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Author Topic: Disadvantages of Bitcoin why price might drop.  (Read 6416 times)
walidzohair
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June 26, 2011, 10:02:08 PM
 #21

1. You can't buy a pizza with gold either.

2. Wallet encrypted and stored in three places including a cloud storage account is safer than any physical wallet can be.  It's not rocket science - it's only a matter of educating people.

3. Stores can hedge if that is a big problem for them.  Or they can just hang on to them until Bitcoin goes mainstream.

4. Nothing stopping the two parties from using an escrow service or web of trust. Except unlike Paypal and CCs,  it's not mandatory.

5. Regular users who switch off the client don't compromise network integrity. The network can easily do its job with miners alone.

6. Or you just sit down for a few days and educate yourself. See (2). It's a worthwile investment considering what's at stake, don't you think?

7. Yes, it's still a beta technology. There are risks and failure scenarios. Don't invest in Bitcoin if you can't affort to lose it.

8. Bitcoin fulfils some real, practical needs that no other technology fulfils at the moment. Even if the euphoria dies down, there will be a core of users who buy Bitcoin for sober reasons.


Yes, all of these are factored into the price, as well as future expectations of all of these.

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June 26, 2011, 10:14:28 PM
 #22

11. What if someone who doesn't understand anything keeps posting threads, will the forum server EXPLODE???

Guess we'll see...

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Prze_koles
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June 26, 2011, 10:24:20 PM
 #23

wat if we all die? nobody will trade bitcoins anymoar!!!111  omg! *panic*

walidzohair
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July 09, 2011, 12:18:39 PM
 #24

now there is immediate android application that can be integrated easily with any  POS (Point of Sale) Wink
joepie91
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July 09, 2011, 02:16:16 PM
 #25

Seems things are rallying too fast.   Here are some reason why bitcoin could crash. 

1. If you trade in bitcoins you still have to find a buyer of them if you want a pizza.  Thus you will have to use a service to exchange your money to dollars on their terms.  If you drive to a bitcoin meet-up you are still wasting gas to do the exchange.  You will have a middleman more often.

2. There is a risk of lost, stolen, or disk failure wallets.  Yes you can lose your wallet in real life, but you usually find it under the bed. 

3. Shops are slow in adjusting prices, if the price rises and their store might have prices that are 2 months old and they seem expensive.   What if prices crash 90% will the shop honor the price?  I doubt it they buy all their materials in USD, CAD, RUB, or EUD.

4. There is no record of exchange.  What if you buy a car and you go to pick it up and there is no car or address?  You are out 10,000 BTC.  If you buy something over the internet even for 1 BTC, if they don't send it you are out of luck.

5. The churning of your hard-drive is already annoying to run the bitcoin client.  If the economy gets 10x bigger that churning is going to be 10x bigger.  Are there any stats to Mb per day you waste on hard disk space?  What about bandwidth?

6. In the end you might have to end up using a bitcoin bank anyways where you store your bitcoins to take the risk out of lost wallets.  Then you run the risk that the goldsmiths, take your money and spend it loans and blow.

7. There is always the risk of someone destroying the network or finding a flaw and taking the system down.  Since BTC could be used for money laundering, it might be a big goal of the governments of the world to take it down.

8. What if people stopped mining BTC, or the euphoria of a deflationary currency would people lose interest in it?

I suppose you say all these are already factored into the price of BTC.   


"But guys! You can't live in that house! It doesn't even have a roof! How can you ever expect that to succeed! This is not going to work, guys! Stop working on it, you can't even live in it!"

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I just can't wait for fall/winter. My furnace never generated money for me before. I'll keep mining until my furnace is more profitable.
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