28, 2013, 01:13:54 AM
 #21

I don't think there will be Bitcoins in 5 years. The protocol cannot handle enough transactions/sec without centralization. Bitcoin will be superseded by another coin.

Radix - just imagine
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November 28, 2013, 02:07:09 AM
 #22

I don't think there will be Bitcoins in 5 years. The protocol cannot handle enough transactions/sec without centralization. Bitcoin will be superseded by another coin.

enlightenment is the key!

Today the Bitcoin network is restricted to a sustained rate of 7 tps by some artificial limits. These were put in place to stop people from ballooning the size of the block chain before the network and community was ready for it. Once those limits are lifted, the maximum transaction rate will go up significantly.

http://haschinabannedbitcoin.com
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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November 28, 2013, 05:06:08 AM
 #23

Heads - BTC passes the $100K mark and replaces gold in our financial system. Everyone on this site spends the rest of their lives congratulating themselves on being so smart.

Tails - Bitcoin crashes and goes back to obscurity.  Everyone on this site kicks themselves for the rest of their lives for not cashing out and taking very reasonable gains while possible.
Sharky444
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November 28, 2013, 05:12:03 AM
 #24

I don't think there will be Bitcoins in 5 years. The protocol cannot handle enough transactions/sec without centralization. Bitcoin will be superseded by another coin.

enlightenment is the key!

Today the Bitcoin network is restricted to a sustained rate of 7 tps by some artificial limits. These were put in place to stop people from ballooning the size of the block chain before the network and community was ready for it. Once those limits are lifted, the maximum transaction rate will go up significantly.

If you remove these limits you may go around 40 tx/sec, but never to 10000 tx/sec visa scale, unless you centralize the network on few big nodes, and the rest have only a portion of the blockchain.

Radix - just imagine
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November 28, 2013, 05:16:56 AM
 #25

I don't think there will be Bitcoins in 5 years. The protocol cannot handle enough transactions/sec without centralization. Bitcoin will be superseded by another coin.

enlightenment is the key!

Today the Bitcoin network is restricted to a sustained rate of 7 tps by some artificial limits. These were put in place to stop people from ballooning the size of the block chain before the network and community was ready for it. Once those limits are lifted, the maximum transaction rate will go up significantly.

If you remove these limits you may go around 40 tx/sec, but never to 10000 tx/sec visa scale, unless you centralize the network on few big nodes, and the rest have only a portion of the blockchain.

The UTXO set is still just a few hundred MB.  It is the only data necessary to verify a transaction.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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btcprice
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November 28, 2013, 06:17:47 AM
 #26

So you are saying that LTC now being 30 USD is a pure bubble because it doesn't even come close to the miner/developer/user network built around it right?

Of course it is!

I don't know of a single thing I would buy with Litecoins at this point in time whereas I do spend Bitcoins on real things quite a bit.

Litecoin is a crypto-currency speculative bubble based on the speculative bubble in another crypto-currency.

Litecoin is the mother of all bubbles!

(yes, I am profiting from it.......so far anyways)

Ok, but if you look at the long term, why won't merchants start accepting it like they started accepting bitcoins?
Why don't you think ltc is a great buying opportunity for the long term?
I don't say you are wrong just trying to understand.


Because BTC is already there. Its like saying why don't websites suddenly switch all their HTTPS to port 70. It would be weird and random. Especially considering it uses scrypt making it inferior.

It wouldn't be weird and random if someone were to use port 70 as a more secure port or attached some function that port 70 could use. To translate that into the crypto coin world, if there were another coin that provided decentralization and more security than bitcoin perhaps people would flock to that instead of bitcoin. Perhaps the developers of bitcoin could get together and come up with an alt coin that incorporates those functions that make that alt coin better. Perhaps they already have. ;-)
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