Why Bitcoin Flopped

[Elwar]

OP:

Re: What is Your Top 5?
January 27, 2015, 11:30:22 AM
   
Ripple
BitShares
NXT
Maidsafe
Ethereum

Why the long face? Maidsafe is older than Bitcoin and will be an insane game changer.

Yet another "Bitcoin is terrible" thread...

by someone who just so happens to be pushing Alt coins.


Mwa mwaaa

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[Chef Ramsay]

It's actually not a bad thread as it allows people to remind others what Bitcoin really has going for it and to differentiate it from what a flash in the pan Google glass is. My guess is the OP posted this just so it could get shot down. Bullish

[ElectricMucus]

Bitcoinistas still post like thinking they are some sort of libertarian superheroes. Bearish.


I propose a new insult:
Like Glasshole describes Google Glass user and being a smug asshole about it.
Bithole, describes a Bitcoin user and being a smug asshole about it.

[ElectricMucus]

Plus, actually the similarities don't end here.
Like Glassholes, Bitholes don't have any real use for their object of intrigue.

For instance the hipster sitting at starbucks with their gadget, glassing it out doesn't really have a point of wearing it, yet the minimum wage worker making their coffee does.
Google Glass would actually be a pretty good appliance for workers who do repetitive task which require immediate costumer feedback, supermarkets, fast food chains, etc.. not an entertainment product.
All the same are cryptocurrencies not any real use for people to "invest" in the prototype nor any use as a commodity. It's a pretty good replacement for vouchers which do not have any immediate cash value and are tied to a specific use case though.

[Wekkel]

For a lousy idea, it has come far (and is still going). Love to reread this thread over 10 years.

[ElectricMucus]

For a lousy idea, it has come far (and is still going). Love to reread this thread over 10 years.

A good product used in the wrong way makes for a lousy idea, even if when used the right way would be a good idea.

[D05GTO]

For a lousy idea, it has come far (and is still going). Love to reread this thread over 10 years.

Why, it's not even worth reading now. LOL

[HeliKopterBen]

The Internet itself needed years to get mainstream as well.

Very good analogy.
The Internet is a late iteration of the technology called "packet switching".
Before the Internet as we know it, there was X25 and FrameRelay, pretty much extinct nowadays.
Even the actual first implementation of TCP/IP isn't the one we have today. Back then it called DarpaNet and has long been unplugged.

Then why haven't we moved completely to IPv6, which has been around for 15 years now.  It's far superior to IPv4, but people still use IPV4 primarily.  Why do people still use the outdated technology?

[btcxyzzz]

Bitcoin isn't gaining traction? You must be living in a different world than me. Okay it's not mainstream yet but you can't expect that to happen in 5-6 years. I never would have thought things would have moved this fast after I first got into Bitcoin.

+1. Still could be much faster if supported by governments, but we should never expect that. Real question is can it become mainstream without their support?

[ChuckBuck]

6 years is considered a flop? 

I mean if a 6 year old child doesn't know long division, can't name all 51 US states, and can't bicycle yet without training wheels, do we call him/her a failure?

It's surprising the amount of ignorance in here.  Like if the Internet was deemed a failure in the AOL 5.0 days because we had to hog up the phone lines with our modem, imagine where'd we be now.  Like if the first automobile was just laughed off to the crazy looneybin, and people stopped working and innovating, would we still be on horses and buggies today?

Until we hit $0 or there's not a single person using Bitcoin anymore, I'd say it's waaaaaaaaaaaaaaay to early to say Bitcoin flopped.

[Warren Buffert]

Google Glass is revolutionary.. why exactly? I can do everything it can with my smartphone, and not look like a jerk with sci fi goggles on everywhere I go. Google Glass "solved" a problem that nobody had of wearing a computer on their faces at all times.

Likewise, bitcoin doesn't solve any problems for people, and actually opens the door to many new problems and vulnerabilities. That's why it failed! Six years after its creation and it still has less users than the frequent flyer club of Kuwaiti Airlines.

[RodeoX]

Accepted by tens of thousands of businesses worldwide. Running on the largest computer network in history. Rising from pennies a few years ago to hundreds of dollars a piece... What a flop.  

[ajareselde]

Bitcoin isn't gaining traction? You must be living in a different world than me. Okay it's not mainstream yet but you can't expect that to happen in 5-6 years. I never would have thought things would have moved this fast after I first got into Bitcoin.

Bitcoin is a great piece of technology, but the way things are now, any country would ban it (i mean bank accounts related to it) if it gets to another even bigger bubble.
Bitcoin has many flaws, and all of its surrounding businesses are badly made. Anonnimity in trades must and will be eliminated, thats for sure, there are just too many people abusing it for things to remain the way they are. Exchanges "hacked" every damn month.. it cant continue like this anymore. And only then, when bitcoin gets fierce regulations, can we say bitcoin didn't flopped

[Warren Buffert]

Bitcoin is a great piece of technology, but the way things are now, any country would ban it (i mean bank accounts related to it) if it gets to another even bigger bubble.
Bitcoin has many flaws, and all of its surrounding businesses are badly made. Anonnimity in trades must and will be eliminated, thats for sure, there are just too many people abusing it for things to remain the way they are. Exchanges "hacked" every damn month.. it cant continue like this anymore. And only then, when bitcoin gets fierce regulations, can we say bitcoin didn't flopped

It's really not even a great technology, but more of a novelty than anything. It's wasteful and if it were to ever become mainstream, the blockchain would quickly become so bloated that it could only be maintained in enormous data centers that would put Google to shame. Hence, defeating the original goal of decentralization.

[Ibian]

Bitcoin has many flaws,

Okay time to call the trolls out. Explain yourself.

[RodeoX]

Google Glass is revolutionary.. why exactly? I can do everything it can with my smartphone, and not look like a jerk with sci fi goggles on everywhere I go. Google Glass "solved" a problem that nobody had of wearing a computer on their faces at all times.

Likewise, bitcoin doesn't solve any problems for people, and actually opens the door to many new problems and vulnerabilities. That's why it failed! Six years after its creation and it still has less users than the frequent flyer club of Kuwaiti Airlines.

You may be speaking for yourself, but not for me. Bitcoin is the cheapest, fastest, and most secure way to move money. I use it for all my online purchases and will never go back. I have gone through three shitty bank cards in the last year. They are not safe enough for me to use anymore. I have never lost a penny of BTC. I don't really care who else uses it, I use it because it has solved my problems with buying online and in foreign countries.

I don't know where you got your info about the Kuwait frequent fliers. But Tony at BitPay has like 40k in business customers and Coinbase has about the same. There must be a few hundred thousand individual users also.

[ajareselde]

Bitcoin has many flaws,

Okay time to call the trolls out. Explain yourself.

Just go ahead and read bitcoin related news in the press, and ull see that most of them are bitcoin thefts and exchanges robbing themselves,clients loosing money from exchanges etc..
It all points out that security isnt high enough, from bitcoin wallets to exchanges that any dumbo can start, and only when u fix that can u go forward, because until then ull have every form of authority trying to shut/slow u down.

[Warren Buffert]

Google Glass is revolutionary.. why exactly? I can do everything it can with my smartphone, and not look like a jerk with sci fi goggles on everywhere I go. Google Glass "solved" a problem that nobody had of wearing a computer on their faces at all times.

Likewise, bitcoin doesn't solve any problems for people, and actually opens the door to many new problems and vulnerabilities. That's why it failed! Six years after its creation and it still has less users than the frequent flyer club of Kuwaiti Airlines.

You may be speaking for yourself, but not for me. Bitcoin is the cheapest, fastest, and most secure way to move money. I use it for all my online purchases and will never go back. I have gone through three shitty bank cards in the last year. They are not safe enough for me to use anymore. I have never lost a penny of BTC. I don't really care who else uses it, I use it because it has solved my problems with buying online and in foreign countries.

I don't know where you got your info about the Kuwait frequent fliers. But Tony at BitPay has like 40k in business customers and Coinbase has about the same. There must be a few hundred thousand individual users also.

I pay with my credit card and actually get cash back (up to 6%). So yes, maybe for you bitcoin is the cheapest method to move money, but only because you have no idea what you're doing.

I used bitcoin once for a purchase on newegg and saw first hand how bad it is. First, you only get 15 minutes to make the payment or the price could flucuate and you need to request another order. Then, you're given no warranty from a CC company or similar institution and in the case of a refund, all you would get is store credit. Nobody in their right mind would see that as an improvement over the current system.

[Ibian]

Bitcoin has many flaws,

Okay time to call the trolls out. Explain yourself.

Just go ahead and read bitcoin related news in the press, and ull see that most of them are bitcoin thefts and exchanges robbing themselves,clients loosing money from exchanges etc..
It all points out that security isnt high enough, from bitcoin wallets to exchanges that any dumbo can start, and only when u fix that can u go forward, because until then ull have every form of authority trying to shut/slow u down.

Anything can be stolen, especially when security relies on people. The technical security is greater than anything we have ever had previously when done right. Not a bitcoin problem.

Try again.

[NotHatinJustTrollin]

Bitcoin has many flaws,

Okay time to call the trolls out. Explain yourself.

Just go ahead and read bitcoin related news in the press, and ull see that most of them are bitcoin thefts and exchanges robbing themselves,clients loosing money from exchanges etc..
It all points out that security isnt high enough, from bitcoin wallets to exchanges that any dumbo can start, and only when u fix that can u go forward, because until then ull have every form of authority trying to shut/slow u down.

Anything can be stolen, especially when security relies on people. The technical security is greater than anything we have ever had previously when done right. Not a bitcoin problem.

Try again.

Except that when "security relies on people" there is consumer protection and you can get your money back. If somebody steals your coins, you're done for.