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

[JohnyBigs]

First of all Money is a means of exchange. Bitcoin has just as much value papermoney by itself. In only can attain value if it is a means of exchange.

The only thing that has real value is human labour and tangible assets.

Money is an agreed upon method of exchange to make trade easier.

You can trade in sticks or toenails if you want to.

A government can force you by law and under threat of violence and jailtime to trade in whatever they want you to trade it.

Bitcoin cant make fiat worthless. If a state imposed laws that restrict trade to a certain currency that it controls there is nothing you can do about it.

How are you going to to use bitcoin if government has imposed laws that restrict coorporations to trade in bitcoin?

Also inflation itself is not a bad thing, its an incentive for people to spend money and create economic prosperity.

What you see now is just a wealth transfer where insane amount of money are created by an elite and distributed and kept by a small number of the population.

If that money where to be seen increased wages inflation would be great.

Yea inflation is seen as bad by usually the uneducated and lazy. Ohh I actually have to learn skills and gain knowledge on how to properly keep my money growing, and not lose it's value. I have to invest? Instead they wan't the easy way out, which is Bitcoin.

I buy coins, keep for 20 years, sell at massive profit. No need to learn anything, Buy, hoard, sell. Deflation is good, because it makes me richer, they could care less about other people besides themselves.

Inflation is only bad when governments get out control with money printing, or when it is controlled by a small group of people to their advantage which it is. Things like Bitcoin are not bad because it allows poorer people to gain an economic advantage. It's only good on a limited scale, but if the whole world economy was based on deflation, it would be a total disaster everybody would hoard and work minimally and just become richer and richer, until they would all stop working.

I'm sure free markets would even themselves out, but inflation gives people an incentive to be productive as you mentioned above.

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[kireinaha]

This thread is a tribute to all the haters in modern history:

1.  The car is a fad.  Horses will never stop seeing use.
2.  Telephone?  that's a child's toy, it'll never become mainstreem.
3.  Television?  People will get tired of staring at a little box in their house.

Could go on forever.

This quote sounds kind of familiar. Just replace bitcoin with helicopter Much like the modern helicopter (which has a relatively narrow, but valid, range of utility in air travel) bitcoin will likely fill a role of some type as a store of value or remittance currency, but nowhere near what proponents want (or wish) for it.

Automobiles will start to decline almost as soon as the last shot is fired in World War II. The name of Igor Sikorsky will be as well known as Henry Ford's, for his helicopter will all but replace the horseless carriage as the new means of popular transportation. Instead of a car in every garage, there will be a helicopter.... These 'copters' will be so safe and will cost so little to produce that small models will be made for teenage youngsters. These tiny 'copters, when school lets out, will fill the sky as the bicycles of our youth filled the prewar roads.

-Harry Bruno, aviation publicist, 1943.

[Syke]

3. FLAWED ARCHITECTURE

Size

11 GB today.
100 GB 1.5 years from now
1 TB 3 years from now
10 TB 4.5 years from now
100 TB 6 years from now
1 PB 7.5 years from now
10 PB 9 years from now
100 PB 10.5 years from now

One flaw is your estimates of blockchain growth. The blockchain cannot grow exponentially like that. It can only grow 1 TB every 20 years!

[Bismarckbkk]

Yes bitcoin has no incentive to be spent. And people only buy it because they hope it will increase in value and alot of people appearently believe it will become the new world currency and they will become the equivalent to dollar millionaires/billionaires.


Thats called speculation. Thats what bitcoin is used for these days. A while back its primary use was actual as an currency to buy and sell black market goods.

It is great for that but is has no advantage for the white market in this Statist system.


If you want to protect your saved fiat money from inflation buy land/gold/livestock/guns because these things do have value.

[sisenor]

1. IT'S A DECENTRALIZED CURRENCY

Does this even require any explaining? Do you honestly think that the current financial system that controls Trillions of dollars in the current global economy, is going to give up their power to some guy Guatemala because he ran he's 1990's computer the first year of Bitcoin.

Let's all open up our history books and see when the 99% won against the 1%? Almost never, and even when they did “win” it was basically the 1% handing off power to another form, and still running it behind the scenes just to appease the people.

Even if they allowed Bitcoin to become successful, they will regulate it so heavily, that it will pretty  much lose any “benefits” that it had, (Europe is preparing to tax and regulate Bitcoin) and pretty much becomes centralized and just like anything else.

The current system will stay in power with centralized control, hence why they will create their own digital fiat currencies replacing their paper, to even gain more control.

Let's be optimistic.  Let's say a distributed ledger like Bitcoin allows for a true global democracy and a way to usurp our current corruption!  Underdog story to end all underdog stories.

2. CENTRALIZED MAIN DEVELOPMENT

Basically the “official” releases come from the Bitcoin Foundation. The development is pretty much centralized. Even if people fix everything wrong with Bitcoin, the foundation makes the final decision on what to include in it's next version on it's own priorities. This is basically all run by “Gavin” who caused Satoshi to disappear after he decided to meet with the CIA. The same guy who has not addressed any of the issues going to be discussed below for the whole time he has been in control. Whether by accident or on purpose is not the point. The point is the main trusted Bitcoin client is controlled by one entity, and everything they say, do, or don't do goes.

Let's not get all paranoid.  Open source fork and pull...of course somebody's gotta do some work on it.  Gavin et al are astute and have Bitcoin's best interest at heart.

3. FLAWED ARCHITECTURE

Size

11 GB today.
100 GB 1.5 years from now
1 TB 3 years from now
10 TB 4.5 years from now
100 TB 6 years from now
1 PB 7.5 years from now
10 PB 9 years from now
100 PB 10.5 years from now

You think average people will store a 100TB worth of data? No. The solution cut the blockchain into pieces and store the whole blockchain only on specialized nodes, kind of defeats the purpose of decentralized than doesn’t it?

Your breakdown is flawed.  And also the "average" person doesn't run a full node.  If any pruning has to take place, it's not going to centralize Bitcoin.


Double Spends

Double spends are already occurring, and have occurred since over 1.5 years ago, and it will only get worst as time goes on, and bigger merchants and higher ticket items come online the then you will really see the “bad pool operators” start to take advantage of this.

Nobody is going to double spend on a cup of coffee, nobody is going to commit fraud for small amounts, well at least not in person, but they will for big ticket items.

This doesn't have potential to be an endemic problem.

Slow Speed

Waiting for a transaction to fully confirm, is not feasible for day to day transactions. Yes let's hear the Credit Cards take 180 day confirms. One no they don't they confirm instantly, the money is just on hold for 90-180 days if the merchant sells a crappy product and refuses to honor warranty or remedy the issue. If it's fraud, say someone uses someone else card to buy something, the money does not come out of the merchants account, the credit card company takes the hit. Secondly, most important the buyer pays and gets his goods immediately, unlike Bitcoin where they have to wait for a few confirmations to be sure.

Built-in escrow.  Insurance services.


Un-Scalable

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.

What exactly do you mean?  Are you talking about the blocksize?

51% Attacks

51% attacks which don't have to be 51% of the network, as they can do it with far less hashpower, such as ghash.io 29% the two biggest pools combined make up over 51% of the network and can literally destroy Bitcoin at any second. It doesn't even need to be the pool operators, it can be hackers who take over the pools.

Why would they want to destroy Bitcoin?

Unstable Exchange Rate

It can never be used as a sole currency to replace all other fiat currencies. Why? Because it's price is unstable. It must always rely on another fiat currency to have any sort of monetary use, no merchant is going to transact when the price of the currency fluctuates 50-200% a day. The only way to stop this is to have actual control of the currency and adjust creation.

Come one man, really?  It will eventually stabilize and you won't need to think about it in terms of Dollars

4. NO BENEFIT OVER FIAT

With everything mentioned above it shows that Bitcoin has no real advantage over fiat for 99% of the people in the world. You can't pay your bills or general living expenses in it, can't buy much with it. It's slow, not consumer friendly, as once a payment is sent there is no charge back method. Guess what 90% of the world are consumers not merchants. If Bitcoin doesn't appeal to the regular consumer who buys goods from merchants it will never succeed. Even if it succeeds it's doomed by it's very architecture which can't handle the success.

The only use it has, is sending small internationally pretty quickly, which then again gets converted to fiat for people to actually use. What market is there for small international payments 5-10% of the world?

No entity would trust high sums of money to be transferred with Bitcoin with all of it's flaws. Want to know how right I am and how wrong you are? Bitcoin has about 3 million users in a 5 year period. Facebook in that same time had what? 600M-1 Billion users.

Not to mention by the time, I have opened 10 accounts just to buy and convert Bitcoin, I could have swiped my credit/debit card 1000 times.

These arguments are so near-sighted.   Can you just give it a few years?

5. CONCLUSION

Even if Bitcoin or another crypto currency fixes all of these issues, they are still doomed to fail because of reason #1. Let's please remember that Bitcoin is Constitutionally-protected.  It's a commodity exchange mechanism based on a decentralized proof of work public ledger.  We have as much right as anyone to make private market.  What if people didn't preclude even more egregious violations of our civil rights?

With zero advantages and quite a few disadvantages over fiat, centralized incompetent development, and inhert flaws Bitcoin is doomed. So next time you get excited about Bitcoin growing, and can't wait for it's mass adaption, just know it's own growth is another nail in it's coffin. Bitcoin is digging it's own grave.


Before all the geniuses on this forum come and give your wonderful flawed opinions, and say how wonderful it is, and it's going places, and I am wrong, and Gavin will fix everything, and Bitcoin will take over the world as a currency and payment system. Please refer below to get a reality check:

Bitcoin users in 5 years: 3 Million

It's still new bud

[nate008]

Such a flawed reasoning.
So you expect the blockchain to grow exponential but you also expect the bitcoin user base to grow to just 3 millions in 5 years.

[henryreardon]

Excerpts from Bitcoin Revolution: Ending Tyranny for Fun & Profit below.  (BTW if the author wants me to delete this post I will readily comply.)

The first thing to understand about governments is that they grow by stealing the wealth of their citizens. Without money to pay for bureaucrats, police, spying agencies, tax collectors, military machines of aggression, and propaganda like the mainstream media and the education system, the government would pose little threat to the freedom and prosperity of its citizens. So, assuming you believe the growth of government is the cause of the increasing poverty, unemployment, and misery that we see around the world today, you must ask, “What is the best way to reduce the size of government?” Well, it seems to me that there are 2 possible solutions.

You can try politically to reduce the size of the government. That is, elect politicians who will reduce the size of the government, or

You can stop funding your government and starve it of the wealth that it so greedily steals from you. The first option is surely the most desirable… if it is achievable. But, that is a big “if” in today’s society that is already so far gone. By “so far gone,” I mean that the education system, media outlets, and the general population are so enamored with big governments that only a “punch in the face” blow like an economic collapse will wake people up to the dangers of big governments.

if you want to know where the US and the rest of Europe will be in a few years, just look at Greece and Spain. Every week, millions of people march in the streets, protesting what the Euro technocrats are doing to them. Every week, the police come out with batons, water canons, pepper spray, and rubber bullets and beat the crap out of people. It never even enters the heads of the politicians to help the citizens they represent and give into their requests.

Exactly the same thing will happen to the rest of Europe and in the U.S. in the next few years. Once a ruling class has amassed that much wealth and power, there is simply no way that they are willing to give it up. Citizens can petition their governments all they like; they can protest, hold strikes, throw Molotov Cocktails, and anything else, but the ruling class will never give up their power voluntarily. It did not work for Soviet citizens. It did not work for Chinese citizens. It did not work for the Argentineans, the Cubans, the North Koreans, or anyone else who was unfortunate enough to allow the ruling class to become that powerful. Almost without exception, there are only two things that cause the ruling class to lose their power:

1) Force; or
2) Bankruptcy

Both are colossal disasters for the citizens. In the case of force, the cost in blood and life of waging war against a modern army and police force will be horrific. (Think Tiananmen Square massacre, times a million .) Also, think of what is happening in Greece and Spain at the present moment.

Still, the people of Greece and Spain are nowhere near winning the battle. If the people of America and Europe were to win via violence and protesting, it would be at a cost of tens, if not hundreds of millions, of civilian lives. A truly tragic set of events that could very likely happen.

So, what about bankruptcy ? Governments are experts at bankrupting themselves; we’ve seen throughout history that they all do it eventually. The problem is usually that they bankrupt the citizens first. Once a government has run up significant debt, they eventually turn to their citizens and take whatever they have left. They raid pension accounts, bank accounts, and investing pools. They nationalize real estate, businesses, gold and silver, food, energy, telecommunications , and means of production. They call it taxes, levies, contributions, buy backs and bailouts, but it all amounts to the same thing: Theft. In addition , they also have the biggest theft of all up their sleeves: the ability to inflate the money supply. Eventually, every bankrupt nation resorts to turning on the printing presses to pay interest on the massive debt they have accumulated. That process escalates more and more until every piece of fiat currency is worthless.

Bankrupt governments are replaced only after the citizens have lost their life savings and suffer greatly. Even at this point, some governments manage to stay in power. The sad thing is bloodshed is nearly always required. The cost to the average citizen on the street is atrocious. The hunger, poverty, corruption, and gang violence that follow a government overthrow is truly horrific. Bitcoin potentially offers a new alternative by allowing citizenry to create an economy beyond the reach of the government theft. Their wealth cannot be stolen through inflation , their bank accounts cannot be raided, and their retirement accounts are safe from bureaucratic hands. In fact, as the people flee the national fiat currencies, it is the private Bitcoin owners and business that will flourish. It is the entrepreneurs and employees in the Bitcoin community that, having successfully built a resilient economy, will see the masses flood toward it. It will be the Bitcoin community, if it can grow fast enough, that will be there to save the world, when the western economic world collapses in a debt riddled heap. That is why I say that transferring a portion of your wealth to Bitcoin and using it to pay for goods and services is the most patriotic thing you can do. While Bitcoin is building an alternative, functioning economy, it is also doing something very powerful. Something that people so often fail to learn during a collapse: more tyranny. Even after all of that suffering in the transfer from a failed government to a new government, people frequently just choose a slightly different form of tyranny. All too often, the country slips straight back into totalitarianism of a slightly different form, until the new system corrupts completely and the process repeats itself. The key to lasting worldwide peace and prosperity is a limited government. Until a mechanism can be found to limit the government, the government is sure to grow and grow and continue to cause the suffering we see across the world today.

So, can Bitcoin be that mechanism to limit the growth of government? That may be hard to say, but it is showing some very promising signs. At the very least, it will remove the possibility of that most insidious practice of money printing from ever occurring again. That is a huge step forward. That alone will severely hamstring the government from growing. The next way to restrict government is to reduce its ability to steal your wealth. To understand why, it is important to understand that the government embodies violence. All of its power comes from its ability to force, at the point of a gun, the dictates of its leaders. If you did not know full well that men with guns would come and throw you in prison for not paying your taxes, then you probably wouldn’t pay them. Every law, rule, or guideline is enforced through violence or the threat there of. It all comes down to force and violence. And, if force and violence is wrong, how do people take power back from their government when that government is wrong? Bitcoin provides a peaceful, non-violent answer to this problem because Bitcoin is not susceptible to violence.

As we have discussed in previous sections, and as the black marketers of Silk Road prove, Bitcoin is extremely resilient to violence. You can shoot at, beat, and kick a math equation all you like, and it does not respond. There is no way to storm the Bitcoin depository and confiscate it, or make Bitcoin worthless through inflation. It is anonymous and underground. Each and every one of us can move a portion of our transactions each month to Bitcoin. Each one of us can slowly but surely reduce our use of fiat currency and increase our use of Bitcoin. Each one of us can, little by little, eliminate the government’s ability to steal our money through inflation, by not using their money. The government requires those funds to be the insurmountable force of destruction that it is. The police officers beating their citizens in Spain and Greece are cowards, doing it to protect their own jobs and income.

They don’t care about the thieves in suits they protect, and they don’t care about the people they are beating. Take away the state’s ability to pay for the thugs, and the thugs go away. So, Bitcoin has the potential to be both the mechanism to limit the growth of government and provide a prospering functioning economy. The best part is we don’t have to convince 51% of the world to vote this in. One at a time, without seeking anyone’s permission, people can opt out of funding the over reaching government without destroying their own prosperity. And, they can do this without destroying the economy or the prosperity of their fellow man. This is huge. Never before in human history has man had this opportunity. For Atlas shrugged fans, the Bitcoin community is Galt’s Gulch, Mulligan Valley, or Atlantis.

When the fiat currencies collapse, imagine if society just got up, dusted off its knees, and the economy continued to thrive by ignoring the government, politicians, and their silly solutions of a world-wide fiat currency. Just think of that possibility. Take a second and just opt out of the government; ask the question, “Who is John Galt?” Whether or not Bitcoin really does become the mechanism to limit the government by taking away its ability to inflate the money supply remains to be seen. However, one thing is certain. Bitcoin will reduce the revenue of governments, and attempts to police the Bitcoin community will create a massive for the government. In either situation, the government will be reduced. So what if this idea takes? What if the Libertarian or small government community takes hold of this idea? What if Ron Paul fans stop campaigning for Ron Paul and start campaigning for Bitcoin? What if they wave signs for Bitcoin instead of Ron Paul? What if they go door-to-door knocking not for Ron Paul but to businesses, saying, “Who ever accepts Bitcoin will get their business?” What if spokespeople start touring your country giving pep rallies for Bitcoin? Just how fast could this grow? In my opinion: Very, very fast.

So, what do you think ? Will Bitcoin explode over the next 5 years with a flurry of people making fortunes fighting for freedom? Will the hard crash landing of the fiat currency collapse be softened by the Bitcoin economy taking its place? Is Bitcoin a reasonable solution to limit the size and power of the government? Is it a reasonable solution to creating prosperity? Would a reduced state bring about more peace and less war? This book is a call to action to people who believe the answer is yes to those questions. Your fellow citizen will need your help to keep goods and services flowing when the banking system collapses. Think of those poor people suffering in Greece and Spain right now. Youth unemployment is over 50% in both of those countries. Poverty and hunger are rampant. The same thing is headed to where you live. The most valuable contribution you can make to your community right now is to build an economy outside of the reach of your government.

[BitBeat]

Unless small people get an incentive to exchange fiat int btc and spend it on something they want bitcoin is going nowhere.

Think of it as shares of a great payment system.
Only right now you have HUGE shareholders holding like 70-80% that are not using their own service. Speculators made them rich But speculators are not using it to buy anything as well.
Whales could get bored and decide to cash in their huge gains and retire.
That would bring the marked down and introduce a huge drop that would cause millions of small time, real bitcoin user to loose their purchasing power and loose the trust into the payment system for good.

Speculators are betting on market but they are a huge factor as well in this.

The thing is we don't need huge market cap to make bitcoin work. We just need to make it circulate.
If the market cap i HUGE in comparison to coins spend on daily goods and services. That means that hoarders could tank the market.

To bet on the fact that dollar is overvalued is OK, but don't bet on Bitcoin to skyrocket if the US government decides to invent something newer-digital to replace it to hide the fact that it is debased so much. I mean it will in USD/BTC but the purchasing power will not.

IMO it would be best if the whales dumped now. Sure value would go down, but that would be great cause there would be no more such risk of huge price drops, cause millions of merchants and small consumers would buy it cheap.

Prices would rise and merchants would have some capital gains to reinvest in incentives for buyers to buy with bitcoin.
And we would be ready to start using in in massive proportions.

[Bitcoinpro]

How can u be a Senior Member with activity of 224 and post such bullshit?

Embarrassing.

cause he went full retard 

[nate008]

Unless small people get an incentive to exchange fiat int btc and spend it on something they want bitcoin is going nowhere.

Think of it as shares of a great payment system.
Only right now you have HUGE shareholders holding like 70-80% that are not using their own service. Speculators made them rich But speculators are not using it to buy anything as well.
Whales could get bored and decide to cash in their huge gains and retire.
That would bring the marked down and introduce a huge drop that would cause millions of small time, real bitcoin user to loose their purchasing power and loose the trust into the payment system for good.

Speculators are betting on market but they are a huge factor as well in this.

The thing is we don't need huge market cap to make bitcoin work. We just need to make it circulate.
If the market cap i HUGE in comparison to coins spend on daily goods and services. That means that hoarders could tank the market.

To bet on the fact that dollar is overvalued is OK, but don't bet on Bitcoin to skyrocket if the US government decides to invent something newer-digital to replace it to hide the fact that it is debased so much. I mean it will in USD/BTC but the purchasing power will not.

IMO it would be best if the whales dumped now. Sure value would go down, but that would be great cause there would be no more such risk of huge price drops, cause millions of merchants and small consumers would buy it cheap.

Prices would rise and merchants would have some capital gains to reinvest in incentives for buyers to buy with bitcoin.
And we would be ready to start using in in massive proportions.

Decide what you have in your scenario , cause it starts without small people entering the system and because of that it ends with millions of users losing purchasing power.

[Bitcoinpro]

Unless small people get an incentive to exchange fiat int btc and spend it on something they want bitcoin is going nowhere.

Think of it as shares of a great payment system.
Only right now you have HUGE shareholders holding like 70-80% that are not using their own service. Speculators made them rich But speculators are not using it to buy anything as well.
Whales could get bored and decide to cash in their huge gains and retire.
That would bring the marked down and introduce a huge drop that would cause millions of small time, real bitcoin user to loose their purchasing power and loose the trust into the payment system for good.

Speculators are betting on market but they are a huge factor as well in this.

The thing is we don't need huge market cap to make bitcoin work. We just need to make it circulate.
If the market cap i HUGE in comparison to coins spend on daily goods and services. That means that hoarders could tank the market.

To bet on the fact that dollar is overvalued is OK, but don't bet on Bitcoin to skyrocket if the US government decides to invent something newer-digital to replace it to hide the fact that it is debased so much. I mean it will in USD/BTC but the purchasing power will not.

IMO it would be best if the whales dumped now. Sure value would go down, but that would be great cause there would be no more such risk of huge price drops, cause millions of merchants and small consumers would buy it cheap.

Prices would rise and merchants would have some capital gains to reinvest in incentives for buyers to buy with bitcoin.
And we would be ready to start using in in massive proportions.

the price dosn't need to drop it needs to go to the moon, and their needs to be a tonne more digits added on the end too, 1 satoshi is gotta be worth more than a Zimbabwe dollar i rekon, so their needs to be lower denominations otherwise such countries cannot effective factor it in, that being said i just kinda wrote that last bit on the fly

[danger89]

3. FLAWED ARCHITECTURE

Size

11 GB today.
100 GB 1.5 years from now
1 TB 3 years from now
10 TB 4.5 years from now
100 TB 6 years from now
1 PB 7.5 years from now
10 PB 9 years from now
100 PB 10.5 years from now

One flaw is your estimates of blockchain growth. The blockchain cannot grow exponentially like that. It can only grow 1 TB every 20 years!

I believe the Hero Member +1

[RodeoX]

Huh Some of the reasons why bitcoin will fail are the very same reasons I use it.

[hdbuck]

 

Also, their press is positive, Apple was like it's the best thing since the wheel. Facebook was like, it's so amazing I can talk to all my friends everybody get on facebook.

It took decades and almost bankrupcy for Apple to achieve their "dominant" position and compete with Microsoft... and not even 1% of the population had computers by the end the 70s so lets just all chill down and enjoy the ride of this new and quite revolutionary technology, whether doomed or successful we won't find out until its too late anyway  

[Interized]

Huh Some of the reasons why bitcoin will fail are the very same reasons I use it.

Just let his thread die, he works very hard to keep this bs alive, he presents nothing new and everything is based on his bs/assumptions.

[taltamir]

So, I have seen all the OP's points refuted except for 2.

1. Tyrant hostility & centralization because tyrants hate to lose power (he titled it "decentralized currency"). The history of seizures and shutdowns of companies like egold is proof of their willingness to do so. The way the EU is centralizing their power over bitcoin is also very worrying.

2. 51% attack. The latter is especially worrying with the fact ASICs have ruined the decentralized nature of the currency. What is to stop the NSA from threatening the people in butterfly labs into stopping public production and manufacturing just for them until they have enough? Or heck, just have armed blue clad thugs seize the factories, blueprints, and all existing unsold product. OR just commissioning boing and some other military contractor to manufacture a ton of ASICs for them?

Honestly I don't understand why everyone didn't abandon bitcoin for litecoin already when ASIC problem became an issue

[Catswold]

The first question anyone should be asking is, why is a guy who doesn't believe in bitcoins, thinks that they are a useless commodity, and is convinced that ultimately they will fail, posting his unsolicited opinion on a forum dedicated to the advancement of bitcoins, the desimination of information about bitcoins, and how to become part of the bitcoin community?

It's called trolling--no matter how long he's been on the forum--it's trolling.

[zhinkk]

Instead of just calling him a troll why don't we try to debate some of his points? That's how discussion works.

[Lauda]

Ignorant and annoying as always.

[tclo]

Yes #1 is the biggest one...when the USA, EU, and China, India, etc, ban the use of BTC and make it a felony, then usage will die off really quick.  If they can make homosexuality illegal in some of these countries, they can certainly make bitcoin illegal.