Bitcoin great idea bad execution

[NO_Coin_Exchange]

I was very supporting the idea of a  currency not being printed by government and peer to peer transaction
so I fall in love with bitcoin
but later discovered is not as it sounds
 here is the reasons
1- Whales control big percentage of the 21 M Bitcoin  
2-they can manipulate the price
3- they did created new coin each time they disagree LTC BCH BITCOIN GOLD ...etc
4- if you have a bitcoin you will not used as a money you will always want to keep either to sell it higher price or waiting till it reach you buying price to recover your loss

I wish I cloud have reached to this conclusion earlier
 

====BTCNew Block added to the post BTC=======

One Big point I forget to mention How any one can get BTC in the first place
 I can only think of five options if you know any other way please share it
how come the currency which was built to remove the control of the government added very  difficult levels just to get it  


1-exchanges
you have to submit your passport /ID /Address /Bank Account statement to exchange to approve your account and wait 1-3 months
the reset of the  options is very difficult too
2-1 cloud mining
( FREE Advise NEVER could mine its SCAM specially HashFlare Never trust bitcoin mining calculator like this one https://www.cryptocompare.com/mining/calculator/) they mislead you they will say this how much you will get after 1 year but they don't tell the difficulty level change every 2016 blocks (14 days) so any mining calculation is valid for 14 days max or less
some mining ask for BTCto mine BTC (if I haveBTC I wouldn't have come to you)
2-2 hard wade mining
 its much cheaper  and saver to buy BTC than to mine it

3- accept bitcoin as a payment for your service
who will pay you with his BTC now if he is expecting it to reach new high higher than $19K
4- ask some one who own BTC to sell you ( people charge 20%  more than the current price)
5- SCAM the people  
ask them to buy you new coin by  BTC  only and disappear

the one barrier BTC need to cross to dominate all other currencies is public adaption when you go to your grocery store and find the price in  BTC on the other hand its very difficult to get it in the first place forget about the complexity of the wallet and forgetting your key/password  which mean total loss of all BTC your for a normal user

[1715026478]

1715026478

[mk4]

1-2: While they do have a big influence on price and can definitely manipulate it, I'm afraid there's really nothing we can do about this. They got in early and believed bitcoin even when most people didn't, and they deserve it in my opinion.

3: It doesn't matter. Bitcoin is open-source; people can make as much bitcoin versions as they want. By the way, you can also create your own version of the USD, but will anyone use it? Same thing with all the crappy bitcoin forks.

4: Some use bitcoin as payments, some use bitcoin as a store of value, and some people use bitcoin to earn profit by selling it when it goes higher. What's the problem though? Isn't financial freedom one of the main points of bitcoin? People should do what they want with their money.

[Marcel666]

Whales can not create forks of bitcoin, only members of the Bitcoin core team can split the currency.
As for altcoins, there is currently no regulations and just about anytime next can create their own coin, or more commonly a token built on another platform

[squatter]

1- Whales control big percentage of the 21 M Bitcoin 
2-they can manipulate the price

It's difficult to know exactly how much whales control. Some analysts speculate that several million BTC are actually lost, which would lower the circulating supply considerably.

Sure, whales definitely exist, but their coins are becoming increasingly distributed over the years. When I first started watching the charts years ago, whales buying and selling thousands of coins at a time was much more common.

3- they did created new coin each time they disagree LTC BCH BITCOIN GOLD ...etc

That doesn't seem like a big deal. Cryptocurrencies are permissionless, so anybody can spin off a fork if they want to. It's up to the market to decide whether those forks are worthless or not.

Isn't that a good thing?

[bellamente]

I think that it was the whales who spoiled the idea that bitcoin was carrying.

The btc coin has a lot of advantages, but they all disappear when the crypto-community stops believing in Bitcoin due to manipulations.

[TycheChi]

As time goes by the whales will sell their stash and their control will dilute.

Some whales are not interested in manipulation.

Over time as the fiat value of BTC increases and BTC holdings get diluted the definition of a whale will change.

1000 BTC
100 BTC
10 BTC
1 BTC
0.1 BTC etc

How many 2009 whales still have their entire stash ?

[Red-Apple]

you are mistaken because things you are listing here have nothing to do with bitcoin or its "execution" but it is all about the way people have been using bitcoin and have been dealing with it.

for example you can't blame someone who has seen the potential of bitcoin years ago and bought a lot of bitcoin for cheap price and became a whale today. for example about 3 years ago when people were calling bitcoin dead you could have invested $50k and buy 250BTC which is currently worth $1 million and be a whale but YOU didn't do it while others did.

as for forks, it is how an open source project works. we can't close bitcoin's source! it is again the idiocy of people who bought those shitforkcoins...

[vitamink2]

I totally agree... also Bitcoin is unusable as a form of payment when it sees mass adoption which is the biggest problem of all. 

[mk4]

I totally agree... also Bitcoin is unusable as a form of payment when it sees mass adoption which is the biggest problem of all. 

How do you say so? Have you actually tried to transact using bitcoin lately? Or is your opinion still stuck in late 2017? I really don't know what most of you are talking about. Bitcoin's transaction fees have been significantly low for a good number of months already. I don't think I've even paid a half a dollar transaction fee since January.

[BrewMaster]

if you have a bitcoin you will not used as a money

I totally agree... also Bitcoin is unusable as a form of payment when it sees mass adoption which is the biggest problem of all. 

this is just your perspective not the reality.
you can check the payment processors to see a small part of the total amount of payments that are happening through bitcoin. they are processing millions of dollars worth of transaction. and that is only one payment processor (bitpay) there are more and also there are a lot of merchants that are accepting bitcoin directly without any processor.

[c-jones89]

I was very supporting the idea of a  currency not being printed by government and peer to peer transaction
so I fall in love with bitcoin
but later discovered is not as it sounds
 here is the reasons
1- Whales control big percentage of the 21 M Bitcoin 
2-they can manipulate the price
3- they did created new coin each time they disagree LTC BCH BITCOIN GOLD ...etc
4- if you have a bitcoin you will not used as a money you will always want to keep either to sell it higher price or waiting till it reach you buying price to recover your loss

I wish I cloud have reached to this conclusion earlier
 
 [/size

I do not understand your point at all. Most of the things that you listed are positive sides of BTC. It is completely normal that someone has more influence over it when they were the ones that started the vehicle turning. Think about it, what would have happened with BTC if it wasn't bought by 'the whales' as you call them. When any product is released in the market it has to be purchased and desired in order to survive. Non of this would happened if it wasn't for the people who believed in BTC when it was created and released to the market for the first time. And any investor can manipulate the price if he is big enough, if any big investor decides to sell his BTC, it will have the impact, it is a normal law of supply and demand. All of us have different interest for entering this market and the things that you listed in the number 4 are possible options that you have. But you are free to select what will you do with your coins. For some of us it is not a payment method, it is an investment and that is perfectly fine. Maybe BTC will be so spread around and used for daily transactions that his value as an investment will be lower. But you are the one who is making that decision.

[amishmanish]

I was very supporting the idea of a  currency not being printed by government and peer to peer transaction
so I fall in love with bitcoin

I think if this was the reason you fell in love with bitcoin then that reason still exists. It is still peer to peer electronic cash. Instead, If you fell in love during the 2017 bull run then these feelings maybe withdrawal symptoms from the recent <4K breakup. Lately, many of the 2017 newbies are feeling this way. Don't worry.

4- if you have a bitcoin you will not used as a money you will always want to keep either to sell it higher price or waiting till it reach you buying price to recover your loss

I wish I cloud have reached to this conclusion earlier

That again depends on you. Majority of the people in developing countries just don't have the kind of access to a developed p2p market to enable them to spend bitcoin. So they hold in the hope that all these rich westerners will again go crazy buying stuff in their free market and push the price up..
If you are in a country that allows you to use BTC for financial transactions, start a service with it. Sell stuff for BTC. You could easily do a lot if the conditions are right.

[Somsak-90]

The idea that we will be able to buy dinner, newspaper etc using BTC is something that is there for us to look forward to. However, the situation in the world is a bit different and I am not sure if anyone can offer any time frame when will this be a reality. The cold fact is that the most BTC owners purchased it as an investiment to keep it or further on sell and earn money on the price fluctuation. I hardly doubt that anyone purchased it so that he can buy online on Amazon, ebay etc.

[oppasong]

I think that bitcoin will be one of the future currencies seen from current developments even though bitcoin today has reduced prices but this is part of a market where everyone is panicked by the price of bitcoin which continues to fall but trust me to return price then we must be patient waiting for bitcoin prices to rise again

[Vladislav2306]

I agree with all 4 sayings, but it is advantages as well as disadvantages. You can sell forks and get free money, trade and get high profit but with high risks.

[nghiemtamk]

There is always a risk, if you invest in any asset in the market, there is a risk. Of course, you are there to calculate the risk and the gain. Greater risk, greater gain. For me personally, BTC is not that risky, it only requires a lot of patience because it takes time for it to start making money. The fact is that BTC can not go under and stop to exsist. It has a limit and once, there will be no more coins to be minded so it will be a restricted asset and therefor, the price will rise.

[franky1]

1. whales controling large amount
  the thing is holding large amounts is meaningless.. holding does nothing. as for selling. well thats temporary. once they sold it they dont hold it any more to do anything again. so just let the temporary event pass.. enjoy the discount and then after the dip recovers. you are the one benefitting because you now have cheap coins and a profitable price due to the recovery.


3. if a disagreement occurs altcoins are made.
  those actually wanting to make altcoins can do so whenever they like. no drama.. but when consensus events of new proposals happens it should not result in an altcoin split. its either
feature doesnt activate, whereby proposer goes back to drawing board to design something the community would accept..
or
consensus majority upgrade and stalled minority(stuck)..

what should not happen again:
fork off majority to force fake head count of a smaller community where half population left to vote to seem as a majority

yes people have the freedom anytime to make their own altcoin without drama. but if an upgrade is proposed. its not an oppertunity to cause an altcoin to push opposers out. thats not consensus that just control mandating a feature in

[coolcoinz]

There's no need to put whole post in bold. We can read it just fine. Bold is for making parts of the texts become more visible. If you write everything that way you're defeating the purpose.

1- Whales control big percentage of the 21 M Bitcoin  

Wrong, they control only a small %. Since we have 17 million in circulation and at least 10% has been lost forever, and there's Satoshi's coins, there's less Bitcoins than you might think. Even if 50% of the rest is controlled by whales, what does that change? It's only around 7 million and I'd argue that this is an overestimation.
Whales had to buy their coins from someone. Don't sell and you won't be helping the whales.

2-they can manipulate the price

Only to some extent. They have to sell to manipulate  the price with their coins. If you buy and hold, you take this ability to manipulate from them.

3- they did created new coin each time they disagree LTC BCH BITCOIN GOLD ...etc

You can also create a new altcoin. Does that make you a whale?

4- if you have a bitcoin you will not used as a money you will always want to keep either to sell it higher price or waiting till it reach you buying price to recover your loss
I wish I cloud have reached to this conclusion earlier
 

You talk like a panic seller.

[LeGaulois]

Whales are everywhere in every market. Maybe we'd do the same if we were a whale ourselves. It doesn't mean Bitcoin has been "badly executed" @Marcel666 Not true, not only the Bitcoin Core team can create a fork. Anyone can do it. And regulation or not is not going to stop people to create an altcoin.

[olubams]

The execution cannot be said to be faulty at the same time, its not the fault of those who were able to have been involved early into the crypto currency world at early time. The reason for that, was they took enormous risk which they themselves are not sure would pay off which eventually did. Its has the disadvantages though which is what we are seeing today as a group of people can just determine the direction they want price to go without any recourse to every other participants in the market. Hopefully, the ownership would be diluted and control would be difficult to exert by few people.