I am amazed with number of people being fooled with BTC:
1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.
9. Bitcoin has a limited supply, but it does not help much. Bitcoin has a code that can be amended and its enough of small group of people to work together to support that. Question really is: do someone need that hassle? No really. Bitcoin has satoshis, that currently meaningless and just nice numbers after dot, but this a very well painless way to inflate any crypto currency and its up to liquidity providers. Again it falls to point #5 and #6. Added on 24/01/2018
Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.
Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.
BTC is scam of the century, stay away.
...
Everyone is amazed of why I called it useless, well, recently Stripe dropped support for Bitcoin payments. This is the prove of Bitcoin being useless. Stripe was not the only one in recent months to do so. It should ring a bell.
UPDATE 29/01/2018:
Few points were made here that are unfair:
1. Bitcoin is a first one, its revolutionary and so on and so forth, wrong, Bitcoin is a client that is build on top of practices that were developed and test long time before Bitcoin e.g. Proof of Work, Hashcash, eCash, bit gold, Merkle Tree, Peer-to-Peer,Byzantine fault tolerance etc.
2. Bitcoin is still in development and it needs a time and so on and so forth, really? its a 10 years old technology. Its usage is very easy predictable, no rocket science here. ...
3. Bitcoin is store of value, fake as is. Everything that has Blockchain underneath is store of value, Bitcoin is neither exception nor unique here. ...
UPDATE 30/01/2018:
Bitcointalk, and many other crypto related forums are heavily manipulated by bots, the amount of useless posts and conversation is just crazy. ...
You are calling bitcoin proponents "uneducated shills", yet you display ignorance throughout your post. So I bite. Here are some counter-points to your arguments which I am truly curious how you answer:
1. Transactions settle in SIGNIFICANTLY less time, then when using normal (fiat) payment systems
2. Fees are SIGNIFICANTLY smaller than when using normal (fiat) transfers
3. Developers have scaled the system massively already. The fact that adoption has temporarily outpaced development is a point I concede, but that is not different in any other system that experiences unexpected large growth.
4. Bitcoin was not designed to have complete anonymity or privacy. For that, other coins, such as SpetreCoin (XSPEC) are better suited. The fact that people ASSUMED it would give them full privacy and anonymity out of ignorance can hardly be blamed on bitcoin
5. It NOT centralized. Nobody has 51%. And even if somebody would aquire 51% of mining power, the underlying technology still does not "centralize" power
6. This statement makes no sense. But translating what you might have meant, bitcoin's "economy" is the same as for any other currency, except that it is not under a central authority.
7. You can buy and sell BTC for fiat, and thus is STORES value. The exchange rate volatily is admittedly high, but not unseen even in fiat currency markets. Stability of the value store is not be mistaken for the store itself
8. How is the money in your wallet insured? If you lose your money there is no insurance that pays you the lost money. Again, you seem to confuse a bank account which might be insured up to a certain amount and holding bitcoin. This is a false comparison on any level.
9. Why is a limited supply bad? Central banks have been printing money which often led to hyperinflation. How is that good?
Now to your updates:
1. Give me ONE example of a disruptive innovation that is not built on using various elements which were developed over time? The wheel has been developped over hundreds of thousands of years, but the car in your garage was still only made possible after several innovations came together in the right way at the right time. And even now, there are still a lot of improvements can be made to something as widespread as a car. So why do want to apply different standards to Bitcoin?
2. Plains and cars are much older than bitcoin, but they are still being improved day by day. Furthermore, from the first use of an email in the 1960 and applications of the internet protocol, to the adoption of the Internet at a global level it took close to 40 years. Bitcoin and the blockchain requires a complete rethinking of traditional ways of payments, it's governance, doing business etc. And during the adoption processes there is a lot of experimentation which leads to further innovation. Disruptive technlogies like Bitcoin take time. 10 years is nothing.
3. This truly shows your ignorance. It's the trusless nature not having to rely on a central authority in P2P payments which makes Bitoin and cryptocurrencies unique.
So, not a single one of your statements holds-up to scrutiny. There are some valid criticism that can be raised against Bitcoin, yet you failed to mention any of them. Given your derogative comments, I suspect you are simply doing what you are accusing other of doing: provid uneducated shilling.
(If you like my post, just click +Merit on the right. It will be appreciated)Teethless worms can not bite, person that asks for "merits" really does not care about validity of its own words.
1. and 2. really did not get nonsense you wrote, unless you provide more details
3. Unexpected? Bitcoin tends to be for payments, its tx per minute is very predictable and easy to predict. What you have now is joke not a massively scaled client.
Also, unexpected grow here is not an excuse here, BTC is 10 years old.
4. Well, its how it mostly time presented.
5. Point was not about technology, so why you offtopic?
6. You did not answer my question
7. In you logic than every fiat can be store of value, with less risks
8. All developed countries store money on bank account and use conctless payments nowadays. Physical wallets are stone age. Also some anarchist shills fight banks here, not wallets.
9. I was telling that limited supply is fiction.
Now on other points:
1. You just told the same I told, did not get your point.
2. There is nothing disruptive, immutable record keeping and distributed systems are here since ages, problem was in hardware capabilities which nowasays cheap and fast. So, can not accept your point here, just by comparing with cars, two comoletely different thibgs. About Internet, as you can see it scales with adoption, another bad comparision from you.
3. Re-read what I wrote, than you, than tell me what the heck are you talking about?
So, looks like your comments is another useless attempt to do what?