mystery2048 (OP)
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July 09, 2012, 04:26:50 PM
Last edit: July 09, 2012, 04:53:53 PM by mystery2048 |
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I have thought about this question for a long time, is bitcoin actually viable. It began as a curiosity, I was wondering how could a currency be totally peer to peer, totally trust-less, and after discovering Bitcoin I couldn't possibly see how it worked. I think looked and realized it wasn't actually a currency, it was more of a commodity, However, the problems with bitcoin are immense. The main problem I see with bitcoin is reliability and trust. The community is fragmented, or non-existent while still trying to persuade itself that it still exists. The majority of people keeping the price where it is, are essentially in it to profit in either the short-medium term and I expect that they have little care for ensuring the market is stable, or that bitcoin grows. The software is difficult to use, and seems to be designed by the kind of people who dont understand the typical financial types that will use bitcoin on a regular basis. Copying and pasting bitcoin public keys all day, is not going to work with anyone, the software needs to be designed to be user-friendly and perhaps even integrated with spreadsheet or accounting software. Also, the project, community and general Eco-system is not organized or managed very well at all. I dont expect bitcoin to even survive 6 months, at least not if you expect the coins to be worth anything or to be traded in any substantial amounts. That is my analysis over the years that I have been involved with the project, and I am sorry to say, many of you are probably wasting your time. I hope things do go well, I am just not optimistic.
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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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jimbobway
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July 09, 2012, 04:36:03 PM
Last edit: July 09, 2012, 06:18:18 PM by jimbobway |
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OP is asking for donations while saying bitcoin is doomed. Hypocrite.
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mccorvic
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July 09, 2012, 04:37:59 PM |
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Why are you wasting your time with a litecoin.com signature in your post?
There has seem to be a big push all of a sudden for litecoin on the forum. It's either people hoping to pump and dump to exchange their LTC for BTC or people who are angry that they "can't print free money" any more because of the difficulty increases for BTC and just want the whole project to come crashing down. |
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mystery2048 (OP)
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July 09, 2012, 04:50:08 PM |
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I dont support litecoin either...
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proudhon
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July 09, 2012, 04:51:21 PM |
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I dont support litecoin either...
I can tell from your sig's ringing dis-endorsement. |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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mccorvic
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July 09, 2012, 04:51:42 PM |
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I dont support litecoin either...
So...just a hypocrite then? |
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evoorhees
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Democracy is the original 51% attack
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July 09, 2012, 04:51:53 PM |
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I couldn't possibly see how it worked. I think looked and realized it wasn't actually a currency, it was more of a commodity,
Bitcoin is a commodity that is perfectly suited for use as money. It is thus a commodity and a currency, to the extent it is used as such. The best monies, historically, have been commodities also (gold, etc). They are not mutually exclusive traits. I dont expect bitcoin to even survive 6 months, at least not if you expect the coins to be worth anything or to be traded in any substantial amounts.
How much do you want to bet? I will bet you $2,000 that Bitcoins will be worth more than $5 in six months. Put up or shut up. |
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mystery2048 (OP)
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July 09, 2012, 04:55:38 PM |
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While that $2000 is most likely easy money for me, I don't want to take your money or humiliate you. I am just giving you a warning that you are treading in dangerous waters. Many people here are risking much higher sums than that every day. Whatever you want to take from this failed experiment, you should not put in any money that you cannot afford to lose!
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rjk
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1ngldh
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July 09, 2012, 04:56:19 PM |
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you should not put in any money that you cannot afford to lose!
Well, obviously. But that doesn't mean it's going to die for whatever reason. |
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mystery2048 (OP)
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July 09, 2012, 04:57:47 PM |
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Bitcoin is a risky project and there is a high change that you will lose everything.
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sadpandatech
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July 09, 2012, 04:59:05 PM |
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Bitcoin is a risky project and there is a high change that you will lose everything.
such is life, no pain, no gain. *cough* Litecoin Shill *cough* |
If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system.
- GA
It is being worked on by smart people. -DamienBlack
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mccorvic
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July 09, 2012, 04:59:22 PM |
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Ok, my opinion has changed from misguied OP to OP just wanting people to dump coins so he can buy them cheap. Question is...does OP really think this sort of silly hasn't been tried before?
If he really thought it would crash he'd just sell any of his BTC and walk away.
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mystery2048 (OP)
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July 09, 2012, 05:00:33 PM |
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Uhm, litecoin is essentially the same as bitcoin...
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drrussellshane
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July 09, 2012, 05:02:50 PM |
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Uhm, litecoin is essentially the same as bitcoin...
Then why don't you take out your litecoin endorsement in your signature line? Might as well take out the BTC donation address too... since you have no use for it. |
Buy a TREZOR! Premier BTC hardware wallet. If you're reading this, you should probably buy one if you don't already have one. You'll thank me later.
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sadpandatech
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July 09, 2012, 05:04:24 PM |
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Uhm, litecoin is essentially the same as bitcoin...
I agree, I think we should be done with the bitcoin community. They are obviously a bunch of fools, and embrace the goodness that is Litecoin. Infact, we should probably integrate a feature in the litecoin client where it blocks anyone who has Bitcoin running or owns any bitcoin addresses!  Cryptowar for the future!!! Rawr! *cough* Litecoin Shill *cough*
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If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system.
- GA
It is being worked on by smart people. -DamienBlack
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drrussellshane
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July 09, 2012, 05:04:44 PM |
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lol this explains a lot: I agree, I think we should be done with the bitcoin community. They are obviously a bunch of fools, and embrace the goodness that is Litecoin. Infact, we should probably integrate a feature in the litecoin client where it blocks anyone who has Bitcoin running or owns any bitcoin addresses! Cryptowar for the future!!! Rawr! |
Buy a TREZOR! Premier BTC hardware wallet. If you're reading this, you should probably buy one if you don't already have one. You'll thank me later.
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sadpandatech
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July 09, 2012, 05:05:31 PM |
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/thread
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If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system.
- GA
It is being worked on by smart people. -DamienBlack
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mystery2048 (OP)
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July 09, 2012, 05:07:09 PM |
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Dont know how that got there, someone might be messing around with my account...
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drrussellshane
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July 09, 2012, 05:09:02 PM |
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Dont know how that got there, someone might be messing around with my account...
Hahahahahaha probably  |
Buy a TREZOR! Premier BTC hardware wallet. If you're reading this, you should probably buy one if you don't already have one. You'll thank me later.
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mccorvic
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July 09, 2012, 05:09:16 PM |
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Dont know how that got there, someone might be messing around with my account...
Ah, come on bro. You got outted as a LTC scammer. Just be a man and fess up. This thread has probably just become the most fun on the forum tbh. |
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