Topic: Bitcoin was a great experiment. We learnt a lot from it. - page 2. (Read 2091 times)

Yes, like you leave your old car for a newer one.

so is the change of gold.. if you were measuring it in tonnes.
EG a $100 change of a gold ounce = $32,151,00 change in the measure of tonnes
but we moved away from measuring in tonnes centuries ago. and soon enough we will be measuring gold in grams

however if exchanges measured bitcoin in mbtc
EG 0.001=$1.16today $1.28 last week

meaning its only moved $0.12 per mbtc

soon enough many people will measure bitcoins in mbtc or even bits (0.00000100)
just like we are no longer in ancient egyptian times measuring gold by the tonne.

its all a matter of prospective

If you could provide more than one quote supporting your assertion that 'usually people from BU say that they had fun with bitcoin and now it's time for a rebirth of it', I will be impressed. If you cannot, I'll just think you're making shit up to vilify those with whom you do not agree.

There are already coins with these properties, with better "workable parameters" with mining alghorits which prevent you from mining with ASICS.
Based on PoS instead of PoW, faster confirmation with higher transaction capacity. Go support them if you wish. You don't need to look far.
If you find and support your ultimate coin then what will you do if even better coin will be designed in the future.
You'll leave your future ultimate coin for even newer and improved version every time?

We should think on the other way and another perspective, everyone is free to create an altcoin like many others that have created them (it is supposed that there are hundreds of altcoins)

Bitcoin is good, and it's going good, don't take the current bitcoin price so unstable because the price should change but maybe $100 for few days is a lot.

I think that to take bitcoin down is not easy and being controlled fully by the government is really hard to happen.

Yes, we've learnt alot from it, and meaning of the crypto currency.

This is something that the people really have to get over, people say that they had fun with bitcoin and now it's time for a rebirth of it. (usually the people from BU say this) Did you know that the same thing was said about Democracy and the United States, as it really was an experiment in order to really see what would happen. Democracy looks wonderful on paper, but when it comes to reality it's got a ton of its own flaws but in my opinion it would be the best governing type in all of the world.

But back on topic, Bitcoin is a thriving experiment that isn't going to be stopped. I think it's going to thrive and become dominant just like the US is, it'll stand side by side with the other FIAT currencies such as USD and be able to stand the test of time.

to add to the point..
if..
Bitpay and coinbase (the utilities that MERCHANTS use for their shopping cart payment service)  and other services like shapeshift, pitpasa, itbit, changetip, kraken, xapo
decided one day that they will drop bitcoin and start accepting.. zcash or monero or litecoin..

knowing that DCG (funding blockstream(gmaxwell(monero fan), BTCC(bobby lee(litecoin's bro), bitpay, coinbase etc)
oh nearly forgot DCG also owns coindesk. just to add on some heat to the media propaganda of all of these changes being cough positive(not) cough

http://dcg.co/network/

what do you think will happen to bitcoins "value" when suddenly you cant use it on the exchanges you finding it harder to move to these alts. and you cant spend it with merchants

Lol have you manage to read the whole thread?  This one reply by rawdog is best suited to you together with another reply that he qouted.

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Honestly debating with stuff will only delay the solution.  People have different assumption, every move, plan, or even sway of person's hand can be interpreted to something bad or good.  How about implement the solution first then adjust on whatever problem it will cause.  Not deciding on the matter will only lag Bitcoin development and eventually to its premise as altcoin are getting more advance and tired bitcoin enthusiast can easily migrate if some altcoin with worldwide adoption become available.

This is true for all currencies and doesn't change my premise.



I believe that the price is still above $1000 because investors believe a scaling solution will be implemented sooner or later.
If people start to believe this is not the case, I would expect the price to tank.  I understand you disagree.

The fraction of transaction volume by digital cash usage is tiny as compared to the daily bitcoin volume (mainly off chain, on exchanges, with bitcoin IOU).  Bitcoin's market cap is essentially made by greater-fool speculation ; its market cap sustained by demand as a digital cash to be used to buy stuff is an extremely small portion of the market cap.  It must be a few percent at most. 

This is like thinking that gold's store-of-value does depend on the few technical and artistic usages of gold.  It doesn't.  And gold isn't used as a currency either (any more).


As a currency, that's evident.  But bitcoin is already a very clumsy currency as compared to the technical performance of a lot of alt coins.  The reason that most of the tiny "currency" application of crypto is still bitcoin is a leftover from its first mover status.  But right at this moment, bitcoin is not usable any more as a currency.  And this will only get worse. 

Bitcoin will simply be a reserve currrency, and its scarce transaction volume (which is, in my opinion, graved in stone and will not change any more) will be a precious asset, only to be used between institutional vaults. 

This is where an asset they didn't invent themselves, comes in, like gold, or, bitcoin.

bitcoin teaches us so many things, not only about money but it teaches us lesson that we may apply in our lives.

Financial institutions do not need to use Bitcoin. They can create there own which they can control. They do not want stuck transactions, so they will make sure the blocksize is big enough for their needs. They will deploy datacentres with the storage and network bandwidth they need. It will be private to reduce the risk of DOS attacks. They need a distributed ledger because they don't trust each other.

Bitcoin might become the preserve of high wealth individuals if the technological growth is stunted. But bitcoin failue for ordinary people = massive distrust of any cryptocurrency for the ordinary people.

Nobody "needs" someone at the top, but it is interesting to be at the top, and to control this.  Bitcoin is stuck now in full blocks, and the consensus mechanism will preserve this precious scarcity, just like it preserves the scarcity of coins themselves.  As such, bitcoin will end up not be usable any more for small transactions ; one will need "good relationships" with miners in order to be able to guarantee to get one of those scarce transactions (only 2 or 3 per second world wide). 
Bitcoin will stop being a means of payment, a currency.  But it WILL be a "reserve currency" for big holders that can obtain guaranteed "slots of transactions" with miners.  Miners will fully exploit this power they have of distributing, at their likings, the scarce resource which is "transaction".  They may even make exclusive deals with banks and other financial institutions, that, against huge fees, these banks get exclusive right to their block room.  They may "rent" their blocks ahead of time to some institutions.  You, as an individual, with no particular relation to a big miner, will be left fighting for the very few "wild" blocks by those few miners still accepting random transactions (with huge fees).  No more "paying stuff on the internet" with bitcoin.  The scarce resource of "transaction space" will be sold very expensively in exclusive deals with big finance.  The mere mortal, even if he has bitcoins in his wallet, will not be able to transact them.  The only thing that he will be able to do, is to sell them to one of those financial institutions, at big loss.

But no problem he will get a "bank account denominated in bitcoin" with bank IOU.
He will be able to get his bitcoins.... but nobody will, because once the bank has transferred them to you, you can't transact any more.

So in the end, bitcoin will end up in bank vaults, and miners will be paid a lot to give exclusive block chain room to banks and other financial institutions, using bitcoin as a reserve currency amongst them.  There will be Davos meetings of bankers and miners, deciding on protocol changes (in their advantage of course).

Yes, it's still the beginning of Crypto-Currencies, that is why we have some issues and imperfections, but it's like a brute rock that it's going to be sculpt within time until it has a perfect format to attent the demand of everyone. It will take some time, but I'm certain Bitcoin won't die or be forgotten.

Why do we need someone at the top? Bitcoin is different to other Alt coins, because there is no "central" figure head to attack... and we have loads

of "anonymous" people contributing to this experiment. Everyone can run a node and have a part in the decision making. Satoshi cannot be

attacked, because nobody knows who he/she/they are. Anyone can contribute code changes and consensus will decide what gets accepted. 

Bitcoin is being institutionalized.  The most scarce resource of bitcoin is NOT the coins, but the transactions.  Bitcoin's immutability will make that nobody is going to change this scarce resource.  At about 2-3 transactions per second WORLDWIDE, this is too expensive and scarce a resource to be used by mere mortals as a currency.  Bitcoin will be an "institutional vault" asset, and the scarce resource of transactions will, at high prices (fees) only be used to transfer big amounts between institutions.  The individual bitcoin value will reach incredible heights, and at the same time, people that are not institutions will not be able to make a transaction unless they pay gigantic fees.  Individual transactions of bitcoin may even be outlawed, if this is considered too precious and scarce a resource for ordinary people to waste.

And on top of that layer, banks and other financial institutions will build a fiat system.  The bitcoin ETF is part of that.

are you talking about bitcoins ethos of 2009-2013 or are you talking about the reality of 2017. you cant be talking about both as things have changed