Was Bitcoin project a failure after all ?

[christmas2022]

It has been 12 years since Satoshi disappeared on December 12, 2010.
Now, it seems to have become something quite different from what he originally set out to do, doesn't it ?
I want to hear "How did you see the development of Bitcoin at that time ?
And how do you all feel about the current situation, which is far from the "pure" world that he aimed for ?"

[1714813963]

1714813963

[ilovealtcoins]

It has been 12 years since Satoshi disappeared on December 12, 2010.
Now, it seems to have become something quite different from what he originally set out to do, doesn't it ?
I want to hear "How did you see the development of Bitcoin at that time ?
And how do you all feel about the current situation, which is far from the "pure" world that he aimed for ?"

Twelve years ago, each bitcoin cost less than 1 dollar, and until now, each bitcoin has cost 17k. How can you doubt and say it is a failure?
If you bought bitcoin for $69k and now your assets are losing 80%, then it's your failure, not bitcoin's failure. If you haven't sold your bitcoin you still have a chance to succeed with bitcoin hold it don't sell till profit.

[seoincorporation]

Since you are talking about the software and not the market capitalization, then let's take a look to that side of the Crypto. Here is the list of the Releases:

Code:

 Bitcoin Core 24.0.1
Bitcoin Core 23.0
Bitcoin Core 22.0
Bitcoin Core 0.21.2
Bitcoin Core 0.21.1
Bitcoin Core 0.21.0
Bitcoin Core 0.20.2
Bitcoin Core 0.20.1
Bitcoin Core 0.20.0
Bitcoin Core 0.19.1
Bitcoin Core 0.19.0.1
Bitcoin Core 0.18.1
Bitcoin Core 0.18.0
Bitcoin Core 0.17.1
Bitcoin Core 0.17.0.1
Bitcoin Core 0.17.0
Bitcoin Core 0.16.3
Bitcoin Core 0.16.2
Bitcoin Core 0.16.1
Bitcoin Core 0.16.0
Bitcoin Core 0.15.2
Bitcoin Core 0.15.1
Bitcoin Core 0.15.0.1
Bitcoin Core 0.15.0
Bitcoin Core 0.14.3
Bitcoin Core 0.14.2
Bitcoin Core 0.14.1
Bitcoin Core 0.14.0
Bitcoin Core 0.13.2
Bitcoin Core 0.13.1
Bitcoin Core 0.13.0
Bitcoin Core 0.12.1
Bitcoin Core 0.12.0
Bitcoin Core 0.11.2
Bitcoin Core 0.11.1
Bitcoin Core 0.11.0 

It started as a 1 man's Job and then a lot of people get involved without getting payment, just for their love of the code, and right now there is version 24, so, I don't see any failure here, for me this project is a full success.

[BitcoinBarrel]

Bitcoin has been one of the most successful open-source p2p projects of all time.

[Yatsan]

It's really been a long run for Bitcoin and there's a high tendency that this technology would be 'here' for more years as our technology advances. But to answer the question if it is a failed project, it depends on your view point. If you view it as a mode of payment, then this technology still is so young because many countries are still not supporting the usage of this currency. But on investors' viewpoint, it is successful for having a 'continuous' growth in its price over years which makes it still a good option as an asset even if its market value is too volatile. As more countries adapt to this technology, we would more likely see growth on how this currency will be acknoledged by more people.

[crwth]

You do know that the paper that satoshi wrote it stated that

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

That's already been done, and that objective was obtained years ago. How is that a failure?

[Rikafip]

Now, it seems to have become something quite different from what he originally set out to do, doesn't it ?

Do you maybe want to tell us what you think he originally set out to do, back it up with some quotes, and how it became different than that?

And how do you all feel about the current situation, which is far from the "pure" world that he aimed for ?"

I think that in ~13 years Bitcoin achieved way more than anyone (including Satoshi) thought its possible in such a short amount of time. You have to be completely unrealistic and naive to think that in such a short period of time Bitcoin can replace fiat. And even if that never happens (which is unlikely anyway) it will have its use.

[cryptoaddictchie]

Maybe that having a recognize fully decentralied peer to peer electronically digital currency such as bitcoin is a well foolproof success of Satoshi. Yes there much a lot of expectation but the goal was indeed done. Maybe developers working on it find it too perfect for much an upgrade with it.

I dont see why bitcoin is a failure in spite of it being adopted to whole world.

[Wexnident]

How would you even define "failure" for Bitcoin anyway? Afaik Satoshi already made Bitcoin a success when he made it as a p2p system with no 3rd party involved, anything after that is mostly improvements, bug fixes, etc afaik. It didn't have any change to its core idea, which is p2p.

Additionally, what is the "current" situation? Is it about the price? I don't think the price being high or low matters, the system behind would still work (and if you lost your investment due to that, well that's kind of your fault as an investor). If it was the FTX fiasco heck that's far from being related to Bitcoin working as intended. If it was adoption, well, if you were to compare it from the start, pretty sure it's progressed rather well.

[avikz]

It has been 12 years since Satoshi disappeared on December 12, 2010.
Now, it seems to have become something quite different from what he originally set out to do, doesn't it ?
I want to hear "How did you see the development of Bitcoin at that time ?
And how do you all feel about the current situation, which is far from the "pure" world that he aimed for ?"

A success of a project or innovation is subjective. It always depends on the parameters you are using while judging it's success or failure. Also it's not essential that an innovative product will always achieve its desired goal using the same path it was initially thought out. It's a very different thing!

Bitcoin is a huge success! Yes probably we are not using it in a way it was intended by Mr. nakamoto, but that doesn't mean it has failed.

[Artemis3]

Rotund success. Its still working today as intended. You can pay and be paid with Bitcoin, no banks, no exchanges required. 90% of the coins have been already made, so there are no excuses not to use it. Each person decides individually when to use it and how, it is not dictated by neither the State or financial institutions. Its truly a grassroots made money that can't be manipulated on the whim of a few.

All that remains is even more adoption, and that means education of the masses, which only you can do. Remember this: Bitcoin is not an exchange, and its not about exchanging your fiat into it (yes you can do that but) get paid with bitcoin and pay with bitcoin is the real goal.

[Maestro75]

You do know that the paper that satoshi wrote it stated that

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

That's already been done, and that objective was obtained years ago. How is that a failure?

If you used that quote then we can say that has not be achieved because most transactions with bitcoin make use of a third party in form of escrows. It is often not a direct transaction. It is only in few cases that trades go on without escrows and that will be with someone they have transacted with before. New transactions demand escrows.

[hZti]

When I first entered Bitcoin space 10 years ago bitcoin was nothing else then it is now. Yes there are many idiots like FTX in the game now, but you had different idits then (BTC-E, MTGOX, etc.). So in my opinion it is a success.

[Blawpaw]

It has been 12 years since Satoshi disappeared on December 12, 2010.
Now, it seems to have become something quite different from what he originally set out to do, doesn't it ?
I want to hear "How did you see the development of Bitcoin at that time ?
And how do you all feel about the current situation, which is far from the "pure" world that he aimed for ?"

Well, I can agree that Due to Satoshi's disappearance the development of Bitcoin may have been a little bit subverted but I guess the main idea is still there. I still believe there is a strong community behind Bitcoin that will protect it at all costs. This means that the future development for Bitcoin doesnt have any plans to turn it into a POS network, which would be the end of Bitcoin as we know it. As said, I find this very hard to happen, so Bitcoin will keep representing Satoshi's main idea for long.

[Casdinyard]

It has been 12 years since Satoshi disappeared on December 12, 2010.
Now, it seems to have become something quite different from what he originally set out to do, doesn't it ?
I want to hear "How did you see the development of Bitcoin at that time ?
And how do you all feel about the current situation, which is far from the "pure" world that he aimed for ?"

Thus far bitcoin is successful, otherwise we wouldn't be talking about its credibility if it weren't so successful. If you meant to ask if it was successful as a p2p system that could act as an alternative to fiat payment channels, it still too early to say that. The cryptocurrency bitcoin has been here for a short while compared to thousands of years of fiat usage and utility. So to say that the bitcoin has failed this early is a little bit unfair for the coin in a sense. Anyhow, I do believe the potential is still there, not only for profit but for revolutionizing the way people look at money. Bitcoin, when treated and used right may also be used to incite democracy and give the power back to the general public instead of the elite 1%. We are seeing some of these effects now and as long as bitcoin keeps on, we would see more of it in the future.

[PrivacyG]

I think Bitcoin in fact went the way Satoshi wanted it.  There is still a lot to work on, but overall it is a BIG improvement since 2010.

How can you call a project worth hundreds of billions of dollars a failure?  Bitcoin is progressing like never before.  There are flaws and exploits that have been fixed, we have markets like Bisq that provide a perfect environment for using Bitcoin as an exchangeable currency in a Peer to Peer way.  We have Lightning Network, SegWit, mining is still doing great and there is nothing to really worry about.  Bitcoin is doing very well right now.

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Regards,
PrivacyG

[m2017]

It has been 12 years since Satoshi disappeared on December 12, 2010.
Now, it seems to have become something quite different from what he originally set out to do, doesn't it ?
I want to hear "How did you see the development of Bitcoin at that time ?
And how do you all feel about the current situation, which is far from the "pure" world that he aimed for ?"

The world is changing. Technology changes to keep pace with the current state of affairs. There is nothing bad, or even good, about this. There is this fact. Consider it that way.

The current situation may turn out to be an intermediate stage on the path to a "pure" world. Most likely, this is exactly the case. Humanity and the world may not yet be ready for this, but I would like to believe that it is moving in this direction.

It is not necessary to say that "nothing succeeded", drawing conclusions only on the basis of intermediate results.

[South Park]

It has been 12 years since Satoshi disappeared on December 12, 2010.
Now, it seems to have become something quite different from what he originally set out to do, doesn't it ?
I want to hear "How did you see the development of Bitcoin at that time ?
And how do you all feel about the current situation, which is far from the "pure" world that he aimed for ?"

I was not around at the time bitcoin first started however in order to know if something is a failure or not we need to know what were the goals of satoshi when he created bitcoin, his aim was to create a decentralized currency which did not rely on a third party for two people to transact with each other, and bitcoin has been capable of this since day one, so bitcoin has been a success since day one too, the many years that have passed since then will allow us to determine the magnitude of the success, and personally I think that bitcoin is proving to be a major success.

[NdaMk]

I actually love the fact that you stated it out that it started 12 years ago. Look at its roadmap and how it has grown through this years. Compare it to the so called shitcoins that came over to made corrections to it and how they are doing now. A successful project does not just bust into the scene and take over from something like fiat been back by the government. Bitcoin is on the right move and it will continue to develop (that's why BIP's are evolving). If its the continual swing between the bearish and bull period is the reason for your statement then that has been part of it because of its volatility but as a store of value its actually not a failure

[Iroh]

Year 2009, bitcoin was released and implemented as an open source software thus beginning the slow and gradual global adoption and use of bitcoin. Then, the number of bitcoin holders and users were but a handful and people really didn’t know what bitcoin was.

Year 2022; bitcoin is thriving as Earthlings have now been enlightened. People are scrambling to acquire and hold knowing it’s like a flower waiting to blossom. Negative predictions have been predicted and propaganda spread over the years all the while hoping for bitcoin demise. “Experts” have predicted the death of bitcoin over and over but bitcoin keeps getting stronger.

So, no. Bitcoin has not failed after all. Like all good things, it only takes time.