Why Bitcoin is doomed to fail, and there's nothing you can do about it.

[2bfree]

man I was about to take the plunge and buy my first bitcoin now you got me all wired up. Nah, I think I'll give it a shot and get it anyway.

[ainz]

Riiiiiiiiight, deadgiveaway (sarcasm). Those billions of people that can't afford a pencil, never mind access to a semi-decent education, are all inherently "stupid". This is all about creating a new oligarchy of "high IQ" elites who'll be free to exploit and abuse the rest selfishly.... a marvellous step forward for humanity!

Thanks for your post. You've greatly enlightened me regarding the noble and egalitarian ideals of Bitcoin and cryptos in general. Feel free to label me a "faggot" too; not homosexual but not homophobic either, so I won't be offended in the slightest.

If this important piece of innovation dies... I won't hesitate to rest the blame squarely at megalomaniacs like you that seek to selfishly twist and corrupt it. No wonder Satoshi stayed anon and left the forum years ago... he's undoubtedly ashamed to be associated with the likes of you.

you mean those billions of people that can't read or write but love using their smartphone ?

The poorest (i.e. those "billions") can't afford high-end smartphones; they're using e.g. Series 3 Nokias for SMS and calls. That's why payment systems like M-Pesa, already widespread in parts of Africa, provide SMS-based interfaces for their users. Anyway; my objection was to deadgiveaway's assertion that anyone who doesn't understand cryptos is inherently stupid and not worthy of consideration. He sounds like another cryptonerd who's been raging at the world from his basement for waaaaaayyyyyyyy too long.

If the goal is to replace central-bank controlled currency (that serves the elite few) with a fair alternative, then it's the poorest and least educated in this world that should be right at the top of the priority list.

[taltamir]

Riiiiiiiiight, deadgiveaway (sarcasm). Those billions of people that can't afford a pencil, never mind access to a semi-decent education, are all inherently "stupid". This is all about creating a new oligarchy of "high IQ" elites who'll be free to exploit and abuse the rest selfishly.... a marvellous step forward for humanity!

Thanks for your post. You've greatly enlightened me regarding the noble and egalitarian ideals of Bitcoin and cryptos in general. Feel free to label me a "faggot" too; not homosexual but not homophobic either, so I won't be offended in the slightest.

If this important piece of innovation dies... I won't hesitate to rest the blame squarely at megalomaniacs like you that seek to selfishly twist and corrupt it. No wonder Satoshi stayed anon and left the forum years ago... he's undoubtedly ashamed to be associated with the likes of you.

you mean those billions of people that can't read or write but love using their smartphone ?

The poorest (i.e. those "billions") can't afford high-end smartphones; they're using e.g. Series 3 Nokias for SMS and calls.

And they do so without being able to read, write, or afford a pencil! Amazing!

Anyway; my objection was to deadgiveaway's assertion that anyone who doesn't understand cryptos is inherently stupid and not worthy of consideration.

I agree with that objection. Its just that you started spouting nonsense unrelated to that after making said objection.

[coga]

Go debate Stefan Molyneux about this... He'll destroy you 

Moly is demagogue, he'll destroy anyone in debate, no matter how weak his point is

[dissident]

after doing some more research I don't think bitcoin itself will be the one that remains strong long term, nor litecoin. Blockchain sizes and transaction times will have to be dealt with. My guess is that some altcoin at some point with faster transaction times and newer technologies to perhaps eliminate having to keep a blockchain of every transaction ever recorded will replace bitcoin... I don't know the technical specs if even say wiping all blockchain transactions older than 90 days would work but that's what I would do... 10+ minute transaction times is simply not going to spur widespread adoption... so there's still time to speculate on altcoins.

[BTC-TK]

Worst case scenario Bitcoin fails but we still have dozens of other crypto? Surely at least one of them will prove to be resilient.

[dewdeded]

after doing some more research I don't think bitcoin itself will be the one that remains strong long term, nor litecoin. Blockchain sizes and transaction times will have to be dealt with. My guess is that some altcoin at some point with faster transaction times and newer technologies to perhaps eliminate having to keep a blockchain of every transaction ever recorded will replace bitcoin... I don't know the technical specs if even say wiping all blockchain transactions older than 90 days would work but that's what I would do... 10+ minute transaction times is simply not going to spur widespread adoption... so there's still time to speculate on altcoins.

OMG, great research you did. Never heard these thoughts before. Really impressed.

[ainz]

you mean those billions of people that can't read or write but love using their smartphone ?

The poorest (i.e. those "billions") can't afford high-end smartphones; they're using e.g. Series 3 Nokias for SMS and calls.

And they do so without being able to read, write, or afford a pencil! Amazing!

Anyway; my objection was to deadgiveaway's assertion that anyone who doesn't understand cryptos is inherently stupid and not worthy of consideration.

I agree with that objection. Its just that you started spouting nonsense unrelated to that after making said objection.

The pencil reference was a metaphor. Just a way of saying that many of the world's poorest have little or no access to education. They could still benefit from an accessible, low-cost alternative payment system... as long as it doesn't require an expensive device to use.

[taltamir]

Don't use metaphors in online debate.
There are literal flat earthers out there.
People will think you mean it literally.

[Boussac]

@OP
There is no absolute definition for success or failure just like there is no such thing as intrinsic value (vaue is relative to context).
Bitcoin does not have to succeed or fail in your eyes to provide benefits: its mere existence is a benefit to everyone, even those who won't use it, because it increases competition.

[taltamir]

I have a question that is relevant to the topic.

Mining costs money.
Mining is necessary to secure transactions.
Mining earns you coins for now but eventually it will not earn you anything (once all the coins are mined in... was it 50 years?).

Why would anyone mine once all the coins have been mined? And would the system not collapse if everyone stops mining?

[BitThink]

I have a question that is relevant to the topic.

Mining costs money.
Mining is necessary to secure transactions.
Mining earns you coins for now but eventually it will not earn you anything (once all the coins are mined in... was it 50 years?).

Why would anyone mine once all the coins have been mined? And would the system not collapse if everyone stops mining?

When there's no new coins, transaction fee still rewards the miners. When the profit decreases, the number of miners will decrease and so does the difficulty (sadly the two weeks adjust cycle seems a little bit too long). There suppose to be a equilibrium.

[Coin_Master]

Why is every popular post on this forum about Bitcoin failing? Why does anyone respond to these posters? Isn't it a better idea to just let them sink to the bottom of the cesspool and focus on more positive things?

I was not aware "every" popular post is about Bitcoin failing?  Perhaps you are confusing fantasy with reality again John.

[QuestionAuthority]

Why is every popular post on this forum about Bitcoin failing? Why does anyone respond to these posters? Isn't it a better idea to just let them sink to the bottom of the cesspool and focus on more positive things?

I was not aware "every" popular post is about Bitcoin failing?  Perhaps you are confusing fantasy with reality again John.

You say on page 11 of a thread titled, "Why Bitcoin is doomed to fail". Who's john?

[Coin_Master]

You say on page 11 of a thread titled, "Why Bitcoin is doomed to fail". Who's john?

Exactly.

[Oldminer]

Bitcoin is old & its a dinosaur compared to other Crypto-currency.

Thats why it will fail. In a nutshelll.

[taltamir]

I have a question that is relevant to the topic.

Mining costs money.
Mining is necessary to secure transactions.
Mining earns you coins for now but eventually it will not earn you anything (once all the coins are mined in... was it 50 years?).

Why would anyone mine once all the coins have been mined? And would the system not collapse if everyone stops mining?

When there's no new coins, transaction fee still rewards the miners. When the profit decreases, the number of miners will decrease and so does the difficulty (sadly the two weeks adjust cycle seems a little bit too long). There suppose to be a equilibrium.

Ah, thank you. But won't transaction fees have to increase then?

[Francisdoge]

If I want to mine bitcoin and make transaction in bitcoin to whoever is willing to accept them, no government whatsoever as any power on me or the other person involved.

It's like wanting to tax someone for trading a potatoe for a cabbage.

[taltamir]

If I want to mine bitcoin and make transaction in bitcoin to whoever is willing to accept them, no government whatsoever as any power on me or the other person involved.

It's like wanting to tax someone for trading a potatoe for a cabbage.

http://lmgtfy.com/?q=potato+tax
http://lmgtfy.com/?q=cabbage+tax

[Coin_Master]

If I want to mine bitcoin and make transaction in bitcoin to whoever is willing to accept them, no government whatsoever as any power on me or the other person involved.

It's like wanting to tax someone for trading a potatoe for a cabbage.

Agreed.  It is an interesting point that you make, bartering in 'produce' would be difficult for the government to tax.  What are they going to do?
Cut the thing in half?

http://lmgtfy.com/?q=potato+tax
http://lmgtfy.com/?q=cabbage+tax

There is no selling price "5. Tax deducted from selling price".  This law only applies to trades done with money.
The key to the law is here "and pays, or becomes liable to pay, the tax imposed under this section".  For a person to become liable to 'pay', there needs to be money involved.  No money, no liability.