Do you sometimes think Bitcoin will fail?

[commandrix]

What I think is that Bitcoin unleashed something that is going to be very difficult to put back in the bottle. So, even if it fails, the idea that you can store value in something that isn't backed by major financial institutions or governments or even those guys who sell gold and silver will still be there.

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[foggyb]

I am normally optimistic, but not in a good mood right now.

Do you sometimes think Bitcoin will fail?

Please be honest, that's all.

You need to define what constitutes a failure of bitcoin.

Its almost impossible to completely eliminate bitcoin. Its too useful and the virus is out there. Regardless of price, people will continue to use it unless the bitcoin network is mostly or completely wiped out (very very hard to imagine that scenario).

[countryfree]

I'm afraid of investors. People who don't care at all about BTC, and who just want to make money out of it, but I believe in BTC because plenty of simple people like me have a need for a decentralized world currency. BTC has to win, otherwise, we'll have to invent another world crypto-currency.

[Catmoonglow]

Bitcoin may fail, but technology is going to continue to decentralize power across society. it's been happening for centuries

[Ludi]

It could very well fail, but I think its got a few years left in it yet, but I'm more inclined to believe it wont fail and will actually go on to become revolutionary.

[Beliathon]

Good thing is BTC is in middle of development, and i dont really think development will ever stop, so future can be as brght as we make it.

Well said.

In response to OP, I highly recommend a viewing of Jeff Garzik's excellent Bitcoin the Organism TED talk.

Not only will Bitcoin not fail, Bitcoin will save many economies from failing, probably saving countless lives in the not too distant future. Bitcoin is a lifeboat on the Titanic.

[Brooker]

I'll give that TED talk a listen to see what he's got to say.

I think the only way bitcoin will fail is if something else comes along that surpasses bitcoin in many ways. I hope it doesnt happen, but bitcoin seems pretty  foolproof to me.

[nwfella]

"failure" entirely possible but highly unlikely imho

[franky1]

there is always utility for money, so as long as the code isnt broke, people will find a use for it.

if the price drops, others will buy. bitcoin will never be completely gone. just its usage, userbase and value may alter

[BTCisthefuture]

I'm optimistic about bitcoin in the long run and like many people on here I have my own personal reasons for WANTING bitcoin to succeed.

With that said,  yes there are plenty of times I think about bitcoin failing over time.  I believe p2p cryptocurrencies and the technology behind it is certainly here to stay.  Bitcoin itself very well could die off in the future,  but cryptocurrencies in general are certainly here to stay in one form or another.

[MÖGUL™]

Bitcoin will thrive for the next 5 years at least if not more I feel. The pros out way the cons 100 times over. It's a growing phenomenon that anyone who understands it and how it works is instantly excited by it (Literally) Every year more and more people are learning about it and started to use it.. more and more companies are incorporating it, there are more start-ups happening, with large investments, its just going to snowball until everyone in the world see's it as another source of money and trading. If what you see in the news intimidates you, then your are an easily led individual.
the future is BTC!

MÖGUL™

[franky1]

Bitcoin will thrive for the next 5 years at least if not more I feel.

i think bitcoins has over a hundreds years for life. but planning for 5 year cycles (most people live by a 5-year-plan in work and life) is a safe and rational thing we should all do.

[bigasic]

Nothing is certain in life, especially something like bitcoin. Now,2 or 3 years ago, I wondered all the time if it would get accepted, if I didn't have any doubts, I would have held on to all my coins that I purchased/traded. But, when btc would go up 20 or 30 percent, I figured Id take my profits and run. Today, I don't do anything like that, I wish my confidence was as high then as it is now.

But will it fail? technically it could, but I think that possibility is very remote.. I liken btc now as the internet was in the early to mid 90's....

[QuestionAuthority]

It's impossible for Bitcoin to fail at this point.

If everyone in the world stopped using it right now it was still a successful experiment. That's all it was started as anyway.

[beetcoin]

It's impossible for Bitcoin to fail at this point.

If everyone in the world stopped using it right now it was still a successful experiment. That's all it was started as anyway.

this is blind thinking. there are multiple ways that bitcoin could collapse. i'm not saying that it will happen or that it won't, but there's the possibility. anyone who thinks it will definitely go one way is probably myopic.

[Willisius]

I think BTC will be fine as long as it can improve itself. Here's a post by satoshi I found not long ago:

unsigned int is good until 2106.  Surely the network will have to be totally revamped at least once by then.

There should not be any signed int.  If you've found a signed int somewhere, please tell me (within the next 25 years please) and I'll change it to unsigned int.

Note his confidence that the network will have to be totally revamped at least once by 2106. Now, if BTC can't improve itself, that's a different story.

[sukamasoto]

Sometimes but i believe in Bitcoin. There's no one problem about Bitcoin that people can't fix IMHO.
Maybe could fail but the idea is great and can't die. The blockchain system is very revolutionary.

I agree with you and I also think how bitcoin
continuation after the coming decades

[QuestionAuthority]

It's impossible for Bitcoin to fail at this point.

If everyone in the world stopped using it right now it was still a successful experiment. That's all it was started as anyway.

this is blind thinking. there are multiple ways that bitcoin could collapse. i'm not saying that it will happen or that it won't, but there's the possibility. anyone who thinks it will definitely go one way is probably myopic.

You need to learn to read ALL of a post before commenting.

[tokeweed]

I am normally optimistic, but not in a good mood right now.
BTC is too hard for common people....Too risky....Confirmations sometimes take way too long....Competing with powerful forces in banking and Gov't....Bad rep in the media....child porn....gambling...drugs....51%.........blah, blah...
Do you sometimes think Bitcoin will fail?

Please be honest, that's all.


Edit:
Confirmations sometimes take Wwwaaaaaaaaaaayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy too long
The last block was 38 minutes ago and that is "not ready for prime time" or usable in the real world......We are delusional, this thing is not working!!  

Jed will save us.



When I sold Mt. Gox a few years ago, Bitcoin was trading at less than a dollar. Today Bitcoin exists in a new environment. Now, I'm building something that will be better for Bitcoin and better for you.

I'm looking for alpha testers.

-Jed

http://alphatesters.secretbitcoinproject.com

[S4VV4S]

Bitcoin is destined to fail in my opinion.

What I see as a major problem is the difficulty increases and the mining centralization.

Right now the difficulty is sky high yet manufacturers and consumers still have incentive to manufacture and buy faster miners.

So what happens when the incentive is not good enough to go through the costs?

Depend on transaction fees?
How much will those fees be in order for ANY business or individual to keep up with the costs of running their operation?

For sure technology will progress but that is up to some point.

What happens then?

BTC mining has become centralized and that is by the manufacturers themselves who "test" their equipment for as long as it takes to have their next miner ready and get rid of the old.
The pools are also a huge concern on the matter.

None the less, the difficulty keeps rising and much faster than the two weeks predicted by Satoshi.


I don't know maybe I think too much or too little, but what I see happening is either Bitcoin crashing or Bitcoin being controlled by one and only authority that lives off on all transaction fees (something like VISA).

I know this wont happen for some time but it will happen.

So what I see happening in the future is a completely decentralized coin taking over.

Just my thoughts on the matter....