Ready to admit bitcoin is a failure?

[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.

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

What would you call them? Alt = alternative, alternative to Bitcoin. alt doesn't mean it's a clone of Bitcoin, it's just "not Bitcoin", that's all.

[sidhujag]

altcoin should have its own word lol we all know what it really means and it differs from literal definition. Alt form of currency maybe.

[bitcasino]

Bitcoin price is a failure, not Bitcoin itself.
It's very hard to estimate the real value of something as revolutionary as Bitcoin.
In the early 90's internet domains were practically worthless and nobody expected some of them would be worth millions just a decade later.

[RodeoX]

I don't know what you mean? There is more adoption going on right now than in the history of bitcoin. Wait, are you looking at the price again?

[kibblesnbits]

When you have main-street adoption, like Newegg, Overstock, etc., you'll have a lot of coins being passed from business to exchanges.   I think this is why the price is going down steadily this year.  Don't get me wrong, it's a good thing people are spending their coins.  However, you have to expect businesses to move them to fiat as soon as they get them, which puts more coins on the market at market (or below) rates.  We're just not keeping coins between "us" anymore.

Answer may be, at least for me, is to buy back every Bitcoin you spent this year.  I'm getting gold at like 50% off, Gyft cards at 60% off.  

[johnyj]

When you have main-street adoption, like Newegg, Overstock, etc., you'll have a lot of coins being passed from business to exchanges.   I think this is why the price is going down steadily this year.  Don't get me wrong, it's a good thing people are spending their coins.  However, you have to expect businesses to move them to fiat as soon as they get them, which puts more coins on the market at market (or below) rates.  We're just not keeping coins between "us" anymore.
 

Actually after some practice, Bitpay or Coinbase will discover that they earn more by building their reserve to not sell coin when exchange rate is low, that will also calm down the volatility

Bitcoin market capital is still relatively small, it is not difficult for a single entity (for example Bitpay) to maintain a stable exchange rate if they have a large fiat money reserve (The downside risk is known but upside poential is unknown). However, if one bitcoin worth millions of dollars, then no one could manage the volatility alone. Or maybe, by that time, Bitpay already accumulated huge amount of fiat/bitcoin reserve, thus still in control

[Bit_Happy]

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.

Yes, the recent growth is stunning:
Bitcoin is already a huge success, and the future is very bright.

[johnyj]

Two Kinds of Money

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.

These views focus on the current and future properties of money, a credit money always have a risk of default, so the value of it worth much less than value-already-paid money

From my view, there are only two kinds of money: Monopolistic money which are forced to be used, and free money which people use voluntarily

When central bank have monopole on money creation, they could create what ever theory to support their money and there will be no one knows if they are true. But if there are competitors, people will find out by themselves

[johnyj]

I am here because I want to remove the money power from the state and return it to the people. That has always been my motivation, if you stay delusional we cant move forward on a concept that will work.  

Just like gold, it does not matter even central bank controls large amount of the gold, as long as the production cost energy/resource, the money is honest, means they are no different than goods/services produced by the same amount of energy/resource

Labor does not necessary create value, but the least amount of labor required to produce sth. makes it feels difficult, its this difficulty make other people recognize that effort and are willing to exchange goods/services produced by the same effort

Many gold were acquired centuries ago with a very low cost, but it does not power the early adopters or state/banks, since it is always a fair trade at any time

[r3wt]

price is continuing to fall which means 1 of 2 things:

bear trap

bitcoin dying

either one is as likely to be the truth at this point.

[JohnnyBTCSeed]

price is continuing to fall which means 1 of 2 things:

bear trap

bitcoin dying

either one is as likely to be the truth at this point.

hmmm, beartrap?

imagine coercion and collusion by a few hedge funds.  I watched these guys for years drive down huge stocks like Facebook, Netflix, etc., just so they can accumulate huge shares and those stocks had massive liquidity.

With an asset like BTC it's so easy to manipulate but just like they're killing it now to make  huge risk-free profits on the coming ETF run, they're also gonna likewise manipulate it to the upside with all their media pocket journalists and Wall Street pocket analysts. 


Look at how they're all so quite now.  I guarantee you when BTC starts running you'll see a bunch of top analysts and journalists coming out of the woodwork pumping the shit out of BTC [and doge].
.....
Bitcoin and cryptos are a Wall Street game now.  Don't get punked out of your money.

[ChuckBuck]

This is one of those threads that you necro in a few months to see if the OP is still around, or if they feel the same way.   

These reactionary threads always provide great entertainment after the inevitable spike up.

[SquareApple]

So, where is your evidence that bitcoin failure.  Why does mainstream adoption or the lack thereof means that bitcoin is a failure?  Please cite proof

[redsn0w]

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..

Why the ppl think always to convert btc>usd  , btc>eur ?  Think only to BTC !

[Gabe]

I posted this in another thread but I think you should be aware of this as well. 'Circle,' a new firm that lets people link bank accounts to bitcoin cloud wallets with 100% deposit insurance was launched. This could actually mean Bitcoin volumes will surge, which could lift the price higher. I saw an interesting piece on this, https://www.ddmarkets.com/bitcoin-technical-analysis-moderate-gains-are-due/

[BayAreaCoins]

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.   

Bitcoin to $100!

[Rishblitz]

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

Agreed its decentralized for a reason.

[sublime5447]

This is one of those threads that you necro in a few months to see if the OP is still around, or if they feel the same way.   

These reactionary threads always provide great entertainment after the inevitable spike up.

I developed my view point after at least 1200 transactions most p2p and while the price was around 122 on the way 1200 and have maintained it since. I sold off my 12k dollar LTC mining operation and all of my BTC and LTC.. I also took the bitcoin bumper sticker off my car. My mind is made up. My only real goal is to replace the dollar and bitcoin cant do that and if it did we would just be replacing one centrally controlled monetary system for another.

[sublime5447]

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..

Why the ppl think always to convert btc>usd  , btc>eur ?  Think only to BTC !

Because the dollar has a market price and does not violate the regression theorem. Bitcoin has no price you cant say what a bitcoin is, I can say a dollar is a mic chicken is a 2 liter, is a 1/3 of a gallon of gas.. people dont think in bitcoin because you cant say what is worth it can be anything!    Bitcoin is just a transfer mechanism for USD. 

[JimminyCricket]

As an alternative to the fiat currently used by ordinary high street shoppers, it's clearly a failure. As a decentralized currency, it's beginning to show signs of failure, or at least strain. As a currency with a genuine free-market value, it's also currently a failure. As supposedly rapidly evolving, dynamically responsive piece of software, it's failing.

But as the "Model T" of altcurrencies, and as the harbinger of a global economic, social and political revolution, it is already a massive success;
it is The CyberChrist