Bitcoin Cannot Succeed (heres why)

[DeboraMeeks]

Might there be some reasons for the "UN-SUCCESS" of Bitcoins, I feel we should try to make it possible that this might not happen.
And if we can't do it, we should not be here talking about the possibilities of failure of BTC as if it ever fails, this means that we have all been doing nothing but are all maniacs and wasting our time.

[manselr]

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.

We are here for the Bitcoin protocol and it's as solid as day 1. The fact people put their private keys on scams is not Bitcoin's fault.

[resya]

Bitcoin is crypto, as far as most are concerned. If Bitcoin fails, there will be no successor, because then the perception will be that it can happen to any coin. Just stick with bitcoin, this is our future

[Q7]

I don't see why it should fail at this stage and especially after more than 5 years and there are so many changes done with it to bring it at this level.  Obviously those who predicted that bitcoin will fail in a year after its launch were wrong, and those people who said the very same thing is again saying the same thing. So will you rather believe them or just look at the facts right in front of you.

[picolo]

I don't see why it should fail at this stage and especially after more than 5 years and there are so many changes done with it to bring it at this level.  Obviously those who predicted that bitcoin will fail in a year after its launch were wrong, and those people who said the very same thing is again saying the same thing. So will you rather believe them or just look at the facts right in front of you.

All those who predicted Bitcoin to fail fast have failed. The price recovered from going sub 200$ and 2015 looks good even with a strong Dollar (likely not for long)

[chaoman]

Ok you guys are all right and I am wrong. 1 BTC will be worth 1000$.

I will wait until I am skeleton.

[LordSonjai]

Ok you guys are all right and I am wrong. 1 BTC will be worth 1000$.

I will wait until I am skeleton.

1000 is a reasonable price it could hit 1000 again,it went above 1000 twice already.

[ChuckBuck]

Ok you guys are all right and I am wrong. 1 BTC will be worth 1000$.

I will wait until I am skeleton.

I'm with you man, the experiment is over.  Dunzo.  6 years is way too long for a burgeoning technology to fully mature...

[Slaxt]

Ok you guys are all right and I am wrong. 1 BTC will be worth 1000$.

I will wait until I am skeleton.

1000 is a reasonable price it could hit 1000 again,it went above 1000 twice already.

You are right it can hit a thousand again without a doubt although it has been dropping for quite some time it is not over by any stretch of the imagination in fact it has only just begun.
People need to use their common sense storing their funds and not leaving it with the exchanges also storing their coins on a computer which is off line most of the time and never downloads anything. Bitcoin will not fail have some faith.

[gravitate]

I just wait for the day that bitcoin is so widely accepted that it is a stand alone surrency and not valued with the USD

[gravitate]

Ok you guys are all right and I am wrong. 1 BTC will be worth 1000$.

I will wait until I am skeleton.

I'm with you man, the experiment is over.  Dunzo.  6 years is way too long for a burgeoning technology to fully mature...

Best meme I have seen for a while and I can thoroughly relate to it hahahahahahah
Fantastic.

[NeuroticFish]

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.

You are wrong.
1. People are taught every day to not keep big amounts on exchanges.
2. Bitcoin will not get to 1,000,000$ overnight. People will have time to be more cautious.
3. Exchanges already run on profit. They have various transaction and withdrawal fees. Also, don't forget: while your money is on exchange, you'll see only some numbers you can play with. Meanwhile the exchanges can use part of your money for other businesses and you will not miss them.

Why would they stop a good business to run with money? Ah greed. No. Not all exchanges are that greedy. Not all exchange users keep such big amounts there.

Yes people steal if you give them the opportunity. But it's not the reason for Bitcoin to fail.

[Skeksis]

Ok you guys are all right and I am wrong. 1 BTC will be worth 1000$.

I will wait until I am skeleton.

I'm with you man, the experiment is over.  Dunzo.  6 years is way too long for a burgeoning technology to fully mature...

Best meme I have seen for a while and I can thoroughly relate to it hahahahahahah
Fantastic.

Waiting for it to take off? You already missed that plane because it already happened.... but just came back to land again. Now we just gotta wait for it to happen again but it seems some people just don't have any patience.

[gravitate]

Ok you guys are all right and I am wrong. 1 BTC will be worth 1000$.

I will wait until I am skeleton.

I'm with you man, the experiment is over.  Dunzo.  6 years is way too long for a burgeoning technology to fully mature...

Best meme I have seen for a while and I can thoroughly relate to it hahahahahahah
Fantastic.

Waiting for it to take off? You already missed that plane because it already happened.... but just came back to land again. Now we just gotta wait for it to happen again but it seems some people just don't have any patience.

I am still buying 1 bitcoin per week

[RodeoX]

Oh yes it's dead. You should move on. 
Besides your bank needs your money more than ever now that some of us are gone for good.

[Possum577]

Isn't this what the blockchain and miners are for, for community verification of the transactions. What control does Blockchain.info have over your transaction from cold wallet to cold wallet? (Not sarcastic, I don't know).

I can see how the bank style services (e.g. Coinbase) could appear risky and they'd probably need to provide some insurance ot get anyone's business, but the exchanges are just meeting places for the transaction. Like that spot under the buttonwood tree in lower Manhattan.

[vrm86]

If one bitcoin is worth one million dollars, how is it remotely imaginable that these exchanges will not just run off with the coins?

Assuming that trade volume would be on current level, BTC-e for example would earn 15396*0,2%= 30,7BTC = over 30 millions $ of daily income. Still tempting to commit robbery? 
But volume in single exchange couldn't be as huge as it is now, because:

- in most cases people will change some satoshis only
- world's BTC exchange volume would be dispersed on much more places and services than now, because such valuable asset surely will attract everybody's attention

[Monetizer]

If one bitcoin is worth one million dollars, how is it remotely imaginable that these exchanges will not just run off with the coins?

Assuming that trade volume would be on current level, BTC-e for example would earn 15396*0,2%= 30,7BTC = over 30 millions $ of daily income. Still tempting to commit robbery? 
But volume in single exchange couldn't be as huge as it is now, because:

- in most cases people will change some satoshis only
- world's BTC exchange volume would be dispersed on much more places and services than now, because such valuable asset surely will attract everybody's attention

I think by that time that happens the volume on many exchanges will fall massively, we may even go back to the talk of using mBTC for everything rather than whole bitcoins.

[Bralex]

If one bitcoin is worth one million dollars, how is it remotely imaginable that these exchanges will not just run off with the coins?

Assuming that trade volume would be on current level, BTC-e for example would earn 15396*0,2%= 30,7BTC = over 30 millions $ of daily income. Still tempting to commit robbery? 
But volume in single exchange couldn't be as huge as it is now, because:

- in most cases people will change some satoshis only
- world's BTC exchange volume would be dispersed on much more places and services than now, because such valuable asset surely will attract everybody's attention

I think by that time that happens the volume on many exchanges will fall massively, we may even go back to the talk of using mBTC for everything rather than whole bitcoins.

By that time i would hope we have decentralized exchanges p2p or something along them lines also we would be sure to go back to mBTC there will not be many buying up full coins for a million 

Have to smile because i really cannot see them figures and that is not me being negative just the reality of the situation and no believing i could make that much money when you compere the kind of small investment to get that.

Exchanges have reason everyday to do a runner as said above but they don't so with higher price their fee's become higher = more reason to stay imo

[gravitate]

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.

if 1 bitcoin was worth 1 million I would not be keeping it with an exchange LOL maybe 0.000001 bitcoin yes