What are your unfashionable Bitcoin opinions?

[gentlemand]

Everyone has a few. What are yours?

My main ones are - unit bias has held back BTC's progress in the mind of the public.

Bitcoin will never see widespread use as a currency.

95-99.5% of the world does not want to be their own bank. And a decent proportion who do want to be, should not be.

[BitHodler]

Bitcoin needs bigger base blocks, which we should have had back in 2016/2017 already. I'm not in favor of super large blocks like what Bcash currently rocks, but a jump to 2-3MB with SegWit on top of it would be neat.

People in some cases literally wait for the fees to come down in order to transact, and I think that really sucks. Also, in order to onboard more LN users you will need larger base blocks anyway. The longer you wait the harder it becomes....

[franky1]

unit bias: agree. mainstream cant concieve of 0.00000100 they prefer 1bit or 100 sat units
currency: partly: as a daily spend/disposable income currency bitcoins deflationary nature makes people 'hodl' not spend
                         as a investment asset currency bitcoins deflationary nature is great
                         howevr to be a asset currency you need to actually have things to buy with it. so one needs the other

scaling: agree. too many people think scaling is about large jumps to rediculous amount. scaling is progresssive.
                      we had scaling in 2009-2015, 0.25mb 2009->2013. 0.5mb2013->2014. 0.75mb 2014-2015. 1mb2015+
                      what we should remember though is offchain/sidechains are ALTERNATIVE NETWORKS
                      saying bitcoin cant scale to advertise a different network and get users to move off bitcoin. doesnt help
                      stifling bitcoins scaling just to promote other networks is ludicrous
                      and yes i agre even these pegged alt networks need bitcoins network to scale just to make the alts work

now my unfashionable opinion

bitcoin is distributed, not decentralised.
bitcoin is not AI, it does not self code. it does not any longer only change due to community opt-in. there is a central dev team that are now too empowered with decisions and they can implement their decisions without community opt-in(consensus)

[okala]

• Bitcoin won't work well as currency due to deflation model
• People should think hardware and internet connection growth when talking about scaling
• LN can't solve all scaling problem

Despite that the lightening network can not solve the bitcoin network problem 100% but it will help strengthen the network to a great extent, am very sure bitcoin will work as a currency in fact it already being use as a currency and many people have chosen bitcoin to be the secondary currency.

[figmentofmyass]

bubble cycles are good for bitcoin adoption.

altcoins are good for bitcoin adoption.

unit bias is a myth that bitcoiners use to comfort themselves after they miss out on altcoin gains.

• Bitcoin won't work well as currency due to deflation model
• People should think hardware and internet connection growth when talking about scaling
• LN can't solve all scaling problem

agree with all of these. LN is overhyped and bitcoin has strong built-in hoarding incentives that will always challenge the consumer/currency use cases.

the deflationary model also puts us in a situation where restricting block size is not just a matter of scale. it's a matter of making the system viable since the block subsidy is dropping so fast.

[Ailmand]

• Bitcoin won't work well as currency due to deflation model
• People should think hardware and internet connection growth when talking about scaling
• LN can't solve all scaling problem

Despite that the lightning network cannot solve the bitcoin network problem 100% but it will help strengthen the network to a great extent, am very sure bitcoin will work as a currency, in fact, it already being used as a currency and many people have chosen bitcoin to be the secondary currency.

I agree with you. There will still be lapses with Lightning network but we can't deny the fact that lots of users are trusting it and switching to Bitcoin as a mode of payment.
There's a huge increase in adoption and implementation so I also believe that Bitcoin is never far from being the second yet the best currency so far.

[franky1]

I agree with you. There will still be lapses with Lightning network but we can't deny the fact that lots of users are trusting it and switching to Bitcoin as a mode of payment.
There's a huge increase in adoption and implementation so I also believe that Bitcoin is never far from being the second yet the best currency so far.

call me unfashionable but LN is not bitcoin. LN is a separate network. hint is in what the N stands for.
the unit of measure in LN is Msats which are played around with. and separately those Msats are converted/pegged to represent a bitcoin balance. but could also represent a balance of other coins too.

btc is only btc on the btc blockchain. they never leave.
the unconfirmed playing around/unsettled payments are not confirmed btc ownership. they are just temporary private agreements of possible future ownership (an iou in simple terms)

LN is not bitcoin.

[stompix]

Let's see

1) Card payments are cheaper and faster than Bitcoin
2) I don't care how cheap BTC is for international payments as less than 0.001% of the people are doing more than once a year
3) It's a pain in the ass to explain to an elder how bitcoin works although he has a smartphone and he is using a cc daily
4) The bitcoin network has fewer transactions and users than a medium chain store in Poland.

And the top one

5) 99% of the users around here don't care about decentralization or privacy or being their own bank as long as they earn $.

LE, forgot one although is not directed at BTC

The blockchain is a f***** database, not the Holy Grail.

[fiulpro]

Even though the lightning network was implemented then again if you send Bitcoins from the lightning network to a normal Bitcoins wallet it actually affects you more , to be honest.

It takes approximately same amount of money from normal Bitcoin wallet to wallet exchange.

These even though the lightning network is good for transactions concerning the lightning network, it's not good for the other normal networks.

[1Referee]

I would have preferred to see more Segwit adoption, which to this day still hovers around 45%. Good news is that Binance is looking to make the switch hopefully this year, which means that they'll easily push it over 50%. More good news is that Binance is a trendsetter, so this will definitely motivate other exchanges to follow.

I'm quite happy with the rest. Stable hashrate. Upwards momentum in the price. Block halving coming up. Lightning growing. Etc.

[franky1]

I would have preferred to see more Segwit adoption,

you do realise real byte for byte hard drive space segwit is actually heavier than a legacy. (hense the need to wishy washy code of witness scalefactor and Vbytes to hide it all)
a full node is a full node because it archives the entire blockchain  AND signatures so that when new users want to sync the new user can get the signature data to validate.
nodes that strip signatures, prune 'spents' are not full nodes.
so segwit does not help full nodes.
segwit is just another dataset to let litenodes leach stripped data
segwit is just a tx format thats purpose is to be a gateway transaction to another network

the hope/hype of segwit making transactions cheaper was false promise. remember 2015 first mentioning the path to segwit. people were discussing the subpenny/10c area.    now with segwit people are discussing 25c/$ area and those segwit lovers are really trying to promote fee wars of pressurising fee' UP

so tell me as unfashionably or fashionably as you like. what is your reason for hoping for more segwit adoption. what benefit of say 4mb of hard drive space do you think 100% segwit adoption would give. compared to 4mb of hard drive space using legacy

[hatshepsut93]

Bitcoin will just be an alternative payment system and will never be even close to overtaking fiat. Bitcoin will be to banks what Linux is to Windows (minus the fact that Linux is hugely used in servers and other industries).

Inflation might be needed to subsidize mining when the block rewards will cease.

Hodling is good, but it shouldn't stop anyone from taking profits, because it can easily lead to losses - if you buy in the middle of a bull run, and then fail to sell, you'll get rekt by the crash and have to wait years to break even.

[Beerwizzard]

Bitcoin uncovered that crypto community is extremely stupid and unable to maintain discussion that is related to some economical problem. Some people are just good specialists in some technical field but most part of the community is just retarded. I can't find another words to describe those people that are sure that BTC would worth $1bln and Bitcoin would finaly solve the problem of war or poverty.
Bitcoin's security is also a big disadvantage. People are used to card payments. It is always good to know that if you lose your card then you will get another one or if you get scammed then bank would make a chargeback. Such things are not possible while using BTC.

[Virtual miner]

Everyone has a few. What are yours?

My main ones are - unit bias has held back BTC's progress in the mind of the public.

Bitcoin will never see widespread use as a currency.

95-99.5% of the world does not want to be their own bank. And a decent proportion who do want to be, should not be.

Bitcoin can never become a mainstream method of settlement. Moreover due to its deflationary nature it can't even be used as a national currency. Moreover scaling issues will even hamper its growth as a popular currency. Moreover people are not prepared for crypto for atleast another 20 years so no chance of a good adoption rate. Me myself would not like to spend my money in a type of currency which becomes expensive the very next day as it will make holding that currency a better option than spending it.

[bitvalak]

The main problem in my opinion is the price, a very large price difference makes people think twice about making bitcoin as a currency, but rather into long-term investments like commodities or gold, the more people believe that bitcoin prices will continue to show uptrend. Bitcoin requires an equilibrium price so that it can be used as a currency.

[Huantobene]

Bitcoin will start losing its popularity among simple users once it became too expensive. Look at the gold market: how many ordinary people are involved in it? In future big capitalization and low price deviation will make btc unprofitable and unpopular. That's the concern for me. But the good side is, this future will happen in decades.

[KennyR]

Bitcoin with the technology behind has made itself a success and further with the adoption of the same technology and the increasing use of bitcoin it has been getting importance. As in the opening post there is very small percentage of users who wants the wallet serve as their own banking. This way bitcoin getting into mainstream usage is really impossible to achieve in the short.

[1Referee]

the hope/hype of segwit making transactions cheaper was false promise. remember 2015 first mentioning the path to segwit. people were discussing the subpenny/10c area.    now with segwit people are discussing 25c/$ area and those segwit lovers are really trying to promote fee wars of pressurising fee' UP

How is it false? The price outperformed every bit of scaling progress, which isn't the fault of Segwit.

so tell me as unfashionably or fashionably as you like. what is your reason for hoping for more segwit adoption. what benefit of say 4mb of hard drive space do you think 100% segwit adoption would give. compared to 4mb of hard drive space using legacy

Segwit is the only way to actually get us to somewhat scale. Never say never of course, but with how distributed the nodes are, and the lacking will to even tempt a large enough percentage of the node operators to upgrade to the latest versions, how do you expect the 'legacy block space' to reach that 4MB mark? We're stuk at 1MB and we might stay stuck at 1MB for much longer.

[adzino]

Everyone has a few. What are yours?
My main ones are - unit bias has held back BTC's progress in the mind of the public.
Bitcoin will never see widespread use as a currency.
95-99.5% of the world does not want to be their own bank. And a decent proportion who do want to be, should not be.

My unfashionable opinions about bitcoins are:
1. It can not be used as a replacement of regular fiat currency due to high fee and network load. There are other crypto currency that can do this job better.
2. Better to use it as a store of value than a regular currency
3. No matter how much we deny, it actually helps criminal to stay under the radar.

[CryptoBry]

1. The great demand for electricity in the conduct of bitcoin mining is not for the environment hence bitcoin is not a green enterprise and for now there is no technology that is dealing with this challenge. Bitcoin mining is killing the Mother Earth.

2. Volatility is one factor why many merchants are not adopting bitcoin into their operation aside from the fact that low turnout is the norm upon analyzing sales made from people using bitcoin. Volatility is killing bitcoin in some ways.

3, Bitcoin is really more like a storage of value comparable to the physical gold though there are differences (as well as similarities) between the two investment tool. Between the real gold and bitcoin, people still prefer the real one.

4. Bitcoin is only for the rich people as they can easily afford to buy its soaring price and can afford to lose money when bitcoin can be down...as such bitcoin can be the tool to control the poor and expand the power of the rich people.

5. Bitcoin will never make it to 2050 as many governments will be working hard to kill it and buried it forever in the digital cemetery. USA, Europe and Middle East will not anymore let bitcoin exist in those years.