view: bitcoin has hit its full potential

[bustrod]

And yet the price continues tanking and the daily transaction volumes keep falling.  

You are misinformed, daily transactions are near an all time high:

https://blockchain.info/charts/n-transactions
https://blockchain.info/charts/n-transactions-excluding-popular

he may be referring to volume instead of number of transactions:

https://blockchain.info/charts/estimated-transaction-volume
..however, he's still incorrect.

it has, in fact, about doubled in the last 60 days:
https://blockchain.info/charts/estimated-transaction-volume?timespan=60days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

[Wexlike]

Bitcoin has reached its full potential when you store your bitcoin hot wallet on your smartphone or hardware wallet. Additionally saved to your bitcoin hotwallet private key, you will have a pair of private car keys and the home key stored on your device. You will need the keys to start the engine of your car, and you will sell your car by transferring the token through the blockchain to the new owner in exchange to some satoshi.

Start using your brain and start to see the future.

[bustrod]

Bitcoin is not really decentralized

How is it not when everyone can host a node? ...because un-industrialized operations can't compete in the mining business any longer?

anonymous

Who said it was? You've been mislead. In fact, the whole idea is that every transaction IS public knowledge.

or easy to use.

Maybe we have different concepts of easy. I've personally found it extremely easy; I've sold OTC, bought and sold on market and fixed rate exchanges, used at brick and mortar as well as online. Every time so far, the transaction has been simple, fast and without issue. What makes bitcoin difficult for you to use?

I am beginning to think that you might just be a bitcoin bull deep down, Xiaoxiao. For how much misinformation you provide and the frequency with which you provide it, you may very well be a positive force in causing people to provide and formulate rebuttals to your arguments, thus strengthening and broadening an understanding of bitcoin. For that, thank you.


Edit:

Yes, I like your vision! Love that bitcoin is so much more than a currency, but a powerful, multipurpose token as your scenario nicely illustrates.

[inca]

Bitcoin has reached its full potential when you store your hardware wallet on your smartphone or hardware wallet. Additionally saved to your bitcoin hotwallet private key, you will have a pair of private car keys and the home key stored on your device. You will need the keys to start the engine of your car, and you will sell your car with transfering the token through the blockchain to the new owner in exchange to some satoshi.

Start using your brain and start to see the future.

You are soon flying back after a two week business trip out the country. Whilst walking through the airport departure lounge your phone PA agent app offers to arrange a taxi to pick you up at the other end and drive you home. You tap yes and via your inbuilt hardware smart wallet the agent instantly books a cab and pays with bitcoin. You order a beer and pay with bitcoin using the contactless payment system from your phone. Your phone offers to get the cleaner in to tidy up the house before you arrive home but you decide against it as the place wasn't too messy when you left. It is the end of the month and whilst you wait your phone bill and electricity bills appear on the screen. Bugger you think and tap pay as they are paid instantly with a few precious satoshis debited from your wallet. Today is the local council election and using your cryptographically secure election coloured coin you received last month you decide to spoil your ballot and abstain after perusing the available candidates.

The cloud agent app informs the other smart devices in your home of your imminent arrival and the fridge responds that it is low on milk and groceries..would you like replacements ordered in and your usual schedule restarting? You tap yes and the fridge orders and pays for new supplies from your favourite supermarket instantly using bitcoin. The plane is delayed and the agent automatically delays the DAC autocab for you. You stretch your smart device to widen the screen and stream a new movie in 3d from netflix for a few bits.

Finally you land and after picking up your luggage you walk out to the taxi rank. Numerous empty driverless autocabs are waiting and you hold your phone against the door of the nearest vehicle. It opens and drives you home directly avoiding all red lights and traffic. You lug your bags up the stairs to your plush flat and hold your phone up to the door lock but to your horror discover the battery is dead and you are locked out - damn iphone 10 - should have got the android.

[notme]

And yet the price continues tanking and the daily transaction volumes keep falling.  

You are misinformed, daily transactions are near an all time high:

https://blockchain.info/charts/n-transactions
https://blockchain.info/charts/n-transactions-excluding-popular

And he's still wrong if we look at the stats he actually mentioned (transaction volume, not # of transactions)
BTC transaction volume trending up
https://blockchain.info/charts/estimated-transaction-volume
USD transaction holding steady in the face of massive price drops
https://blockchain.info/charts/estimated-transaction-volume-usd

[Nagle]

And yet the price continues tanking and the daily transaction volumes keep falling.  

You are misinformed, daily transactions are near an all time high:

https://blockchain.info/charts/n-transactions
https://blockchain.info/charts/n-transactions-excluding-popular

he may be referring to volume instead of number of transactions:

https://blockchain.info/charts/estimated-transaction-volume
..however, he's still incorrect.

it has, in fact, about doubled in the last 60 days:
https://blockchain.info/charts/estimated-transaction-volume?timespan=60days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Nah. Take a look at estimated USD transaction volume., which is adjusted for change-making and other transactions that don't represent ownership transfers. Not much change since April, and way down from the China peak last December. (There's also a huge peak around the time Mt. Gox went down.)

[Nagle]

if you google "21$ in bitcoin" immediately there is a exchange rate.  Just like any other currency or formula you can google.   Guess what?  The world knows about bitcoin; its capabilities has been shown.  Guess what?  The world is NOT impressed by bitcoin, and uninterested.  Bitcoin is disliked, and is not useful to 95% of the population.

I was around in 2011, and we dreamed of this day, where the world has been exposed to bitcoin.  As the saying goes "be careful what you wish for", there really isn't that much going on for bitcoin, but furthermore, the future of bitcoin.

Bitcoin is the Segway of money.  It works, it's moderately useful, and it's not going to change the world.

[inca]

if you google "21$ in bitcoin" immediately there is a exchange rate.  Just like any other currency or formula you can google.   Guess what?  The world knows about bitcoin; its capabilities has been shown.  Guess what?  The world is NOT impressed by bitcoin, and uninterested.  Bitcoin is disliked, and is not useful to 95% of the population.

I was around in 2011, and we dreamed of this day, where the world has been exposed to bitcoin.  As the saying goes "be careful what you wish for", there really isn't that much going on for bitcoin, but furthermore, the future of bitcoin.

Bitcoin is the Segway of money.  It works, it's moderately useful, and it's not going to change the world.

Looking through your posts from 2011 it seems you were bearish then. You are bearish now. If you havent become fairly comfortable off bitcoin since then I can only assume you are one bitter man indeed!

[Wexlike]

Bitcoin has reached its full potential when you store your hardware wallet on your smartphone or hardware wallet. Additionally saved to your bitcoin hotwallet private key, you will have a pair of private car keys and the home key stored on your device. You will need the keys to start the engine of your car, and you will sell your car with transfering the token through the blockchain to the new owner in exchange to some satoshi.

Start using your brain and start to see the future.

You are soon flying back after a two week business trip out the country. Whilst walking through the airport departure lounge your phone PA agent app offers to arrange a taxi to pick you up at the other end and drive you home. You tap yes and via your inbuilt hardware smart wallet the agent instantly books a cab and pays with bitcoin. You order a beer and pay with bitcoin using the contactless payment system from your phone. Your phone offers to get the cleaner in to tidy up the house before you arrive home but you decide against it as the place wasn't too messy when you left. It is the end of the month and whilst you wait your phone bill and electricity bills appear on the screen. Bugger you think and tap pay as they are paid instantly with a few precious satoshis debited from your wallet. Today is the local council election and using your cryptographically secure election coloured coin you received last month you decide to spoil your ballot and abstain after perusing the available candidates.

The cloud agent app informs the other smart devices in your home of your imminent arrival and the fridge responds that it is low on milk and groceries..would you like replacements ordered in and your usual schedule restarting? You tap yes and the fridge orders and pays for new supplies from your favourite supermarket instantly using bitcoin. The plane is delayed and the agent automatically delays the DAC autocab for you. You stretch your smart device to widen the screen and stream a new movie in 3d from netflix for a few bits.

Finally you land and after picking up your luggage you walk out to the taxi rank. Numerous empty driverless autocabs are waiting and you hold your phone against the door of the nearest vehicle. It opens and drives you home directly avoiding all red lights and traffic. You lug your bags up the stairs to your plush flat and hold your phone up to the door lock but to your horror discover the battery is dead and you are locked out - damn iphone 10 - should have got the android.

we share the same vision !

[bustrod]

Nah. Take a look at estimated USD transaction volume., which is adjusted for change-making and other transactions that don't represent ownership transfers. Not much change since April, and way down from the China peak last December. (There's also a huge peak around the time Mt. Gox went down.)

This is precisely what I was looking at. It isn't a fair comparison to take the peak of December, during speculative fueled frenzies and say we are down from there. I can do that on any chart for any market to create a skewed perspective. Between the months of January and March, we were still dropping to find our real bottom. Bitcoin was still discovering it's "actual" price (by actual, I mean absent short-sighted speculation). Gox implodes, there's another rush and we find a new bottom. Only short term speculators want explosive, impossible to sustain appreciation. Since May now, we've had slow, but steady growth.

Look at 30 day, 60, 180, 1 year ...each and every one is UP. Contrary to sublime's comment that I was replying to, no ..it simply is not falling, and that was my point.

[zimmah]

if you google "21$ in bitcoin" immediately there is a exchange rate.  Just like any other currency or formula you can google.   Guess what?  The world knows about bitcoin; its capabilities has been shown.  Guess what?  The world is NOT impressed by bitcoin, and uninterested.  Bitcoin is disliked, and is not useful to 95% of the population.

I was around in 2011, and we dreamed of this day, where the world has been exposed to bitcoin.  As the saying goes "be careful what you wish for", there really isn't that much going on for bitcoin, but furthermore, the future of bitcoin.

Bitcoin is not really decentralized, anonymous, or easy to use.  Any entity that tries to improve bitcoin is not in it to really improve bitcoin, but to monopolize some kind of service that is good for bitcoin in the short run but destroys it in the long run.  Coinbase, mtgox, etc etc...

Bitcoin is centralized in the fact that it is only as good as the developers, and the developers are total stone degenerates.  Bitcoin is doomed to be something that just "didn't work" when we look back at in hindsight.  Just like another penny stock that was selling for hundreds of dollars a share during the .com bubble.  5 years from now (if this forum still exists), someone will bump this thread and facepalm at their ignorance.

let's go back to 1980ish

if you read the times about "the internet" immediately you will find it on the front page.  Guess what?  The world knows about the internet; its capabilities has been shown.  Guess what?  The world is NOT impressed by the internet, and uninterested.  the internet is disliked, and is not useful to 95% of the population.

I was around in 1970, and we dreamed of this day, where the world has been exposed to the internet.  As the saying goes "be careful what you wish for", there really isn't that much going on for the internet, but furthermore, the future of the internet.

The internet is not really neccesary, anonymous, or easy to use.  Any entity that tries to improve the internet is not in it to really improve the internet, but to monopolize some kind of service that is good for the internet in the short run but destroys it in the long run.  (Some random dotcom companies) etc etc...

(some random flaws about the internet)

[BrewCrewFan]

I bet the people at home depot wished they had been able to pay with bitcoin.

[redsn0w]

OP, go buy an ounce of gold.

This sentence is fantastic ! OP If you don't trust bitcoin go away  .

[sublime5447]

https://blockchain.info/charts/estimated-transaction-volume-usd?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Volume is way down in the only metric that matters USD!

[meanig]

Bitcoin is the Segway of money.  It works, it's moderately useful, and it's not going to change the world.

But you were full certain back in 2011 that Bitcoin would be dead in a matter of weeks and the price would actually go into negative territory. Have your predictions got any better since then or are you still talking nonsense 

[sublime5447]

if you google "21$ in bitcoin" immediately there is a exchange rate.  Just like any other currency or formula you can google.   Guess what?  The world knows about bitcoin; its capabilities has been shown.  Guess what?  The world is NOT impressed by bitcoin, and uninterested.  Bitcoin is disliked, and is not useful to 95% of the population.

I was around in 2011, and we dreamed of this day, where the world has been exposed to bitcoin.  As the saying goes "be careful what you wish for", there really isn't that much going on for bitcoin, but furthermore, the future of bitcoin.

Bitcoin is the Segway of money.  It works, it's moderately useful, and it's not going to change the world.

I do think decentralization and the blockchain will change the world, but these guys will be riding their segway's, while listening to napster, while surfing AOL, while counting their bitcoins and telling friends about it on myspace.

[bustrod]

https://blockchain.info/charts/estimated-transaction-volume-usd?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Volume is way down in the only metric that matters USD!

Ahh ..so you measure success vs. failure in terms of USD. So you believe bitcoin's sole use is as a speculative vehicle by which more USD can be obtained?

And way down from what? December '13? March '14? if you're comparing to those periods of time, you're not worth arguing with.

[CryptoCarmen]

I was around in 2011, and we dreamed of this day, where the world has been exposed to bitcoin.  As the saying goes "be careful what you wish for", there really isn't that much going on for bitcoin, but furthermore, the future of bitcoin.

3 years is really not to much. If you dream and imagine back then exactly as it is now, i doubt you would wrote article like this, since you would have some vision what will be in 3 years from now.

[teukon]

if you google "21$ in bitcoin" immediately there is a exchange rate.  Just like any other currency or formula you can google.   Guess what?  The world knows about bitcoin; its capabilities has been shown.  Guess what?  The world is NOT impressed by bitcoin, and uninterested.  Bitcoin is disliked, and is not useful to 95% of the population.

Theorem:

• Google knows about Bitcoin.
• Everyone knows about Google.
• Therefore, everyone knows about Bitcoin.

[Robert Paulson]

people are currently living in a pipe dream that paper money can work, despite the fact it never did, that's a 100% failure rate.
the world is going to have a new monetary system in this decade as the printed money malinvestments pile up to unsustainable levels.

there are only two viable options, either go back to precious metals or use bitcoin.
there is no sense using gold where you have to trust someone to hold it for you.

with bitcoin for the first time in 550 years YOU are the bank, each and every one of us is actually a walking bank.

people look at bitcoin as if its a clone of paypal without realizing the historic paradigm change that it causes in the banking industry.