Ready to admit bitcoin is a failure?

[devphp]

It wont fail because its open source

lol, and everybody like open source
and bitcoin become mainstream

I hate to break it to you guys, but most crypto currencies are open source. Yeah, I know it will sound a surpise to you

[QuestionAuthority]

Bitcoin doesn't have to be used by everyone in the world or replace all government currencies to be a success. Even if it just captures a share of the money transfer business away from Western Union it's successful. Businesses and criminals alike have already made millions of dollars with Bitcoin so it's already a success for them.

[cbeast]

It's impossible to say bitcoin is a failure when it has always been number 1 and no signs of stopping

is the total failure to rally and continual selling pressure not a sign? or the continual centralization of miner power? whether people like it or not, superior technology is going to supplant bitcoin at some stage. sooner is more likely than later.

YUP +1

Please describe how a currency might be such superior and how it will take off faster than bitcoin's network effect.

It looks like you might already know, seems that you are familiar with a lot of paul grignons works I am sure you have heard of his proposal for a digital currency right?

His proposal wont grow as quickly because there is no gain beyond using an honest form of currency.

http://www.moneyasdebt.net/

He wanted to do a film about Bitcoin. Whatever happened to that?

If he did want to do a video about bitcoin it wouldnt have anything favorable to say. This is from Paul.

"1.The Scarcity Model: A single uniform quantity in limited supply made valuable by its own scarcity.
In other words, the value of this type of money depends on the supply of, and demand for, the money commodity itself. Conventional definitions of money define money only in terms of this model, a "medium of exchange". Examples are: cowries, gold and silver, fiat cash and coins, bank credit, and now, in the model's purest and most spectacularly speculative form, Bitcoin.

2. The Abundance Model. A promise of something specific from someone specific made valuable by its redemption in real production. The value of this type of money is defined by the promised redemption in goods and/or services. As such, this type of money is promises of an indefinite number of non-uniform commodities in indefinite supply and, unlike the limited quantity "coin" concept of money, the total quantity of these credits in circulation does not affect their value, because the value of a credit is defined by what its issuer will redeem it for in real goods and/or services. Examples are: business-to-business barter credits, customer rewards, travel points, discount coupons, mutual credit systems."

Bitcoin fits both models. I hope he isn't implying that someone will dictate what is the best money for the whole world. That would simply be sophomoric.

Bitcoin does not fit both models its value is a product of supply and demand, and no he isnt implying someone will dictate the best form of money, but what he does imply is the the scarcity model leads to control and manipulation.

That is bitcoin the currency, not Bitcoin the protocol. Colored coins like Mastercoin or Damnedcoin are not restricted by known scarcity limitations. Scarcity is required for money, whether it's gold or quality services. That abundance model is defined by and relative to what consesus deems to have value. Colored coins can define those.

[Chellger]

You know what I notice? I've been trading in Altcoins in January, February, March.

EVERY SINGLE ALTCOIN that has risen came down at some point. And it feels like Bitcoin is following the same pattern. Just slower. And NO Altcoin ever rose to old hights again.

[taiwww]

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

who the hell he is? can fix rate BTC lmao

[BitsBitsBits]

Surprised this thread was created by a Hero member, to be honest.

[newuser01]

Surprised this thread was created by a Hero member, to be honest.

most likely a bought account

[cock-a-doodle]

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.   

So why are you still here man? Not yet ready to admit that its a failure?

[peperapijames]

i do not think its a failure yet,Bitcoin like any other "change,or era" needs awareness,with the way bitcoin is so technological and even some tech savvy people out there out still fail to accept it,what  more the normal Jane..the world needs time and to be educated about bitcoin.

[xmasdobo]

The problem is most people CANT AFFORD IT and they see no benefits in risking their FIAT money into it, that plus the hassle that is getting verified in an exchange and what not to obtain them.

[lemfuture]

The problem is most people CANT AFFORD IT and they see no benefits in risking their FIAT money into it, that plus the hassle that is getting verified in an exchange and what not to obtain them.

they can buy some small amount of satoshi instead

[shawshankinmate37927]

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.   

Nothing needs to be changed to fix Bitcoin.  If there is something about Bitcoin that one doesn't like, all they have to do is use a different currency that they do like or create a new currency with the features that they want.

We don't all drive the same kind of vehicle.  We each drive a vehicle of our choosing with the features that we want.  It would be pretty ridiculous to think that everyone has to drive the same type of vehicle wouldn't it?  If we lived in a society that insisted that there can only be one kind of automobile, then some people would say that this vehicle has to be electrically powered, others would say it has to be a four wheel drive truck, others would insist that it be a motorcycle, others would say it has to be a van with lots of passenger space.  The arguing and bickering over what features that vehicle should have would never end.  The best option is to just let people choose for themselves what vehicle best meets their needs.  The same concept applies to currencies.

[devphp]

they can buy some small amount of satoshi instead

Or they can buy an altcoin and not feel like losers having to buy expensive crypto if they can buy a cheaper one with about the same, or one could argue, a higher potential utility.

[crazy_rabbit]

Ready to admit those expensive Chinese bitcoin mines might just need to pay back their loans?

Chill. The lower the price the more bitcoin they need to sell to meet their debt obligations, the lower the price the more they need to sell. Downward circle, but temporary phenomena. Take advantage of it while you can.

[exocytosis]

You know what I notice? I've been trading in Altcoins in January, February, March.

EVERY SINGLE ALTCOIN that has risen came down at some point. And it feels like Bitcoin is following the same pattern. Just slower. And NO Altcoin ever rose to old hights again.

Correct.

Merchants report lower and lower BTC sales. Number and size of actual Bitcoin transactions (not bots sending satoshis to other bots) is shrinking. User adoption is shrinking. Increased merchant "adoption" creates too much sell pressure, thus pushing down the price. Miners selling to pay their bills, pushes down the price even further.

In short: Bitcoin has entered its twilight years. With Markus and Willybot gone, there's nothing that can drive price higher. So we'll continue falling.

[sidhujag]

It wont fail because its open source

lol, and everybody like open source
and bitcoin become mainstream

I hate to break it to you guys, but most crypto currencies are open source. Yeah, I know it will sound a surpise to you

bitcoin is not an altcoin

[devphp]

It wont fail because its open source

lol, and everybody like open source
and bitcoin become mainstream

I hate to break it to you guys, but most crypto currencies are open source. Yeah, I know it will sound a surpise to you

bitcoin is not an altcoin

Huh? I never said it was. What's your point?

[sidhujag]

It wont fail because its open source

lol, and everybody like open source
and bitcoin become mainstream

I hate to break it to you guys, but most crypto currencies are open source. Yeah, I know it will sound a surpise to you

bitcoin is not an altcoin

Huh? I never said it was. What's your point?

Btc is open src its one of the main things to keep it going. This doesnt necessarily apply to altcoins the fact thatthey are opensrc doesnt help them much in context of being a clone.

[devphp]

Btc is open src its one of the main things to keep it going. This doesnt necessarily apply to altcoins the fact thatthey are opensrc doesnt help them much in context of being a clone.

There are enough altcoins that are not clones of Bitcoin and are open source.

[sidhujag]

Btc is open src its one of the main things to keep it going. This doesnt necessarily apply to altcoins the fact thatthey are opensrc doesnt help them much in context of being a clone.

There are enough altcoins that are not clones of Bitcoin and are open source.

Then they arent altcoins and open src only helps but i still think the open src and knowledge era has begun.