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Author Topic: Reasons to HODL!  (Read 7303 times)
boraf
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October 05, 2014, 06:14:14 AM
 #21

Any other reason comes to mind?
Mathematical certainty of bitcoin's future dominance comes to mind.

No such thing as certainty. God plays dice with the universe.
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bitsalame
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October 05, 2014, 06:15:11 AM
 #22

I am surprised that I had to spell it out.

Why are you surprised?  The vast majority of people here are not network engineers.

Nothing I said requires an engineering degree.

I'm a network engineer as of 2006 - which means I understand what you are saying -  but I don't have an engineering degree.  

All the means is I can understand bullshit.  Bitcoin suffers from a long block time (10m) and a large block chain (20gb).  

Please tell me how I am mistaken using you non-engineering degree words.  Smiley

I edited my previous post.
If you fail to understand that, well let me tell you that you might fail to understand that this is not an engineering problem. It is about market adoption, that's where your engineering obsession is failing you.

In any case, I think I made this point quite clear and everybody else got it except you, Vod.
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October 05, 2014, 06:19:48 AM
 #23

Also don't forget that the flaw of the blockchain size can be solved and there are already alternatives to the core wallet.

So how is that any different than using a bank?  If you use an alternative, you are not in control of your coins.

Is English your second language?
Either that or you are purposefully trolling by using red herring fallacies like crazy.
By alternatives to the core wallets, he doesn't mean online wallets. You do realize there are other wallets such as armory or electrum?
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October 05, 2014, 06:22:34 AM
 #24

Nothing I said requires an engineering degree to be understood.
Replace the TCP/IP example with vhs and betamax.
Cassette vs. DAT.
Mp3 vs. Flac.


Sorry, you added the bold part after I had replied.

Anyone can replace their VHS with BETAMAX with interfering with VHS users.
Anyone can replace their cassette tape with DAT without interfering with cassette users.  
Anyone can replace their MP3 files without interfering with those who still use Flac.

Now...

You cannot replace TCP/IP with another protocol without interfering with other who use TCP/IP.
In order for your protocol to work, you will need to displace everyone else and convince them to use your protocol.

Hope this helps.

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October 05, 2014, 06:24:12 AM
 #25

Also don't forget that the flaw of the blockchain size can be solved and there are already alternatives to the core wallet.

So how is that any different than using a bank?  If you use an alternative, you are not in control of your coins.

Is English your second language?

Nope, I am an English major.

Sorry that you have decided to insult to win your case - I won't be contributing further.  Sad

 

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bitsalame
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October 05, 2014, 06:25:26 AM
 #26

Nothing I said requires an engineering degree to be understood.
Replace the TCP/IP example with vhs and betamax.
Cassette vs. DAT.
Mp3 vs. Flac.


Sorry, you added the bold part after I had replied.

Anyone can replace their VHS with BETAMAX with interfering with VHS users.
Anyone can replace their cassette tape with DAT without interfering with cassette users.  
Anyone can replace their MP3 files without interfering with those who still use Flac.

Now...

You cannot replace TCP/IP with another protocol without interfering with other who use TCP/IP.
In order for your protocol to work, you will need to displace everyone else and convince them to use your protocol.

Hope this helps.

You clearly have no idea of what you are talking about.
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October 05, 2014, 06:26:52 AM
 #27

Nothing I said requires an engineering degree to be understood.
Replace the TCP/IP example with vhs and betamax.
Cassette vs. DAT.
Mp3 vs. Flac.


Sorry, you added the bold part after I had replied.

Anyone can replace their VHS with BETAMAX with interfering with VHS users.
Anyone can replace their cassette tape with DAT without interfering with cassette users.  
Anyone can replace their MP3 files without interfering with those who still use Flac.

Now...

You cannot replace TCP/IP with another protocol without interfering with other who use TCP/IP.
In order for your protocol to work, you will need to displace everyone else and convince them to use your protocol.

Hope this helps.

You clearly have no idea of what you are talking about.

Ok.  Smiley  I'll take this as the win.  Thanks.  Smiley

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October 05, 2014, 06:45:45 AM
 #28

Personally i would say the flaws about tx time is too obvious. Until we solve that over the counter world wide adoption is nit going to happen. I'm talking bout the average joe on the street trying to buy something by swiping their phone, get the goods and then exit the store immediately.

Bitcoin is still top by virtue because they are the first and because of that have a huge head start compared to other coins. But dont be so sure if they will remain top for years down the road. I'm still holding onto my coins because things are picking up after paypal announcement and but don't bet this will remain. if there is an alt that provides far superior technology i don't mind putting what i have into it

What vod said has a point. Sometimes we are a believer who so strong focus on something until that level even any weakness we will just decide to brush it aside. Any bad thing pointed out is seen as a challenge and met with fierce aggression and labeled as trolling. I can name a number of members who also fit into this.

Seriously in order for a coin to progess we must be willing to admit and cohesively agree to address this issue. Until then it will just be it is until the day it flops

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October 05, 2014, 06:55:27 AM
 #29

Personally i would say the flaws about tx time is too obvious. Until we solve that over the counter world wide adoption is nit going to happen. I'm talking bout the average joe on the street trying to buy something by swiping their phone, get the goods and then exit the store immediately.

Bitcoin is still top by virtue because they are the first and because of that have a huge head start compared to other coins. But dont be so sure if they will remain top for years down the road. I'm still holding onto my coins because things are picking up after paypal announcement and but don't bet this will remain. if there is an alt that provides far superior technology i don't mind putting what i have into it

From now on it will be all about timing.
Network effect is everything. The superior technology will have to arrive before bitcoins achieves major adoption.
And we will have to see if systems like circle or Xapo will actually help towards bypassing the tx speed for the end consumer.
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October 05, 2014, 08:07:17 AM
 #30

i agree with that and i would have 100 more reasons to be bullish  Wink

but its interesting to see how "quiet" it is since the price dropped. its like in paradise:


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October 05, 2014, 08:24:02 AM
 #31

Personally i would say the flaws about tx time is too obvious. Until we solve that over the counter world wide adoption is nit going to happen. I'm talking bout the average joe on the street trying to buy something by swiping their phone, get the goods and then exit the store immediately.

Fortunatelly determining how secure are different zero confirmations can be done in software. Right now you have check all the info and see how risky the particular zero confirmation is


 
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      ▀▀██████████████▀▀
TIDEX



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October 05, 2014, 08:36:54 AM
 #32

Quote
yeah! there's a reason big companies are adopting it, despite the price plunge

the white-collar boys have no alternative to put their funds in - so they pick the one which are most talked about

aka: that surely must be the best bet ehh?

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October 05, 2014, 09:25:17 AM
 #33

All the means is I can understand bullshit.  Bitcoin suffers from a long block time (10m) and a large block chain (20gb). 

Decentralized currency needs public ledger, so you can compress or whatever but you need big storage the bigger the currency use is.

What use is a signature?
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October 05, 2014, 09:30:02 AM
 #34

Anyone knows what s ETA on ETF fund?
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October 05, 2014, 09:44:01 AM
 #35

Anyone knows what s ETA on ETF fund?

no. could be 6-20 months.

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October 05, 2014, 10:01:46 AM
 #36

bitcoin is here to stay. maybe not for everday payment but for many other things
- transfering value very fast and cheap to anybody around the world
- secure store of value which is accessible everywhere on the world

these two points are enough to make the decision to buy bitcoins

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October 05, 2014, 10:37:19 AM
 #37

Bitcoin has serious flaws.  The blockchain size and the block time.   Other coins are going to rise up, each having mathematical certainty.  Other reasons?

I agree with VOD here.

However, if we are comparing credit cards (not designed for digital/internet use) with bitcoin.
Even with BTC flaws, it blows credit cards out of the water.

Just wait until every available credit card number has been leaked, hacked and compromised and consumers have to spend at least one day a month reversing all of the fraudulent charges from their accounts.  

Bitcoin is an extremely easy sell because early adopters got it where it is today.
When merchants and consumers are fed up with what is, they can start dabbling in what comes next - and we've delivered a new way of doing things.

After that, comes innovation - and like VOD said, there will be better tech - because it will be demanded.

I would suggest not being an activist for Bitcoin - but for whatever spawns in its wake.

My prediction (even though it doesn't matter much) is that Bitcoin will endure.  But it will serve a higher institutional use.  Something above the consumer infrastructure.
Something else that is faster and more nimble will compete with Visa/Mastercard.
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October 05, 2014, 11:12:22 AM
 #38

Bitcoin has serious flaws.  The blockchain size and the block time.   Other coins are going to rise up, each having mathematical certainty.  Other reasons?

I agree with VOD here.

However, if we are comparing credit cards (not designed for digital/internet use) with bitcoin.
Even with BTC flaws, it blows credit cards out of the water.

Just wait until every available credit card number has been leaked, hacked and compromised and consumers have to spend at least one day a month reversing all of the fraudulent charges from their accounts.  

Bitcoin is an extremely easy sell because early adopters got it where it is today.
When merchants and consumers are fed up with what is, they can start dabbling in what comes next - and we've delivered a new way of doing things.

After that, comes innovation - and like VOD said, there will be better tech - because it will be demanded.

I would suggest not being an activist for Bitcoin - but for whatever spawns in its wake.

My prediction (even though it doesn't matter much) is that Bitcoin will endure.  But it will serve a higher institutional use.  Something above the consumer infrastructure.
Something else that is faster and more nimble will compete with Visa/Mastercard.

That's another great point. Bitcoin provides a fully automated network that can replace time consuming procedures you have to go through for using a credit card. Let alone that it's more secure if used correctly.
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October 05, 2014, 01:15:58 PM
 #39

Agreed. Market manipulation right now, plain and simple... The manipulators make bag holders and want you to sell so they can scoop up all the cheap coins and then drive the price back up. Rinse and repeat. Smart money is buying right now, not selling...

Every time this happens we get the parrots squawking about how Bitcoin is dead and about how many problems it has. Ignore them.
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October 05, 2014, 02:20:19 PM
 #40

Considering how the newbies are freaking out, I think there's no need for manipulation besides the known market forces (eg.: merchants still have to convert their btc, relatively small number of users, uncertain regulations, etc).

Anyone who believed in the potential of this system welcomes the downtrend in my opinion. Personally, I've been buying in smaller amounts from $450 in  ~$50 decrements and plan to do this even if we go below 200 (or for that matter to 0).

For the ones who are uncertain I would advise to sell (all/some) as they clearly ignored the warnings about volatility or bought too many.
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