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Author Topic: The Scary future of BitCoins - the Death?  (Read 6563 times)
RodeoX
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February 21, 2014, 05:28:30 PM
 #21

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.
The problem is going to come with scale. It costs somebody somewhere the cost of electricity and ISP service. That leaves you totally dependent on the voluntary efforts of others. If the number of transactions grows the cost will also go up. At some point I would expect the volunteer quit and stop loosing money. The beauty of Satoshi's system is that there is an incentive to keep the system running without charging exorbitant fees.  

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February 21, 2014, 05:29:15 PM
 #22

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...
Not nearly, it is impossible.


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keithers
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February 21, 2014, 05:40:09 PM
 #23

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...
Not nearly, it is impossible.

Yeah, I guess it is all in how you interpret the word "death."   If death means no longer in existence, then yes it is impossible.  If death means that investors will not reap 1000% return, and the value continues to go down from here, that is possible.   I don't think declining value over the long term is very probable, otherwise I wouldn't even be here...but it is possible...
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February 21, 2014, 05:52:12 PM
 #24

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

cant say it better.

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February 21, 2014, 07:09:21 PM
 #25

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?

The amount of research from OP into this about "BitCoin" is low.  Can't even get the name right?  Also, the "transaction is fully confirmed within 60 seconds only" statement is somewhat meaningless.  Confirmation time isn't critical once a fee paying transaction is in the network which is essentially instantly for a bitcoin, double-spends at that time are extremely unlikely.  If you can double-spend with a much smaller hashing rate on WC, "faster" confirmations are meaningless.

WC might be fine, bitcoin might fail, but the arguments presented haven't shown anything of the sort.
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February 21, 2014, 07:18:15 PM
 #26

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...
Not nearly, it is impossible.

Without a timeframe, I'd say the death of bitcoin is guaranteed.


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February 21, 2014, 08:38:35 PM
 #27

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...

Can't you see my point here?
The price of bitcoin has to go to astronomical heights from the current levels (I do not personally think this kind of growth is not realistic anymore).
I have to admit that BitCoin has done better than I would have dreamed in my wild dreams when I first heard about bitcoin around 2010-2011.
I wouldn't believe it will go this high (I thought actually that it might go maximum 100 USD in the best case).
I am astonished as it hit 1200 USD.
However, the difficulty increases after the competition which makes the mining unprofitable. There is no incentive to mine the coin. It is worth of considering.
BitCoin community is counting too much on people willingess to pay for the ability to pay something. To be honest, in this case at least personally I would pay with WorldCoins that has very fast confirmation time (to reach the first confirmation it takes only 30 seconds).

I am bringing you guys the best opportunity I have found (I have studied LTC and BTC and a few more unknown altcoins).

All you guys keep saying "the death of BTC is impossible" or "the death of BTC happens when there is Armageddon" etc.
I know, it is very hard to get rid of the coin that you have been loving for so long time. I know that you guys feel so attached to your bitcoins or litecoins. I feel you guys. However, this is not a smart and rational move. You should not feel towards the coin similar emotions you feel towards your wife or girlfriend (or boyfriend/husband).
I understand the pride behind you guys having the coin that has been performed so well. Actually there is nothing wrong being happy when you have been doing the right move when the majority is holding dollars.
However, do not let the pride be the obstacle to embrace the new coin to your portfolio.
chakra74
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February 21, 2014, 09:52:38 PM
 #28

If your main concern is just transaction times why wouldn't you be buying a second generation crypto currency like Ripple or Next for instance?  Personally I split my investment around 50 percent bitcoin, 40 percent Ripple and 10 alts.

Bitcoin is the market leader and has a ton of funding and start ups, it will be very hard for these alt coins you mentioned beating that kind of momentum especially when they're built on the same technology.

My second investment in Ripple is simply because it's a superior next generation crypto with almost instant transactions, built in trading and platforms and they now have over 40 employees working full time to make this next generation currency happen.  Ripple is still in Beta, and I believe that once that beta tag is dropped, you'll see them using their professional staff to get big names involved.

The last 10 percent I put mostly in alts that have a following or support the bitcoin protocol.  So I have a little in Litecoin, Doge, next, name coin, quark and master coin, etc.
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February 21, 2014, 09:55:59 PM
 #29

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

this thread is awful and should have ended after this post

DannyHamilton
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February 21, 2014, 10:12:40 PM
 #30

dump that worldcoin crap , get litecoin and bitcoin and hodl for years.
this thread is awful and should have ended after this post

I've recently noticed that anybody that intentionally uses the word "hodl" has nothing to say that I'm interested in.  Noticing this fact has made it a LOT easier to decide which users to kill file.

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February 21, 2014, 11:28:47 PM
 #31

It only means that mining will be less and less profitable. Then some people will stop mining and those who stay will remain profitable, also it will drive the price of bitcoins up. Problem will come when all bitcoins are mined in my opinion.

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February 21, 2014, 11:52:28 PM
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Bitcoin and Namecoin will last forever.

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February 22, 2014, 05:00:13 AM
 #33

Because everyone knows that writing things in big bold red letters makes it true.
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February 22, 2014, 06:27:43 AM
 #34

It seems that the OP is clearly all-in on WDC. Although, the OP should clearly show that by adjusting his siggy...

I will ask once again, why is WDC so special when the only thing that you point out is that it provides "faster" transaction times (and don't answer it by providing info about the infrastructure being built around it, lots of other alts have similar infrastructure in the works)? And you said that the short-term prospects of WDC were not strong in other posts, so why are you on an endless tirade to promote WDC?

It's quite questionable with a person who says he is carrying a bag of WDC.
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February 22, 2014, 06:53:29 AM
 #35

The first thing every newbie (including me) do is to design/mine an alt-coin and experience the excitement of early miners. However, he will realize the fundamental difference between alt-coins and bitcoin after 3 months and regret the time he wasted on alt-coins

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February 22, 2014, 07:39:24 AM
 #36

The first thing every newbie (including me) do is to design/mine an alt-coin and experience the excitement of early miners. However, he will realize the fundamental difference between alt-coins and bitcoin after 3 months and regret the time he wasted on alt-coins
if you consider yourself a newbie then i think i'm still in my diapers ..! but anyways , The OP raised few questions which i think is valid one of them was  "never the first invention in technology will be the final solution", and yeah thats a valid point, but with all those altcoins , with new launch every next week , makes it more confusing for newbie's like Me . So i'm only sticking with BTC and LTC for now, will see what happens

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February 22, 2014, 07:50:37 AM
 #37

99% of coins are left to be mined up to the year 2040. We have about 20 years left. At each reward era or block halving, and somewhere in between, the value of each bitcoin will go up, as there will be more demand than supply.

To the point where, after 2040, most of the mining income will be from transaction fees. It will have to remain profitable at that point in time, but probably only the really big miners.

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February 22, 2014, 08:07:43 AM
 #38

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!
Because the majority of crypto coin adopters are those that got into it mining, investing in mining (shares or cloud), buying or selling mining equipment.  You take mining out of the picture and the number of purist crypto coin adopters who care about everything except the mining drops dramatically.

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February 22, 2014, 08:59:08 AM
 #39

...the first confirmation takes only 30 seconds (so the possibility of violent maluse is minimal). The transaction is fully confirmed within 60 seconds only.
I don't think you understand block chain based cryptocurrencies...there is no magic behind # of confirmations. With small altcoins, they will be more vulnerable to double spend attacks due to the massively lower computing requirements needed to, say, replace the last 10 blocks of transactions...

Hardfork aren't that hard.
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February 22, 2014, 12:26:03 PM
 #40

i respect bitcoin a lot. but there is some altcoin should be considered seriously. Nxt might be the one.

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