Topic: Bitcoin is garbage. - page 5. (Read 4603 times)

If you've been reading some of the most recent headlines, you'll see that several experts predicted higher bitcoin prices, with the lowest prediction being $50,000 by the end of the year, and the most extreme is 1 million $USD by MacAffee.  He even said he's gonna eat his own copulatory organ if it doesn't happen.  Who says bitcoin is garbage???

Bitcoin is not a garbage, in fact you earned a money when you play bitcoin. in the place where bitcoin is forbidden and maybe they call it a waste but here in the philippines many profitable nets and when you earn it you can consider it as your part time job.

No, bitcoin is very useful to many people they work with bitcoin to feed their families.

People sold at $6k and now they are mad, it's natural for one to get defensive after getting rekt. I personally believe we should all do everything we can to support bottom sellers, they sold us their crypto for next to nothing after all

How come that other people calling bitcoin as a garbage, of course not, it is not a garbage and would never be, it is something that we need today tomorrow and for the rest of our life, let us be honest that cryptocurrency brings a lot of opportunities for all of us and our life had change not only to the fact that we are earning but because of the convenience it had help us a lot so how can someone could say that it is a garbage, maybe that person is just after the money that he can have here and not truly embracing the concept.

It doesn't appear that bitcoin is a garbage, yet!  There was a news today referencing bitcoin up while stock market is down.  CRYPTOCURRENCIES like bitcoin, Ripple and Ethereum are have all soared after the Dow Jones index collapsed this week following a particularly trying month for digital cash. So what does the stock market blip mean for cryptocurrencies in the future?

Bitcoin is not too expensive rather it is highly profitable. Even if it is expensive, people have made it because it deserves to be. There are many cases where bitcoiners have made millions with this currency. People face some problems in the beginning to own bitcoin but even if they are unable to pay on the nail for buying bitcoin, they can work with signature campaigns to have bitcoin. There are many options for earning bitcoin.

Thats why I'm mostly using Ethereum - lower transaction fees and transactions are way faster

I think it remains to be seen if bitcoin can be labeled as garbage.  It has survived for 10 years and has sprung up a crypto market worth 1/2 billion dollars.  Yes the prices might go down.  I wouldn't call it a freefall.  Right now the whole crypto Ecosystem pricing has a strong correlation with the pricing of bitcoin, but it might eventually decouple itself for other cryptocurrencies.  Too soon to tell IMHO.

This is as a big impact that bitcoin faces at this stage. It is not suitable for small transactions, anyway it is too expensive which is obviously not a plausible channel.

Actually, this is the "fake news" that has been spread.  In reality, the miner consortium is the consortium that pushed hard for BCH,with bigger blocks and smaller fees, EXACTLY because they knew it would kill their golden goose and they had a lot of hardware stake in it.  And BCH was accused of being "a Chinese miner consortium attack on bitcoin" in a completely bogus narrative that worked.

In reality, the miners tried to save bitcoin, and a totally different group killed the golden goose with a deceptive narrative.

The deceptive narrative was:

1) the lie that bitcoin needed many full nodes for "decentralization" (even though Satoshi designed bitcoin to RESIST a sybil attack by many nodes, and introduced proof of work exactly for that reason), and that "big blocks" would kill "many full nodes".

2) that 1 MB was largely enough but that bitcoin was a victim of evil spam by "the miner consortium" (even though, if you look at the evolution of block size on blockchain.info, it was clear that we were hitting the 1 MB limit for real).

3) that in any case, the 1MB limit was a hard limit in the protocol, and that a hard fork would be the end of the world, too dangerous.

And who was at the origin of that deceptive narrative ?  The inventors of the Lightning Network.   The Lightning network can only work, if fees are high and people keep their computers running.  If fees on the block chain are low, nobody will go through the hassle of the LN.  One has to be convinced that the direct block chain transactions don't work, before one is even going to consider using this second layer.  Also, in order for the LN to work well, people need to be trained to "keep their PC running all the time".  Otherwise, it doesn't work.  So the narrative of the necessity of many full nodes was also a good story here.

Now, miners have high stakes in bitcoin, through their hardware investment.  The inventors of the LN, none.  Miners like fees, but they like even more  a high bitcoin market price, because they are mainly still paid by block reward.  The inventors of the LN don't care about bitcoin's market price.  They are financed to get their LN working, and it can't work if the block chain transactions work well.  

This is why they needed a narrative that will get the block chain congested with high fees and little room.  Satoshi's mistake in 2010 of programming a 1MB limit was leveraged to a holy principle to do this, with 2 bogus reasons: the need of many full nodes, and the fear of a hard fork.  And their narrative to put the fault on exactly their detractors worked well.

Lies and deception.  Works amazingly well.

Who said? For me btc help me to improve my financial and fullfill all my expense live

Bitcoin is definitely  not a garbage it is like an asset. Many people become rich because of it. Because of bitcoin my mother doesnt need to sell garbage to earn money. I really thanks bitcoin. It helps my family a lot so I never think that it is a garbage because it is a gold.

    Bitcoin popularity is not just based on the price. Bitcoin  is volatile,changeable,it's price rapidly change which is normal in the market. Popularity of bitcoin is based on the acceptance of the community. Even there are many altcoins rising you still need bitcoin,you need to convert it into bitcoin before you can exchange it into fiat or local money. So,it means bitcoin price go down but not loses it's popularity.

In terms of the financial sector, as long as the funds flow in flexibility, some people take the plate, even scams, but also for a long time to play the wind and water. There are countless start-up teams who earn a lot of money by selling their designs. In the vast number of digital currency, you can not see clearly what is hidden under the sounding package of monsters. So I can not buckle all the pots to bitcoin.

Speak quite or the regulars, defenders of the faith we be sent in to pick a argument with you
Contains a coded message

I think the fee for bitcoin transactions is getting more expensive, maybe that's what keeps the bitcoin price down now? By the beginning of 2018 bitcoin continues to decline and also followed by other altcoins, or will this be the end of bitcoin?

i agree btc will never be payment method as long as fees are too high
i wonder how people want shops to accept btc
last time i had to pay 11$ fees to send 10$ only of btc

Block-chain can scale but just now how it's been used in Bitcoin and clones however hybrid versions
will take over and bitcoin development team could had fixed it instead of building Lightning which is a banking network
and designed to server banks using inter bank lines of credit that they call channels in LN

You are being treated to Problem-Reactions-Solution

 

Fees hitting $55 per transaction killed the goose that laid the golden egg because the miners got too greedy and the greed is far from
over since they are the ones running hubs on the lightning network that charge fees and interest on BTC needed to keep channels open
but if we call hubs by the correct name then they are known as banks

Feel free to argue that this looks like Alice and Bob are using Lightning so Bob can buy a Coffee from Alice
https://lnmainnet.gaben.win/