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

[JohnyBigs]

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.

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.

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?

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.

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.

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.

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.

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.

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.

5. CONCLUSION

Even if Bitcoin or another crypto currency fixes all of these issues, they are still doomed to fail because of reason #1.

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

[Michael Robinson]

*yawn*

[Melbustus]

Every one of those tired points has easy counters. Search the forum, dude.

[JohnyBigs]

Every one of those tired points has easy counters. Search the forum, dude.

Yes so easy that's why all the solutions exist in the Bitcoin ecosystem today, right? Please explain to me how your going to counter point #1, you in your boxers vs. Trillion dollar governments and world economies?

The genius on this forum is astounding.

[dewdeded]

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

Embarrassing.

[JohnyBigs]

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

Embarrassing.

Why is it bullshit? Because it attacks your precious feeble coin? Does the truth hurt you? Does it make you cry?

[jackmackg]

If your board go play some video games.

[tropicalmonsoon]

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

[JohnyBigs]

If your board go play some video games.

Should I play some Board Games?

[JohnyBigs]

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

refer Stefan to:

Bitcoin users in 5 years: 3 Million

[jackmackg]

If your board go play some video games.

Should I play some Board Games?

Yeah some Bored games.

[bitcoinpsftp]

I am not quite sure, but I believe OP is one of the people that sold his BTC at 50, and has been fuming ever since.  Bitcoin will not fail, just as rare (unique) items in video games don't fail.  Look at runescape economy, partyhats (worthless, no intrinsic value) are over 1kUSD each.  Why?  Because they can't be produced.

[dorcorax]

Actually I was wondering, what if some beneficiary of current system buys all BTC and destroys his hard drive? Wouldn't it mean that BTC is lost?

[Peter R]

Harro,

Please un-noobify me I have been involved with bitcoin for 2 years and know many things about it!! THANKSSS

JohnyBigs (original poster), I understand that you've been involved with bitcoin for a long time, and perhaps you are upset by selling your coins too early.  But don't you see: you can still be an early adopter.  And with your experience, you probably have a lot to offer to help us advance this game-changing technology.  

Bitcoin gives everyone a second chance.  

[JohnyBigs]

Actually I was wondering, what if some beneficiary of current system buys all BTC and destroys his hard drive? Wouldn't it mean that BTC is lost?

They can't currently do that as all the coins have never been made yet, but if someone theoretically did that then yes they would all be destroyed.

[bitcoinpsftp]

Actually I was wondering, what if some beneficiary of current system buys all BTC and destroys his hard drive? Wouldn't it mean that BTC is lost?

They can't currently do that as all the coins have never been made yet, but if someone theoretically did that then yes they would all be destroyed.

Yes, but realise, the more coins he buys, the more they will cost.  I dont think anyone would have enough money to buy them all.  Every other coin would cost more and more.  Maybe though, after long periods of buying/selling, he'd eventually get them all.  But there would still remain 2-3 bitcoins out there.  And those could always be segregated in many pieces.  Their price would skyrocket.

[JohnyBigs]

Harro,

Please un-noobify me I have been involved with bitcoin for 2 years and know many things about it!! THANKSSS

JohnyBigs (original poster), I understand that you've been involved with bitcoin for a long time, and perhaps you are upset by selling your coins too early.  But don't you see: you can still be an early adopter.  And with your experience, you probably have a lot to offer to help us advance this game-changing technology.  

Bitcoin gives everyone a second chance.  

Peter I see that you cannot make any arguments against the posting, so you do the typical I can't argue with what you said, so I will attack your character.

It's the typical Bitcoiner elitist complex. There's still time for you to come back to the rest of the 99% which I thought the movement Bitcoin was about, I guess it's still the same scum 1%

[jbreher]

Yes so easy that's why all the solutions exist in the Bitcoin ecosystem today, right? Please explain to me how your going to counter point #1, you in your boxers vs. Trillion dollar governments and world economies?

I can't even tell what point #1 _is_. Perhaps you might explain how the fact that 'big guys willing to use violence to stay in power' leads directly to 'bitcoin is doomed to fail'.

[bitcoinpsftp]

Yes so easy that's why all the solutions exist in the Bitcoin ecosystem today, right? Please explain to me how your going to counter point #1, you in your boxers vs. Trillion dollar governments and world economies?

I can't even tell what point #1 _is_. Perhaps you might explain how the fact that 'big guys willing to use violence to stay in power' leads directly to 'bitcoin is doomed to fail'.

The guy is pulling at strings.  While this essay of his sure has an impressive word count, if he was to turn it into my literature class back in high school, he'd get a B- at best, for effort.

[JohnyBigs]

Yes so easy that's why all the solutions exist in the Bitcoin ecosystem today, right? Please explain to me how your going to counter point #1, you in your boxers vs. Trillion dollar governments and world economies?

I can't even tell what point #1 _is_. Perhaps you might explain how the fact that 'big guys willing to use violence to stay in power' leads directly to 'bitcoin is doomed to fail'.

If you can't understand point #1 you shouldn't even be in this thread lol, no offense, but if your serious, I don't know what to tell you.

Point #1 is the 1% will not give up their power and control to the 99% how hard is that to understand?