Bitcoin Cannot Succeed (heres why)

[BitProdigy]

First of all I would like to start this off by stating that I am a believer in the possibility of the success of Bitcoin. This may seem like a contradiction with the title of the thread but it is not. This is because the possibility of success is very low due to the reasons which I am going to describe. At the moment bitcoin is 250$ and has been there for quite a while. Exchanges such as cryptsy, poloniex, btc-e, ect. exist to exchange btc to usd and btc to other alt coins. Circle and coinbase exchange btc to usd and are currently common way to receive USD from BTC. That is a brief summary of the current ecosystem.

Now let us imagine that bitcoin reaches "the moon" as is often wished for in the Bitcoin community. Let us imagine that one BTC is worth 1 million dollars. It is commonly accepted that these exchanges, cryptsy, poloniex, btc-e, circle, coinbase, ect. are for profit. They are not running their businesses out of altruism, but for profit. If one bitcoin is worth one million dollars, how is it remotely imaginable that these exchanges will not just run off with the coins? Even more if I have one btc at one million dollars, I will have to go through some sort of intermediary to receive my USD. This intermediary will run off with the coin because of its massive value.

The issue is a facet of human nature, greed. One bitcoin would not even have to reach 1 million usd for the above scenario to become a reality. How high does btc have to go? The 1k mark was enough for mt gox, 2k...would there still be trust? Would they all run off with the BTC? Ok how about 40k?

This is the problem of bitcoin. People steal. Especially when it is irreversible.

At the point when Bitcoin reaches 1 million dollars, it will be so because it is widely accepted as currency and easy to use for daily purchases. That is to say, at the point when Bitcoin reaches 1 million dollars, you will not need to convert your Bitcoin into USD, you will only need to buy whatever it is you want to buy, (gasp!) with your bitcoin. 

[finnile]

First of all I would like to start this off by stating that I am a believer in the possibility of the success of Bitcoin. This may seem like a contradiction with the title of the thread but it is not. This is because the possibility of success is very low due to the reasons which I am going to describe.

The success of bitcoin do not depend on the price of bitcoin. It can be successful when price is $100 or $1000 per piece, the key element is price stability.

I think that this is the best argument in this discussion.
Only way for BTC to succeed is if users have the confidence in its future and stability.
If that trust is absent, BTC have no future and no chance to succeed.

I think just because the price of bitcoin has always known to be volatile, no one will be able to be confident about the price always being strong.

[bitcoin1992]

Bitcoin is only going to get bigger with more adoption. The masses are coming on board, it might take months or years but they are coming.

[pooya87]

First of all I would like to start this off by stating that I am a believer in the possibility of the success of Bitcoin. This may seem like a contradiction with the title of the thread but it is not. This is because the possibility of success is very low due to the reasons which I am going to describe.

The success of bitcoin do not depend on the price of bitcoin. It can be successful when price is $100 or $1000 per piece, the key element is price stability.

I think that this is the best argument in this discussion.
Only way for BTC to succeed is if users have the confidence in its future and stability.
If that trust is absent, BTC have no future and no chance to succeed.

I think just because the price of bitcoin has always known to be volatile, no one will be able to be confident about the price always being strong.

that is exactly how i feel. i think as long as the high volatility of bitcoin exists it will prevent its growth and mass adoptation. and that is going to hurt bitcoin

[nikona]

First of all I would like to start this off by stating that I am a believer in the possibility of the success of Bitcoin. This may seem like a contradiction with the title of the thread but it is not. This is because the possibility of success is very low due to the reasons which I am going to describe.

The success of bitcoin do not depend on the price of bitcoin. It can be successful when price is $100 or $1000 per piece, the key element is price stability.

I think that this is the best argument in this discussion.
Only way for BTC to succeed is if users have the confidence in its future and stability.
If that trust is absent, BTC have no future and no chance to succeed.

I think just because the price of bitcoin has always known to be volatile, no one will be able to be confident about the price always being strong.

that is exactly how i feel. i think as long as the high volatility of bitcoin exists it will prevent its growth and mass adoptation. and that is going to hurt bitcoin

For ppl like me .. I enjoy the volatility of BTC.. I am a bit into trading..n thats how I make my money..lol..as per mass adoption is concerned.. I think the preice will be more stable or growing once mass adoption is achieved. lets see how it goes

[deluxeCITY]

Now let us imagine that bitcoin reaches "the moon" as is often wished for in the Bitcoin community. Let us imagine that one BTC is worth 1 million dollars.

Sorry but i need to stop you there  bitcoin is not reaching a million dollars not this year or next or 5 after that, we have been to 1000+ and one exchange did do a runner you a quite right but it will not be long before we have a peer to peer decentralized exchange hopefully with smartcontracts so no middle men! Then you have no reason of bitcoin not succeeding it will flourish without the greedy ones stealing peoples coin. 

[Daniel91]

Bitcoin is only going to get bigger with more adoption. The masses are coming on board, it might take months or years but they are coming.

I hope you are right here but we really need to see some ''big'' merchants accepting bitcoin as way of payment.
Without this, bitcoin will mostly be used as investment, and this will not help us.
Hope that we become mainstream soon.

[bitbunnny]

It's hard to make longterm predictions, but I think that with time it will become more stable and survive.

[oblivi]

if the world is Russia, then your theory is correct. Otherwise, its a pure BS dude.

http://www.newsbtc.com/2015/03/02/article-russias-hypocrisy-bitcoin/

You cant ban bitcoin, bitcoin will even get inside noth korea through underground circles. Wait and see.

[newflesh]

First of all I would like to start this off by stating that I am a believer in the possibility of the success of Bitcoin. This may seem like a contradiction with the title of the thread but it is not. This is because the possibility of success is very low due to the reasons which I am going to describe.

The success of bitcoin do not depend on the price of bitcoin. It can be successful when price is $100 or $1000 per piece, the key element is price stability.

I think that this is the best argument in this discussion.
Only way for BTC to succeed is if users have the confidence in its future and stability.
If that trust is absent, BTC have no future and no chance to succeed.

I think just because the price of bitcoin has always known to be volatile, no one will be able to be confident about the price always being strong.

Bitcoin prices wont always be so volatile, as it gets more accepted it will likely stabilise to the point where all exchanges have the same-ish price.
Not good news for the day-traders in the longterm

[Yakamoto]

First of all I would like to start this off by stating that I am a believer in the possibility of the success of Bitcoin. This may seem like a contradiction with the title of the thread but it is not. This is because the possibility of success is very low due to the reasons which I am going to describe.

The success of bitcoin do not depend on the price of bitcoin. It can be successful when price is $100 or $1000 per piece, the key element is price stability.

I think that this is the best argument in this discussion.
Only way for BTC to succeed is if users have the confidence in its future and stability.
If that trust is absent, BTC have no future and no chance to succeed.

I think just because the price of bitcoin has always known to be volatile, no one will be able to be confident about the price always being strong.

Bitcoin prices wont always be so volatile, as it gets more accepted it will likely stabilise to the point where all exchanges have the same-ish price.
Not good news for the day-traders in the longterm

I still think that the prices will be volatile for a while, however I do see what your point is.

What Bitcoin needs is an original and high-in-demand service/good that can only be paid for in Bitcoin, then we'd see a large increase in the value due to people purchasing Bitcoin to be able have/experience said item. All we need now is a good entrepreneur with a good idea.

[night.0wl]

In the end of the day, lots of btc "supporters"  are active on the exchanges, or sell/have sold a lot of btc.. face it most people want FIAT for their btc
Look at all the people mentioning  10.000$ a coin..they only get excited because of the idea they could (and probably would) quickly exchange their btc for a shitload of FIAT.

BTC will never be a currency this way, its just a playtoy to collect more FIAT.
And it will always be, if things go on like this and everyone is always on about " the price" of btc.

[MegaHustlr]

That's quite true , why would you trust some exchange ?
Though considering everyone same , ain't right . Just be safe on your side , Keep your coins out of exchanges and also BTC ain't going to a Million USD anytime soon or even not going that high either

[ChuckBuck]

The era of seedy unregulated, unsupervised offshore Exchange operators maybe coming to a close soon:



Centralized, I know I know, but on the other hand the exchange operator will never up and leave for the Cayman Islands with your Bitcoin...

[gentlemand]

In the end of the day, lots of btc "supporters"  are active on the exchanges, or sell/have sold a lot of btc.. face it most people want FIAT for their btc
Look at all the people mentioning  10.000$ a coin..they only get excited because of the idea they could (and probably would) quickly exchange their btc for a shitload of FIAT.

BTC will never be a currency this way, its just a playtoy to collect more FIAT.
And it will always be, if things go on like this and everyone is always on about " the price" of btc.

That's the only way at the moment of calculating buying power. If another method pops up then let us know.

If it ever did reach that price then the chances are that there'd be a closed loop economy that would be on the way to never having to 'cash out'.

[Amph]

First of all I would like to start this off by stating that I am a believer in the possibility of the success of Bitcoin. This may seem like a contradiction with the title of the thread but it is not. This is because the possibility of success is very low due to the reasons which I am going to describe.

The success of bitcoin do not depend on the price of bitcoin. It can be successful when price is $100 or $1000 per piece, the key element is price stability.

I think that this is the best argument in this discussion.
Only way for BTC to succeed is if users have the confidence in its future and stability.
If that trust is absent, BTC have no future and no chance to succeed.

I think just because the price of bitcoin has always known to be volatile, no one will be able to be confident about the price always being strong.

that's because there is still almost no adoption, it will take many years for that, because a good amount is still in a few strong hands, the problem is that those strong hands will not let they capital drop too much, this might be a problem for a general adoption

the only real bitcoin problem is simply, the adoption/spreading of the coin, nothing else imho, the volatility is caused by that

[RodeoX]

It's funny to see a thread stating that bitcoin "cannot succeed" after it already has. Heck, I remember seeing threads saying "Bitcoin CAN NOT EVER be worth $1USD!". 

[Kazimir]

Newsflash. Bitcoin is already succeeding. I paid for dinner yesterday with Bitoin. I just got my groceries with Bitcoin. Guess what: it works! Flawlessly!

This is the problem of bitcoin. People steal. Especially when it is irreversible.

That's where Bitcoin comes in: we don't need 3rd parties or middle men anymore. Humans cannot be trusted, correct. That's why Bitcoin doesn't need trust. The rock solid cryptography that it's based on is all it needs.

The exchange problem is only temporarily (we're bound to have decentralized P2P exchanges sooner or later) and besides, exchanges ≠ Bitcoin. Exchanges are about trading one currency into another, so they are related to fiat just as much as crypto. Would you say that the Euro and Dollar cannot succeed, because of the trust problem with exchanges? Then why is it suddenly a problem for Bitcoin?

[sidhujag]

Use bitusd which is decentralized usd..

Wait just right there. How does “decentralized USD” work, if the USD is regulated by the Federal Reserve System, which is a central entity?

Its just an iou to usd which is pegged to usd with some rules..

Who enforces the peg?

Price feeds fed in via the delegates.. then an incentive system to avoid swan events. Its decentralized with short long rules to keep within range

http://bytemaster.bitshares.org/article/2014/12/18/What-are-BitShares-Market-Pegged-Assets/

[gkv9]

I don't agree with all of your accusations for the failure of BTC @OP, but I think that one more thing you haven't mentioned is,
There are some directory which leak many of the private keys of so many addresses, not just limited to that, but you must have seen many of the exchanges getting hacked and coins stolen which puts a "?" in terms of the security which we are here for.