Was Bitcoin project a failure after all ?

[pixie85]

It has not failed and I'm not worried about its future.

So far bitcoin has proven to work and this is the important part.

It was supposed to be safe, not vulnerable to hacks and it is.
It was made to allow us to send money instantly to another part of the world and it does it. After many millions of transactions we know that it's reliable and the money won't disappear or be stolen in the process.

If it's not accepted by as many merchants as we'd like it's not the problem of bitcoin. When you choose to keep your money in USD or EUR not bitcoin it's not bitcoin's fault.
When you keep bitcoin on exchanges and it gets stolen bitcoin is not to blame. When someone uses it to bribe or extort others or to launder money it has nothing to do with bitcoin and its purpose.
Bitcoin is a tool. You don't blame the knife for killing someone and you don't blame a car for hitting a pedestrian.

[Bazzu]

the answer is the bitcoin project did not fail. because if you look at the price from the past around 12 years ago bitcoin was very cheap, even the price of bitcoin at that time was less than 1 dollar, and when compared to the price of bitcoin now, of course it was very much different, meaning that this shows that the bitcoin project did not fail.
in fact the bitcoin project can be said to be very successful. especially if you look at the price of bitcoin the year old 2021, which at that time could touch the range of 60,000 dollars. and it's so amazing.

[GreatArkansas]

Since I started being introduced to Bitcoin last 2017, nothing changed. Bitcoin is always a Bitcoin no matter what. I think why people noticed Bitcoin being a failure or why they are telling it, it for sure because of the price fo Bitcoin or even because they lost some money investing in Bitcoin.
They don't appreciate what Bitcoin is.

[digaran]

As the digital gold pov it has failed, as a currency for all pov, also a failed project, as a pump and dump pov it's the best one yet.

[witcher_sense]

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

It is the first time that I hear that Satoshi Nakamoto invented his version of a decentralized peer-to-peer payment system to change the world or, at least, make it more "pure." If it was his primary goal, then his plan failed miserably -  he was childishly naive since it has never been possible to change the established state of affairs in just one year or even a decade. I thought he strived to provide people with a reliable alternative to what they already had for years: then and now people have faced a poor implementation of the monetary system that has been susceptible to various unexpected crashes and undesirable human interventions that introduce even more bugs and undesirable behavior. Satoshi has succeeded in presenting such an option because people can now make unstoppable payments without relying on unelected bureaucrats and undesirable intermediaries making money off poor people and stealing their time through uncontrolled money debasement.

[Fara Chan]

Since I started being introduced to Bitcoin last 2017, nothing changed. Bitcoin is always a Bitcoin no matter what. I think why people noticed Bitcoin being a failure or why they are telling it, it for sure because of the price fo Bitcoin or even because they lost some money investing in Bitcoin.
They don't appreciate what Bitcoin is.

This reasoning does not represent the truth about Bitcoin's journey, we have seen bitcoin investing and even as a promising asset store, so the fail category does not live up to the standards that are spoken of.

Losing money in investments, the risks they get when investing and market chaos to massive bitcoin corrections, this can never disappear at any time, that's why bitcoin is considered to fluctuate and have risks in investing. But that doesn't mean that bitcoin has failed in its journey to date, if people are able to understand the concept of investing in bitcoin, then failure in investing will not occur.

[Cantsay]

Although I only joined late in 2017, but I don't want to believe that Bitcoin is a failure, considering what has been achieved since 2010.
Truth is that a lot of fraud has being perpetuated and this has probably discouraged a lot of potential investors, but the evolving technology must be appreciated.

People who does not or who did not come into Bitcoin in 2017 will be the people that to get afraid of Bitcoin because of it falling massively is here so in 2017 bitcoin rise and also fall so that is giving me the hope and the strength that bitcoin will recover even though it for to the endpoint so one day it will still rise and increase above the point that people expected

It wasn't only because of fear that made a lot of people not to invest in Bitcoin other factor contributed to it. For example; lack of knowledge or misconception is one of the major reasons why many if those who heard about Bitcoin early didn't invest in it, like for me I had the idea that only those with millions of dollars can invest in Bitcoin because I viewed it as a project for the rich only, you can imagine if several other people had same ideology as me that would have discouraged them from investing in it.
And even some late adopters are still facing issue of misconception most of them ventured into Bitcoin because they believe it's something that they can use to get rich in a short period of time and when it fails to go according to how the had anticipated it to go they start creating FUD.  

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 prefer the current state of Bitcoin to its early state. In the past 12 years there have been series of development and that has been to improve Bitcoin and you can see that has time passes more and more country are adopting Bitcoin into their system and that was what Satoshi hoped for.
So I'll say Bitcoin is not a failed project.

[Tommiewill]

A little worried about the future of bitcoin!!

Don't worry, it will only become more and more popular in the future.

[Iroh]

Since I started being introduced to Bitcoin last 2017, nothing changed. Bitcoin is always a Bitcoin no matter what. I think why people noticed Bitcoin being a failure or why they are telling it, it for sure because of the price fo Bitcoin or even because they lost some money investing in Bitcoin.
They don't appreciate what Bitcoin is.

Nothing has changed as bitcoin is and would always still be bitcoin. Bitcoin has seen a considerable growth, in the slow but gradual adoption globally, to the increase in its worth and price over the years. I personally don’t think the price of bitcoin at any time(high or low) makes it a failure. The price of bitcoin, in my opinion can’t be considered a failure as the price has considerably risen over the years.
Bitcoin hasn’t failed as it’s still thriving and only getting better as more people adopt and utilize its functions.

[tjtonmoy]

It is difficult to say how the creator(s) of Bitcoin, if still active, may feel about the current state of the crypto industry. However, it is clear that the industry has evolved significantly since the early days of Bitcoin, and it will likely continue to evolve in the future as new technologies and innovations are developed.
So no, It is not a failure. It will keep evolving.

[EarnOnVictor]

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 ?"

As for me, the disappearance of Satoshi Nakatomo was a good development, who knows what could have meted to him if he was still a public man? And Yes, it's been 12 years already, yet his disappearance has never affected the project in any way. On the other hand, it helps to prove that Bitcoin is totally decentralized, and this is because the creator gives everyone a sense of belonging without interference.

But I won't agree with him for calling it a "pure" world while he capped the coin at 21 million BTC. With time, it would not be enough for the people adopting it.

[BALIK]

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.

You are right so far, bitcoin has not failed and it will continue to grow over time but none of us are scrambling to buy it, you can buy bitcoins anytime, anywhere, as long as you have an internet connection.

12 years have passed, and from a worthless coin now worth $18k, there is no reason to say bitcoin is failing, even if bitcoin won't be able to rise any further and stabilize at $18k, bitcoin is still a higher value asset than any other asset class. The people calling bitcoin dying or failing are the dumbest people we've ever seen.

[Kakmakr]

Well, Satoshi Nakamoto (let's refer to him as a man for this discussion) ... wanted Bitcoin to be an alternative currency... and he succeeded with that in many ways. A lot of countries have officially accepted Bitcoin as a payment option or legal tender ....and in the countries where it is defined as a commodity.... people can still use it as a medium of transfer for their wealth. 

Unfortunately for most people.... Bitcoin is seen as a store of value.... and they hoard it. They also speculate with the high price volatility and use it as a commodity. (which is fair.... but our focus should be to make it a reserve currency) 

[Leviathan.007]

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

About 12 years ago bitcoin was created to be a p2p currency all over the world and this is what bitcoin was created for and aimed in the first place. However, during all these years bitcoin changed a lot and many different things happened to it one of them was the bitcoin adoption which forced people to pass KYC and send personal information for what they do in the transactions.

[Iroh]

You are right so far, bitcoin has not failed and it will continue to grow over time but none of us are scrambling to buy it, you can buy bitcoins anytime, anywhere, as long as you have an internet connection.

12 years have passed, and from a worthless coin now worth $18k, there is no reason to say bitcoin is failing, even if bitcoin won't be able to rise any further and stabilize at $18k, bitcoin is still a higher value asset than any other asset class. The people calling bitcoin dying or failing are the dumbest people we've ever seen.

I may have exaggerated a bit when I mentioned that people are scrambling to buy bitcoin. Yes, you could very well buy bitcoin anytime, anywhere with an internet connection enabled device.

I think with time, bitcoin would get more valuable as it gets scarce cause people won’t be willing to let go of theirs. So I think people are really buying and holding bitcoin whenever they can. They may not be scrambling yet lol, but they’re buying.

Skeptics and naysayers have been calling for the failure and death of bitcoin over the years and bitcoin keeps growing and getting stronger defeating their predictions and hopes over and over. So yeah, I think they can be  pretty dumb.

[Questat]

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, the development is growing fast but the adoptions have taken slowly. You can't urge people to do that, even you. However, I'd see that this technology is great, and many people are benefiting from this today and in the next generation. Of course, you can never expect a thing to develop and be adopted instantly as it never exist. It really just takes more time in order to fully understand how this works. In fact, Satoshi never mentions any time-frame which is for me, it is still achieved step-by-step.

[christmas2022]

Thank you all for your valuable opinion !!
I read it all with great interest.

First, it seems that everyone has almost the same impression about the value of Bitcoin itself is going well successfully.
And, I also felt that you have a strong belief in the future of bitcoin as a currency.

I think that Bitcoin has spread worldwide in such a short period of time as a new payment service is because it offers people something original and attractive.

I was a little concerned with all that has been happening with Bitcoin recent days.
But as I read your thoughts, I am so relieved.
However, it can anything happen in the world of finance, so I should always be careful..

Best regards,

[CryptoBuds]

Thank you all for your valuable opinion !!
I read it all with great interest.

First, it seems that everyone has almost the same impression about the value of Bitcoin itself is going well successfully.
And, I also felt that you have a strong belief in the future of bitcoin as a currency.

I think that Bitcoin has spread worldwide in such a short period of time as a new payment service is because it offers people something original and attractive.

I was a little concerned with all that has been happening with Bitcoin recent days.
But as I read your thoughts, I am so relieved.
However, it can anything happen in the world of finance, so I should always be careful..

Best regards,

Well, no matter how good bitcoin is, there is no guarantee or 100% certainty, so you always have a plan B, don't invest in bitcoin with all your assets or with money you can't lose. Diversifying your portfolio is the right thing to do, not just focusing on a single asset class.

The future of bitcoin is unpredictable, but if you are willing to take the risk for a good return, you can consider buying more bitcoins from now on as their price is very low. You will get huge profits if you buy now and hold until bitcoin recovers.

[Plaguedeath]

As the digital gold pov it has failed, as a currency for all pov, also a failed project, as a pump and dump pov it's the best one yet.

Bitcoin is never become a pump and dump project lol, Bitcoin marketcap is really high, it's not like shitcoins who have small marketcap and then it can be easily manipulated by the developer.

Satoshi never say Bitcoin is a digital gold, it's only your own or the other people perspective to think Bitcoin is a digital gold. Gold can be controlled by central authority, so it's not same like Bitcoin.

Bitcoin is starting to be success to become currency, since there's few countries already accept Bitcoin as legal tender e.g. El Salvador, Central African Republic etc.

[foggyb]

Without a doubt, Bitcoin is immensely popular and enjoys widespread adoption, which seems to be an indicator of growing success. However, this space still struggles to overcome technical challenges and social criticisms. Probably the most important critical view is of its lack of regulation and inherent volatility. Critics argue that makes bitcoin a poor choice for use as a currency, while others point to the numerous hacks and security breaches that have plagued this tech. Another serious negative aspect is the energy-intensive mining process which is oft criticized for its environmental impact. However, bitcoin remains a popular and valuable asset, with many people still believing in its potential to revolutionize the global financial system.