Topic: Biggest concerns surrounding bitcoin? (Read 809 times)

My advice to you is you should go back and read the history of bitcoin first. Then you'll fully understand what happened to bitcoin in past. You should go and learn more about what is bitcoin, how bitcoin and blockchain works, and then you may see a road-map of bitcoin in the future because what you've listed above are baseless in regards to bitcoin. The only thing that you may concern about bitcoin is the price volatility and that also seems to be stable for now.

It's not possible to know which bank has the largest investment in Bitcoin. The information doesn't have to be made public (just like you don't have to announce how much Bitcoin you own.)

What I keep seeing is articles about Banks investing, spending their time, money, and resources on understanding what Bitcoin is, what blockchain technology is, and how blockchain technology can be leveraged to make their business more profitable.

Here's an example article, Bank of America has filed 20 blockchain related patents. That's insane! And indicates a clear interest in participating in the cryptocurrency market (or the fundamental functionality that it's build upon). Article: https://www.coindesk.com/bank-america-filed-20-blockchain-patents-already/

And as I mentioned previously, these banks are in the business of making money by way of investments. Bitcoin is the best performing investing of 2017...any investment bank that's not getting in on the action is one that's losing to the competition.

I don't fully understand Bitcoin yet, as pointed out by one of the replies in this thread but I just want to share some of my thoughts regarding concerns surrounding Bitcoin.

At OP, those are good points but I think that there are also some other matters that surround Bitcoin, which are particularly concerned by its users. I agree with some except for with your second point with the banks. I don't see problems emanating from their end. From what I see, the Bitcoin users are concerned with the transaction fees and confirmation time. This hinders them from transacting fast and easily. Perhaps another concern is the lack of adoption and acceptance of Bitcoin in other countries, making it hard for them to use it.

No, it never played any role in success or failure of bitcoin.
maybe back in the early days like in 2009-2011 it had some effects with silkroad but not today, never. back then there were no good anon coins or they were unknown. also people still believed bitcoin is anonymous!!!

right now the most used currency of darkweb is the real anonymous coins not bitcoin. coins such as Monero. and people already know that bitcoin is not anonymous!

maybe, but not really a big concern. bitcoin is still small and not taking that much money from banks. and remember that if someday bitcoin becomes big enough to be used instead of banks I assure you that banks will adopt it in a heartbeat. they simply start offering services they offer for fiat, for bitcoin now. like credit cards and loans. and that will just help bitcoin improve.

that is not a concern for many reasons.
first because it is not real. and distribution of bitcoin has been good and second if it were real, someone owning that much bitcoin will only help it grow more not doing anything to harm it.

My biggest concerns are probably somewhat similar to yours.

I agree that bitcoin is still associated with the dark web way too much than a healthy level. People think of bitcoin and they think of the dark web immediately. This problem can't be solved by governments cracking down on dark web markets, it can only be solved by more legit people accepting bitcoin for legit things, and outweighing dark markets in volume.

Another concern would be uncertainty with the regulations surrounding bitcoin. Governments are tightening KYC controls for exchanges, which makes it a hassle for someone to buy their first bitcoins and could potentially discourage people from trying out bitcoin.

A very small concern would be the amount of scams, although you can definitely avoid 99.99% of scams if you just bothered to use your common sense.

new2bitcoin
there is many topic regarding to same problem like you face, you can search in this forum and I bet you will get what you want, I will share the links here but I don’t exactly know what you want to know so you better keep search yourself in this way you will know what you want and also you will well informed about many other factors of bitcoin.

1. Alphabay shuts down. Yes. But other darknet markets are open/soon to open. Also, the darkweb marketes has a good impact on the success of bitcoin, but bitcoin can survive with or without the darkweb.

2. The government can spread FUD to the people, scaring them away from bitcoin, but they can't shutdown bitcoin. For them to achieve that, they need to shut down the internet. Which we know is very unlikely.

3. True. How come if the rich own many bitcoins there will be no profit for middle/lower class? Whoever has more investments, the prices are the same for both parties. But ofcourse the rich are gonna get more profit, since they have more money for investing. Whats the problem with that? Also, bitcoin is made as a currency or for storage value. Bitcoin is NOT made to make profits. We're just making profits because of the volatility, but that's not the reason bitcoin is made.



That's the main reason we have easy-to-use services like Coinbase. It's for the less tech-savvy crowd. Also, maybe yea, it will take years to understand bitcoin. The thing is, you don't need to understand bitcoin to use it. Let me ask you, do you understand the world wide web? All those protocols and stuff? If you didn't take a computer science/information technology related course, then chances are, you don't. But you can still use the world wide web right? Exactly.

This simply isn't true. Bitcoin is easy to understand enough for the layperson to buy it, own it, and spend it.

Using Coinbase (and other exchanges) is incredibly easy. In the time it takes to get verified and approved to use an exchange you can do a little reading and understand how bitcoin works. The only barriers to education are if someone doesn't know English (which most Bitocin resources are likely written in) or doesn't have the intelligence level to understand the basic concepts.

People don't need to know cyrptography or coding to use bitcoin.

And if you're REALLY having trouble understanding bitcoin, check out this free course on cryptocurrency.

Why would they? Because the banks are the most powerful and rich institutions in the world. They have started Wars and killed millions of people during all of there history just to hold on to power, might and make profits. Why would banks give away all there power, might and consumers to decentralized cryptocurrency that they cant control. Banks and Government want all power and all control, they want to know everything about the population, where everybody spends his money.

Banks want to keep nations and people poor and in a debt spiral, inflation is there method to ensure human enslavery and tyranny.

They make money and slaves by borrowng money to the public and nations they printed out of thin air, wanting much more back then they borrowed through interest.

They keep less then 10% of your money actually in there custody, while speculating around and creating bubbles and tragedys by 90% pf the money they dont even own.

They want to remove cash they would like to know exactly what you do with the money exactly and control you and watch what you do.

The whole concept of Bitcoin and cryptocurrency.goes completely against everything Banks do and work for. They cant speculate with bitcoins, they cant print it out as much as they want, they cant speculate around with it, they cant enslave humanity with it, they hate bitcoin and will fight it and want to replace it with there own system. These are the most powerful people and entitys in the world, they have killed millions of people, they love real Wars, they are without scruple.

The whole way money works, the whole money system is a complete and utter scam on humanity to enslave it, Bitcoin is a revolution that has the potential to free humanity and do completely away with the bank mafia.

To address your points.

1) That's no longer true. Yes BTC is used on the dark web but it barely affects the price of BTC. If the dark web were to shut down or switch over to another alt the price of BTC would only take a minor (temporary) hit.

2) How could that happen? BTC is decentralised. How could banks get involved?

3) That would never happen. The rich always want to get richer. That's just how things work. They know that if they own most of the BTC in circulation it will become pretty much worthless as nobody else has it to be able to spend it. For that reason it would make no sense for them to buy up most of the circulating BTCbecause it wouldresult in them losing a lot lot of money.

Thank you for pointing this out. It seems we have forgotten already. Such short memories in cryptoland.

Not only did the price dip, it stayed depressed for a second. Now compare this to that; we have TWO major markets shuttered, a whole freaking exchange, and a partridge in a pear tree. It's been like, one of the worst media months for btc in a while, namely, since the GOX.


So why in the hell is the price so high?

Two reasons. Greed, because this is bitcoin, but most importantly exuberance. People were expecting a huge rally after all the BCC/Aug1 debacle, so we got it. Never mind that Nov is still looming. As weak as the hands are here, when they are strong they are like blind dumb brutes. We are buying this despite the obvious bubblre, or some very deep pockets are buying it up for an unknown reason. Either will result in the same end; a considerable crash when someone bigly decides to take profit.

Enjoy this while it lasts. The correction is going to epic, make sure you get off the bus at some point before it flies off the cliff.

I can't argue with this. I am one of those people that have a semi understanding of bitcoin, but I think I'm learning more daily.

Thanks!

As I mentioned I newer to the bitcoin world.

1. I don't actually have any evidence that the darkweb is directly linked to bitcoin but from what I've read and heard a good percentage of the darkweb transactions are made with bitcoin. So I was thinking it could affect bitcoin if it was taken down.

2. Learn something new everyday, I don't know banks invested in bitcoin. Which bank has the largest investment in bitcoin or is that information not public?

3. Those that own a good percent of bitcoin because they bought early is probably not that many people. (I don't have any data to support that, just opinion). Also they will not be dammed by me. I don't think anyone should control who owns what/how many bitcoins, once again in my opinion I don't think it's good for the investors of bitcoin for a small percent to own a good majority of anything.

Thanks for all you're responses, much appreciated

New2Coin
Bitcoin is King #BiK

Most people on this forum do not understand BTC (no matter if they owned it for years) because to do so requires a thorough understanding of global economics.  What I see from most posters is that they understand the upside of speculation...but not much history of markets or what the masses accept or trust when it comes to buying or selling.

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1. Around 2013-2014, dark web had an influence on bitcoins price, the silk road shutdown did affect bitcoins price, but it is 2017, the adoption has increased hundredfold. Japan legalized bitcoin, do you think it is because Japanese are into dark web. Japan, US, China, the three big players in trading volume, guess all the majority of trade and a price of $3800 is pumped into dark web, ain't it? Stop drawing the equation, bitcoin = dark web. It is a fact that dark web markets are dependent on bitcoins for their success, but bitcoin doesn't give a damn about their failure. Recent eg: Alphabay.

2. Yeah, banks could create a mess for bitcoin, question is would they? If they do how much is it going to be effective against a decentralized currency which is growing at a rapid rate. At a time when countries are realizing the potential of bitcoin and trying to capitalize/integrate it into their economy, I don't see a bank threat anytime soon.

3. Guess it is about the deflationary spiral. Yeah when all the bitcoins have been mined and everyone is hoarding, demand would gradually die, price would plummet and if that happens hoarders would dump their bitcoins to meet the small demand and then supply and demand cycle begins again. But what I think would happen is there would be a constant circulation of bitcoins to keep the market stable. In future bitcoin might become a somewhat stable medium of exchange.

As far as rich vs poor is concerned, you can't blame bitcoin, economic system ain't fair, but bitcoin is divisible, if you can't afford 1 BTC then you can settle down for 0.1 BTC and do remember it is never too late to invest in bitcoins.
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Thanks for the response! A lot of good input and points! Thanks for touching on all three of my concerns.

As far as the last paragraph, I understand it's not bitcoins fault. I just don't think it's good for smaller buyers such as myself, or maybe I just a little jealous I can't afford multiple bitcoins. 😜

Thanks again
New2Coin
Bitcoin is King #BiK

Skyline247 that is so true! Not only can it be confusing but that confusion  can cost you money. I'm still trying to piece things together myself.

Questions for you...

How does the Darkweb shutting down impact Bitcoin? Bitcoin operates in the light, out int he open. The darkweb has no consequence on Bitcoin's future.

Banks are already involved. So in what way do you believe bank's involvement would be crossing the line? Banks invest in Bitcoin. Banks are exploring the blockchain. Banks are trying to use blockchain technology for their benefit. None of this is nefarious or threatens Bitcoin.

What happens when those that own the most bitcoin (because they acquired early on) become the riches of the rich...will they also be damned by you? Will they also be a curse to Bitcoin? How do you regulate the ownership of bitcoin across the world? Why would you want to?

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The biggest concern I see is Bitcoin being perceived as a threat by country and business leaders. The most powerful among us will not allow a threat to take their power away. They won't allow it without a fight. And when those people have the power they can choose to outlaw Bitcoin simply because they think it's a threat.

There will always be rich people, so get used to that... Poor people can buy a few Satoshis now and that might increase in

value in the future. The Banks are already involved and they are showing interest in having their own "Private" Blockchains.

You might see Ripple and Ethereum sucking up to them in the future. The Darkweb will not go down and even if they do, then

it will not have such a big impact. { Silkroad went down and we are still here.... as with other Dark "markets" }

1. Around 2013-2014, dark web had an influence on bitcoins price, the silk road shutdown did affect bitcoins price, but it is 2017, the adoption has increased hundredfold. Japan legalized bitcoin, do you think it is because Japanese are into dark web. Japan, US, China, the three big players in trading volume, guess all the majority of trade and a price of $3800 is pumped into dark web, ain't it? Stop drawing the equation, bitcoin = dark web. It is a fact that dark web markets are dependent on bitcoins for their success, but bitcoin doesn't give a damn about their failure. Recent eg: Alphabay.

2. Yeah, banks could create a mess for bitcoin, question is would they? If they do how much is it going to be effective against a decentralized currency which is growing at a rapid rate. At a time when countries are realizing the potential of bitcoin and trying to capitalize/integrate it into their economy, I don't see a bank threat anytime soon.

3. Guess it is about the deflationary spiral. Yeah when all the bitcoins have been mined and everyone is hoarding, demand would gradually die, price would plummet and if that happens hoarders would dump their bitcoins to meet the small demand and then supply and demand cycle begins again. But what I think would happen is there would be a constant circulation of bitcoins to keep the market stable. In future bitcoin might become a somewhat stable medium of exchange.

As far as rich vs poor is concerned, you can't blame bitcoin, economic system ain't fair, but bitcoin is divisible, if you can't afford 1 BTC then you can settle down for 0.1 BTC and do remember it is never too late to invest in bitcoins.

In my opinion, Mass adoption is the biggest concern for Bitcoin to stand now. If that happens widely then no one has to worry about the price but I think it will take time and its better to be slow and steady.