Bitcoin is A joke and will never last.

[zolace]

Actually btc is treated like a product by the US government, isnt that ironic?

[apsvinet]

I dont know if its bitcoin or other but the world is just moving paper money will sometime stop existing due to the computers fast growing.Imagine if 30 years ago could we imagine what internet has done to commerce and communication science and news...
hope its bitcoin because am mining it

I doubt it will ever be BTC that goes mainstream. But it'll definitely have a value. But another crypto currency will probably be the future. Bitcoin has too much shitty reputation in mainstream media, connected to weapon trade, drug trade, contract killers etc. Also the mainstream community is slow, this will take many many years.

[bananahunter67]

Wow, are you living in fantasy world OP? Your arguments sound stupid i'm sorry..

I am not that sure. Recently I started thinking about them and it is tue that you will never be able to go the supermarket and buy a bubble gum and wait 30 minutes for 3 confirmations. I would imagine bitcoin will hold its value in future to some reasonable point and being the first cryptocurrency but it is true some other currency will replace it, at least, with faster speed.

[zolace]

They said Dogecoin was a joke and it would never last, they said the same about facebook.  Never make judgement without being open minded for the possibilites, no absolution.

[cambda]

Bitcoin has too much shitty reputation in mainstream media, connected to weapon trade, drug trade, contract killers etc.

Mainstream media are not objective, cash is used here much more often  

[RodeoX]

Wow, are you living in fantasy world OP? Your arguments sound stupid i'm sorry..

I am not that sure. Recently I started thinking about them and it is tue that you will never be able to go the supermarket and buy a bubble gum and wait 30 minutes for 3 confirmations. I would imagine bitcoin will hold its value in future to some reasonable point and being the first cryptocurrency but it is true some other currency will replace it, at least, with faster speed.

The flaw I see in that argument is that it does not take into account the additional layers that will evolve on top of the bitcoin protocol. For example, when you buy a pack of bubble gum at the supermarket and use your credit card or a check the same risk emerges. The card could be bogus, it could be stolen, the check could bounce, the buyer could dispute the sale, etc. Their is no way to really confirm that you can pay for that gum. But the card issuer or bank uses it's internal systems and hedges with insurance to allow the sale. Later they sort it out and eventually the store gets it's money.
Bitcoin begins confirming in 10mins. And even after 1 confirmation it is safe to consider it a done deal on small purchases. It is not cost effective  to summon a huge array of supercomputers to create a fake block so that the bad actor can steal a pack of gum. If you were selling a house then you may want to wait for a full 6 confirmations, but what is an hour when buying a house?
Retailers I have talked with love that bitcoin is so fast. A credit card transaction or a check may look fast from the perspective of the buyer, but for the seller it is the first step in getting their money. When a bitcoin transaction goes through, the seller has the money in minutes and the whole thing is over with no risk of charge-backs or fraud.  

[proudhon]

Sometimes when people ask me to tell them a joke I just say, "bitcoin", and we all have a good laugh.

[bbeagle]

Sometimes when people ask me to tell them a joke I just say, "bitcoin", and we all have a good laugh.

Q: Why is there no gold at the end of the rainbow?
A: The leprechaun took it and traded it for bitcoins!

Q: What is the difference between a bitcoin and a US Dollar?
A: A bitcoin is worth 500 US Dollars!

[MICRO]

Sometimes when people ask me to tell them a joke I just say, "bitcoin", and we all have a good laugh.

Q: Why is there no gold at the end of the rainbow?
A: The leprechaun took it and traded it for bitcoins!

Q: What is the difference between a bitcoin and a US Dollar?
A: A bitcoin is worth 500 US Dollars!

Its actually 461$ atm . Bitcoin is to good to fail. We will see in the future.

[Peter R]

Wow, are you living in fantasy world OP? Your arguments sound stupid i'm sorry..

I am not that sure. Recently I started thinking about them and it is tue that you will never be able to go the supermarket and buy a bubble gum and wait 30 minutes for 3 confirmations. I would imagine bitcoin will hold its value in future to some reasonable point and being the first cryptocurrency but it is true some other currency will replace it, at least, with faster speed.

Zero-confirm transactions are often faster than credit and debit card purchases, and in many use cases have lower expected losses due to fraud as well.  

Right now the network is quite well behaved it is difficult to successfully double-spend a zero-confirm (instant) transaction.  I would accept up to $3000 of value in a face-to-face zero-confirm transaction, and probably up to $400 remotely.  For larger values, I would wait for 1 to several confirmations, depending on the values involved.  

We don't yet know how the network will behave in the future.  We do know however, that the bitcoin economy will suffer aggregate losses due to zero-confirm fraud no greater than:

       (% losses on zero confirm TXs) <=
  (weighted % of TXs where double spending is attempted) x (% of hash power that accepts out-of-band double-spends for a fee)

If we assume that 10% of the hash power is willingly complicit in facilitating zero-confirm double-spending, and consumers in aggregate attempt to double spend 2% of all transactions, then we would expect losses no greater than (0.1) x (0.02) = 0.2%.  This would be already much better than the losses due to Visa, MasterCard or PayPal fraud.  For 1+ confirms, the losses due to double spending would be almost non-existant.  

Lastly, any merchant is free to require 1, 2, 3 + confirms if the expected losses are too high.


Here is a discussion on what it actually takes to successfully double-spend in a brick and mortar store:

https://bitcointalk.org/index.php?topic=549141.msg5977547#msg5977547

And here is a discussion on the ethics of bitcoin mining as applied to zero-confirm fraud:

https://bitcointalk.org/index.php?topic=502571.0

[bbeagle]

For example, when you buy a pack of bubble gum at the supermarket and use your credit card or a check the same risk emerges. The card could be bogus, it could be stolen, the check could bounce, the buyer could dispute the sale, etc. Their is no way to really confirm that you can pay for that gum.

That's not how it works.

If you buy a pack of bubble gum at the supermarket, Visa/Mastercard GUARANTEE to give the merchant the money. That's one reason the merchant pays Visa/Mastercard 2-3%. Visa/Mastercard then take any risks like the card is stolen. If the card was stolen, Visa/Mastercard STILL pays the merchant, it's just them that are out the money.

A check, on the other hand, is more like bitcoin. The merchant takes the risk. The merchant deposits the check and after a few days (maybe as long as 5) it clears and is valid. Which is why merchants usually require ID when taking checks, so they can either track the person down to get the money, or to put their name and picture up at the store to warn to not allow this person to buy at the store.

Should bitcoin transactions work like checks, where the merchants get the ID from the bitcoin users? Or will there be a middleman like Visa/Mastercard that will guarantee the transactions, but charge a fee?

[Peter R]

For example, when you buy a pack of bubble gum at the supermarket and use your credit card or a check the same risk emerges. The card could be bogus, it could be stolen, the check could bounce, the buyer could dispute the sale, etc. Their is no way to really confirm that you can pay for that gum.

That's not how it works.

If you buy a pack of bubble gum at the supermarket, Visa/Mastercard GUARANTEE to give the merchant the money.

No they don't.  That is the concept of a charge back.  Visa/Mastercard don't lose: the customer or the merchant does.  Charge-back fraud is a serious problem for merchant's accepting credit cards.  

[spazzdla]

Everytime one of these threads bugs me I google "Hitler sells all of his bitcoins" and have a good laugh.  I'm sure this guy will be going on about how bitcoin will die 10 years from now when it's become popular.

[RodeoX]

For example, when you buy a pack of bubble gum at the supermarket and use your credit card or a check the same risk emerges. The card could be bogus, it could be stolen, the check could bounce, the buyer could dispute the sale, etc. Their is no way to really confirm that you can pay for that gum.

That's not how it works.

If you buy a pack of bubble gum at the supermarket, Visa/Mastercard GUARANTEE to give the merchant the money. That's one reason the merchant pays Visa/Mastercard 2-3%. Visa/Mastercard then take any risks like the card is stolen. If the card was stolen, Visa/Mastercard STILL pays the merchant, it's just them that are out the money.

A check, on the other hand, is more like bitcoin. The merchant takes the risk. The merchant deposits the check and after a few days (maybe as long as 5) it clears and is valid. Which is why merchants usually require ID when taking checks, so they can either track the person down to get the money, or to put their name and picture up at the store to warn to not allow this person to buy at the store.

Should bitcoin transactions work like checks, where the merchants get the ID from the bitcoin users? Or will there be a middleman like Visa/Mastercard that will guarantee the transactions, but charge a fee?

What you are saying is still what I am saying. Although it is not MC/Visa that is out the money. They are insured against such losses and pass that expense on to customers. What this shows is that their system is fundamentally weaker than bitcoin and needs to have it's hand held. Once a bitcoin transaction is completed the vendor has money and nothing can change that. In that way it is NOTHING like a check. A check is nothing more than an IOU. It may take a week to get actual money from that sale and without checking the identity of the check writer the system is extremely vulnerable to fraud.
There is absolutely no reason a seller needs your identity with bitcoin. Within minutes the seller has their money and they could care less who paid.  However I do still think middle men will evolve to handle hyper-fast transactions. Indeed companies like bit-pay are already moving into this space.

[jc01480]

I dont know if its bitcoin or other but the world is just moving paper money will sometime stop existing due to the computers fast growing.Imagine if 30 years ago could we imagine what internet has done to commerce and communication science and news...
hope its bitcoin because am mining it

I doubt it will ever be BTC that goes mainstream. But it'll definitely have a value. But another crypto currency will probably be the future. Bitcoin has too much shitty reputation in mainstream media, connected to weapon trade, drug trade, contract killers etc. Also the mainstream community is slow, this will take many many years.

The USD is connected to more criminal activity that Bitcoin will ever be.  For example, take a narcotic sniffing dog into any financial institution and let it check for the presence of an odor of illegal narcotics in the bulk currency on hand.  The K-9 will hit every time. 

[nazban]

OP sends money to a friend, transaction takes 15 minutes to verify... OP quits crypto currency.

[Velkro]

strongly disagree, bitcoin adotpion is only matter of time
so many startups, so many ATM's

just everything takes time

[durrrr]

strongly disagree, bitcoin adotpion is only matter of time
so many startups, so many ATM's

just everything takes time

this is very true with all of the new atms and everyting comiong up bitcoin is becoming more and more popular each year and i dont see it ever ending now

[MICRO]

strongly disagree, bitcoin adotpion is only matter of time
so many startups, so many ATM's

just everything takes time

this is very true with all of the new atms and everyting comiong up bitcoin is becoming more and more popular each year and i dont see it ever ending now

Damn Tom (durrrr) Dwan is on btctalk

[apsvinet]

One and a half month. Bitcoin is still going strong and OP has gotten nowhere. Surprise!