Topic: Am I missing something? (or is BTC destined for greatness and soon) - page 2. (Read 3209 times)

If you don't mind my answering your question with a question, are there estimates as to what percentage of emitted BTC are immediately sold?

By the word emitted, are you talking just generated? Or generated and sold?

The emission rate has importance inversely related to the stability of fiat currency. Each financial crisis will hasten the herd toward crypto until a critical mass is reached, this will become the historical "bitcoin moment". Also known as "the moon".

What about the emission rate?  BTC must stimulate enough buying pressure to counteract the selling pressure created by miners which I think is the reason for the downward price trend as of late.  How much BTC will be emitted over the next year, for example?

Fixed that for you.

This will probably never happen. Next time btc touches 1,000 it will be rocketing past, on its way to the moon.

All signs point to Bitcoin being a big game changer. Its not a matter of if , but when.

So... you don't want the price to go over $1050? Or if it does, only 1% of the time... got it

If you are able to, you should be holding onto a few different things, instead of just cash in the bank....  You want to try and beat inflation with multiple different investments (bitcoin hopefully being one of them)...

In my eyes, there's nothing the minds working the blockchain can't overcome to keep the future intact like a well-oiled machine. Furthermore, over-regulation doesn't seem likely at this point.

There are so many reasons that add up to failure if you ask me, but success or failure is subjective. If success is having something to speculate on or having something to transact in a black market other than paper fiat, than bitcoin is a success.

The reasons I see it as a failure is the following.

1. It works off the scarcity model.
2. It is easily manipulated and controlled.
3. The myth of decentralization is a lie.
4. The myth of a means to save money by avoiding excess fees is a lie.
5. Bitcoins value is depended on being denominated in USD or other national currencies
6. The ease of governments to tax, regulate, track and generally control bitcoin.
7. Massive energy cost to maintain and secure network. (massive mining cost)
8. Violates the regression theorem
9. Isnt a good store of value
10. Is an awful unit of account.. you cant denominate a mortgage in bitcoin
11. It doesn't solve any problems for the general population they dont want to protect their own money, thats why they use the bank.

and many more, it wont have mass adoption and yes you are believing the hype.  
  
 

Getting back on track:

Fair enough.  I just want to point out that XCP and MSC operate on the BTC blockchain in the (very off) chance that you didn't already know that.



You could be right about that.

Those smart contracts you are talking about are altcoins not Bitcoin. This link is Gavins proposal for Bitcoin 2.0 smart contracts:

https://www.cryptocoinsnews.com/gavin-andresen-outlines-bitcoin-2-0-without-ethereum/

Note: This is a good thread, I hope I didn't throw you off topic. One other thing right now that hurts us is the security of the wallet.
There are some new inovations out there, but most are too tech savy for older people. It looks like some better options may be comming out next year.

Update: I think if you go back to 1993 and follow the progression of the internet through 1999 it's kind of the same things Bitcoin is going through right now.

Note: What I was trying to say above is right now it's like Bitcoin is competing with Western Union. With smart contracts Bitcoin would be competing with Visa.


Final Answer: No I don't think there is a fatal flaw that will end Bitcoin. But only time will tell.

I don't think we will go 'to the moon' soon.
Hang in there though, hold for 10 years & see what happens.
It's a long journey.

Have you got the stomach for it?

Certainly but lack of smart contract functionality can't be what's holding BTC back if that functionality is in fact available.

Those are alts, this is BCT. I'm talking Bitcoin 2.0 smart contracts.

Altcoin links:
http://nakamotoinstitute.org/mempool/the-problem-with-altcoins/
http://nakamotoinstitute.org/mempool/the-coming-demise-of-altcoins/

Don't XCP and MSC provide smart contracts on the BTC blockchain already?

Right now Bitcoin is still young. Bitcoin itself is one small app on the blockchain.  Bitcoin is the p2p payment system to be used on the massive ultra-secure blockchain ledger. You have to research and see all the things the Bitcoin blockchain will enable. Bitcoin should really take off once smart contracts get through their trial period and we can provide the facts to the general public. I believe this will be the point everyone is waiting on. Smart Contracts will enable loans, mortgages and registration of property such as car titles on the blockchain. Once the Bitcoin payment is made the door to the house or car you just bought will open or you will be able to print out your rental agreement. You see Bitcoin is the payment system that will be used for the smart contracts, not only person to person, but the smart contracts have digital agents which will have wallets also. Don't miss the whole point of Bitcoin being the means of payments for all the services that will be running on the blockchain. Thats why it was designed to act like a scarce commodity. Only 21 million will ever be available to be used to pay for all the services that will be available.

Note: Gavin said over the next 4-5 months they will be taking care of the fork, so until then I don't see the Bitcoin value going up too dramatically. THIS IS IMHO. I imagine in one year it will be looking a lot better once the fork is completed and smart contracts are running good.

Update: I forgot to include mining. We already went through solo mining to pool mining with getwork and then switched to stratum proxy with the pools. We will have to switch again, I'll link some options below.

http://gavintech.blogspot.com/2012/05/neutralizing-51-attack.html?m=1
https://bitcoinfoundation.org/2014/07/mining-decentralisation-the-low-hanging-fruit/
https://bitcointalksearch.org/topic/multi-pps-281180
https://www.youtube.com/watch?v=QN2TPeQ9mnA

Really, no one can point out a (possibly-)fatal flaw or danger other than regulation?

Just think about Bitcoin as an factory.

What is incoming (at least):
1. Electricity.
2. Hardware.

What is outgoing:
1. Transactions

Now plot the graph - what is the price for one transaction in kWh and other resources.
Compare the price with one-two-three years ago.
Is it too difficult?