What are some ways you can think bitcoin won't succeed?

[GigaBit]

I was just thinking in my head about bitcoin and it's chances of succeeding of a major worldwide currency. I thought back to here about how many posts there are with bitcoin's success, what are some ways you can think of that will make bitcoin Not succeed. The most obvious in my opinion being a hack of some sort to the blockchain.

Too many to list but let me start...

-Bitcoin is too slow, it does not re-create the "cash" effect that CC's do have since you have to wait for confirmation.
-Most normal people don't want to wait for confirmations, let alone the 5-25 minutes Bitcoin can take.
-Also, many want to have the feel of having a full coin or a bunch of them, really tough with Bitcoin.
-If you spend $100 in Bitcoin it looks like you only have a dime in your wallet.
-Wallet don't tell you your $ value nor do they let you trade easily.
-The 10 Minute block is too lengthy to make it fast enough to be currency.
-There is not enough coins to become either national or global currency.
-Most of the bag holders in Bitcoin are either elitists or crooks, this leaves little for honest and regular people.
-Too many miners living off of Bitcoin; constant selling pressure.
-Too many big retailers too fast; constant selling pressure.
-Lack of big serious buyers.
-Too many crooks
-Miner Greed
-The list goes on and on...

I keep reading posts about people bitching about the Tx costs so let's not forget that either even though I think it's a ridiculous claim.

In my opinion, 5 years from now, Bitcoin will no longer be the Crypto of choice; due to the fact that there's a lot better coins out there.

Bitcoin was essentially a model for cryptos, aimed to replace Western Union and Money Orders; this was accomplished.

Now a few years later and other cryptos aspire to replace Bitcoin with more features, services and perks built in.

I'm not trying to bash Bitcoin, I still mine and use it, just stating the not-so-obvious.

[1714753340]

1714753340

[1714753340]

1714753340

[guybrushthreepwood]

I was just thinking in my head about bitcoin and it's chances of succeeding of a major worldwide currency. I thought back to here about how many posts there are with bitcoin's success, what are some ways you can think of that will make bitcoin Not succeed. The most obvious in my opinion being a hack of some sort to the blockchain.

Too many to list but let me start...

-Bitcoin is too slow, it does not re-create the "cash" effect that CC's do have since you have to wait for confirmation.
-Most normal people don't want to wait for confirmations, let alone the 5-25 minutes Bitcoin can take.

Bitcoin isn't slow. Transactions are instantaneous. You don't have to wait for the full confirmations much like you don't with your credit card. You send the money and they payment processor does the rest and promises to pay the merchant for you. You can also use bitcoin payment processors that will do the exact same thing.

[ebliever]

You are the ones who bring innocent children into this, you creepy Bitcoin sexual deviants!  Victimless crime my ass, you're destroying young lives to satisfy your sick sexual needs, you don't care who you hurt, sicko!

And now just jerking it to child porno & worshiping Satan Satoshi at your so-called "Meetups" isn't enough for you Bitcoin degenerates?
Now you want to "alter your brain chemistry" you say, get hopped up on shit meth & bath salts to fuel your deranged child rape fantasies?  Under a bridge, you say?  Filth!

There is no excuse for what you do, Bitcoiner!  You don't belong in this world

Let me get this straight. Are you seriously accusing all/most users of bitcoin of pedophilia? I hope not. That's a serious charge, and wildly without basis. Criminals use all forms of currency, and it makes no more sense to blame the currency than to blame hammers because someone once used one to commit murder. It's just money (or a store of value, or whatever you want to call it); there's no justification in making wild, sweeping charges.

Maybe you've been hurt directly or indirectly by someone; if so I am sorry for you, and hope you can find forgiveness and healing. But posts like this are really out there and will not help you (unless you are trying to get on a record number of Ignore lists.)

[Gervais]

Biggest threat to bitcoin is rules and regulations that the gov will put into place. They probably wont do it on purpose but they will stifle adoption. I think merchants not accepting it is another problem and we could see some shady lobbying from credit card companies.

snip trolling.

Let me get this straight. Are you seriously accusing all/most users of bitcoin of pedophilia? I hope not. That's a serious charge, and wildly without basis. Criminals use all forms of currency, and it makes no more sense to blame the currency than to blame hammers because someone once used one to commit murder. It's just money (or a store of value, or whatever you want to call it); there's no justification in making wild, sweeping charges.

Maybe you've been hurt directly or indirectly by someone; if so I am sorry for you, and hope you can find forgiveness and healing. But posts like this are really out there and will not help you (unless you are trying to get on a record number of Ignore lists.)

He's a troll. Ignore him like pretty much everyone else does around here. Surprised he hasn't been banned et.

[NotLambchop]

You are the ones who bring innocent children into this, you creepy Bitcoin sexual deviants!  Victimless crime my ass, you're destroying young lives to satisfy your sick sexual needs, you don't care who you hurt, sicko!

And now just jerking it to child porno & worshiping Satan Satoshi at your so-called "Meetups" isn't enough for you Bitcoin degenerates?
Now you want to "alter your brain chemistry" you say, get hopped up on shit meth & bath salts to fuel your deranged child rape fantasies?  Under a bridge, you say?  Filth!

There is no excuse for what you do, Bitcoiner!  You don't belong in this world

Let me get this straight. Are you seriously accusing all/most users of bitcoin of pedophilia? I hope not. That's a serious charge, and wildly without basis. Criminals use all forms of currency, and it makes no more sense to blame the currency than to blame hammers because someone once used one to commit murder. It's just money (or a store of value, or whatever you want to call it); there's no justification in making wild, sweeping charges.

I'm not accusing all Bitcoin users of pædophelia.  Some of you may be purchasing child pornography for other, wholesome & totally not perverted, reasons.  You also may be buying it for someone totally not you, perhaps your bath salts dealer?

inb4 "buy legit goods and services":  You seriously expect me to believe that you wire money to shady Albanian "exchanges" (pay fees & risk being xah0rd/exchange OKTHXBAI!), or hook up with other creepy pædopheles Bitcoiners via pædophelia bulletin boards LocalBitcoin (to be kidnapped, stabbed & robbed at gunpoint), just to buy stuff available directly via CC?  

Or does the adrenalin rush of putting yourself into needlessly dangerous/hilarious situations heighten your CP experience?  Another kink?

[ebliever]

OK, Ignore it is. I've used BTC to pay for things ~20 times so far, just boring stuff like a 4K monitor and wifi extender and some Christian books and so forth. Nothing even remotely questionable.

[NotLambchop]

^You went through the whole goldbergian process,* just for the thrill of buying stuff with BTC?  The same stuff you could have bought with a credit card for less?
*
1. buy BTC with USD
  1a. drats, price went down, go to 1 & buy more.
2. pay BTC to a payment processor, who
3. converts it back into USD &
4. sends the USD to merchant

[Skeksis]

I'm not accusing all Bitcoin users of pædophelia.  Some of you may be purchasing child pornography for other, wholesome & totally not perverted, reasons.  You also may be buying it for someone totally not you, perhaps your bath salts dealer?

inb4 "buy legit goods and services":  You seriously expect me to believe that you wire money to shady Albanian "exchanges" (pay fees & risk being xah0rd/exchange OKTHXBAI!), or hook up with other creepy pædopheles Bitcoiners via pædophelia bulletin boards LocalBitcoin (to be kidnapped, stabbed & robbed at gunpoint), just to buy stuff available directly via CC?  

Or does the adrenalin rush of putting yourself into needlessly dangerous/hilarious situations heighten your CP experience?  Another kink?

Would you rather have child pornographers and paedos buying cp with bitcoin or fiat? It's not like they won't be buying it so the medium is irrelevant though the authorities should be doing what they can to catch those breaking the law in whatever way.

[cramved]

Confirmation time could be too slow for some uses.

[NotLambchop]

I'm not accusing all Bitcoin users of pædophelia.  Some of you may be purchasing child pornography for other, wholesome & totally not perverted, reasons.  You also may be buying it for someone totally not you, perhaps your bath salts dealer?

inb4 "buy legit goods and services":  You seriously expect me to believe that you wire money to shady Albanian "exchanges" (pay fees & risk being xah0rd/exchange OKTHXBAI!), or hook up with other creepy pædopheles Bitcoiners via pædophelia bulletin boards LocalBitcoin (to be kidnapped, stabbed & robbed at gunpoint), just to buy stuff available directly via CC?  

Or does the adrenalin rush of putting yourself into needlessly dangerous/hilarious situations heighten your CP experience?  Another kink?

Would you rather have child pornographers and paedos buying cp with bitcoin or fiat? It's not like they won't be buying it so the medium is irrelevant though the authorities should be doing what they can to catch those breaking the law in whatever way.

Are you so strung on CP that you won't stop, no matter how dangerous/inconvenient the procurement process becomes?  Didn't realize it has come to this
According to your logic, we should start selling CP in news stands & on Netflix.  Because you're gonna get it one way or another anyhow, might as well make it convenient for you, right?

[RodeoX]

I was just thinking in my head about bitcoin and it's chances of succeeding of a major worldwide currency. I thought back to here about how many posts there are with bitcoin's success, what are some ways you can think of that will make bitcoin Not succeed. The most obvious in my opinion being a hack of some sort to the blockchain.

Too many to list but let me start...

-Bitcoin is too slow, it does not re-create the "cash" effect that CC's do have since you have to wait for confirmation.

I never wait for confirmation. I pay my bar tab and walk out the door? Even if I were buying a house I would not wait. The next day we can always figure it out if the BTC was not sent. Of course if your super paranoid you could wait a few mins.

-Most normal people don't want to wait for confirmations, let alone the 5-25 minutes Bitcoin can take.

Which is why almost no retailers wait for confirmation. And perhaps your not aware of this, but retailers wait 2-30 days for your credit card to confirm.

-Also, many want to have the feel of having a full coin or a bunch of them, really tough with Bitcoin.

And I want the feel of a $1000 bill and a full Oz. of gold. So what? This makes zero sense.

-If you spend $100 in Bitcoin it looks like you only have a dime in your wallet.

What? I don't even know what this means?

-Wallet don't tell you your $ value nor do they let you trade easily.

Um yes it does. Well, mine does. Some wallets might not calculate in dollars. Guess what? Most people on Earth don't use dollars.

-The 10 Minute block is too lengthy to make it fast enough to be currency.

This is the third time you put this in your list. And it still isn't true.

-There is not enough coins to become either national or global currency.

Oh boy, this is 101 level stuff. There is no reason to need more than 1 BTC to supply the worlds economy. Think of it like a pie. (there are no actual bitcoins). Even a tiny pie can be cut into a billion pieces. Your thinking of dollars. 21 million dollars is not enough because they can only be divided into pennies. BTC can be divided into billionths of a penny.

-Most of the bag holders in Bitcoin are either elitists or crooks, this leaves little for honest and regular people.

So you did a study? No you just pulled that nonsense from your anus. Let me guess you "invested" in a ponzi and now it's all gone? I have never lost a Satoshi trading bitcoin.

-Too many miners living off of Bitcoin; constant selling pressure.

This is also why gold has no value in the world. Gold miners just sell it!

-Too many big retailers too fast; constant selling pressure.

Sure. So now the problem with bitcoin is that too many people are using it too quickly?

-Lack of big serious buyers.

Where have you been? The sales now are bigger than ever before.

-Too many crooks
-Miner Greed
-The list goes on and on...

Well it goes on and on as long as you keep using the same bullet points over and over.

[BillyBobZorton]

Bitcoin will succeed no matter what. All the obstacles for Bitcoin are ways to prove Bitcoin's resilience. Bitcoin's ultimate fate is succeed since there are no other alternatives to the fraud we live in.

[Herbert2020]

i think the worst thing in the bitcoin scene is the waves after waves of negative news that sprouts every now and then. i am not saying it is going to cause bitcoin to fail but still it is hurtful IMO.
things like bitcoin dying, wallet hacked, people getting robbed,... of course most of them are related to price but still they are gonna hurt.

[james777]

Could Litecoin take it down because its faster transfer rate?

[NotLambchop]

Could Litecoin take it down because its faster transfer rate?

Forget slow confirms.
"Bitcoin network is restricted to a sustained rate of 7 tps [...] VISA handles on average around 2,000 transactions per second (tps), so call it a daily peak rate of 4,000 tps."--Bitcoin wiki, https://en.bitcoin.it/wiki/Scalability

World currency

[ebliever]

Could Litecoin take it down because its faster transfer rate?

I used to think this sort of thing gave altcoins a big advantage. But I think the improvement from a 10 minute block time to 2.5 or 1 minutes/block is fairly minor in terms of the proportion of financial transactions where that matters.

For example, for online purchases that will be shipped to your door, saving 9 minutes is probably not going to result in a package arriving any sooner. Likewise it doesn't matter much for investing or real estate or other major purchases.

And on the other hand, 1 minute blocks are still painfully slow if you are standing at the counter of a fast food restaurant that only accepts crypto after "X" confirmations. For in-person purchases we are simply going to have to forget about the X-confirmation approach and go with the kind of network-propagation techniques that Bitstamp and I think others are using for near-instant transaction confirmations. In which case the altcoins also have no advantage.

So, in theory there may be a small benefit, but in practice I doubt it will (by itself) be a game-changer. At least not for a long while.

[cramved]

Could Litecoin take it down because its faster transfer rate?

Forget slow confirms.
"Bitcoin network is restricted to a sustained rate of 7 tps [...] VISA handles on average around 2,000 transactions per second (tps), so call it a daily peak rate of 4,000 tps."--Bitcoin wiki, https://en.bitcoin.it/wiki/Scalability

World currency

To fix this issue we would need to mine a fork of the bitcoin chain that has a larger block size (i think this has been proposed by someone). I'm guessing the issue with that is the storage requirements to have the chain on a harddrive would skyrocket.