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Author Topic: Bitcoin Feasibility and it's future  (Read 1559 times)
Robotguy
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September 08, 2011, 08:36:37 PM
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 I recently have joined the Bitcoin community. I did what little research I could to try to understand how bitcoin works. I downloaded the bitcoin software and managed to buy some coins on a virtual exchange. After trying to transfer the coins to my address I kept looking in my software and there were no coins. After a little observation I noticed that the blocks were still updating on my software. How long will it take for my blocks to be fully caught up? Do I have to download all blocks since the beginning of bitcoin existence. What will happen to the poor chump in the future, oh let's say 2056, when e decides he want's to open a bitcoin account? Will that poor chump have to download all the blocks since the beginning of bitcoin existence? This is anoying for me, I'm sure it will be extremely frustrating for him. Perhaps someone has already taken this into consideration and has decided to modify the software so that only the previous 10,000 blocks are relevant, but you can't can you? This system is designed to float gently on the web and operate in all of our computers. We can't make the first blocks irrelevant because what if Bobby Bongo never traded the first bitcoin ever to exist? Those blocks are required for reference to confirm that if Bobby Bongo ever wished to spend his bitcoin he is indeed the owner of that bitcoin.
 I really do enjoy the concept of bitcoin, and I agree that every private individual has the right to spend their money as he or she pleases. Our traceable economy of credit cards and debit cards  and online banking comes in handy when you want to have evidence of purchases for warranty issues or to prove your bills have been paid. There are other times however when we prefer to use cash, for example we wish to tip a stripper, buy some drugs on the street corner, or just simply send little Tommy five dollars in his birthday card. I do believe the American dollar reads "for all debts public and private" I believe as much as the internet is a community it should enjoy some, if not all, of the luxuries of a living breathing community.
 
 The genisis block. Does the genesis block determine the outcome of bitcoin? Is bitcoin a monster that has been set on its way like a runaway train with no tracks? Can bitcoin be improved in any fashion to meet the demands of the public? So many questions.

 I hope it's all so much simpler than I think, I hope bitcoin enjoys a long and fruitful life.
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Dratt
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September 09, 2011, 12:17:25 AM
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Do I have to download all blocks since the beginning of bitcoin existence.
Yes.

What will happen to the poor chump in the future, oh let's say 2056, when e decides he want's to open a bitcoin account? Will that poor chump have to download all the blocks since the beginning of bitcoin existence?
Yes, but internet speeds will be much faster and there are optimizations that can be implemented that will make the block download faster. For example, the Android Wallet downloads the blockchain pretty fast.
Richard Rahl
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September 09, 2011, 12:38:41 AM
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I think the future is to use an online service, like a bank. Downloading the blockchains is really pointless for the individual user who wants to see their balance, send, and receive bitcoins. I understand that some people believe that takes the core fundamentals away from Bitcoins, but I really don't care about them. Facts are facts. John Q. Public doesn't want to wait 12-24hrs while blockchains download on his 1-6mbps connection.

Unfortunately, nobody really trustworthy with trustworthy security has been able to step up to the plate as far as I can see. As of right now, storing your coins on TH or MtGox or any other site is very unsafe and there are no safe alternatives.

I'm all about the homebrew, the Mom & Pop basement computer business and all..... unfortunately I don't trust either of those types with thousands of dollars of my money. Maybe when BTC receives more recognition and there is more money being pumped into and out of BTC, some major player will step up to the plate (who has insurance!).

Robotguy
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September 09, 2011, 12:53:20 AM
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I am still updating my blocks (5 hours after original post). I have a good internet connection (5mbps) and I am still updating my blocks. This is just the beginning. I am borderline angry, hell I am angry. What about por Joe schmuck in 2088? How long will it take poor Joe Schmuck to update his blocks? I'm already starting to hate bitcoin and it is a relatively new technology. Oohh conections speeds will be so much faster blah blah blah. What about Farley Mcgowan who can only afford a $200 laptop and a 1 mbps connection, shouldn't he be entitled to the same luxuries of bitcoin as the rest of us?

 I really really hope this can be resolved somehow. I wish I were more involved in the development of this idea.

 The idea of bitcoin is amazing. The method of bitcoin is burning my britches.

 Anybody, anybody?
Richard Rahl
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September 09, 2011, 12:55:22 AM
 #5

I am still updating my blocks (5 hours after original post). I have a good internet connection (5mbps) and I am still updating my blocks. This is just the beginning. I am borderline angry, hell I am angry. What about por Joe schmuck in 2088? How long will it take poor Joe Schmuck to update his blocks? I'm already starting to hate bitcoin and it is a relatively new technology. Oohh conections speeds will be so much faster blah blah blah. What about Farley Mcgowan who can only afford a $200 laptop and a 1 mbps connection, shouldn't he be entitled to the same luxuries of bitcoin as the rest of us?

 I really really hope this can be resolved somehow. I wish I were more involved in the development of this idea.

 The idea of bitcoin is amazing. The method of bitcoin is burning my britches.

 Anybody, anybody?

Like I said, if you just want to play around with a few bucks, you can just setup an account at MtGox or TH and you will have a wallet. No reason to have a wallet on your computer if you're just playing around with a few bucks you don't really care about. The wallets at MtGox or TradeHill work exactly the same.

Robotguy
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September 09, 2011, 01:37:04 AM
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You're not following me.... Junior.... I just started with bitcoin. I just downloaded the software. I just established an account with cavirtex (canadian virtual exchange). I have already purchased bitcoins. I have already transferred bitcoins to my wallet. I am waiting for my blocks to update so I can reach the block that conains my transaction. THIS IS 2011!! 2011!! 2011!! DID YOU CATCH ALL OF THAT?Huh DID YOU COMPREHEND THAT?? THIS IS 2011!! T H I S   I S   2 0 1 1. DO YOU SEE THE WORDS THAT ARE COMING OFF OF THE PAGE??? 2 0 1 1   The year is 2-0-1-1 Two thousand eleven. Why in the f#@% am I still waiting to see my bitcoins show up in my account?Huh?

 Again..,,, What will poor Joe Schmuck do in the year 2088  when it takes his bitcoin software 34 weeks to catch up to the existing blocks? Shush, STOP,.. THINK ABOUT IT!!! Lets please not forget that it takes longer and longer for us to produce blocks. Lets please not forget that it will take us longer and longer to receive said blocks. WOULD YOU PLEASE SHUT UP AND GIVE ME A SECOND TO FINISH!!! I like the idea of Bitcoin - hell, I love the idea of Bitcoin. LOVE  the IDEA Bitocin developers need to really focus on how this could change the online exchange as we know it. I know - -  I KNOW  - - the development is WWAAAYYY over my head, but the bottom line is I AM JOE SCHMUCK and THIS IS 2011!! 2011!! I am already sick of waiting and I have a decent computer and a decent connection.

Fuck it, I think I'm going to sell all of my bitcoins tommorow. This system can't uphold itself.
Richard Rahl
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September 09, 2011, 01:48:40 AM
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In the future, don't transfer your coins to your wallet on your computer if you have a problem with it....... of course by the time you get them out you will have the blockchains downloaded anyway. Good word of advice if you switch computers.

I believe I discussed what would happen to Joe Schmoe in the year 2088 with my first comment. You should have read it.

Robotguy
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September 09, 2011, 04:52:18 AM
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 You're still missing the point. Bitcoin is designed to run anonymously on everyone's computer. There is no central standard, there is no central processor. There will never be any central governing financial institution if bitcoin is to remain truly anonymous. What would be the benefit of a dollar bill if the banks knew who owned which serial number anybody owned at any given point? The idea of bitcoin rocks! The method of bitcoin sucks balls. My bitcoins have already dropped in value since I purchased them and my bitcoin wallet is still updating blocks. I still don't see bitcoins credited to my account. This sucks balls. This is my point. Who in their right frikin' mind would want to participate in such an inconvenient means of trade? I truly wish I had done my homework before getting involved in all of this. I have already recommended bitcoin to some of my friends, now I have to get in touch with them and hope the damage isn't already done. There will eventually be an online commerce that falls in the tracks of the oriinal bitcoin but bitcoin will die. If bitcoin is inconvenient for me now it will eventually be inconvenient for everyone. Block difficulty increases, tranaction times increase, convenience decreases. Simple. Bye Bye Bitcoin.
NothinG
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September 09, 2011, 05:07:04 AM
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You're still missing the point. Bitcoin is designed to run anonymously on everyone's computer. There is no central standard, there is no central processor. There will never be any central governing financial institution if bitcoin is to remain truly anonymous. What would be the benefit of a dollar bill if the banks knew who owned which serial number anybody owned at any given point? The idea of bitcoin rocks! The method of bitcoin sucks balls. My bitcoins have already dropped in value since I purchased them and my bitcoin wallet is still updating blocks. I still don't see bitcoins credited to my account. This sucks balls. This is my point. Who in their right frikin' mind would want to participate in such an inconvenient means of trade? I truly wish I had done my homework before getting involved in all of this. I have already recommended bitcoin to some of my friends, now I have to get in touch with them and hope the damage isn't already done. There will eventually be an online commerce that falls in the tracks of the oriinal bitcoin but bitcoin will die. If bitcoin is inconvenient for me now it will eventually be inconvenient for everyone. Block difficulty increases, tranaction times increase, convenience decreases. Simple. Bye Bye Bitcoin.
Bitcoin isn't anonymous...
It's possible for difficulty to decrease.
Transaction times are fairly instant (10-60min) depending on when the next block is found.
I find running a wallet for day-to-day use on a second computer keeps the blocks up-to-date.

Yes, it's simple. Smiley

Robotguy
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September 09, 2011, 06:41:12 AM
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You're apparently also missing the point. Who wants to run a second computer to keep up with blocks? You do for your love of bitcoin, but I Joe Schmuck do not. The point is convenience. Convenience convenience convenience convenience. Jumping through hoops is not convenient. I'll say it a thousand times "I love the idea of BITCOIN!" The idea. I want, for all intents and purposes, for bitcoin to work. The block created tomorrow will be more complex than the block created today. It's been almost ten hours since my original post and my bitcoin wallet is still trying to catch up to todays created blocks. I just started bitcoin, I just purchased bitcoins, I have already seen the value of my bitcoins drop, and I still cannot use my bitcoins. THIS IS NOT CONVENIENT! THIS IS 2011!! Once again I must direct your attention to MR. Joe Schmuck of 2088. MR. Joe Schmuck just bought a computer (2088) with a 2ghz processor, an ATI rage graphics card, and has a 5 megabit per second internet connection. For poor old MR. Joe Schmuck this is all he can afford. After the block difficulty has increased retardedly over the course of the following 77 years, poor old MR. Joe Schmuck will have to wait 34 weeks for his freshly downloaded Bitcoin software to catch up to his modern day transactions. INCONVENIENT!!! INCONVENIENT!!! INCONVENIENT!!! INCONVENIENT!!! INCONVENIENT!!! INCONVENIENT!!!INCONVENIENT!!! INCONVENIENT!!! INCONVENIENT!!!INCONVENIENT!!! INCONVENIENT!!! INCONVENIENT!!! How many times must I type it before you get it? Bitcoin will die. Hopefully the next e-money creator will take all of Bitcoin's failures into consideration. The concept of everybody contributing to the Bitcoin existance is fantastic. The idea of an anonymous online currency is ideal. Bitcoin has filled the gap that was much needed, but already in 2011 I am experiencing annoyances. It is annoying for me to have to wait two days plus for my bitcoin wallet to update. Sure I COULD use one of the many bitcoin account holders online to keep track of my bitcoins for me but that totally defeats the purpose of Bitcoin. As I explained earlier if every dollar bill were to be tracked by it's serial number eventually your wife would find out that you tucked it into Sally Stripper's G-string one night while you were out with the boys. I really hope you guys aren't senior business execs, because you're missing the blatantly obvious. CONVENIENCE!!
ghisttr
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September 09, 2011, 09:18:06 AM
 #11

http://www.youtube.com/watch?v=DRMBxnxWiNQ

Donate BTC (shameless whoring =p): 1MJseGxg7iPTC8mEVZfWbeAt4gTboxXvbp
NothinG
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September 09, 2011, 01:39:25 PM
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BitcoinJ only uses the latest blocks which is a bit faster.
If "Joe Schmoe" doesn't care about being 100% safe (at least for messing around, or while his blocks are downloading), he can setup an online wallet.
https://walletbit.com/
http://www.flexcoin.com/

iprivately
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September 09, 2011, 01:41:41 PM
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c:\program files\bitcoin\bitcoin -rescan
NothinG
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September 09, 2011, 01:43:01 PM
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c:\program files\bitcoin\bitcoin -rescan
He's saying for the first time, it takes too long to download the blocks.
So, I suggest he use a client (web-client) that already has all the blocks while he downloads the blocks on his PC.

trentzb
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September 09, 2011, 02:15:57 PM
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Did you turn on the UPNP option?
Richard Rahl
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September 09, 2011, 02:16:19 PM
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Exactly.

Robotguy
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September 09, 2011, 02:45:41 PM
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Thank-you NothinG. I feel as though I've been heard by someone. As for you other guys I'm only going to say it one more time and then I quit. Using another service or client to track my bitcoins for me sacarafices one of the key values of bitcoin,.. ANONYMITY. If you disagree with my statement then the only other statement I can make is this. Why in tarnation would I jump through fiery rings to own an online currency that offers no ANONYMITY when I could simply use my frikin credit card? Huh
Zncon
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September 09, 2011, 02:53:39 PM
 #18

I have a good nearly worthless internet connection (5mbps) and I am still updating my blocks.

There, fixed that for you.

5 mbit/s is no longer a good internet connection. For many ISPs that has become their lowest tier.

trentzb
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September 09, 2011, 02:55:22 PM
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Bitcoin is NOT anonymous regardless of whether you use an online wallet/service or the Bitcoin client itself. Whoever told you it was is misinformed themselves.
NothinG
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September 09, 2011, 02:59:11 PM
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The main feature about Bitcoins has over Credit Cards is massively lower fees (even 0 fees if you want, but will take a while to process) and not having the government involved.

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