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Author Topic: The Scary future of BitCoins - the Death?  (Read 6562 times)
Jomppe
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February 21, 2014, 01:14:23 PM
 #1

Hello,


Now let us put out some facts here.
As I am writing this article, bitcoins are mined 12,425,475 coins. The total coin supply is 21,000,000 BitCoins. This means, roughly 60 % of the coins have been mined already and only 40 % is left.
Given the fact that the mining hardware/mining contracts are quite expensive together with the rising difficulty I see the long term future of bitcoin very dark.

BitCoin has been marketed that the transactions are very cheap compared with Credit Cards or traditional bankwire charges (which are always charged from the buyer in form of higher price). People are not used to donate too much when they buy things. In general, people are stingy.
If some of them donates or, let's say everybody is forced to donate, it brings the total buying cost up. Then there is really no reason to use BitCoins instead of regular fiat money.

To be honest, I am worried about the future of BitCoin. This worry lead me to altcoins.

Here is my story, I have always been worried in inflation and governement. Before btc I was in gold and silver. Now as I have studied bitcoin a little deeper, I became really cautious and fearful.
In BitCoin I love the limited money supply, it is just awesome. However, I am not seeing long future for BTC anymore. It has been good more or less from 2009 despite some downs along the way.

This fear of the death of BTC lead me to find another crypto (cryptocoins are the future - but never the first invention in technology will be the final solution). I studied a few worth of studying - I did not study them all (I guess the total number of different coins is 100 roughly).
I found in my research WorldCoin. I bought some, actually I have a large bag with WDC. I see it will be taking the place of WDC as the ultimate crypto as long as its mining is not profitable anymore. Then I will search another crypto but until this, I think the transition should take place. I might be a little bit early but I wanted the best price and the price is good now. WDC has proven to take a lot of hits - it is firm currency, the first confirmation takes only 30 seconds (so the possibility of violent maluse is minimal). The transaction is fully confirmed within 60 seconds only.
The money supply is fixed, 265,420,800 coins totally. Only roughly 15 % of the coins are mined already so the future of this coin is quite bright for several years from now. The blockreward is lowering 1 % on weekly basis.

I came to tell this because I am truly worried about the future of BitCoin, of course also my own benefit (I am not doing just favors for free), but to choose the best altcoin is for the benefit for everybody.
I hope my thread will help You in Your transition to the next phase.
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El Dude
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February 21, 2014, 01:15:44 PM
 #2

dump that worldcoin crap , get litecoin and bitcoin and hodl for years.

Bitcoin and Litecoin hodler
rmines
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February 21, 2014, 01:17:20 PM
 #3

So why exactly do you think bitcoin is going to die  Huh
Why should WDC be a better option, just because of the faster confirmations?

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February 21, 2014, 01:22:35 PM
 #4

you must be very confused... why in the world(coin) would you believe that the more coins available to be mined will mean a brighter future for said coin??? This makes no sense. 

It's the printing/mining of new coins that lowers the value of existing currency supply, so with only 15% mined i think you will find it hard to even give your worldcoins away in a few years time.

good luck with that one... i for one certainly won't be holding any worldcoin crap.

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rockstar888
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February 21, 2014, 01:32:11 PM
 #5


hmmm.. I share the view that bitcoin value will eventually be eroded by the better scrypt coins.

which one, I don't know.

I am not sure serious people will want to put money in like, 'doge' (maybe my problem only?)

litecoin is the easy winner on the list I will say, but then the brand looks weak.


what you guys think will be the next name people will WANT to buy?
we should start thinking there.
GigaCoin
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February 21, 2014, 01:37:02 PM
 #6

OK so u think bitcoin will die fair enough no problem.

But why worldcoin? You haven't really justified as to why worldcoin is the future.

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February 21, 2014, 01:45:22 PM
 #7

Digital Coin looks solid, and is solid in action.  Heard John Law say he was buying them like crazy, so I looked into all the alt coins (I mean all, Jesus Christ where did all those hair brained ideas come from).  I initially put a whole BTC into 42, only to see 66 and 21 come out.  Then, I started to think that was a waste of money.

Bought some Doge on the hype, but other than the large community there is nothing special about that one either.  More of a plaything.

Digital however, (and no I am not pumping a GD thing), has quick confirmations, well done QT client, and a professional feel about it.  Also, the number of coins is targeted to daily use for buying Karpeles some coffee and such Grin.  I think that team has what it takes to make that one hold its ground (and no pre-mine).

So, for my money, its DGC baby.  Just my opinion, that and two cent might get me a sip of some Karpeles frappucino.   Tongue

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February 21, 2014, 01:47:57 PM
 #8


DGC had its chance, I think too many people leaving that community already, everytime I visit the forum, lesser and lesser post.

so no, I don't think it be DGC... and not with that horrifying logo.
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February 21, 2014, 01:55:59 PM
 #9

hahaha, PLOT TWIST

the US FED comes out with their OWN coin. FED coin, Fed coin wins.
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February 21, 2014, 02:03:06 PM
 #10

Now, why on Earth would mining profitability dictate long term price trends? If anything, bitcoin or other coins being unprofitable to mine would cause a price increase!

KNC - KingNcoin - rare, fair, pos only https://yobit.net/en/trade/KNC/BTC
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February 21, 2014, 02:33:29 PM
 #11

Satoshi Nakamoto didn't invent Worldcoin, he(she, them) invented Bitcoin.

Does Bitcoin have some flaws and some bumps in the road, sure.  So did the Internet, modern PC, and social networking before it.

The only thing replacing Bitcoin, is a Bitcoin 2.0.

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February 21, 2014, 02:37:42 PM
 #12

OP is foolish. OP should leave bitcoin forum.


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February 21, 2014, 02:49:27 PM
 #13

I think what you are misunderstanding is bitcoin as a free lunch. It costs money to route your transaction and that is unavoidable. So this is going to be about price. Bitcoin transactions generally cost pennies whereas credit cards cost dollars. Even if you pay off your card each month, the store you buy at must pay for the use of the card. This is why bitcoin is a threat to banks, fees are much much lower than the bank can afford to offer.

In your story you explain that it is your fear of bitcoins death that motivates you. Consider that fear is an awful guide in decision making. You should avoid the human impulse to make financial decisions based on emotion. For example you are considering trading the most popular and promising cryptocurrency for some alt coins. No one knows the future, but my guess is that you will regret it at some point.

Best of luck.  Smiley

 
 

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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February 21, 2014, 02:57:49 PM
 #14

I think what you are misunderstanding is bitcoin as a free lunch. It costs money to route your transaction and that is unavoidable. So this is going to be about price. Bitcoin transactions generally cost pennies whereas credit cards cost dollars. Even if you pay off your card each month, the store you buy at must pay for the use of the card. This is why bitcoin is a threat to banks, fees are much much lower than the bank can afford to offer.

In your story you explain that it is your fear of bitcoins death that motivates you. Consider that fear is an awful guide in decision making. You should avoid the human impulse to make financial decisions based on emotion. For example you are considering trading the most popular and promising cryptocurrency for some alt coins. No one knows the future, but my guess is that you will regret it at some point.

Best of luck.  Smiley

 
 
I just paid an ~13 euro transaction fee for an WU transfer of 50 euro (international). I was thinking, why people don't realize that bitcoin is here to stop this nonsense.
The lady said the fee is because of the speed of the transaction.  Cheesy
Bitcoin will rise, once more realize the fees on WU, CCs, bank transfers are too high and transfers are not fast enough.


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LilithX
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Oooh LALA


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February 21, 2014, 03:00:44 PM
 #15

The only way Bitcoin would die is if the government shuts it down, which I don't think would happen. They would just figure out a way to get their grubby hands into it. Other than that, the many holders would keep it alive. Even if the Government shuts it down, someone always finds a workaround...

⌘ BTC  1DQnx6ruVYRBhRWHp4PfbnpJ4St9qY1swX  ⌘
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February 21, 2014, 03:05:16 PM
 #16

The only way Bitcoin would die is if the government shuts it down, which I don't think would happen. They would just figure out a way to get their grubby hands into it. Other than that, the many holders would keep it alive. Even if the Government shuts it down, someone always finds a workaround...
Wrong. The government can't do anything. Government banned drugs --> black market voilà.


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February 21, 2014, 03:11:35 PM
 #17

All coins have risks but a new copycat coin called ME.TOO is free for all
YEP ZILCH ZERO NOTHING you can not loose on something that costs nothing
but your time of course.
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February 21, 2014, 03:30:23 PM
 #18

dump that worldcoin crap , get litecoin and bitcoin and hodl for years.

I feel that this is the best strategy. 65% btc and 35% LTC
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February 21, 2014, 05:15:01 PM
 #19

dump that worldcoin crap , get litecoin and bitcoin and hodl for years.

I feel that this is the best strategy. 65% btc and 35% LTC
That isn't actually bad. The percentages might be off, but the coins are correct.


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February 21, 2014, 05:19:04 PM
 #20

The complete death of bitcoin is nearly impossible.  The invention is here to stay.  That is almost like saying the death of the internet is in the future.   Yes, there are maybe a ton of enforced restrictions (just like the internet), in the future, the the value per bitcoin is definitely an uncertainty, but neither of those would cause the death of bitcoin.  If everything goes completely wrong, then it could possibly not make investors a ton of money, but bitcoin would still be around...
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