Ready to admit bitcoin is a failure?

[sublime5447]

Just wondering how many people are ready to admit that it isn't gonna have main stream adoption?

I want to talk about why and what can be changed to fix bitcoin, but first we have to admit there is a problem.   

[1715053145]

1715053145

[bitcoin_bagholder]

Just wondering how many people are ready to admit that it isn't gonna have main stream adoption?

I want to talk about why and what can be changed to fix bitcoin, but first we have to admit there is a problem.   

Why concede defeat when we've only just begun? The mainstream population needs more incentive to use bitcoin. Give it time. If you haven't noticed, the infrastructure is being built.

"Build it and they will come".

[Q7]

It's the decentralized thing we are talking about. Although there are groups advocating pos, i don't think we can implement it just like that. Plus not many would agree to pos. So how do we fix the decentralized issue and still maintain the hash rate

[sublime5447]

It's the decentralized thing we are talking about. Although there are groups advocating pos, i don't think we can implement it just like that. Plus not many would agree to pos. So how do we fix the decentralized issue and still maintain the hash rate

I personally think bitcoin has much more systemic issues than the way it is mined. I think you solve the decentralization issue by taking away the financial incentive to controlling the network and supply of coins. 

[beetcoin]

you know, it's kind of funny because most people talk about how bitcoin is going to save everyone from tyranny, but they're always talking about the price. it seems like people are looking for it to explode within a relatively short amount of time, and when that doesn't happen, it's a "failure." nevermind that we are getting tons and tons of venture capitalist money, or that we have some really big companies accepting bitcoin.

[phillipsjk]

I think it is too early to expect wide adoption. Major change takes a generation or two.

Even if Bitcoin suddenly got wide adoption tomorrow: it would only really replace wire transfers. The reason is that every transaction is broadcast world-wide. With the 1MB block-limit, it has been estimated that the network can handle about 7 transactions per second. If widely adopted as-is, Bitcoin transactions would simply be too expensive for most every-day transactions.

Bitcoin is still an experiment. I am curious if the "proof of work" thing will survive another 5 years without a crippling attack.

[sublime5447]

you know, it's kind of funny because most people talk about how bitcoin is going to save everyone from tyranny, but they're always talking about the price. it seems like people are looking for it to explode within a relatively short amount of time, and when that doesn't happen, it's a "failure." nevermind that we are getting tons and tons of venture capitalist money, or that we have some really big companies accepting bitcoin.

I am not talking about its price I am talking about its lack of utility and a market price. I am also pointing out that BTC had its day in the sun and people dont want it, but why dont they want it? because it doesn't fix any problems in their lives. Bitcoin has nothing to offer.

[TrailingComet]

This is a 5-10 year play. It's about the technology not price. Stop looking at price as indicator of progress. We all need to buckle down for the long haul and extend long term support

[knight22]

you know, it's kind of funny because most people talk about how bitcoin is going to save everyone from tyranny, but they're always talking about the price. it seems like people are looking for it to explode within a relatively short amount of time, and when that doesn't happen, it's a "failure." nevermind that we are getting tons and tons of venture capitalist money, or that we have some really big companies accepting bitcoin.

I am not talking about its price I am talking about its lack of utility and a market price. I am also pointing out that BTC had its day in the sun and people dont want it, but why dont they want it? because it doesn't fix any problems in their lives. Bitcoin has nothing to offer.

Bitcoin didn't have any day in the sun. Nothing more than a negative spark from clueless journalists and arrogant economists. People don't want it because there is no infrastructures yet. Bitcoin is still too young and has a lot to prove yet to be trusted by normal Joe. What are you expecting exactly?

[Nagle]

The high cost and slow confirmation for small transactions is a big problem. Bitcoin ought to be the petty cash of the Internet, used for music tracks, in-game items, apps, and similar transactions in the $0.25 to $2.50 range. That hasn't happened.  This is a lack, because the Internet could use a petty cash system for small, casual purchases. There have been a number of centralized systems that tried: Beenz, CyberCoin, Facebook Credits, Microsoft Points, etc. All failed. Non-portable money is a pain.

There may be a successor to Bitcoin that scales better for small transactions. No sign of one yet, though.

(Yes, I've heard the "It's OK to accept unconfirmed transactions" line. Nah. If you do that, based on the track record of scams in the Bitcoin world, somebody will screw you.)

[Envrin]

Wait until shit hits the fan in Syria, "home grown terrorists" conduct some attacks on Western soil, and govts impose even tighter population controls.  Then I bet you'll be singing a different tune about bitcoin.

[RedhatCAT]

It's the decentralized thing we are talking about. Although there are groups advocating pos, i don't think we can implement it just like that. Plus not many would agree to pos. So how do we fix the decentralized issue and still maintain the hash rate

PoS coins that have a large market cap will be centralized, it is just that no one will know until way after the fact of an attack. The fact that it costs nothing to mine PoS coins means that it cost nothing to attack the network.

People say that bitcoin mining is centralized because of pools however this argument is invalid because miners can easily remove their machines from a pool that is acting in an untrustworthy way

[Bejkn]

Bitcoin is not failure, but only not success

[devphp]

This is a 5-10 year play. It's about the technology not price. Stop looking at price as indicator of progress. We all need to buckle down for the long haul and extend long term support

If it's about the technology, then it's already failed. But price wise it can still recover and even go to its ATH @$1.1k-$1.2k by the end of 2015.

[haploid23]

Just wondering how many people are ready to admit that it isn't gonna have main stream adoption?   

And that's why there are new merchants daily that are accepting btc?

[Oscilson]

I think it is too early to expect wide adoption. Major change takes a generation or two.

Even if Bitcoin suddenly got wide adoption tomorrow: it would only really replace wire transfers. The reason is that every transaction is broadcast world-wide. With the 1MB block-limit, it has been estimated that the network can handle about 7 transactions per second. If widely adopted as-is, Bitcoin transactions would simply be too expensive for most every-day transactions.

Bitcoin is still an experiment. I am curious if the "proof of work" thing will survive another 5 years without a crippling attack.

I agree. Most transactions will be off chain to speed up the process. (super market purchase etc)

[Jamie_Boulder]

you know, it's kind of funny because most people talk about how bitcoin is going to save everyone from tyranny, but they're always talking about the price. it seems like people are looking for it to explode within a relatively short amount of time, and when that doesn't happen, it's a "failure." nevermind that we are getting tons and tons of venture capitalist money, or that we have some really big companies accepting bitcoin.

Agreed 100% - these people need to be weeded out, to much hype in investment and how it's going to be 10k each one day.

The concept is good and I personally use Bitcoin everywhere I can for online purchases but I know others who simply bought it waiting to cash in at a good price and to them I say: Sell now and never come back.

[Skoupi]

Yeah there is a problem... Almost noone uses bitcoin and bitcoin is valued at $400... Can you fix this sublime5447?

[BlackHawk23]

Bitcoin, like everything, have an up and down of its price. Guys, it needs times for the people to accept BTC in their lives.
When i say times i say generation, because try to explain BTC to a person 70-80 years old..

[toknormal]

Just wondering how many people are ready to admit that it isn't gonna have main stream adoption?

I want to talk about why and what can be changed to fix bitcoin, but first we have to admit there is a problem.  

What on earth are you talking about ?

Adoption is accelerating faster than anyone could have imagined. It took Bitpay about 2-3 years to get 10,000 merchants and now within a few months they've got more than 30,000. Add to that several high profile names such as Overstock, Dell, Target, Cheapair, Newegg, Dish (most of whom just came on in the last 120 days) + Paypal imminent. By any definition, that rate of adoption qualifies as exponential.

Maybe you weren't around when people were laughing at the idea of booking an airline ticket on the web. It's not clear when web shopping reached "critical mass" but it if you were a "techy with vision" it felt exactly the same - like it was never going to happen. In fact it took about 10-15 years for eCommerce really to take hold from the point of inception of the web. Bitcoin is 6 years old.

Add to all that, the fact that there are press releases like this one coming out every other day now...

http://cointelegraph.com/news/112607/coinify-seals-multi-million-external-funding-backed-by-danish-govt

... and my only response to the OP can be "Get Real".

P.S. Here's another one where you have to put "2+2" together:

1st post: http://www.theguardian.com/technology/2014/mar/28/bitcoin-payment-service-stripe

2nd post: http://www.thebitcoinchannel.com/archives/38479

...draw your own conclusions.

P.P.S. The reason the valuation hasn't reflected this is because there basically isn't any way for the regular Joe to buy Bitcoin yet. You can't just walk into a bank and say "I want to invest in Bitcoin". It's only a hardcore few who have the technological "bottle" to piss about with wallets, blockchain addresses and exchanges. This will all start to change with the arrival of the first publicly traded ETFs where anybody with a brokerage account can buy into it. From there lower tiers of exchange will start to emerge, each one bringing accessibility closer to the general public. It's exactly the same as the nineties and browsers. Remember that as late as 1993 Bill Gates was saying that he thought the internet was a "passing fad".