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Author Topic: Your first reaction to the concept of Bitcoin?  (Read 1122 times)
tophattingson
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December 16, 2013, 11:21:01 PM
 #21

My first reaction was disapointment that it's main advocates are Libertarians and Anarcho-Capitalists. I feel that their loudness and dominance in the community is actually a small factor in why it wasn't adopted further. Ideologues certainly make me distrustful of concepts. I now don't see bitcoin itself as particuarly useful as a currency largely due to a long list of limitations that prevent widespread currency use in the daily lives of millions, but I have drafted some fixes for it based on equating coins per block to difficulty and throwing in a bit of moore's law.

The mathematics of it would be something I would be discussing were it not for this newbie time.

Limitations for those who haven't learned of them yet:

  • Excessive rewards to early adopters looks like a pump and dump (and some will accuse it of actually being a pump and dump)
  • Deflation rate is so large that spending effectively halts
  • Above two factors mean people are treating it as an investment, not a currency
  • The huge network currently existing can barely handle more than 10 transactions per second

There is of course more, but really these are the main issues between Bitcoin and becoming a widespread currency.
poewerden
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December 16, 2013, 11:26:21 PM
 #22

Bitcoin is great for micropayments and... that's all. It's too bad to be a global currency. Nobody would give their money to some stupid p2p network that can be downed by single bug in client. Real currencies require much more mindpower than entire *coin network to destabilize them.

What about stupid p2p torrents being here, and centralized megaupload taken down Huh

Decentralized p2p network will be always safer in my opinion
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