Bitcoin negatives | Bitcointalksearch.org

Natsuu

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Quote from: Wakate on May 03, 2024, 05:37:32 PM

The op is not telling people the truth because I ma still skeptical where he copy and got such an idea from think Bitcoin does not worth. There many use case of Bitcoin that needs five searched if op really want to know. If you think Bitcoin does not worth the stress then why are many firms investing in Bitcoin and planning to hold for as long as possible. You don't need to decieve anybody here because there are lots of testimonies of people that have invested in Bitcoin and have made huge profits from it. Elon once criticize Bitcoin years ago but now, he is still buying and accumulating it because of the potentials.

And actually, it's not about beating the market. It's now more about how do you make money in this highly manipulative market. Because accept it or not, there is a large entity or enterprise or a whale, that could influence the price of any coin in a matter of seconds. And as long are there are people who are willing to participate in the Cryptocurrency, Bitcoins value will keep moving higher or lower. As the normal people sell their assets, rich people and big companies are buying. That's the difference.

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Quote from: peter0425 on May 04, 2024, 05:50:50 AM

Also the fact that it is digital is more of a convenience nowadays rather than a disadvantage. These days a lot of transactions are made through online not to mention that it much safer to be holding your money digitally than physical where someone can easily rob it from you.

I quite agree with the fact that it is safe to store money digitally rather than physically, where it is easier for other people to steal it. Because sometimes it will be difficult for us to prove that it is our money when it is in other people's hands, so with the presence of blockchain technology. This will actually make it easier for everyone to store their own money without having to worry about being robbed as long as their wallet is really well maintained. Apart from that, when someone wants to buy something that is more expensive, it will also be easier to use digital money rather than carrying physical cash in their suitcase.

GideonGono

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Quote from: hsdjkahskjdh on August 16, 2023, 08:25:44 PM

Bitcoin:

93% premine to anyone born today.

100% premine to anyone born in 2140.

Causes toxic waste material (even hal said this).

Waste of energy that could be used to solve cancer or feed people (hal said this).

1 person can be 50% of the network.

Fiat can buy all the miners and coins, Central bankers still win.

People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

Network fee only goes back to miners this leaves no funding for roads, garbage, schools, medicare or disabled veterans.

1-3 hour transactions

high network fee cost more than the coffee you are buying

Only 1 miner wins in the end then it becomes centralized, he can push all the other miners out. This will be the FED.
this simulation proves it https://www.youtube.com/watch?v=Q41RW6bxpM4

Why not blame anything in Bitcoin?
People have been killed and tortured even for other assets as long as they have a value.
People could use other crypto if they want to but the question is why, even if there are so many who cries on the transaction fee, and other negative things people say about Bitcoin, why do you or they even use it or buy it?
If they don't want to they could just ignore it and people who supports it doesn't realy care much about it.

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Quote from: Wakate on May 03, 2024, 05:37:32 PM

The op is not telling people the truth because I ma still skeptical where he copy and got such an idea from think Bitcoin does not worth. There many use case of Bitcoin that needs five searched if op really want to know. If you think Bitcoin does not worth the stress then why are many firms investing in Bitcoin and planning to hold for as long as possible. You don't need to decieve anybody here because there are lots of testimonies of people that have invested in Bitcoin and have made huge profits from it. Elon once criticize Bitcoin years ago but now, he is still buying and accumulating it because of the potentials.

There is no clear evidence or statements about Elon Musk buying and accumulating Bitcoin. However, we don't need to explain anything to anyone. Someone who thinks Bitcoin is not worth investment is losing in this race, this isn't going to affect Bitcoin or the industry if they are not interested in it or think it is worthless or doesn't deserve investments, it's their loss in the end of the day and they will realize this in the future when they will see its price.

Those who did the same thing when Bitcoin was below $1,000 are badly regretting it today because if they weren't busy trying to show Bitcoin in a negative light and had accumulated some, they would have been millionaires today but it's unfortunate for them. So, those doing the same thing today will have the same faith.

peter0425

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Quote from: Zanab247 on May 03, 2024, 12:15:05 PM

The negative aspects, BTC is not centralized currency and you can not hodl it physical for other people to see or receive it from you like the way sellers receive fiat money from us physical

I actually disagree. I think many enjoy the decentralized nature of bitcoin as it protects our privacy and makes sure that we remain anonymous no matter our transactions are.

Also the fact that it is digital is more of a convenience nowadays rather than a disadvantage. These days a lot of transactions are made through online not to mention that it much safer to be holding your money digitally than physical where someone can easily rob it from you.

Quote

without any fear of disobeying the law of the government.

Well that would depend on your country's rules and regulations. Participating in bitcoin is not illegal in some nations and in fact even encouraged.

MeGold666

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A "Premine" is unfair mining before official release, I would never call Bitcoin a premine just because I wasn't there to mine it when I could.

As for energy waste, it solves a great financial problem so I wouldn't call it a waste but rather energy use.

It would be just an energy waste if it wasn't giving anything in return.

If Bitcoin would ever switch from PoW to PoS, then I would say all that energy used was a waste because from decentralized project we have switched to convulsed centralized project pretending to be decentralized one - like the premined Ethereum (who would thought it will switch to PoS, lol).

BTW, Vitalik reminds me of SBF - he uses the same tactic of creating an image of himself of altruistic man who does not care about money (cheap haircut, cheap wardrobe) but in reality he is a money hungry beast.

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Quote from: hsdjkahskjdh on August 16, 2023, 08:25:44 PM

93% premine to anyone born today.

100% premine to anyone born in 2140.

Causes toxic waste material (even hal said this).

Waste of energy that could be used to solve cancer or feed people (hal said this).

Everything is designated to work on its own for good...
Haven't you been reading through your state local budgets list? How much do they spend on housing and properties and unnecessary developments? Why don't you go ahead to protest against their doings? You really wanna talk about things being toxic? Focus on your political toxicity!!
It cost alot to fight and gain freedom - especially through referendum... Bitcoin was introduced to help blunt the sharp edges of privacy intruders.
Edit;

Quote from: NotATether on August 17, 2023, 02:08:51 AM

To be fair, a lot of gold miners have actually exploited slave labor to extract the gold for them. But nobody has ever tortured another to mine bitcoins for them.

Edit:

Including the central banks itself - Dude has no idea what he's talking about!

Wakate

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The op is not telling people the truth because I ma still skeptical where he copy and got such an idea from think Bitcoin does not worth. There many use case of Bitcoin that needs five searched if op really want to know. If you think Bitcoin does not worth the stress then why are many firms investing in Bitcoin and planning to hold for as long as possible. You don't need to decieve anybody here because there are lots of testimonies of people that have invested in Bitcoin and have made huge profits from it. Elon once criticize Bitcoin years ago but now, he is still buying and accumulating it because of the potentials.

Zanab247

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Quote from: Dunamisx

I may not say that bitcoin is 100% the perfect solution but what it offers us today is the exact solution to the financial and economical challenges we are all facing with the government, so when you're talking about negative aspect i may not argue much because it will surely exist no matter how the little or small it may appear, the advantage is what we look on to and embrace the decentralization for our own personal interest, the solution is far better than any form of negative influence others may thought about with bitcoin adoption.

If you mention 100% ,many people will know that you are not telling them the truth because it's only God that can give 100% solution, but I know that BTC has perfected 60% in the life of humanity that embraced BTC because it has reduced unemployment from many countries that adopted BTC and still remain decentralized.

The negative aspects, BTC is not centralized currency and you can not hodl it physical for other people to see or receive it from you like the way sellers receive fiat money from us physical without any fear of disobeying the law of the government.

The BTC negative aspect is not much compared to fiat money, you will store in your bank and they will give you date when to withdraw your fiat money you deposited for the bank to hodl for you, but you can't find such negative in BTC which is the reason why, I said BTC negative are few.

ChiBitCTy

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How is this thread on the main page but had yet to have bee replied to since August?

Regardless I think it's a good time to bring this back up. My two big negatives regarding bitcoin right now are Ordinals and Runes. I always use to tout bitcoin as the coin that was focused on other things rather than silly on chain jpegs where the blockchain is really not needed. It's clogging the network, increasing fees, slowing down transactions etc. I feel like we are moving backwards here.

I understand this is good for the price of bitcoin as many people like this foolishness, but I want LEGIT utility, not nonsense. Satoshi proposed escrow using cryptography and proposed as such in a thread here on the forum. He even discussed in in his email chain with Sirius. "I'll be working on that next". He never did ( I wish I knew why ) but I sure wish people would pick up the slack with that as that is GAME CHANGIGN technology !

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Quote from: hsdjkahskjdh on August 16, 2023, 08:25:44 PM

Bitcoin:

93% premine to anyone born today.

100% premine to anyone born in 2140.

Causes toxic waste material (even hal said this).

Waste of energy that could be used to solve cancer or feed people (hal said this).

1 person can be 50% of the network.

Fiat can buy all the miners and coins, Central bankers still win.

People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

Network fee only goes back to miners this leaves no funding for roads, garbage, schools, medicare or disabled veterans.

1-3 hour transactions

high network fee cost more than the coffee you are buying

Only 1 miner wins in the end then it becomes centralized, he can push all the other miners out. This will be the FED.
this simulation proves it https://www.youtube.com/watch?v=Q41RW6bxpM4

That's the core thing! Absolutely right! Blockchain is vulnerable to centraliation, since it can turn out to be that all the "sleeping" or "lost" wallets belong to a cryptotycoon, then it will be no difference between fiat money system and crypto money system (thats what happened with dollar): the centralisation of all the capital power in the hands of several rich people. Moreover, while blockchain itself is decentralised, all the infrastructure (both soft and hardware) may become centralised at any moment.

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When I saw the name of the thread I thought we might talk about the volatility, how easy the price can be moved by individuals or the sometimes long confirmation times.

I don't see other negatives to be honest.
Sure the mining aspect and the consequences for the planet are worth talking about, but what's not bad for the environment these days? Mony has to be printed, coins have to be minted, metal has to be digged out of our earth. It all has a certain impact.

I just hate the sometimes long confirmations times, also because I am very unlucky with those.
Sometimes I am getting a transaction and then, even though there have been like 10 confirmation in the last hour, now that I am waiting for one there is none for 1 hour plus. And this happens so often that I feel bitcoin is trolling me actually, haha.

AnonBitCoiner

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Quote from: mk4 on August 16, 2023, 09:09:00 PM

Bitcoin has never been perfect and there will always be drawbacks, but what you seemingly want is something that can only come out in a perfect world where every single entity is moral/ethical and every circumstance is ideal. Good luck with that.

Nothing is perfect in this universe and anything you choose will have some positive aspects and some negative aspects. If we are trying to find those things which does not have any drawbacks then we can never be successful because there is nothing exist without drawbacks.

Bitcoin possess both negative and positive characteristics so if we wants to get good outcomes then we should know how to be profitable with such negativity. Those who become Billionaire with bitcoin investment did not tiered in their efforts but they spent the difficult time by using useful strategies to achieve their desired destination.

Market condition can be changes but we have to utilize our brain to take better decisions and utilize our patience to reach to the perfect timing of buying and selling which will be in our favor.

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Quote from: Tony116 on August 25, 2023, 04:27:17 AM

Quote from: summonerrk on August 25, 2023, 03:53:42 AM

Quote from: hsdjkahskjdh on August 16, 2023, 08:25:44 PM

~~~

Yes, the creation of new bitcoins carries a similar trail described above.
But did gold or diamond mining bring more positivity? A huge amount of blood was shed for these valuable resources, in the same way it can be argued that the effort to extract gold bullion could have been spent on extracting food or building houses for the poor. But why ? The world is full of people who are controlled not by altruism but by greed and greed for profit. And that's fine.

Let's talk about dollars and any fiat. They are printed, is this a completely eco-friendly production? In addition to electricity, chemical components are used for this when compared with cryptocurrency mining. Therefore, I do not consider bitcoin mining to be something harmful to the world.

OP's thread is a stupid and pointless topic. There is no denying that bitcoin mining requires energy and the result of mining is also emitting waste that pollutes the environment. But if judged fairly, all industries use energy and are polluting the environment to a certain extent. What's more important is that they all serve the benefit of the user, and the user is us. Bitcoin too, it is bringing a lot of benefits to us from profits and other utilities. So, it would be quite one-sided and somewhat stupid to deliberately slander bitcoin mining and ignore other industries.

Not so stupid and pointless, since everyone sooner or later thinks about it. If you look at the mining of cryptocurrencies from the outside, then from the outside it really looks like money, electricity, premises and efforts are being spent on some kind of business, the result of which cannot even be seen or held in your hands, in other words, something intangible, like things from computer games. Therefore, this question arises. But in fact, if you at least delve a little into and understand the meaning of blockchain and cryptocurrencies, it will be obvious that this is a useful thing, which is many times more necessary than many things that are costly for resources and labor.
After all, this thing can change the world, and it already does, unlike the same premises with equipment that consumes electricity and contains, for example, servers of stupid games, or boring sites that were not and will not be of any use.

Ojima-ojo

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Op is in a lot of confusion right now and seems to have hard total misconceptions about Bitcoin, its impact and who controls the network, from the numerous wrong assumption mentioned in the op, it clear that op have a lot to unlearn to be able to understand the context and content of bitcoin properly, but let me take time to dive on the notion that 50% miners controls the network

It seems, OP have a wrong notion and lacks a clear understanding of the difference between the Bitcoin proof of work network, and the Ethereum proof of stake network, Network manipulation by the higher liquidity provider is the proof of stake network is possible but in the POW network no single miner or group of miner can control the network so the 50% control ops mentioned is not possible in the Bitcoin network.

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Quote from: justdimin on August 26, 2023, 06:30:31 AM

Quote from: Dunamisx on August 22, 2023, 12:50:10 PM

I may not say that bitcoin is 100% the perfect solution but what it offers us today is the exact solution to the financial and economical challenges we are all facing with the government, so when you're talking about negative aspect i may not argue much because it will surely exist no matter how the little or small it may appear, the advantage is what we look on to and embrace the decentralization for our own personal interest, the solution is far better than any form of negative influence others may thought about with bitcoin adoption.

This is something I wholeheartedly agree, we may not have any solution to it that is better than bitcoin right now and that is why it matters so much.

The only fair thing I could say about bitcoin is that it does spend a lot of energy right now and we could definitely find a better suited program that would be better, staking that ETH uses so far seems to be working and turning bitcoin into that may take many many years but at least we have a way to do that and I think it should be important to keep repeating that whenever we can, it should be a big deal. Obviously it will take some time but we could make that work and that's important. Of course it is not that big of a deal if you are not careful about it as well.

As @Dunamisx said, if you compare the energy of gold mining with bitcoin mining then bitcoin mining is a lot more eco-friendly. It doesn't consume as much energy as the tabloids are spreading. The important thing is that bitcoin has as many uses as gold or any other asset, so it cannot be said that bitcoin mining is a waste. Moreover, as long as all miners switch to using clean energy to mine bitcoin, everything will be fine. We don't need to make any further changes to bitcoin. I mean, I don't expect any developments to make bitcoin as useless as ETH.

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Quote from: hsdjkahskjdh on August 16, 2023, 08:25:44 PM

93% premine to anyone born today.

Why do you think it's negative for Bitcoin? Only minority of bitcoiners mine. In 2012, when I first heard about "the money of the future", I knew that I could mine some coins myself. But mining seemed to me very complicated, and required investments. So I preferred to buy some coins, not to mine them. I still consider that decision as a good one. And it doesn't matter which rate of coins is already mined: 40% or 93%.

Quote from: hsdjkahskjdh on August 16, 2023, 08:25:44 PM

100% premine to anyone born in 2140.

Why do you think it's negative for Bitcoin? If all the coins are already mined, it means that there is no inflation in Bitcoin anymore. A perfect asset for savings, isn't it?

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Quote from: Dunamisx on August 26, 2023, 08:10:58 AM

Quote from: justdimin on August 26, 2023, 06:30:31 AM

Quote from: Dunamisx on August 22, 2023, 12:50:10 PM

I may not say that bitcoin is 100% the perfect solution but what it offers us today is the exact solution to the financial and economical challenges we are all facing with the government, so when you're talking about negative aspect i may not argue much because it will surely exist no matter how the little or small it may appear, the advantage is what we look on to and embrace the decentralization for our own personal interest, the solution is far better than any form of negative influence others may thought about with bitcoin adoption.

This is something I wholeheartedly agree, we may not have any solution to it that is better than bitcoin right now and that is why it matters so much.

The only fair thing I could say about bitcoin is that it does spend a lot of energy right now and we could definitely find a better suited program that would be better, staking that ETH uses so far seems to be working and turning bitcoin into that may take many many years but at least we have a way to do that and I think it should be important to keep repeating that whenever we can, it should be a big deal. Obviously it will take some time but we could make that work and that's important. Of course it is not that big of a deal if you are not careful about it as well.

We cannot compare bitcoin PoW with PoS, bitcoin is far better than them in many ways because with bitcoin, you have to show and work it out unlike the other crytpo mining the stakeholders make decisions, we can also compare bitcoin mining site with other mining site used for natural resources like gold and petroleum, we could see the difference, bitcoin mining being environmentally friendly, less harm and also making effective use of the energies that could be rendered useless for it mining purpose, this is bitcoin and people were running after it's adoption because they have seen many potentials in its adoption when they accept it.

That's right, there is no denying that bitcoin is not 100% perfect and has its downsides too. but it would be quite unfair to suggest that bitcoin mining is harmful to the environment while the mining industry for gold or other metals is not. I don't have mining power usage figures for gold and bitcoin to compare, so I can't say which would be less harmful to the environment. but I know both are beneficial for us and even bitcoin offers more utility and use cases than gold. so let's be fair, bitcoin isn't perfect but it's brought a lot of benefits to us.

Dunamisx

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Quote from: justdimin on August 26, 2023, 06:30:31 AM

Quote from: Dunamisx on August 22, 2023, 12:50:10 PM

I may not say that bitcoin is 100% the perfect solution but what it offers us today is the exact solution to the financial and economical challenges we are all facing with the government, so when you're talking about negative aspect i may not argue much because it will surely exist no matter how the little or small it may appear, the advantage is what we look on to and embrace the decentralization for our own personal interest, the solution is far better than any form of negative influence others may thought about with bitcoin adoption.

This is something I wholeheartedly agree, we may not have any solution to it that is better than bitcoin right now and that is why it matters so much.

The only fair thing I could say about bitcoin is that it does spend a lot of energy right now and we could definitely find a better suited program that would be better, staking that ETH uses so far seems to be working and turning bitcoin into that may take many many years but at least we have a way to do that and I think it should be important to keep repeating that whenever we can, it should be a big deal. Obviously it will take some time but we could make that work and that's important. Of course it is not that big of a deal if you are not careful about it as well.

We cannot compare bitcoin PoW with PoS, bitcoin is far better than them in many ways because with bitcoin, you have to show and work it out unlike the other crytpo mining the stakeholders make decisions, we can also compare bitcoin mining site with other mining site used for natural resources like gold and petroleum, we could see the difference, bitcoin mining being environmentally friendly, less harm and also making effective use of the energies that could be rendered useless for it mining purpose, this is bitcoin and people were running after it's adoption because they have seen many potentials in its adoption when they accept it.

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Quote from: Dunamisx on August 22, 2023, 12:50:10 PM

I may not say that bitcoin is 100% the perfect solution but what it offers us today is the exact solution to the financial and economical challenges we are all facing with the government, so when you're talking about negative aspect i may not argue much because it will surely exist no matter how the little or small it may appear, the advantage is what we look on to and embrace the decentralization for our own personal interest, the solution is far better than any form of negative influence others may thought about with bitcoin adoption.

This is something I wholeheartedly agree, we may not have any solution to it that is better than bitcoin right now and that is why it matters so much.

The only fair thing I could say about bitcoin is that it does spend a lot of energy right now and we could definitely find a better suited program that would be better, staking that ETH uses so far seems to be working and turning bitcoin into that may take many many years but at least we have a way to do that and I think it should be important to keep repeating that whenever we can, it should be a big deal. Obviously it will take some time but we could make that work and that's important. Of course it is not that big of a deal if you are not careful about it as well.

Topic: Bitcoin negatives (Read 661 times)