Bitcoin - Losing faith...heres why...

[leopard2]

Who is OP working for?

[exocytosis]

Who is OP working for?

Everyone somewhat critical of the Bitcoin permabull cultist mentality must surely work for banks and/or governments ... 

Why don't you just refute his arguments, instead of asking silly questions about his personal credentials and background?

What's with the echo chamber mentality here? Are you guys trying to outdo /r/Bitcoin in that regard as well?

[exocytosis]

How do you lose faith in something that's only been around for 5 years or so?   

I wonder if the same people lost faith when the Internet was in it's infancy not so longer ago.

It's been around for almost six years, and it's showing signs of aging. It's been nine months since Bitcoin's ATH, and it's been in a downtrend ever since. The downtrend seems to be continuing. Sustaining a price over 500 is very hard, almost impossible, for BTC right now. And it's gonna be harder in the future.

[Razick]

The way to automatically allocate a new currency based on wealth prior to adoption already exists. It's called an exchange. If you have 1% of the cash on earth and everyone is buying bitcoin you can buy 1%.

Very early adopters (I missed that boat by the way) are rewarded for the higher risk that they took in jumping in early. Do you really think they will hold forever? They'll gradually sell off their holdings until there is a more even distribution.

Bitcoin becoming the dominant currency is far from a sure thing by the way.

Who is OP working for?

Everyone somewhat critical of the Bitcoin permabull cultist mentality must surely work for banks and/or governments ... 

Why don't you just refute his arguments, instead of asking silly questions about his personal credentials and background?

What's with the echo chamber mentality here? Are you guys trying to outdo /r/Bitcoin in that regard as well?

I agree here. When you throw around these accusations at anyone who is even slightly doubtful it makes you look like a raging fool. People should always be asking questions, raising doubts, addressing concerns and considering the worst as well as the best case scenario.

[Soros Shorts]

You can argue that there is a rich elite at the moment which is absolutely fucking the world right now, but the amount of potential disparity that bitcoin may create will be absolutely catastrophic, causing the human planet to turn all dystopian.

Please substantiate this assertion with examples of similar events that have occurred in history.

[digitalindustry]

I cannot see the whole world using bitcoin when its going to create such wealth disparity.

There are roughly 13 million coins in circulation, with the maximum amount being 21 million. This means over 50% of all coins in being, are in control of a small minority consisting of maybe 0.01% of the worlds population.

Yes, there is a super-elite rich at the moment, but not at the scale we are talking about if bitcoin were to be adopted.

Is it not more sensible to think that yes, a cryptocurrency will exist, but not bitcoin? A coin where you are automatically assigned a certain amount based on your wealth at the moment, in relation to others?

I find it absurd that someone, i.e the Winklevosses could own 1% of the worlds monetary power. Noone, absolutely noone in their right mind, will allow someone to hold this amount insane amount of resources.

I understand, the concept and even bitcoin itself is revolutionary, it has woken us up to what could be, but the origination and adoption of bitcoin was messy and only open to people who (rightly so) had knowledge and guts. But just because someone has guys it doesn't mean they are deserving of something.

99.99% of the worlds population controlling 50% of the worlds monetary value and therefore resources, when early adoptors, i.e the 0.01% own the other 50%. 1 person in the 'bitcoin elite' would have the same monetary power as 10,000 people. That's disgusting and human morality itself will not allow for this to happen.

Don't get me wrong cryptocurrency is the future, just not one causing a dictatorship to be born.

And for the short term I see no reason to invest either....


Swiping cards is just about the simplest thing you can do, most transactions under $50 don't require a signature, and security codes and card expiry are incredibly small concerns.

Bitcoin's headaches are immense, slow txn processing, irreversible for the consumer, funds are lost if wallet is compromises...now follow me for a sec...

Merchants can't replace credit with bitcoin. Simply can't. Credit is money you don't have and bitcoin is money you do have. A good credit card offers rewards, 100% fraud protection, ubiquitous acceptance, FICO score benefits, and an entity between you and your money. Tons of consumer value.

Now debit - debit fees were sliced by the Durbin amendment, so suddenly they aren't all that much more than the 1% exchange price of bitcoin.

While debit and bitcoin are comparable in that they are money you have, there is still no compelling reason for your average consumer to pay a fee to obtain bitcoin just to make an everyday purchase.

Merchants can want to eliminate transaction fees all they want but until there is clear value for the most important point in the value chain, the consumer, mass adoption will not occur. Even worse, to fix bitcoin's shortcomings, you need to regulate it, guarantee it, set up escrow's, exchange btc for USD...all the things that will make it just like the mainstream banks bitcoin is seeking to circumvent.

Even if these are fixed, its too late, people will realise the wealth disparity caused.

A new world cryptocurrency will be replace it, where the wealth disparity stays the same, where it is today... but with all the benefits that crypto has to offer so the world doesnt collapse?

Comments?

some points :

- There is no support it left roughly 1 to 2 months ago if it was even there.

- less than 100k of BTC could flaw the price.

- the reason it ran up to create the illusion of "high valuation" was though complete monopoly.

- that monopoly is broken (basically)

- I'd say the "market" would value Bitcoin between $2 and $50 based on "brand speculation" if the valuation collapse doesn't cause significant structural collapse. (i.e multiple 51% "events")

[cameltoe]

As the BTC price rise with increase adoption, the bitcoin whales will slowly cash out their coin stash. It's not like BTC will jump from 500 to 10k overnight so the wealth distribution will have time to even out. Unless Mr. Nakamoto decides to reappear and announce his plans for world domination.

[farfiman]

As the BTC price rise with increase adoption, the bitcoin whales will slowly cash out their coin stash. It's not like BTC will jump from 500 to 10k overnight so the wealth distribution will have time to even out. Unless Mr. Nakamoto decides to reappear and announce his plans for world domination.

Not necessarily. As the price rises they will have no need to cash out more than small amounts- unless they want to buy a castle
(or a country)

The tycoons of today spend millions and always have more than before. It will be no different.

[Cream]

Some of your assumptions are wrong. Bitcoin is gaining trust and popularity practically speaking but loosing in theory..

So?

[melisande]

I am an optimist and don't buy your views at all.This is a lay man's perspective on the concept of Bitcoin so stop posting such opinions on the forum if you don't believe in its establishment and use then why invest your money on it.However,i will advice you to be patient and watch the trend for at least 2 more years then may be your views will change.

[Mars not Moon]

I think some of your assumptions are wrong because bitcoins is rising and spreading very fast. Its value is also on the rise.

[Timetwister]

What's wrong with wealth disparity? Every one of us has different interests and attitudes that makes us have different incomes. There's nothing wrong with that.

For those that think that wealth disparity is wrong, I recommend Murray Rothbard's Egalitarianism as a Revolt against Nature. You can find it free here: https://mises.org/books/egalitarianism.pdf

[oceans]

I can never understand why so many people lose faith in things so easily. Bitcoin has been around for what now....5 years? In those 5 years we have seen bitcoin rise and become more popular and even some companies are now accepting it, to me that is a huge step and shows me that bitcoin still has a way to go yet. It's far too early to be losing faith I feel.

[Skrillex]

The wealth disparity is happening NOW. 1% own shit ton of power, most people are legit POOR. BTC gives us a second chance.

[Timetwister]

I can never understand why so many people lose faith in things so easily. Bitcoin has been around for what now....5 years? In those 5 years we have seen bitcoin rise and become more popular and even some companies are now accepting it, to me that is a huge step and shows me that bitcoin still has a way to go yet. It's far too early to be losing faith I feel.

I agree. Why should we lose faith? Bitcoin is still vastly superior to fiat alternatives. It seems obvious to me that crypto currencies will be widely used in the future. It's just a matter of time that more and more companies accept them and encourage people to use them, by for example giving discounts over other methods like Paypal and credit cards.

[gregheflee]

Well if you are here to become rich thru bitcoin then do not be here. Well for me, Bitcoin is here to stay but its too risky to invest your own money for it.

[doitASAP]

if you are losing your faith - stay away from our community. We need only those who are full of enegry and have a strongest will

Don't you think what you said is totally bullshit?
I'd like to hear different voice from the community.

[devphp]

Bitcoins act as seed capital, Bitcoins fuel and propel all the other crypto 2.0 technologies, decentralized companies, etc. It makes no sense sitting on Bitcoins. Bitcoins can potentially give you 1-10x returns over the next 5 years, keeping with inflation or not. But crypto 2.0 technologies and decentralized companies stock can potentially give you 10-1000x returns over the same period.

https://bitcointalk.org/index.php?topic=766406.0
https://bitcointalk.org/index.php?topic=762346.msg8649839#msg8649839

[iluvpie60]

the problem is that you came to a bitcoin forum to talk about how bitcoin is probably not going to be widely used.

mostly everyone here has low levels of critical thinking and is all like "bitcoin is gonna go moon and i make profit derppp"

honestly i dont even know why i continue to post here and read things, you are mostly right and yes bitcoin will obviously not be used by everyone. it might be .001% use bitcoin or it might be 1% use it who knows. the certain thing is that it can be bought out like anything else, exchanges can be bought out, mining can be bought out etc...

the trustless part is the protocol, but you have to trust the miners/exchanges/services that use btc and all that(unless you escrow which almost every normal person will say is a fucking stupid way to spend your time).

[NeuroticFish]

Bitcoin starts becoming a currency, not an investment. Which is actually good.
Although I don't like it, most (if not all) altcoins are traded (between them or to/from fiat) through... bitcoin. And some altcoins seem to have a very bright future.


Both of these can get to the conclusion that Bitcoin is far from dead. I can even say that although its price is not great, the coin is actually doing good.