Bitcoin is not here to stay and won't save the worlds economy

[mrvicar]

Bit coin is just the first stage of developing a new currency..

This site is ALL BITCOIN PRO --- so wait a minute, no.. a month... no a few years! Everyone (just about) is Bit coin positive on here and everyone wants to see it win and go on to strength and strength.
I trade BTC but not with a shallow mind but with an open mind. Its a commodity with a lot of future (long term or short term) ... It is at the moment the most well known crypto in the world, the best know crypto in the world by the majority of the population.

The days are already here where the price of BTC is being controlled by the "major" players, its not a game anymore, its not a get rich scheme .... this is big business money and players are involved. This isn't a multi million $ investment any more ... its multi billion $ investment that the likes of us are small and insignificant. There are hedge funds involved, there are "well known" stock exchanges involved and lets face it..... who of us has 15000 to 100000 btc to manipulate the market, its already happening!

So how much money would it take to KILL Bitcoin when it could be challenging revenue in a country? At the moment there are many countries trying to embrace it and there are many countries that hate it and it threatens revenue (taxes).  For a country to take on "killing" btc it would be a splash in the pan .... nothing ... just a self preservation move. Come on ... some countries can spend more on there armed forces, nuclear program self defence in a week or month?

Summary... BTC will be killed at some stage, by some organisation or joint government. Enjoy whats left of the ride and for how long it lasts because I will and I will weep when its gone

Look to the future .. get in and realise the time to get out.


(All my opinions are my own - slate me or debate me - I just want your opinions)

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[bryant.coleman]

I can see that this is your first post here. So you underwent the pains of registering in this community just to post this BS here? Are you paid per post / thread, or are you paid according to the time you are logged in?

[MRKLYE]

I view your opinion and kindly disagree.

BTC has grown far to large to kill now.

[Lucky Cris]

Sock puppet trying to start some shit.

[fr33d0miz3r]

Bit coin is just the first stage of developing a new currency..

This site is ALL BITCOIN PRO --- so wait a minute, no.. a month... no a few years! Everyone (just about) is Bit coin positive on here and everyone wants to see it win and go on to strength and strength.
I trade BTC but not with a shallow mind but with an open mind. Its a commodity with a lot of future (long term or short term) ... It is at the moment the most well known crypto in the world, the best know crypto in the world by the majority of the population.

The days are already here where the price of BTC is being controlled by the "major" players, its not a game anymore, its not a get rich scheme .... this is big business money and players are involved. This isn't a multi million $ investment any more ... its multi billion $ investment that the likes of us are small and insignificant. There are hedge funds involved, there are "well known" stock exchanges involved and lets face it..... who of us has 15000 to 100000 btc to manipulate the market, its already happening!

So how much money would it take to KILL Bitcoin when it could be challenging revenue in a country? At the moment there are many countries trying to embrace it and there are many countries that hate it and it threatens revenue (taxes).  For a country to take on "killing" btc it would be a splash in the pan .... nothing ... just a self preservation move. Come on ... some countries can spend more on there armed forces, nuclear program self defence in a week or month?

Summary... BTC will be killed at some stage, by some organisation or joint government. Enjoy whats left of the ride and for how long it lasts because I will and I will weep when its gone

Look to the future .. get in and realise the time to get out.


(All my opinions are my own - slate me or debate me - I just want your opinions)

I also can see some dangerous signs for Bitcoin. Let's see how the situation developes.

[CoinExpert]

The most important fact and why the price of bitcoin has fallen is no growth whatsoever in bitcoin transactions for almost 6 months.

So bitcoin is stuck, it is not growing.

What this means is there are no more people moving into bitcoin or the number of people leaving bitcoin is matching the number of new people.

There are only on average 350 transactions per block which is on average 10 minutes. Visa on the other hand process 2,000 transactions per second.

Positive side there is plenty of room to grow, on the negative side it is not growing.
 

[franky1]

Bit coin is just the first stage of developing a new currency..

This site is ALL BITCOIN PRO --- so wait a minute, no.. a month... no a few years! Everyone (just about) is Bit coin positive on here and everyone wants to see it win and go on to strength and strength.
I trade BTC but not with a shallow mind but with an open mind. Its a commodity with a lot of future (long term or short term) ... It is at the moment the most well known crypto in the world, the best know crypto in the world by the majority of the population.

sorry to interrupt your critisism, bitcoin is not a commodity. a commodity is a raw material of known standard quality that is used to create other products. EG gold for electronics and jewellery. beef for many food products, wheat for many flour/dough based products and cereals.

The days are already here where the price of BTC is being controlled by the "major" players, its not a game anymore, its not a get rich scheme .... this is big business money and players are involved. This isn't a multi million $ investment any more ... its multi billion $ investment that the likes of us are small and insignificant. There are hedge funds involved, there are "well known" stock exchanges involved and lets face it..... who of us has 15000 to 100000 btc to manipulate the market, its already happening!

again sorry to interrupt your critisisms but you are thinking of the narrow mined path of a FIAT trader using bitcoin purely to make a few extra % fiat profit, instead of trading stocks, shares, forex. bitcoin is not about the fiat profitering. thats only a small section of the whole ecosystem.

So how much money would it take to KILL Bitcoin when it could be challenging revenue in a country? At the moment there are many countries trying to embrace it and there are many countries that hate it and it threatens revenue (taxes).  For a country to take on "killing" btc it would be a splash in the pan .... nothing ... just a self preservation move. Come on ... some countries can spend more on there armed forces, nuclear program self defense in a week or month?

you cant tax bitcoin. governments can only tax their own product (fiat). crypto users can only be taxed AFTER they convert it to FIAT.  as for governments trying to kill bitcoin. again in the developed world its next to impossible. theres been 5 years of discussions that shutting down the electric/internet will mess with their beloved FIAT systems more so then the couple million people around the world currently using bitcoin. they wont mess with 7billion peoples lives purely to cut out a couple million peoples spending habits. they tried it with removing mastercard transactions from russia. yet russians kept on spending their Rubles. if governments tried to buy up all bitcoins. it would cause a price rise and people will hoard and sell at the top price, flooding the country with FIAT that came from government, causing larger government debt. if the government already had bitcoin and tried to tank the price to 0.. people will see it as the most epic time to by in cheap.

Summary... BTC will be killed at some stage, by some organisation or joint government. Enjoy whats left of the ride and for how long it lasts because I will and I will weep when its gone

Look to the future .. get in and realise the time to get out.

(All my opinions are my own - slate me or debate me - I just want your opinions)

all your words lead to one result. your trying to create FUD to psychologically make people crash the market so you can buy in cheap. how boring and old fashioned you are with your attempts. you are trying nothing new and many people can see straight through the emptiness of your words.
this is proved by your narrow mindedness of being a trader.


now thank you for wasting 5 minutes of readers lives, to read something that is just empty of any validity..
enjoy your life..... and move on

[Beliathon]

Sock puppet trying to start some shit.

yep. Ignored.

[keithers]

Bitcoin technology is definitely here to stay, the invention cannot be undone. It may not save the world's economy, but it will absolutey change the way the economy works. It is almost impossible for it not to at this point.

[jonald_fyookball]

Bit coin is just the first stage of developing a new currency..

This site is ALL BITCOIN PRO --- so wait a minute, no.. a month... no a few years! Everyone (just about) is Bit coin positive on here and everyone wants to see it win and go on to strength and strength.
I trade BTC but not with a shallow mind but with an open mind. Its a commodity with a lot of future (long term or short term) ... It is at the moment the most well known crypto in the world, the best know crypto in the world by the majority of the population.

The days are already here where the price of BTC is being controlled by the "major" players, its not a game anymore, its not a get rich scheme .... this is big business money and players are involved. This isn't a multi million $ investment any more ... its multi billion $ investment that the likes of us are small and insignificant. There are hedge funds involved, there are "well known" stock exchanges involved and lets face it..... who of us has 15000 to 100000 btc to manipulate the market, its already happening!

So how much money would it take to KILL Bitcoin when it could be challenging revenue in a country? At the moment there are many countries trying to embrace it and there are many countries that hate it and it threatens revenue (taxes).  For a country to take on "killing" btc it would be a splash in the pan .... nothing ... just a self preservation move. Come on ... some countries can spend more on there armed forces, nuclear program self defence in a week or month?

Summary... BTC will be killed at some stage, by some organisation or joint government. Enjoy whats left of the ride and for how long it lasts because I will and I will weep when its gone

Look to the future .. get in and realise the time to get out.


(All my opinions are my own - slate me or debate me - I just want your opinions)

A country could hit bitcoin with a 51% attack....that much is true.  but I think people are working on security implementations and plans to fortify it.  Bitcoin evolves.

That said, your post seems to have an agenda of trying to convince people that bitcoin is weak and we should abandon it, rather than offer solutions or ideas.

[lynn_402]

Summary... BTC will be killed at some stage, by some organisation or joint government. Enjoy whats left of the ride and for how long it lasts because I will and I will weep when its gone

Governments can't kill decentralized processes. After all the years they tried, it's still easier than ever to download illegal torrents. In China's totalitarian censorship, it's still possible to visit any website you wish using TOR. The only thing they achieved by closing Silk Road is allowing more markets to take its place. There's certainly more exemples, which shows that internet can still be free and we have powerful tools that makes us stronger than any organisation.

If there was a huge treat of 51% attack by a government, Bitcoin would switch to PoS, and it would live on.

[hashman]

Bit coin is just the first stage of developing a new currency.. [....]

So how much money would it take to KILL Bitcoin when it could be challenging revenue in a country? At the moment there are many countries trying to embrace it and there are many countries that hate it and it threatens revenue (taxes).  For a country to take on "killing" btc it would be a splash in the pan .... nothing ... just a self preservation move. Come on ... some countries can spend more on there armed forces, nuclear program self defence in a week or month?

Summary... BTC will be killed at some stage, by some organisation or joint government. Enjoy whats left of the ride and for how long it lasts because I will and I will weep when its gone

1) We are at about $600m cap in alts.  Is crushing one chain worth your time and effort?  Why? 

2) remember if you have that kind of hashing power you will get rich quick by mining by the rules, or simply lose money by DDOSing. 

[softron]

As long devs continue to work on securing the blockchain. Bitcoin cannot be killed and anyone who tries wil be throwing a lot of money away

[uteroulin]

2) remember if you have that kind of hashing power you will get rich quick by mining by the rules, or simply lose money by DDOSing. 

This.

No point in DDoSing something that can profit you.

[mrvicar]

I am not creating FUD, I am stating my opinion and I expected to get slated on here, its a PRO BITCOIN board with biased opinions.

@Franky1
"all your words lead to one result. your trying to create FUD to psychologically make people crash the market so you can buy in cheap. how boring and old fashioned you are with your attempts. you are trying nothing new and many people can see straight through the emptiness of your words.
this is proved by your narrow mindedness of being a trader. "

Really Franky1? So I post an opinion of my own and I am accused of trying to make people crash the market, lol. You really think I will cause panic to the market with a post on this board? I think not. Being a trader I can make money on the rise and also the fall of the price of bitcoin so there is no validity in your statement.

I agree that btc can not be taxed but this is a problem and not a blessing, people trading across borders with no tax going to the governments creates a situation that threatens bitcoin. Sooner or later they are going to want their cut and revenue from this and someone will challenge it.

People mostly look at the positives of btc (and there are a lot) but they should keep an open mind to the negatives and realise that btc could be challenged and could be killed, It is possible!





(All my opinions are my own - slate me or debate me - I just want your opinions)

[gagalady]

I disagree with this, look bitcoin was created in 2009 It already have his "little" economy history in that 5 years  and In that time despite the price crash It has grown alot, i think It will get stable price one day.

[nuff]

It will be here to stay IMHO. There's too much invested plus it having the 'first mover' advantage. Rather than dying, it will be improved. In the world of cryptos, everything is based pretty much on Bitcoin, so if it dies so would the others.

[bryant.coleman]

It will be here to stay IMHO. There's too much invested plus it having the 'first mover' advantage. Rather than dying, it will be improved. In the world of cryptos, everything is based pretty much on Bitcoin, so if it dies so would the others.

The booming of the alt-coins is really hurting Bitcoin. Especially during the last 2-3 months. Check the capital inflows from Bitcoin to Altcoins. Most of the market cap lost by the Bitcoin is gained by the alt-coins such as Doge.

[RodeoX]

Oh great, another warning from a "bit coin" expert. 

[jonald_fyookball]

People mostly look at the positives of btc (and there are a lot) but they should keep an open mind to the negatives and realise that btc could be challenged and could be killed, It is possible!

I agree.

Absolutely it is possible. And it is foolish to pretend bitcoin is somehow invincible.

Those that care about bitcoin should act as a defensive driver would on the highway...looking for potential problems and taking prudent measures to avoid them or solve them before they cause harm.

[durrrr]

bitcoin could be killed any day by a few things. but the thing is everyday it does last te possibility of that happening goes lower and lower. eventually when people have faith it will be very strong

[Soros Shorts]

People mostly look at the positives of btc (and there are a lot) but they should keep an open mind to the negatives and realise that btc could be challenged and could be killed, It is possible!

I agree.

Absolutely it is possible. And it is foolish to pretend bitcoin is somehow invincible.

Those that care about bitcoin should act as a defensive driver would on the highway...looking for potential problems and taking prudent measures to avoid them or solve them before they cause harm.

So what would be your suggestions for these prudent measures?

[jonald_fyookball]

Well I started this thread on a possible defense idea for 51% attack but I'm still
Thinking about it.

https://bitcointalk.org/index.php?topic=582386.0

[counter]

I agree with both statements but I also feel it is a way to restart the program and get things going in the right direction.

[Dannie]

I agree with both statements but I also feel it is a way to restart the program and get things going in the right direction.

Restart the program? Sorry I don't get it

[ncerj]

i keep the faith in Bitcoin ,i see more robust and expecting big things in 2014

[counter]

I agree with both statements but I also feel it is a way to restart the program and get things going in the right direction.

Restart the program? Sorry I don't get it

lo,l I was just saying you could use the function of Bitcoin an example for how money should be used in a society very much like ours.  Especially if things keep going down hill like they are now such a system would be beneficial .  Sorry if that wasn't clear in my previous post.

[SomethingElse]

Let me tell you somethingelse.

I agree and disagree with some of the statements.

1. Bitcoin is too big to fail.  People who say this don't understand all the ideas, movements, organizations, and businesses that were much much larger than bitcoin and have totally failed.

2. Governments can't squash bitcoin because it is decentralized.  This is mostly false.  What governments can do is make it illegal to own, trade, process, use bitcoin and any business that does will be shutdown and confiscated.  If a government did that, it would all but kill it for that country.  No business/bank/rich person would touch it for fear of being shutdown.  Small people wouldn't touch it because what could they do with it.  And if enough big countries like the US, Canada, China, Japan, and the EU did this, yes, bitcoin would become all but worthless world wide.  People often say bit torrent is decentralized and wasn't squashed and this is true, but when I download a movie, it has value because I watch it.  If I buy a bitcoin and there is literally no place to use it, its value is 0. 

That being said, I don't think either of these scenarios will happen.  I think bitcoin will find a happy place in the world.  If it gets as big as Visa, I think that will be a great success and is a realistic goal.  Warren Buffet said it well when he said, "Bitcoin is just a really good way of sending money, but you know what, so is a check".  The reality is that the financial system as a whole has a huge infrastructure developed for moving around money, and for the most part it was getting along just fine before bitcoin came along.  When we talk about bitcoin verses fiat, we are talking about something similar to Telsa verses all other forms of transportation.  Those forms of transportation have been very well built up and for all their faults for the most part work pretty well.  That is the case with money as it is now.  Yes, it has huge problems and there is definitely a few things bitcoin does better and definitely will have some wiggle room to get in there and make a name for itself.  Telsa has some wiggle room to move into the field of transportation and gain some serious market share, but it is by no means going to replace all forms of transportation.  Bitcoin simply anytime soon isn't going to replace gold, government bonds, travelers checks, personal checks, debit cards, credit cards, gift cards, and good ole cash, but there is room for it to be a brother and compliment to some of these.  I think this is the realistic and logical near term realization of bitcoin.

[S4VV4S]

Let me tell you somethingelse.

I agree and disagree with some of the statements.

1. Bitcoin is too big to fail.  People who say this don't understand all the ideas, movements, organizations, and businesses that were much much larger than bitcoin and have totally failed.

2. Governments can't squash bitcoin because it is decentralized.  This is mostly false.  What governments can do is make it illegal to own, trade, process, use bitcoin and any business that does will be shutdown and confiscated.  If a government did that, it would all but kill it for that country.  No business/bank/rich person would touch it for fear of being shutdown.  Small people wouldn't touch it because what could they do with it.  And if enough big countries like the US, Canada, China, Japan, and the EU did this, yes, bitcoin would become all but worthless world wide.  People often say bit torrent is decentralized and wasn't squashed and this is true, but when I download a movie, it has value because I watch it.  If I buy a bitcoin and there is literally no place to use it, its value is 0. 

That being said, I don't think either of these scenarios will happen.  I think bitcoin will find a happy place in the world.  If it gets as big as Visa, I think that will be a great success and is a realistic goal.  Warren Buffet said it well when he said, "Bitcoin is just a really good way of sending money, but you know what, so is a check".  The reality is that the financial system as a whole has a huge infrastructure developed for moving around money, and for the most part it was getting along just fine before bitcoin came along.  When we talk about bitcoin verses fiat, we are talking about something similar to Telsa verses all other forms of transportation.  Those forms of transportation have been very well built up and for all their faults for the most part work pretty well.  That is the case with money as it is now.  Yes, it has huge problems and there is definitely a few things bitcoin does better and definitely will have some wiggle room to get in there and make a name for itself.  Telsa has some wiggle room to move into the field of transportation and gain some serious market share, but it is by no means going to replace all forms of transportation.  Bitcoin simply anytime soon isn't going to replace gold, government bonds, travelers checks, personal checks, debit cards, credit cards, gift cards, and good ole cash, but there is room for it to be a brother and compliment to some of these.  I think this is the realistic and logical near term realization of bitcoin.

Well let me tell you something else.

I agree and disagree with some of your statements.

1. Bitcoin is too big to fail.  People who say this don't understand all the ideas, movements, organizations, and businesses that were much much larger than bitcoin and have totally failed.

Failure is usually due to human error.
And regardless of the fact that the core dev team is behind Bitcoin, should they fail, Bitcoin protocol is open source
That being said I wouldn't say Bitcoin is too big to fail.
I would say that at this point it would be VERY difficult for Bitcoin to fail.

2. Governments can't squash bitcoin because it is decentralized.
The only thing governments can do is Tax it, spread FUD and link it to criminal activities.
Should a government declare it as illegal then you can rest assured that it will be used only "illegally". Think of Silk Road for example.
Businesses had no clue what Bitcoin was (let alone start accepting it) yet Silk Road was a multimillion dollar business and it only worked with Bitcoins when they were worth peanuts compared to today's price.
Way too many coins out there for their holders to just accept that loss, so Black Markets will emerge.

That being said I do agree that Bitcoin simply anytime soon isn't going to replace gold or fiat.
Let's not forget that at this point it's value is based on fiat. Take that away and what is Bitcoin worth?
We have a LOOOOOONG way ahead of us until Bitcoin becomes more popular because the truth be told, the majority of people who hear about it don't really understand it and therefor call it a scam.