I'm not going to comment on all the things you said (I'll let other people do the job) so here goes:
Yes, there might be some entities that control a huge amount of Bitcoin, but that doesn't mean they have any power over it (unlike banks). In a utopian world where Bitcoin is the primary currency, it doesn't matter that it can be used to manipulate prices because FIAT currencies will be secondary. But even then, the market will sort itself out.
It also doesn't matter how much people can afford because Bitcoin's supply is fixed, so it's a given that the price will surge. They can just deal with fractions of it and more fractions can be added in the future through easy protocol upgrades should it be deemed necessary.
BTC isn't just the first cryptocurrency. It's also the most time-tested & secure (by hashrate) decentralized network. It can surpass other coins which are better right now through protocol upgrades. But the problem is that there is a lot of division due to the large number of people involved with it. It's easier to make changes to Monero for example, which has a much smaller community. It has gone through several hard forks already.
Topic: Bitcoin unsustainable at these levels. Are people deluded? - page 2. (Read 553 times)
In theory I think BTC had a great purpose - take away the power of banks in our lives by in a sense have the people control the money. To be a universal entity controled by the people. But now that the price is so high doesn’t having whales in BTC defeats the whole purpose? Just a few People have 1000s of BTC just like some execs had the power in the banks. Thus, they can easily manipulate the market (if they wish) wouldn’t this be a whole lot worse once everything is mined?
What’s the point of new people coming into BTC if all they can afford is .0001 BTC or even less when the price goes up again. Whilst a few have 100s or thousands. Doesn’t that makes them the “little guy” with no control since BTC can be manipulated (as we all have seen in exchanges). In fact, I think the manipulation here or in Alts is just crazy and worse than Wall Street.
Other thing is I get BTC was the pioneer that changed everything and it’s king by ranking, but aren’t there already there alts way more efficient (in paper) than BTC which in the end just makes the point that BTC will not be forever and will be replaced with a newer more efficient technology out there. (Almost like when bronze was to armor then steel came and bro se was then just a thought from the past).
Talking about replacement. Why do people think that BTC will forever be the number one choice if we all know that technology is changing so fast and there will be new “ways” that will undoubtedly come sooner than later.
I have BTC so I am no hater. And I’ve been watching this forum way before signing up. I just think that some people are just getting carried away by perhaps greed which was one of the Satoshi Donts principles.
Are people being realistic here? I though about it cause some regular people in the street have started mentioning BTC as OMG BTC is crazy I must buy some then I ask them if they know what’s really BtC besides the name and if they know the purpose and they have NO idea. They just wanna make some quick money.
I don’t know. Maybe I am getting confused. Also some people (mainly maximalist) say that ALL Alts are shit (yes, way too many) but there are others that given the chance would destroy anything out there in terms of efficiency. Are those maximalist getting deluded with the thought that NOTHING will ever replace BtC?
Put your thoughts in here.
What’s the point of new people coming into BTC if all they can afford is .0001 BTC or even less when the price goes up again. Whilst a few have 100s or thousands. Doesn’t that makes them the “little guy” with no control since BTC can be manipulated (as we all have seen in exchanges). In fact, I think the manipulation here or in Alts is just crazy and worse than Wall Street.
Other thing is I get BTC was the pioneer that changed everything and it’s king by ranking, but aren’t there already there alts way more efficient (in paper) than BTC which in the end just makes the point that BTC will not be forever and will be replaced with a newer more efficient technology out there. (Almost like when bronze was to armor then steel came and bro se was then just a thought from the past).
Talking about replacement. Why do people think that BTC will forever be the number one choice if we all know that technology is changing so fast and there will be new “ways” that will undoubtedly come sooner than later.
I have BTC so I am no hater. And I’ve been watching this forum way before signing up. I just think that some people are just getting carried away by perhaps greed which was one of the Satoshi Donts principles.
Are people being realistic here? I though about it cause some regular people in the street have started mentioning BTC as OMG BTC is crazy I must buy some then I ask them if they know what’s really BtC besides the name and if they know the purpose and they have NO idea. They just wanna make some quick money.
I don’t know. Maybe I am getting confused. Also some people (mainly maximalist) say that ALL Alts are shit (yes, way too many) but there are others that given the chance would destroy anything out there in terms of efficiency. Are those maximalist getting deluded with the thought that NOTHING will ever replace BtC?
Put your thoughts in here.
Jump to: