Topic: Bitcoin Cannot Succeed (heres why) (Read 7237 times)

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.

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.

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

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

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.

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

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.

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

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

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

I will wait until I am skeleton.

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

I will wait until I am skeleton.

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.

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.