Topic: Bitcoin will inevitably Fail as Altcoins suceed - page 4. (Read 3964 times)
nah, I don't thinks so. There are just too many altcoins out there, mostly useless and the bitcoin is, well bitcoin, the main cryptocurency and the mostly used one. Bitcoin will have it's glory soon enough.
However: Had it not been for Satoshi Nakamoto's absolutely enormous stash of 1million Bitcoins, then I truly believe that Bitcoin would have become as famous as the internet had in the 1990s. But because of that risk(Satoshi's stash) being there, no serious longterm investor will be getting into the Bitcoin market(Believe me, some previous investors have already left, remember those very large Bitcoin sell orders last month?). I believe Satoshi's stash is also what spurred bots like Willy( I believe there are more on exchanges like Okcoin, Btc-e), to become active in the first place, as they saw the market was devoid of investors and they took advantage of that.
A little info about me: I'm a decent sized Bitcoin holder, having a little under 1,000 bitcoins as of right now. I bought most of them in late 2012 and sold quite a bit more around mid 2013. Anyway, at the beginning I entertained the thought that Bitcoin will truly change the world and become a revolutionary, unstoppable force. But, after really looking at both sides of the story, I realized that Bitcoin is doomed to fail no matter how much media exposure it gets. I know what I type below seems hypocritical, with myself owning Bitcoins, but I can't hold it in any longer and watch all the brainwashing go on in this forum. I truly do not believe that Bitcoin will stay on top the next coming years, for the reasons listed below, it's(Bitcoin's) entire history has been falsified. I have recently turned my attention away from Bitcoin and into Altcoins, which believe it or not, lack the faults that Bitcoin has below and improve on nearly everything that Bitcoin can't.
Basically I've come up with a few basic reasons why everything we knew about Bitcoin, price wise, has been false, and that the entire market is 100% manipulation and games.
1) Satoshi Nakamoto owns a reported 1,000,000(1million) bitcoins. Does anyone else see the huge huge problem with this? If Satoshi's bitcoin wallet or addresses were hacked or taken control of by a relative, friend, or others and they decided to even sell a fraction of the coins, coupled with the already uncertain market, Bitcoin's price will plummet to less than $1 per coin. Honestly, Satoshi owning 1million bitcoins has doomed Bitcoin from the start. This is one of the Major reasons why so few legit organzations are out there accepting Bitcoin as a means of payment and another reason why most people looking at Bitcoin think of it as a ponzi scheme(which it is) or scam.
2) The Bitcoin Foundation, or the board representing Bitcoin, is full of illegal activity with dozens of former foundation members resigning from their positions this year. Charlie Shrem, a (former?) foundation member, has been invicted on April 10, 2014 on accusations of "operating an unlicensed money transmitting business, money laundering conspiracy and willfully failing to file suspicious activity reports with banking authorities". He was using Bitcoin to help users of the illegal drug marketplace, Silk Road, buy drugs with Bitcoin, as well as operating an unlicensed money transmitting business, (former) Bitinstant and Brock Pierce (current) foundation member, is an accused Child Molester.
3) Bitcoin is centralized. It is controlled by the mining pools. For instance, just a few months ago, Ghash.io caused quite a scare in which even Peter Todd, a core developer for Bitcoin, announced that he would be selling 51% of his Bitcoin's due to Ghash.io controlling and approaching 51% of Bitcoin's entire hashrate, which would easily allow them to commit a 51% attack on Bitcoin, thereby killing the currency by basically printing duplicate Bitcoins.
4) The most damming evidence of Bitcoin's certain death as of right now(excluding Satoshi's huge 1million Bitcoin stash) however, is Willy. Willy was a bot used on the MtGox exchange from since back in 2012. Willy was illegaly using false fiat funds to buy large quantities of Bitcoin's every hour for days and months on end, which was what led to All of Bitcoin's previous bullruns, as well as dumps when Willy reversed the trend and started selling Bitcoins. Basically, Bitcoin's entire price rise history and dumps, is due not to the traders, not to the news, but to a bot using fake money to buy bitcoins and sell them at a profit. Based upon that information, one can only guess that Bitcoin will never see a $1000+ price per coin again. http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/
Basically I've come up with a few basic reasons why everything we knew about Bitcoin, price wise, has been false, and that the entire market is 100% manipulation and games.
1) Satoshi Nakamoto owns a reported 1,000,000(1million) bitcoins. Does anyone else see the huge huge problem with this? If Satoshi's bitcoin wallet or addresses were hacked or taken control of by a relative, friend, or others and they decided to even sell a fraction of the coins, coupled with the already uncertain market, Bitcoin's price will plummet to less than $1 per coin. Honestly, Satoshi owning 1million bitcoins has doomed Bitcoin from the start. This is one of the Major reasons why so few legit organzations are out there accepting Bitcoin as a means of payment and another reason why most people looking at Bitcoin think of it as a ponzi scheme(which it is) or scam.
2) The Bitcoin Foundation, or the board representing Bitcoin, is full of illegal activity with dozens of former foundation members resigning from their positions this year. Charlie Shrem, a (former?) foundation member, has been invicted on April 10, 2014 on accusations of "operating an unlicensed money transmitting business, money laundering conspiracy and willfully failing to file suspicious activity reports with banking authorities". He was using Bitcoin to help users of the illegal drug marketplace, Silk Road, buy drugs with Bitcoin, as well as operating an unlicensed money transmitting business, (former) Bitinstant and Brock Pierce (current) foundation member, is an accused Child Molester.
3) Bitcoin is centralized. It is controlled by the mining pools. For instance, just a few months ago, Ghash.io caused quite a scare in which even Peter Todd, a core developer for Bitcoin, announced that he would be selling 51% of his Bitcoin's due to Ghash.io controlling and approaching 51% of Bitcoin's entire hashrate, which would easily allow them to commit a 51% attack on Bitcoin, thereby killing the currency by basically printing duplicate Bitcoins.
4) The most damming evidence of Bitcoin's certain death as of right now(excluding Satoshi's huge 1million Bitcoin stash) however, is Willy. Willy was a bot used on the MtGox exchange from since back in 2012. Willy was illegaly using false fiat funds to buy large quantities of Bitcoin's every hour for days and months on end, which was what led to All of Bitcoin's previous bullruns, as well as dumps when Willy reversed the trend and started selling Bitcoins. Basically, Bitcoin's entire price rise history and dumps, is due not to the traders, not to the news, but to a bot using fake money to buy bitcoins and sell them at a profit. Based upon that information, one can only guess that Bitcoin will never see a $1000+ price per coin again. http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/
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