Bitcoin great idea bad execution - page 3.

amishmanish

legendary

Activity: 1904

Merit: 1158

Quote from: NO_Coin_Exchange on November 26, 2018, 06:55:09 AM

I was very supporting the idea of a currency not being printed by government and peer to peer transaction
so I fall in love with bitcoin

I think if this was the reason you fell in love with bitcoin then that reason still exists. It is still peer to peer electronic cash. Instead, If you fell in love during the 2017 bull run then these feelings maybe withdrawal symptoms from the recent <4K breakup. Lately, many of the 2017 newbies are feeling this way. Don't worry.

Quote from: NO_Coin_Exchange on November 26, 2018, 06:55:09 AM

4- if you have a bitcoin you will not used as a money you will always want to keep either to sell it higher price or waiting till it reach you buying price to recover your loss

I wish I cloud have reached to this conclusion earlier

That again depends on you. Majority of the people in developing countries just don't have the kind of access to a developed p2p market to enable them to spend bitcoin. So they hold in the hope that all these rich westerners will again go crazy buying stuff in their free market and push the price up.. Grin

If you are in a country that allows you to use BTC for financial transactions, start a service with it. Sell stuff for BTC. You could easily do a lot if the conditions are right.

Leonardo7

member

Activity: 686

Merit: 15

I hate folks, it's borne out of greed as seen currently. I have no problem with someone holding as much bitcoin they can buy. If I knew about bitcoin in the year 2008, and had seen the future in it, would have maybe accumulated over 20K if I had the means. No pain been in the whale club, it shows smartness. And everyone wants to play smart.

c-jones89

newbie

Activity: 29

Merit: 0

Quote from: NO_Coin_Exchange on November 26, 2018, 06:55:09 AM

I was very supporting the idea of a currency not being printed by government and peer to peer transaction
so I fall in love with bitcoin
but later discovered is not as it sounds
here is the reasons
1- Whales control big percentage of the 21 M Bitcoin
2-they can manipulate the price
3- they did created new coin each time they disagree LTC BCH BITCOIN GOLD ...etc
4- if you have a bitcoin you will not used as a money you will always want to keep either to sell it higher price or waiting till it reach you buying price to recover your loss

I wish I cloud have reached to this conclusion earlier

[/size

I do not understand your point at all. Most of the things that you listed are positive sides of BTC. It is completely normal that someone has more influence over it when they were the ones that started the vehicle turning. Think about it, what would have happened with BTC if it wasn't bought by 'the whales' as you call them. When any product is released in the market it has to be purchased and desired in order to survive. Non of this would happened if it wasn't for the people who believed in BTC when it was created and released to the market for the first time. And any investor can manipulate the price if he is big enough, if any big investor decides to sell his BTC, it will have the impact, it is a normal law of supply and demand. All of us have different interest for entering this market and the things that you listed in the number 4 are possible options that you have. But you are free to select what will you do with your coins. For some of us it is not a payment method, it is an investment and that is perfectly fine. Maybe BTC will be so spread around and used for daily transactions that his value as an investment will be lower. But you are the one who is making that decision.

BrewMaster

legendary

Activity: 2114

Merit: 1293

There is trouble abrewing

Quote from: NO_Coin_Exchange on November 26, 2018, 06:55:09 AM

if you have a bitcoin you will not used as a money

Quote from: vitamink2 on November 26, 2018, 08:21:43 AM

I totally agree... also Bitcoin is unusable as a form of payment when it sees mass adoption which is the biggest problem of all.

this is just your perspective not the reality.
you can check the payment processors to see a small part of the total amount of payments that are happening through bitcoin. they are processing millions of dollars worth of transaction. and that is only one payment processor (bitpay) there are more and also there are a lot of merchants that are accepting bitcoin directly without any processor.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: vitamink2 on November 26, 2018, 08:21:43 AM

I totally agree... also Bitcoin is unusable as a form of payment when it sees mass adoption which is the biggest problem of all.

How do you say so? Have you actually tried to transact using bitcoin lately? Or is your opinion still stuck in late 2017? I really don't know what most of you are talking about. Bitcoin's transaction fees have been significantly low for a good number of months already. I don't think I've even paid a half a dollar transaction fee since January.

vitamink2

newbie

Activity: 6

Merit: 0

I totally agree... also Bitcoin is unusable as a form of payment when it sees mass adoption which is the biggest problem of all.

Red-Apple

hero member

Activity: 1470

Merit: 655

you are mistaken because things you are listing here have nothing to do with bitcoin or its "execution" but it is all about the way people have been using bitcoin and have been dealing with it.

for example you can't blame someone who has seen the potential of bitcoin years ago and bought a lot of bitcoin for cheap price and became a whale today. for example about 3 years ago when people were calling bitcoin dead you could have invested $50k and buy 250BTC which is currently worth $1 million and be a whale but YOU didn't do it while others did.

as for forks, it is how an open source project works. we can't close bitcoin's source! it is again the idiocy of people who bought those shitforkcoins...

TycheChi

jr. member

Activity: 37

Merit: 2

As time goes by the whales will sell their stash and their control will dilute.

Some whales are not interested in manipulation.

Over time as the fiat value of BTC increases and BTC holdings get diluted the definition of a whale will change.

1000 BTC
100 BTC
10 BTC
1 BTC
0.1 BTC etc

How many 2009 whales still have their entire stash ?

bellamente

member

Activity: 420

Merit: 10

I think that it was the whales who spoiled the idea that bitcoin was carrying.

The btc coin has a lot of advantages, but they all disappear when the crypto-community stops believing in Bitcoin due to manipulations.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: NO_Coin_Exchange on November 26, 2018, 06:55:09 AM

1- Whales control big percentage of the 21 M Bitcoin
2-they can manipulate the price

It's difficult to know exactly how much whales control. Some analysts speculate that several million BTC are actually lost, which would lower the circulating supply considerably.

Sure, whales definitely exist, but their coins are becoming increasingly distributed over the years. When I first started watching the charts years ago, whales buying and selling thousands of coins at a time was much more common.

Quote from: NO_Coin_Exchange on November 26, 2018, 06:55:09 AM

3- they did created new coin each time they disagree LTC BCH BITCOIN GOLD ...etc

That doesn't seem like a big deal. Cryptocurrencies are permissionless, so anybody can spin off a fork if they want to. It's up to the market to decide whether those forks are worthless or not.

Isn't that a good thing?

Marcel666

jr. member

Activity: 266

Merit: 2

The Premier Digital Asset Management Ecosystem

Whales can not create forks of bitcoin, only members of the Bitcoin core team can split the currency.
As for altcoins, there is currently no regulations and just about anytime next can create their own coin, or more commonly a token built on another platform

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

1-2: While they do have a big influence on price and can definitely manipulate it, I'm afraid there's really nothing we can do about this. They got in early and believed bitcoin even when most people didn't, and they deserve it in my opinion.

3: It doesn't matter. Bitcoin is open-source; people can make as much bitcoin versions as they want. By the way, you can also create your own version of the USD, but will anyone use it? Same thing with all the crappy bitcoin forks.

4: Some use bitcoin as payments, some use bitcoin as a store of value, and some people use bitcoin to earn profit by selling it when it goes higher. What's the problem though? Isn't financial freedom one of the main points of bitcoin? People should do what they want with their money.

NO_Coin_Exchange

newbie

Activity: 8

Merit: 1

I was very supporting the idea of a currency not being printed by government and peer to peer transaction
so I fall in love with bitcoin
but later discovered is not as it sounds
here is the reasons
1- Whales control big percentage of the 21 M Bitcoin
2-they can manipulate the price
3- they did created new coin each time they disagree LTC BCH BITCOIN GOLD ...etc
4- if you have a bitcoin you will not used as a money you will always want to keep either to sell it higher price or waiting till it reach you buying price to recover your loss

I wish I cloud have reached to this conclusion earlier

====BTCNew Block added to the post BTC=======

One Big point I forget to mention How any one can get BTC in the first place
I can only think of five options if you know any other way please share it
how come the currency which was built to remove the control of the government added very difficult levels just to get it

1-exchanges
you have to submit your passport /ID /Address /Bank Account statement to exchange to approve your account and wait 1-3 months
the reset of the options is very difficult too
2-1 cloud mining
( FREE Advise NEVER could mine its SCAM specially HashFlare Never trust bitcoin mining calculator like this one https://www.cryptocompare.com/mining/calculator/) they mislead you they will say this how much you will get after 1 year but they don't tell the difficulty level change every 2016 blocks (14 days) so any mining calculation is valid for 14 days max or less
some mining ask for BTCto mine BTC (if I haveBTC I wouldn't have come to you)
2-2 hard wade mining
its much cheaper and saver to buy BTC than to mine it

3- accept bitcoin as a payment for your service
who will pay you with his BTC now if he is expecting it to reach new high higher than $19K
4- ask some one who own BTC to sell you ( people charge 20% more than the current price)
5- SCAM the people
ask them to buy you new coin by BTC only and disappear

the one barrier BTC need to cross to dominate all other currencies is public adaption when you go to your grocery store and find the price in BTC on the other hand its very difficult to get it in the first place forget about the complexity of the wallet and forgetting your key/password which mean total loss of all BTC your for a normal user

Topic: Bitcoin great idea bad execution - page 3. (Read 779 times)