Topic: Bitcoin is getting destroyed - page 3. (Read 3212 times)

Okay okay, so hide your bad arguments inside a haystack full of insults and character attacks.


Can you explain this, because it doesn't make sense to me. How the hell will Bitcoin centralize if you add more people to it? That is the dictionary definition of decentralization.

More users = more decentralized.

You must be living in an upside world.


This is exactly what I was getting at.

So above you said that you can't add more people to Bitcoin, and here you say that you can't have more users creating their own altcoins.

So basically you are saying that only we (a few million users) can use cryptocurrencies, and the rest of the world should stick to fiat? Because that is what I am understanding from your point.

It's total nonsense.


If you have more people running more nodes in Bitcoin, then it doesnt become centralized.

Similarily if you have more people creating their own coins (which is more nodes in general for their own coins), is more decentralization.

Not only it's competition inside the altcoin space (may the best one win), but it's also more decentralized as everyone can work on his own project and doesnt have to rely on a centralized developer team to make the code for them.

Isn't that wonderful?

Or is your idea to basically just have a centralized development team with a centralized mining system, with diminishing node count? Well that is Bitcoin currently.

it can (and hopefully will) have a much higher price and stable future once a scaling solution is implemented.   if not, expect it to keep bleeding marketshare (even with higher prices)

Bitcoin price has increased along with major inflow of investment as well increased users compared to the past. Not only bitcoin everything grows in the similar way, for the same we cannot say that bitcoin is under destruction or getting destroyed.

wait a minute!
didn't you say goodbyte to bitcoin and go away like 3 months ago because you said bitcoin is over?! and then you said I have to leave the bitcoin community after many years, yadda yadda!

oh wait here is the topic: Goodbye Bitcoin

* just when I thought I was out, they pull me back in

This isn't ad hominem. Another display of your lack of education. This is an insult, it has nothing to do with your argument and is therefore not a fallacy.

1) Private currency != decentralized.
2) More currencies does not imply scalability. They are all equally limited with their scalability problem.
3) Own cryptocurrency == centralized, mutable, and not censorship resistant.

Nonsense. Fees are required long before the reward approaches zero or you will end up with near-zero security.

"Network power" has nothing to do with Moore's law. You are talking about Nielsen's law. Neither of which are actual laws, but are predictions. Neither of which substantially help with the main problems. Your knowledge is the equivalent of a trained monkey.

This kind of statement resembles religious fanatics who haven't even completed secondary school trying to argue quantum decoherence versus the leading quantum physics experts.

No.

Are you mentally incapacitated? I explicitly said: "If people want to pay $100 per TX, they will. ".

Hahaha you live in an echochamber.

Yeah like your average Philipines guy will pay 100$ per TX, when his salary is 152$


Your Philipines guy makes 5.522$/day (before taxes)
http://www.tradingeconomics.com/philippines/wages

Your Indian guy guy makes 4.20$/day (before taxes)
http://www.tradingeconomics.com/india/wages



https://cryptortrust.com/news/news/

Good luck making 3rd worlders pay 100$ /transaction. Oh and did I mention that 80% of Bitcoin users are from 3rld world. Good luck dooming bitcoin by alienating 80% of Bitcoin users, and making them join Dash.  

It's a pretty good debate if you start out with ad hominem attacks. Nice reasoning skills.

    ●  First of all who said that Bitcoin should have a monopoly. People could store their wealth in multiple private currencies, that could be more scaleable, decentralized and voluntary. Everyone can just create his own cryptocurrency.

    ●  Secondly, why do you even need transaction fees when the miners already get BLOCK REWARDS. There should not be a TX fee until all coins are mined out.

    ●  Thirdly, network and processing power speeds are also following Moore's law. They will all get cheaper, so why would you want to make Bitcoin more expensive to use?

Yes it is now.

Interest on holding btc and so not making transactions often the fees are no biggy.


Depends From where to where you are going to travel.



It will help against banks falling.

No that is not how you send gold. You move gold by having your custodian doing it for you, from vault to vault. That should cost about 10$.

Yes fully insured, and onymously. Gold can't be anonymous. And you don't need to deliver gold to your house. Unless you want to store gold bars below your pillow, which is not a good idea from a perspective of burglary risk.

There are already several gold networks where you can do this, and the gold is all yours, you can deliver it to your house even, but usually it's not a good idea.

So if you can do that already with Gold, it's ridiculous to pay such high fees for Bitcoin. Bitcoin should not even have TX fees.

The OP is spot on and so has most of the replies, there IS a very obvious issue atm. The stupid one is the one who thinks its a coin is "digital gold". Our non tangible made up reward for doing math that can vanish and buy nothing in a time of true crisis if someone in gov so wishes....ya you're not the stupid one the OP is LOL

BTC will NEVER be a sanctioned means of currency by any leading country ever because quite simply, they don't control it. The tech is the real beauty here and the coin a way to play with money for a time.

pretty much agree with Lauda here 

1) Your knowledge is absurdly flawed.
2) This whole thread is nonsense. You have tried to FUD Bitcoin before.
3) This technology is very inefficient. This problem is not inherent to Bitcoin, but every blockchain. Look at Monero transaction fees, look at ETH transaction fees, Dash, LTC. Look at their transaction volume and scale it up and you shall see.
4) Does this mean that Bitcoin is doomed? No. This is a free market. If people want to pay $100 per TX, they will.
5) Continuing from point three, increasing the block size in attempts to accommodate the whole world will result in massive centralization of Bitcoin. Segwit + small block size increase -> layer 2. That's how you scale.

Outright lie and a fine example of your lack of education.

They are not.

Storage isn't the primary constraint. You're an idiot.

Sending, say, $500 worth of gold, pseudonymously? And insured against theft? How? Any certified mail, packages etc. are logged in NSA databases with sender and recipient, for all eternity. To insure against theft, you will have to declare the content too.

And how do you send that internationally? To each and every country?

This is a really stupid comparison.

Having said that, I do believe that 1MB is not enough but I also believe that fees for onchain transactions must not be too cheap...transaction bytes on BTC blockchains are valuable.  

I'm not sure that bitcoin will die, even more so if you look at the current state. Many people need bitcoin, even bitcoin developers can get rich because of this, so they may keep fixing those mistakes. I do not think that will happen.

Yes they will just sell all their coins and watch the suckers suffer. It's just easier to ripoff people with 100$ transaction fees until it works, and then when the castle of card collapses they just sell their coins.

It's definitely easier to just sell your Bitcoin and move on to another currency, and do the same thing there, than to just fix things in Bitcoin.

Too much at stake. The Bitcoin power brokers will do something when there income and wealth begins to deteriorate.

The funny thing is that gold transfer costs are cheaper than BTC transaction costs.

So transfering gold from 1 place to the other could cost less than transfering digital information via BTC blockchain.

Bitcoin is not an insurance policy against fiat collapse, since if you want widespread use of it, people will not put up with big fees.

yeah bro totally destroyed, almost worthless now LOLOLOLOL  

This is digital gold, insurance policy against fiat collapse, how much does it cost to transfer insurance policy betweeen buyer and seller?

use LTC or DOGE for pay and play  

You mean _YOUR_ storage cost, or that of millions of users who would have to store the "supersize me" blockchain, too?

*shaking head over stupidity of OP*

Ok, let's hope what you say is true. I've been waiting for this for 2 years now, back then I didn't know exactly what was needed, but I knew that something was wrong with Bitcoin the moment the network clogs started to appear.

I remember about 1 year ago, I had a TX that took 3 days to confirm, with normal fees. That was my wake-up call. But now the situation is just ridiculous. I don't even use Bitcoin anymore until this is fixed.

Thats was really possible a too much pump in the price of the bitcoin can make it also dump in the market in the coming year no doubt after a month of the pumping the bitcoin will be dump again so better to wait for the bitcoin to dump to buy bitcoin again.