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Author Topic: Analyst say bitcoin will Obsolete one day.  (Read 1791 times)
shafi alam
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June 16, 2018, 12:41:02 PM
 #1

The predictor says its useful,  its visible, but one day it will be obsolete. 
One thing I want to say people wants to says negatively.  this is a new technology, we can't appreciate new things.
 new link down below.

https://cointelegraph.com/news/geopolitical-analyst-believes-blockchain-will-become-obsolete/amp
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June 16, 2018, 01:05:42 PM
 #2

Let's clarify: He didn't say Bitcoin will be obsolete one day, he said blockchain technology will be. He also said that it will be on the basis that intelligence agencies will be able to decrypt it. Well, good luck with that I suppose.

I do think blockchain technology being obsolete is an inevitability though, but unlike Friedman, I think it's going to take a couple of lifetimes, and it's going to be because of a similar but superior technology being invented.

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June 16, 2018, 01:12:40 PM
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Let's clarify: He didn't say Bitcoin will be obsolete one day, he said blockchain technology will be. He also said that it will be on the basis that intelligence agencies will be able to decrypt it. Well, good luck with that I suppose.

I do think blockchain technology being obsolete is an inevitability though, but unlike Friedman, I think it's going to take a couple of lifetimes, and it's going to be because of a similar but superior technology being invented.

Wait for this technology to evolve fully first and then we can talk about the another intelligent technology getting developed with full scale mode. It took more than decade for the blockchain to reveal itself that too partially as we dont know what are the other ways of using it and how powerful it is in the first place. If this tech itself is having so much trouble around the world from getting acceptance in the first glance then how can anyone even think about the other tech to come alive.

I think this article means nothing to me at all as bitcoin will take different usage forms in the later times which we still dont know. We dont know whats the future of whole tech here, what responses it will receive from the regulations and much more things.

   

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June 16, 2018, 01:15:43 PM
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Let's clarify: He didn't say Bitcoin will be obsolete one day, he said blockchain technology will be. He also said that it will be on the basis that intelligence agencies will be able to decrypt it.
That is also the same as saying that all crypto that exists now will be obsolete one day because they all run using blockchain technology. Nevertheless, I don't see blockchain technology being obsolete soon, IMO there are a lot of things that can be improved from it before we move on into seeing a superior technology being invented. Also, It will also take time before intelligence agencies decrypt it because they would need to use a supercomputer that is capable of quantum computing.
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June 16, 2018, 01:16:02 PM
 #5

In 2012, there were lots of internet talks "Buy 1 ounce of silver. End the Fed". Then Silver fell to $9/ounce.

Bitcoin is also internet talks and has anti-government and bank-killer talks
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June 16, 2018, 01:20:55 PM
 #6

Don't trust these analysts because most of the time it's useless.
You should have your own judgment. Bitcoin and blockchain are inseparable, but blockchain has its unique value.

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June 16, 2018, 01:27:44 PM
 #7

no i don't think because bitcoin is a digital currency which is based on blockchain technology and blockchain technology is future technology and i don't see blockchain technology being obsolete
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June 16, 2018, 01:44:17 PM
 #8

To say that blockchein technology is obsolete, it is necessary to compare it with something new, more perfect. While this technology can not be compared with anything. So it's too early to talk about this. It is clear that with time, any technology is out of date and this will sooner or later happen with blocking technology. However, so far this technology is not being used at full strength. Therefore, for blockchein technology, it can be said that everything is still ahead.

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June 16, 2018, 01:51:38 PM
 #9

Analyst points out the glaringly obvious. Everything we know will be obsolete one day, that's how technology and revolution works. Most things only have a lifespan of a few generations at most.

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June 16, 2018, 01:53:35 PM
 #10

People will say whatever they like just to suit themselves and massage their ego, i don't see that happening because crypto is here to stay. Where were all these analysts when bitcoin was still at infancy stage? Now, they can just predict whatever they like
Insanerman
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June 16, 2018, 01:55:33 PM
 #11

Blockchain is in its infancy stage and Friedman claiming that this technology will become obsolete? There are lots of problems and issues regarding the said technology and it is looking for a more development that will resolve the current issues face by the users.
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June 16, 2018, 01:58:58 PM
 #12

Yes i could agree with the analyst and in my opinion the symptoms for this are actually happening nowadays. As we all know that there are too many smart traders and even develop a system that will automatically trade for you that will enable you to earn on it. And this is what happen if you can see the crypto market price volatility is so fast fluctuations are good but we could not get along as we could not always check market price every time like their system. People are getting greedy and this system will collapse and become obselete later on.
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June 16, 2018, 02:02:07 PM
 #13

Let's clarify: He didn't say Bitcoin will be obsolete one day, he said blockchain technology will be. He also said that it will be on the basis that intelligence agencies will be able to decrypt it. Well, good luck with that I suppose.

I do think blockchain technology being obsolete is an inevitability though, but unlike Friedman, I think it's going to take a couple of lifetimes, and it's going to be because of a similar but superior technology being invented.

Wait for this technology to evolve fully first and then we can talk about the another intelligent technology getting developed with full scale mode. It took more than decade for the blockchain to reveal itself that too partially as we dont know what are the other ways of using it and how powerful it is in the first place. If this tech itself is having so much trouble around the world from getting acceptance in the first glance then how can anyone even think about the other tech to come alive.

I did say it's going to take a couple of lifetimes though, as bolded above. Innovation is a given, and is meant to render past technology obsolete, so it should be perfectly reasonable to assume that something else will take its place in the far, far future. I'm not in any kind of hurry lol.

That is also the same as saying that all crypto that exists now will be obsolete one day because they all run using blockchain technology.

They're similar, but not the same. Bitcoin being obsolete (which is what the topic says) does not at all imply that the blockchain will be obsolete, but the blockchain being obsolete (which is what the article says) does imply that Bitcoin will be obsolete. The latter implies one thing, while the former says another thing entirely. Friedman, the person in question, doesn't even mention cryptocurrencies, so he's probably talking about the blockchain's potential application in different fields. This also explains the hype he mentions, considering the praise it receives from several high profile people.

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June 16, 2018, 02:08:17 PM
 #14

If what the 'analysts' say is true then surely crypto is doomed?  BTC is the gold of crypto, the grandfather of crypto etc and the coin which all alts run alongside with.

If this is the case, hopefully it will not be soon, but if this happens in the future then maybe the alts will be able to stand on their own. 
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June 16, 2018, 02:09:11 PM
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We have so many technology that have become obsolete. Before bitcoin or blockchain technology become obsolete it take up to two millennium. Do not disturb yourself over such analysis.

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June 16, 2018, 02:16:07 PM
 #16

The predictor says its useful,  its visible, but one day it will be obsolete. 
One thing I want to say people wants to says negatively.  this is a new technology, we can't appreciate new things.
 new link down below.

https://cointelegraph.com/news/geopolitical-analyst-believes-blockchain-will-become-obsolete/amp

I think at some point all technologies become obsolete as more advanced technologies come along later. However, we are seeing just the beginning of the cryptocurrency development. This technology is new and innovative and it hasn’t yet had mainstream adoption. I think it will be a hundred years before it becomes obsolete. Until then, it will gradually become more valuable.
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June 16, 2018, 02:19:10 PM
 #17

Bitcoin, blockchain, or any kind of technologies like the internet in general or mobile phones theoretically has a chance to be obsolete one day. As long as technology will move forward, a lot of technologies will be obsolete. The question is, when? It might take centuries(100+ yrs) or millenniums(1000+ yrs) to be obsolete.

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June 16, 2018, 02:41:30 PM
 #18

first of all the article says blockchain will become obsolete.
secondly this title says bitcoin will become obsolete
thirdly it says in 100 years

in short.. the cities at continent coast lines can become obsolete before blockchain

now in detail. the article mentions how encryption can become weak after 100 years. which is true. BUT what is not mentioned is that bitcoin and blockchain are not fixed to always us the same encryption for those 100 years.
instead of 256bit encryption things can move onto 1024bit or 2048bit encryption over 100 years.

with that said yes many may see bitcoin as myspace and current blockchain as analog 56k internet. but things evolve upgrade and get better.
at the moment yes the core devs have not done much to bitcoin and are instead adding features which are just trying to push people onto another network thats not blockchain based but does allow other cryptocurrencies to communicate together (LN) lets call LN simply paypal2.0 allowing many websites(crypto's) to advertise and markete themselves on one network.

and yes if btc's fee's/tx count limit(myspace membership/features) are not solved onchain(onsite), many people wont want to return and use myspace(btc) directly and instead prefer to use paypal2.0 and then move away to facebook/amazon/google(a new crypto)

but there will still be an evolution of the internet(blockchain) as a whole and many new cryptos(websites) will develop to meet peoples needs

i know many will argue and defend bitcoin until the sheep have been well fed. but unless the devs announce they will never do another consensus bypass mandatory bilateral split, and instead get back to the original consensus of decentralisation as oppose to distribution(DLT). then btc's risk to becoming 'myspace' is higher
and people will start to look for a replacement else where

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June 16, 2018, 04:43:53 PM
 #19

The analyst isn't wrong, but they forget important things such as :
1. We can improve bitcoin's security by increase current key size or move to more secure cryptography
2. Blockchain technology might be obsolete, but the idea of decentralized, distributed and immutable ledger will stay
3. If blockchain become obsolete or there's better alternate, any developer can suggest the changes with new BIP and if majority agree, then bitcoin won't become "obsolete" after the activation

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June 16, 2018, 04:50:41 PM
 #20

The predictor says its useful,  its visible, but one day it will be obsolete. 
One thing I want to say people wants to says negatively.  this is a new technology, we can't appreciate new things.
 new link down below.

https://cointelegraph.com/news/geopolitical-analyst-believes-blockchain-will-become-obsolete/amp

Bitcoin is one of the best cryptocurrency available in the Market.I don't know why people think in negative manner.You have to think in positive manner to succeed in life too.When the price of bitcoin reaches new peak,people start to sell the bitcoin.Use to buy at the lower price.

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