Is Bitcoin FATALLY FLAWED?

[1anonymous]

So after reading the greatest document on global currency I ever read yesterday,

https://bitcointalk.org/index.php?topic=879726.0

I have come to the conclusion that bitcoin is fatally flawed and that is why the value of bitcoin has falled this year so much.

These are major flaws I see

a. there is no reason for the general public to acquire it
b. there is no easy way for the general public to acquire it
c. it is impossible for most of the world (the poor) to acquire bitcoin since most now have to acquire it from 3rd parties that follow banks rules and the poor is the majority of the world and ignored by western banks
d. it's a toy novel currency for a niche set of western people that refuse to realize most of the world will never use bitcoin nor any bank or credit card
e. the bitcoin network is fatally flawed by how slow transactions are now and it will never be able to handle 100 Million or over 1 Billion transactions a day as a real globally currency unit would need to do
f. 22 Million coins too little to fuel a global economy with 7 billion people, and the high price of a coin will scare aware most of the world.

Granted bitcoin had some really good ideas like the public ledger and blockchain, however, this is why bitcoin will fail, at a certain point transaction demands would cripple the ledger and blockchain as it is designed now. A minor amount of transactions now makes the network SLOOOOWWWWWWW.

Imagine 1000 or 10,000 times more daily volume, the nodes would be crushed.

All fiat systems suck, if you were around any length of time you know how cheap things were years ago, so all fiat sucks.

The limited coin idea to btc was great, but 22 million is far too little to supply 7 billion people.

Like I said the more I read this manifesto the more I think it fixes the flaws of bitcoin.

https://bitcointalk.org/index.php?topic=879726.0

[Meuh6879]

a. there is no reason for the general public to acquire it

b. there is no easy way for the general public to acquire it

c. it is impossible for most of the world (the poor) to acquire bitcoin since most now have to acquire it from 3rd parties that follow banks rules and the poor is the majority of the world and ignored by western banks

d. it's a toy novel currency for a niche set of western people that refuse to realize most of the world will never use bitcoin nor any bank or credit card

e. the bitcoin network is fatally flawed by how slow transactions are now and it will never be able to handle 100 Million or over 1 Billion transactions a day as a real globally currency unit would need to do

f. 22 Million coins too little to fuel a global economy with 7 billion people, and the high price of a coin will scare aware most of the world.

a) people like me have seen that bitcoin protect from the inflation.

b) how many exchange in 2013 ?
how many in 2014 ?
how many decade to initiate a currency ?
we will win ... at the end (in 10 years) ...

c) localbitcoin + smartphone = bitcoin vs. cash FIAT
no rules, no banks, no problems

d) talk to the hand.

e) block evolution of height will change.

f) 22 000 000, 000 000 000 units ... not "only" 22 000 000.

[BitmoreCoin]

In the future, you will get paid with BTC, so there is no need to acquire it from exchanges. In fast, in the distant future, there will be no exchanges, as BTC is the only one.

[Elwar]

Welcome to Bitcoin!

Oh wait...not a n00b. You should know the answers to all of your questions by now.

Your conclusions are fatally flawed.

[Jordan23]

That's the greatest document you've ever read? That was one if the biggest pieces of trash I've ever read. What in the world!!! Are you trolling???

Your scenarios have been debunked over and over and over. Just by your misunderstanding of coins vs units I know you don't have an inkling of hope right now. Stop reading trash documents and learn what bitcoin is.

[neoneros]

a. there is no reason for the general public to acquire it
b. there is no easy way for the general public to acquire it
c. it is impossible for most of the world (the poor) to acquire bitcoin since most now have to acquire it from 3rd parties that follow banks rules and the poor is the majority of the world and ignored by western banks
d. it's a toy novel currency for a niche set of western people that refuse to realize most of the world will never use bitcoin nor any bank or credit card
e. the bitcoin network is fatally flawed by how slow transactions are now and it will never be able to handle 100 Million or over 1 Billion transactions a day as a real globally currency unit would need to do
f. 22 Million coins too little to fuel a global economy with 7 billion people, and the high price of a coin will scare aware most of the world.

a. it is still in beta, but the main reason would be the general public can get control back over their assets, this has to sink in and the people will know the reason why to aquire it
b. As with current currencies, it is hard work and low pay
c. The poor are poor because of b, hard work low pay, this might not change, but it would not be harder to get bitcoin than it would be to get dollars now
d. just like you say, banks and credit cards are a toy novelty, we replace it with bitcoin, so it is our own toy novelty
e. compared to? My bank? takes up to a day to transfer money to another account, compared to bitcoins transaction speed, that is ages
f. like another allready posted, you divide it, a coin is expensive, a tenth million part of a coin is cheap. I will look out for the day a tenth million bitcoin will be worth 1 cent in dollars

[arbitrage001]

All technologies eventually lead to centralization and control from a single source because of economic of scale. Peer to peer protocol is a pipe dream to begin with.

[jyakulis]

Where did anyone say Bitcoin was going to be a global currency? What about all the spin outs of competing cryptocurrencies? What is it with communists having to have 1 of something?

[Elwar]

All technologies eventually lead to centralization and control from a single source because of economic of scale government interference. Peer to peer protocol is a pipe dream to begin with.

FTFY

Economies of scale are a myth without government interference.

[1anonymous]

You people live in cubicles and have no real world experience.

If you were actually IN THE REAL WORLD and talking to people you know

a. most in the USA think bitcoin involves drugs, damage is done, they will never take it
b. people say 400 a coin? what? that high price per coin is not understood easily by the masses
c. you can fraction a coin many times, so what, the base unit is a bitcoin and the small amount means a high value per coin he public will never accept, it scares them
d. most of the world barters what they grow and make for what they need to survive, they will never work for bitcoin, now if you GIVE these same poor people in undeveloped countries the technology to hold a wallet and then have it preloaded so they can transfer it around, then techno currency might catch on with 80% of the world that is in what would be 3rd world status by most western banks.

Why do you think all the big credit card companies have such a minor percentage of cards to people on the planet?

90% of the world doesn't hold a card and most don't have a bank account and now many are using technology to do bs like facebook and talk to relatives that left 3rd world nations for better areas to work.

Bitcoin is a minority currency just like credit cards and banks are minority concepts, most of the world doesn't use a bank and 90% have no credit cards

A real global currency needs to be global, bitcoin is just more of the same old elitist bs, it serves a tiny fraction of the elite and the poor will never use it.

It will exist for a while but it will not obtain any significant percentage of the world's population owning wallets.

IMO

[1anonymous]

All technologies eventually lead to centralization and control from a single source because of economic of scale. Peer to peer protocol is a pipe dream to begin with.

exactly

[pereira4]

Anyone that ever though "bitcoin would defeat the dollar" or something along the lines is a complete moron. The point of bitcoin is having an alternative to store value, that's all.

And coins are divisible by a ton of units for fuck sakes, how is it that hard to understand. It's not "21 million".

[Flashman]

a. there is no reason for the general public to acquire it

Maybe if you'd make a reason for the general public to visit your sites, you wouldn't have to continually spam the hell out of forums to try and clickbait them.

[1anonymous]

Where did anyone say Bitcoin was going to be a global currency? What about all the spin outs of competing cryptocurrencies? What is it with communists having to have 1 of something?

I guess you didn't read satoshi's white paper it starts off

1.
Introduction
Commerce on the Internet

Commerce on the Net is GLOBAL COMMERCE and he was trying to create a system for GLOBAL COMMERCE ergo GLOBAL CURRENCY

[1anonymous]

a. there is no reason for the general public to acquire it

Maybe if you'd make a reason for the general public to visit your sites, you wouldn't have to continually spam the hell out of forums to try and clickbait them.

I don't have any links to sites I run

Show me a link to a site I run in this thread

IT DOESN'T EXIST

You are a liar and delusional

[1anonymous]

Anyone that ever though "bitcoin would defeat the dollar" or something along the lines is a complete moron. The point of bitcoin is having an alternative to store value, that's all.

And coins are divisible by a ton of units for fuck sakes, how is it that hard to understand. It's not "21 million".

Another person that didn't read Satoshi's white paper

It starts off

1.
Introduction
Commerce on the Internet

Bitcoin was designed by Satoshi as the solution to provide a new payment method for internet commerce or a global currency unit

[Elwar]

All technologies eventually lead to centralization and control from a single source because of economic of scale. Peer to peer protocol is a pipe dream to begin with.

exactly

Name one that did not become centralized due to government interference.

Just one.

[Elwar]

Anyone that ever though "bitcoin would defeat the dollar" or something along the lines is a complete moron. The point of bitcoin is having an alternative to store value, that's all.

And coins are divisible by a ton of units for fuck sakes, how is it that hard to understand. It's not "21 million".

Another person that didn't read Satoshi's white paper

It starts off

1.
Introduction
Commerce on the Internet

Bitcoin was designed by Satoshi as the solution to provide a new payment method for internet commerce or a global currency unit

Welcome to Bitcoin!

aww crap...no you're the same guy again...

Ever heard the term: "shave and a haircut...two bits"?

Currency units change all the time.

[1anonymous]

All technologies eventually lead to centralization and control from a single source because of economic of scale. Peer to peer protocol is a pipe dream to begin with.

exactly

Name one that did not become centralized due to government interference.

Just one.

All tech starts off with many players and then 3 or so survive and one is the dominant player

Hardware Clones early 80's many players now how many? Not many
OS several players early and windows became the player
Internet Providers many local access companies now a few big companies
Browsers many players now a few
Search Engines many players now a few with google the main one
ebooks many players with now 3 main players and amazon the dominant one


Now none of these tech companies benefited from government rules or interference, in fact MS was hit with a monopoly case

So tech always has many companies and within a short span of time, a few survive and one dominates

Crypto currency is tech, lots of coins now and in a few years one will be dominant and a few will survive

[Beliathon]

I have come to the conclusion that bitcoin is fatally flawed and that is why the value of bitcoin has falled this year so much.

I have come to the conclusion that you are not the sharpest knife in the drawer. And since I AM the sharpest knife in the drawer, I'm probably right.