What bitcoin myth you want to see us bust next?

[Bitcoin For Dummies]

It's again that time when we reach out to the community asking what bitcoin myth busting video we should do next.

Here is our work so far:

• The first one "Finally a simple answer of what is Bitcoin!" - https://www.youtube.com/watch?v=cWYVktImeTk
• The second "Is Bitcoin a Ponzi?" - https://www.youtube.com/watch?v=kImBgWDgIlA
• The 3rd "Does Bitcoin have an intrinsic value?" - https://www.youtube.com/watch?v=2R3Zg1KL_KE
• the 4th "Why bitcoin transactions are so slow and why there is a huge risk of double spending?" - https://www.youtube.com/watch?v=HrvinzeAymg
• 5th, "21 reasons why bitcoins are better than dollars!"- https://www.youtube.com/watch?v=XImwmL4eBXk

Well, here you give your opinion what should be the 6th one?


Disclaimer: This project is supported by product placement of sites from the bitcoin ecosystem. Who gets to sponsor a video is decided by an auction that we hold in the Auction section of this forum. If you want to be reminded about the next one just PM me now, I'll PM you back when it starts!

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[MegaHustlr]

I'd like to see one on the myth of but you spend bitcoins on anything or anywhere and a display of what you can buy and hoe easy it is to buy things with it.

[InwardContour]

I'm curious about this, when the last block of bitcoin will be mined, what will happen?

My 2 cents:
The miners will gain only transaction fees so the electric cost will be higher than the revenue,
therefore the number of miners will drop drastically and the chances of 51% attacks will be huge.

Conclusion: when the last block will be mined, bitcoin will die.

myth?

[cech4204a]

I'd like to see answer about blockchains data size, what will happen in future, will we need like 2 TB HDD for storing whole blockchain or is it gonna be reduced and controlled somehow? Why do we even need that much data, why can't we have pieces, like P2P network has?

[bananaControl]

I want you to bust the myth that bitcoin and the necessary technologies are ready for ordinary people to hold and use.

[Krang]

I'm curious about this, when the last block of bitcoin will be mined, what will happen?

My 2 cents:
The miners will gain only transaction fees so the electric cost will be higher than the revenue,
therefore the number of miners will drop drastically and the chances of 51% attacks will be huge.

Conclusion: when the last block will be mined, bitcoin will die.

myth?

Yes, myth, because the transaction fees will be higher and the cost of producing miners etc will also drastically fall.

[banque]

www.Grepa.org

The worlds answer to FREE CLEAN ENERGY FOR THE WORLD

By the time the last coin is mined, we may have a GREPA WORLD of free clean energy IMO.

Bitcoin takes out the worlds banks

Grepa takes out the fossil fuel corps

FREE ENERGY solves the power issue

BTC solves the worlds currency manipulation issue

[StatusSeeking]

Myth: Bitcoin is terrible for the environment due to miner power consumption.

[mamarried]

"It's cheaper to use western union"

[smashingpumpkin]

Widespread Bitcoin adoption would somehow prevent fractional reserve banking from happening.

[AliceWonder]

I'm curious about this, when the last block of bitcoin will be mined, what will happen?

It depends. Miners spend a lot of money on their hardware.

If the centralization trend keeps up and the block reward gets to small, we may see the major pools start rejecting transactions that don't have a, say, a 2% fee.

Those who control the flow of money have all the power, which is why this centralization problem needs to be solved.

[AliceWonder]

I'd like to see answer about blockchains data size, what will happen in future, will we need like 2 TB HDD for storing whole blockchain or is it gonna be reduced and controlled somehow? Why do we even need that much data, why can't we have pieces, like P2P network has?

lite clients already exist.

[AlPutino]

Myth: As a bitcoin rises in value, more people hoard the currency as it becomes too valuable to trade for something else. This effect dictates that Bitcoin will never be useful as a currency.

[Brewins]

Myth: bitcoin was created by CIA/The Illuminati/satan itself and has lots of backdoors and a virus in their algorithm that will make it turn to dust overnight.

Myth: bitcoin may get to 0 next week so are not worth investing

[Riniaiokl]

Another myth: 'Bitcoin in it's current state is ready for primetime and mass adoption'

[Tenarlty]

Another myth: 'Bitcoin in it's current state is ready for primetime and mass adoption'

I'd like to hear more about this, mainly though, what can be done or is being done

[futureazy]

Myth: Bitcoins stored locally are less safe than those on exchange wallets.

[bananaControl]

Another myth: 'Bitcoin in it's current state is ready for primetime and mass adoption'

I'd like to hear more about this, mainly though, what can be done or is being done

+1

If OP was really interested in busting myths and do something good for bitcoin, he would take on the truth even if it hurts a bit right now. Critical and constructive criticism is much better for the entire ecosystem than overly positive propaganda that hides the inconvenient truth. Selling an unfinished product without telling the entire truth can come back and bite us all.

But hey, maybe OP is indeed sincere in his alleged intentions, but only he can prove so.

[Brooker]

Myth: bitcoin was created by CIA/The Illuminati/satan itself and has lots of backdoors and a virus in their algorithm that will make it turn to dust overnight.

Myth: bitcoin may get to 0 next week so are not worth investing

Well the first one you can't prove or explain why it wasn't created by any of those people or groups, and the second bitcoin could go to zero next week and whether they are investing in is personal opinion.

[adog]

Myth: Bitcoin is a pyramid scheme

[Brooker]

Myth: Bitcoin is a pyramid scheme

That probably falls under the Is Bitcoin a Ponzi which they've already covered. See the op.

[Bitcoin For Dummies]

Another myth: 'Bitcoin in it's current state is ready for primetime and mass adoption'

I'd like to hear more about this, mainly though, what can be done or is being done

+1

If OP was really interested in busting myths and do something good for bitcoin, he would take on the truth even if it hurts a bit right now. Critical and constructive criticism is much better for the entire ecosystem than overly positive propaganda that hides the inconvenient truth. Selling an unfinished product without telling the entire truth can come back and bite us all.

But hey, maybe OP is indeed sincere in his alleged intentions, but only he can prove so.

Well, this is not really a myth, it isn't ready for the mainstream and that's why it's not mainstream yet. But the tools to get there are being build as we write this.
The technology is young, we are still laying down the roads, that's expected process and needs time.
Nothing to bust here really.

So far, we haven't picked anything, so please give us more suggestions.

[RocketSingh]

Another myth: 'Bitcoin in it's current state is ready for primetime and mass adoption'

I'd like to hear more about this, mainly though, what can be done or is being done

+1

If OP was really interested in busting myths and do something good for bitcoin, he would take on the truth even if it hurts a bit right now. Critical and constructive criticism is much better for the entire ecosystem than overly positive propaganda that hides the inconvenient truth. Selling an unfinished product without telling the entire truth can come back and bite us all.

But hey, maybe OP is indeed sincere in his alleged intentions, but only he can prove so.

Well, this is not really a myth, it isn't ready for the mainstream and that's why it's not mainstream yet. But the tools to get there are being build as we write this.
The technology is young, we are still laying down the roads, that's expected process and needs time.
Nothing to bust here really.

So far, we haven't picked anything, so please give us more suggestions.

here is a list of Bitcoin Myths. pick up the one of your choice

https://en.bitcoin.it/wiki/Myths

[R2D221]

Well the first one you can't prove or explain why it wasn't created by any of those people or groups, and the second bitcoin could go to zero next week and whether they are investing in is personal opinion.

For the first obe, I agree.
For the second one, what are the odds of Bitcoin literally dropping to zero next week? If it loses value, it won't be as fast.

[gjgjg]

Id go for the 'only criminals use it to buy x'.

If I were the FBI or CIA etc I would be begging criminals to use BTC. They just need to get the personal info from the exchanges about which wallet is theirs and it opens up their finances way quicker and easier than cash or whatever. Once they get a solid starter lead on a wallet they can then get personal info of any other wallet that has interacted with it. Even if the wallet was created under a friend of 'the criminal' its still a good lead. Assuming the exchanges arent blocking law enforcement on this process, it seems that its way more risky than cash for the criminalez.

[Bitcoin For Dummies]

We are still looking for ideas guys.

[JohnFromWIT]

Bitcoin encourages criminal activity

or at least

It facilitates criminal activity more than other currencies.

[ljudotina]

I'd like to see "ASIC's arn't centralizing Bitcoin" myth busted....

[giveBTCpls]

I want to see Bitcoin in ebay so the myth of "Bitcoin will never kick off into mainstream adoption" gets busted.

[Bitcoin For Dummies]

I want to see Bitcoin in ebay so the myth of "Bitcoin will never kick off into mainstream adoption" gets busted.

This one will get busted by itself

[Nerazzura]

Most of confidence in Bitcoin Bitcoin comes from the fact that it does not require belief at all. Bitcoin is fully open-source-based and decentralized. This means that every person has access to the entire source code at any time. All developers in the world can verify how exactly how the Bitcoin. All published bitcoin transactions and can be viewed transparently and in real-time by anyone. All payments can be made without depending on a third party and the entire system is protected by a peer-reviewed cryptographic algorithms such as those used in online banking. No organization or individual who can control Bitcoin, and the network remains secure even though not all users can be trusted.

[Bitcoin For Dummies]

Most of confidence in Bitcoin Bitcoin comes from the fact that it does not require belief at all. Bitcoin is fully open-source-based and decentralized. This means that every person has access to the entire source code at any time. All developers in the world can verify how exactly how the Bitcoin. All published bitcoin transactions and can be viewed transparently and in real-time by anyone. All payments can be made without depending on a third party and the entire system is protected by a peer-reviewed cryptographic algorithms such as those used in online banking. No organization or individual who can control Bitcoin, and the network remains secure even though not all users can be trusted.

So, what's the myth?

[Satan666]

We are still looking for ideas guys.

"Bitcoin is a commodity."

Some people seem to think that the volatile price tag attached to a bitcoin is what defines it.

[blatchcorn]

Myth: Those investing today in Bitcoin have already missed the boat

[juicyjuice87]

The energy wasting insanity. Wait that's not a myth

[franky1]

The energy wasting insanity. Wait that's not a myth

it is a myth

put short
1Thash= 1kwatt electric, doing some maths at the moment the hash power of the network is 153peta hash
so bitcoin uses 153mwatt and thats a world currency of more then a couple million users/merchants
https://blockchain.info/charts/hash-rate

las vegas alone uses 5000mwatt-7000mwatt.. and that's one city of.. poker chips and 1,300,000 residents
https://www.nvenergy.com/company/facts.cfm

bitcoin is 80x more power efficent for the community than the community of pokerchips

[Night Owl]

Sorry I am new, but are online wallets safe for small amounts of BTC?

[dwdoc]

When most of the bitcoins have been mined transaction fees will not be high enough to support the network.

Myth or Truth?

[JohnFromWIT]

Jason Biggs invented Bitcoin.

[sugarfree]

Myth: Regulation will be good for Bitcoin

[ipnone5only]

Myth: a bitcoin plutocracy is preferable to democracy

[GTA]

Myth: Bitcoin is more secure than traditional money transfer methods

[RepublicSpace]

Myth: Bitcoin is more secure than traditional money transfer methods

Bitcoin is quite obviously more secure than traditional money transfer methods as there are no middlemen to mess with your transaction.
As long as you keep your private keys safe 

[Jubettarr]

Myth: Bitcoin is more secure than traditional money transfer methods

Bitcoin is quite obviously more secure than traditional money transfer methods as there are no middlemen to mess with your transaction.
As long as you keep your private keys safe 

So as long as you ignore the factor that makes it unsafe, it's safe.
Cool 

[R2D221]

Myth: Bitcoin is more secure than traditional money transfer methods

Bitcoin is quite obviously more secure than traditional money transfer methods as there are no middlemen to mess with your transaction.
As long as you keep your private keys safe 

So as long as you ignore the factor that makes it unsafe, it's safe.
Cool 

Nothing is 100% safe. Also, you could keep your bank password unsafe, and your account would be emptied before you knew it.

[Bitcoin Magazine]

When most of the bitcoins have been mined transaction fees will not be high enough to support the network.

Myth or Truth?

myth.  u could support the network with a single Block Erupter 333 mh/s USB Stick

[Bitcoin For Dummies]

how about we make one about how volatility is normal for technology that young

or how regulation and governments can't really stop it?

[counter]

I'd love to see the myth that only men are interested in Bitcoin disproved.  I'm holding out faith that it is just a myth anyway.

[franky1]

the myth that some rich guy will dump a few million dollars on bitstamp/coinbase and cause a spike in one day. .. seeing as they have deposit limits now, which were not there last year.

goodbye price ramps caused by whales entering the market, hello steady rises by small medium investors. and ofcourse the price resistance rise due to bitpay and others no longer having to sell directly on exchanges as much. due to whales buying privately from bitpay instead.

[Possum577]

I'd love to see you examine the myth that bitcoin will "absolutely, definitely, double, triple, exponentially increase in value to the USD".

Too may people talk about BTC definitely going up in value with absolutely zero math or logic to back it up.

I'm bullish on BTC and I'm glad others are too, but I don't have any fact for it...do you guys have any facts or analysis you can share with the rest of us?

Thanks.

[franky1]

I'd love to see you examine the myth that bitcoin will "absolutely, definitely, double, triple, exponentially increase in value to the USD".

Too may people talk about BTC definitely going up in value with absolutely zero math or logic to back it up.

I'm bullish on BTC and I'm glad others are too, but I don't have any fact for it...do you guys have any facts or analysis you can share with the rest of us?

Thanks.

if you start in october 2013. and draw a line from 90$ and each 2 weeks increase it by 10%ish you will see the line of mining costs EG spring 2014 ($400) summer/now ($550) and if you don some maths of the hashpower/vs costs before terrahashers come online to see mining costs pre-october .. you will see that bitcoin prices never really went below mining costs.. (excluding mtgox on its day of closing).

but thats not science, thats just opinion based on psychology of trading(resistance to sell at a loss) and other trends

[Night Owl]

Sorry I am new, but are online wallets safe for small amounts of BTC?

Oops sorry wrong thread

[Satan666]

I'd love to see the myth that only men are interested in Bitcoin disproved.  I'm holding out faith that it is just a myth anyway.

Women have no use for bitcoins because they love spending money, not hoarding it.

[dwdoc]

When most of the bitcoins have been mined transaction fees will not be high enough to support the network.

Myth or Truth?

myth.  u could support the network with a single Block Erupter 333 mh/s USB Stick

But then anyone could easily perform a 51% attack.
Eventually transaction fees will probably not be high enough to insure network security.

[Razick]

I'm curious about this, when the last block of bitcoin will be mined, what will happen?

My 2 cents:
The miners will gain only transaction fees so the electric cost will be higher than the revenue,
therefore the number of miners will drop drastically and the chances of 51% attacks will be huge.

Conclusion: when the last block will be mined, bitcoin will die.

myth?

I would like to see this one busted since I'm not completely sure it's untrue myself.

[franky1]

I'm curious about this, when the last block of bitcoin will be mined, what will happen?

My 2 cents:
The miners will gain only transaction fees so the electric cost will be higher than the revenue,
therefore the number of miners will drop drastically and the chances of 51% attacks will be huge.

Conclusion: when the last block will be mined, bitcoin will die.

myth?

I would like to see this one busted since I'm not completely sure it's untrue myself.

the year of 2140, has no realistic or meaningful explanation that would be of benefit to your corpse, which would have been burried many many years prior. so dont worry about it.

talking about future events is a speculation/theory. and as it has not happened nor will happen for 125 years it will remain a theory. and thus any talk about the year 2140 WILL BE A MYTH until the yar 2140 which is when those myths can be proven as fact.

in short you cant bust a myth until after the fact.

[Omikifuse]

myth: bitcoin price must be stable before mass adoption

reason: there is a finite number of bitcoins to be generated, so mass adoption will follow a big rise in price, if it ever to happen

[CoinDiver]

"Didn't bitcoin go bankrupt?"

[CoinDiver]

"Didn't bitcoin get hacked?"

[counter]

I'd love to see the myth that only men are interested in Bitcoin disproved.  I'm holding out faith that it is just a myth anyway.

Women have no use for bitcoins because they love spending money, not hoarding it.

Call me crazy but the seems sexist to me.  How can you make that statement and expect to be taken seriously?  Wouldn't hoarding it make them a profit which means more money to spend?  It's like saying poor people have no use for Bitcoin because they spend all their money to live.  I'm just going to assume you were making a joke and in that case, haaha good one!   

[Razick]

When most of the bitcoins have been mined transaction fees will not be high enough to support the network.

Myth or Truth?

myth.  u could support the network with a single Block Erupter 333 mh/s USB Stick

Yes and no. You could confirm transactions with 333 mh/s, but not provide network security, because I could come in with two Block Erupter 333 mh/s USB Sticks and perform a 51% attack.

[Bitcoin For Dummies]

Thank you all guys for the input.
I think we will make one about how volatility is to be expected with young and disruptive technologies.
Since volatility is all over the place recently

[evanito]

Will bitcoins die if it becomes mainstream?

[snappa4ever]

"Didn't bitcoin go bankrupt?"

I think this and didn't bitcoin get hacked have been busted time and again, but keep coming back up because people do not understand how bitcoin works.

[Bitcoin For Dummies]

Will bitcoins die if it becomes mainstream?

is there life after birth?

[giveBTCpls]

Will Bitcoin ever be popular among the average joe and young people (teens, a big big part of the internet generation)

[edd]

Will Bitcoin ever be popular among the average joe and young people (teens, a big big part of the internet generation)

More like, "Bitcoin won't succeed until my grandma can use it!"

Because, you know, grandmothers are such a huge market for technically innovative and disruptive products. 

[bornil267645]

Bitcoin is for real.

[moriartybitcoin]

the myth that bitcoin is a ponzi/pyramid scheme needs to be addressed .. obviously that is the opposite of what bitcoin really is