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

[murkster]

https://mobile.twitter.com/coindesk/status/439687819309494272

Singapore debuts bitcoin atm..

Trying to post on a smartphone is frustrating! !

[Lemma]

Why this thread is doomed to fail.

1. Curious Misspellings

Bitcoin can barley handle a few hundred thousand transactions a day, what happens if the transactions grow to 10 Million, 50 Million, 100 Million which are all still relativity small transaction numbers compared to the 6 Billion people in the world. It simply can't handle it.

Secondly,  it can barley handle 100k transactions in a day without bogging down. Imagine if it's doing fiat numbers for transactions, Bitcoin would destroy itself.

2. Random Capitalization

JohnyBigs:

"Yes let's hear the Credit Cards take 180 day confirms."
"Should I play some Board Games?"
"... will point out Hard Drives will keep up!!!"


MikeyVeez:

"The Government"
"And no Banks at first"
"...they are still centralized by Oracles of the world."

3. Phrasing Choices

JohnyBigs:

"...because of reason #1."

MikeyVeez:

"Reason #1 is already coming into fruitition..."


4. Username

Note the similarities between the usernames JohnyBigs and MikeyVeez (syllable count, "type" of name, etc.)

Also, the usernames were created within days of one another, and both reside in the same time zone.

5. Anger Management

The similarities of the overall writing style and tone between the two users are exceedingly clear. No direct quotes are even necessary, just choose 1 post from each and observe the anger.

5. Conclusion

JohnyBigs = MikeyVeez = troll.

I'm sure some of us (myself included) are wondering how you got to be this way. It takes quite a lot of unmanaged emotion to claim that "digital currency in general has a sinister purpose." Were you recently burned by a bitcoin transaction? Did you have some coins on Mt. Gox?

Or perhaps the wound is deeper? Recent breakup with a significant other? Is your family life doing alright?

It takes a lot of anger, at both yourself and at others, to be the way you are. I wish you the best.

[taltamir]

LMAO bitcoin to the moon. Hey new users one of the largest exchange just stole everyones money and is bankrupt wouldn't love to accept Bitcoin.

They didn't steal it, they lost it due to incompetence.

http://cryptolife.net/today-mt-gox-died-and-it-tried-to-take-bitcoin-with-it/

 

...and you believe in every word which is spoon fed to you? LoL

Just let me remind you that in the whole Bitcoin history there is not one single entity which provided evidence to prove they lost users funds to incompetence.

The "it was hacked" excuse became the standard excuse to cover up misappropriation of customers funds.

1. It wasn't hacked. It lost the money without being hacked.
2. The explanation is sound
3. If you have a better one I would like to hear it
4. Ridiculing the "opponent" and no actual counter argument is politics not debate
5. People lose money due to their incompetence all the time. They certainly don't lose money due to being hyper competent.

[hdbuck]

LMAO bitcoin to the moon. Hey new users one of the largest exchange just stole everyones money and is bankrupt wouldn't love to accept Bitcoin.

They didn't steal it, they lost it due to incompetence.

http://cryptolife.net/today-mt-gox-died-and-it-tried-to-take-bitcoin-with-it/

 

...and you believe in every word which is spoon fed to you? LoL

Just let me remind you that in the whole Bitcoin history there is not one single entity which provided evidence to prove they lost users funds to incompetence.

The "it was hacked" excuse became the standard excuse to cover up misappropriation of customers funds.

1. It wasn't hacked. It lost the money without being hacked.
2. The explanation is sound
3. If you have a better one I would like to hear it
4. Ridiculing the "opponent" and no actual counter argument is politics not debate
5. People lose money due to their incompetence all the time. They certainly don't lose money due to being hyper competent.

Mark got the coins.
Stop making a fool of yourself.
"Geekness Greedness made me flew to Japan"

[Munz77]

Uneducated ramblings by the opp.

http://www.scribd.com/doc/192730349/National-Australia-Bank-Bitcoin-to-replace-AUD

[disclaimer201]

Time to buy.

[mmsmears]

I agree,

The Bitcoin/Litecoin and clone Alt Currency branches support architecture is fundamentally flawed. The block discovery difficulty and hash rate power to mine coins has increased to the point that you need a small server farm to achieve a small amount of profit.  Recent cloud farming services have moved in because they can operate more efficiently to keep mining profitable.

Lack of scalability (en.bitcoin.it/wiki/Scalability) and future network support is Bitcoin’s and other clones “albatross around their neck.”  As of Sep 11, 2014, 13,250,900 out of the total possible 21 million Bitcoin’s are in circulation. Bitcoin’s support network is rapidly approaching a point where large scale mining will no longer be profitable.  You don’t need to be an economist to realize that when doing something is not profitable, people stop doing it. 

After coin mining is no longer profitable, the support networks processing power will shrink and verifying huge block chains will take longer making it unusable as a functional daily currency.  Bitcoin could eventually become the sole digital currency (gold standard) that others are valued against.  Observing current markets, it’s well on it’s way.

NXT’s nxt.org support architecture makes more sense, it’s eco-friendly and processing power is scaleable to achieve fast block processing times. Trust, transaction speed and security are ultimately the deciding factors that will make any digital currency viable.  Depending on peoples acceptance, it’s marketplace could eventually be a serious competitor to PayPal and eBay, due to lower transaction fees.

[CryptoDomains]

@JohnyBigs

I actually agree with most all you have to write in your op, it is full of common sense and history. It is a shame that peoples investments blind them from truth.

Now I am not saying bitcoin cannot find a way to survive or over come those things mentioned. I do believe we will have a digital currency in some form or fashion eventually.

One thing I have always struggled to understand is how a government like the US does away with fiat. The black market, cash business and day to day buy/sell makes up for a HUGE amount of the market. Do away with cash all at once and you would destroy the economy quickly. Do away with it slowly over decades and get everyone to digital taxable traceable coin and we will live in a dark time.

Sad stuff tbh, bitcoin advancement is not really advancement for mankind imo when viewed that way. Not that bitcoin survives but encourages the government to development of it's own digital currency.

[taltamir]

Uneducated ramblings by the opp.

http://www.scribd.com/doc/192730349/National-Australia-Bank-Bitcoin-to-replace-AUD

Bitcoin is an alpha product, it is unfinished.
At its current incarnation it is limited to about 3.5 transactions per second and requires a hard fork to change that. There is no way it can be suitably used as a nation's currency in its current state

[taltamir]

One thing I have always struggled to understand is how a government like the US does away with fiat.

Notes can be 100% backed by a hard currency instead of by government fiat.
Fiat literally means "because I said so"
Furthermore, you could just have coins worth actual money (aka, silver coins).
And the ubiquity of credit cards in modern society means that it is actually possible to completely replace a cash business with a credit card business. you even have a credit card based vending machines

[minerpumpkin]

One thing I have always struggled to understand is how a government like the US does away with fiat.

Notes can be 100% backed by a hard currency instead of by government fiat.
Fiat literally means "because I said so"
Furthermore, you could just have coins worth actual money (aka, silver coins).
And the ubiquity of credit cards in modern society means that it is actually possible to completely replace a cash business with a credit card business. you even have a credit card based vending machines

Well, do even silver coins have an actual value? They have the value people give them. They're more backed by the issuing government, it's economy and also their military(!!! - which is remarkable and dangerous) Silver itself has a value, like Gold, but it doesn't come anywhere near the value we give it.

[taltamir]

Well, do even silver coins have an actual value? They have the value people give them. They're more backed by the issuing government, it's economy and also their military(!!! - which is remarkable and dangerous) Silver itself has a value, like Gold, but it doesn't come anywhere near the value we give it.

Yes silver coins have an actual value, and yes this value is what people give them. The value of anything is what people give it. Food has value because people want it. The value people give silver is based on how much people all over the world are willing to pay for it.

Also, fiat is NOT backed by the issuing government and their military. Under ideal conditions it would be, but in reality they just print more and more and more money.

Silver isn't perfect, the value will fluctuate as demand and supply changes. But because a government cannot just print as much silver as they want (or create it electronically out of thin air as they do via central banking) it ends up being stabler (it shouldn't, it takes extreme idiocy to make fiat behave as poorly as it actually does)

Also, please note that I wasn't even advocating silver (although I do view it as a more solid form of currency then fiat), I was answering the hypothetical question of what people would use for cash if fiat paper money didn't exist. My answer was paper money that isn't fiat, or metal money

[inBTCwetrust]

according to your words ... because the 1 % always wins against the 99% .... i will buy more bitcoins to be from the 1 % 

[taltamir]

according to your words ... because the 1 % always wins against the 99% .... i will buy more bitcoins to be from the 1 %  

who are you talking to?

also, does anyone remember 10 years ago when it was the 10% vs the 90%?

Also, 1% is a staggering amount of people. Take a look a the USA. 300 million people 1% is 3 million people. There is no 1% vs 99% conflict. The issue is the 0.001% aka a few thousand people in government and their cronies misappropriating funds, stealing from the taxpayer, or buying the law

[SpongeBTCants]

Another shitty prediction proven wrong by history.

[CryptoDomains]

One thing I have always struggled to understand is how a government like the US does away with fiat.

Notes can be 100% backed by a hard currency instead of by government fiat.
Fiat literally means "because I said so"
Furthermore, you could just have coins worth actual money (aka, silver coins).
And the ubiquity of credit cards in modern society means that it is actually possible to completely replace a cash business with a credit card business. you even have a credit card based vending machines

You missed my point, how can the US or most countries do away with fiat..BECAUSE and this is fact, they MUST have a cash business society/blackmarket etc in order to have an economy at all.

If tomorrow a law was passed and only digital money tracked and supplied by the gov was issued it would destroy the economy. We must still have literal CASH or the world she no turn round.

[BTCINVESTOR]

point number 1 being proven right every single day, don't worry though to the moon! You geniuses need to stop with your America envy, AMERICA isn't the world!!! Guess what it is, you can cry about it all you want. America's arm can reach all over the world, especially the 3rd world POS countries or any developed country for that matter, where they can come and kidnap you and bring you to trial here, and there isn't shit your country is going to do about it.

Just out of curiosity: We often find that people slamming bitcoin on this forum often have become partial to some other altcoin that appears to have "fixed" some of the problems you point out. So, are you a believer in any decentralized blockchain technology (altcoin?) or are you implying all of the faulty attributes in your OP apply to any decentralized currency? ---I mean, you made the point that the 99% will never be able to stop the 1% from getting what they want essentially, but what if the 1% decide that a blockchain is the best way (or most powerful tool) to wield that control? That would neutralize points 1 and 2 (as you could classify the Bitcoin Foundation as a 1% entity-in-the-making), and ostensibly, the remaining points could be solved through innovation to the original technology right? Therefore you should start to consider the idea that some current or future altcoin could, in theory, supplant bitcoin and be the best instrument in the hands of the 1%.

We see seismic shifts in 1% power all the time.  Mark Zuckerberg was not a 1% kinda guy before 2004. Now he is, and it's because technology gave him that power. We could see an organization dramatically shift financial power through cryptocurrency. I actually do not believe that bitcoin will be the best instrument for the job, frankly due to agreement with some of your points in regard to the rudimentary design of the technology, but there are innovations surfacing that will be damn near impossible to stop. I see a big player (1%er) capitalizing on blockchain technology and taking it mainstream.

[DieJohnny]

Things I hate about bitcoin:

1. Unsustainable hash rate growth, mining is fun but buying any hardware is a waste of money, I resent people that mine because I cannot
2. Confirmations take tooo damn long, I hate it really, I feel like Bitcoin is in the dark ages already!
3. My Wallets scare the shit out of me. I am going to lose all of my coins I know it.
4. My Snowden side of me hates that every purchase I make is logged forever in the blockchain, leave me the F alone NSA and FBI

I would put every cent i have into an alt-coin except that an alt-coin to make it to where bitcoin is today is soooo impossibly difficult.

All of the initial adopters and devs become millionaires when the price hits 100 million, they all sell and leave a barren waste land.

There are sooo many great features in the sea of alt coins, I simply cannot choose one to jump behind and sell every coin I have. It would take a year of research on developers, features and strategy, and in the end it will still be a crap shoot.

Damn it....

[Yakamoto]

Well, do even silver coins have an actual value? They have the value people give them. They're more backed by the issuing government, it's economy and also their military(!!! - which is remarkable and dangerous) Silver itself has a value, like Gold, but it doesn't come anywhere near the value we give it.

Yes silver coins have an actual value, and yes this value is what people give them. The value of anything is what people give it. Food has value because people want it. The value people give silver is based on how much people all over the world are willing to pay for it.

Also, fiat is NOT backed by the issuing government and their military. Under ideal conditions it would be, but in reality they just print more and more and more money.

Silver isn't perfect, the value will fluctuate as demand and supply changes. But because a government cannot just print as much silver as they want (or create it electronically out of thin air as they do via central banking) it ends up being stabler (it shouldn't, it takes extreme idiocy to make fiat behave as poorly as it actually does)

Also, please note that I wasn't even advocating silver (although I do view it as a more solid form of currency then fiat), I was answering the hypothetical question of what people would use for cash if fiat paper money didn't exist. My answer was paper money that isn't fiat, or metal money

This is a good explanation.

I would honestly rather have silver coins as opposed to the same amount (in dollars) in fiat currency. Silver can't be printed, so that's another thing that makes it more favorable than fiat coins would be. You can't just inflate the silver supply, it is pretty well set out and there's not a lot you can do to change the amount of silver that exists in the world, contrary to paper money.

Paper money is literally paper, and where does it come from? Trees. Are trees always growing and new trees being planted? Yes. As such, the supply is inflating because more "Trees" are growing, and there's not a lot you can do to stop it, unless you wipe out all the trees. Silver cannot be grown (To my knowledge) like trees. Thus, silver remains favorable in my eyes.

[taltamir]

One thing I have always struggled to understand is how a government like the US does away with fiat.

Notes can be 100% backed by a hard currency instead of by government fiat.
Fiat literally means "because I said so"
Furthermore, you could just have coins worth actual money (aka, silver coins).
And the ubiquity of credit cards in modern society means that it is actually possible to completely replace a cash business with a credit card business. you even have a credit card based vending machines

You missed my point, how can the US or most countries do away with fiat..BECAUSE and this is fact, they MUST have a cash business society/blackmarket etc in order to have an economy at all.

If tomorrow a law was passed and only digital money tracked and supplied by the gov was issued it would destroy the economy. We must still have literal CASH or the world she no turn round.

I didn't miss your point, I EXPLICITLY answered it
1. Fiat has nothing to do with cash (most fiat is electronic money, and cash coins and paper can be fiat or precious metal based.)
2. Your assertion that the economy MUST have Paper cash or it will collapse is false