Topic: Bitcoin will just atrophe? (Read 1276 times)

We must recognize bitcoin world to more people in this world, more people use bitcoin , more merchant will accept bitcoin.
Bitcoin community must grow up , bitcoin price is on danger zone now.

But more and more merchants are gradually accepting it. We can't expect mass adoption over night. This will take time. Bitcoin's may largely remain as some sort of speculative 'token', but they're obviously not valueless.

Interesting read about the rise of the Internet. Didn't even know about the regulations and monitoring. But then again, we have the NSA for monitoring everything now.

Honestly, the longer I stay in the game, the more I actually start to agree with some (not all) of his points.  It just brings to light some issues with bitcoin that many involved "enough" would know about.  Granted I do agree with some of the point made above already since the articles seems to miss the target with a few key items.

Bitcoin is just emerging for 6 years and total different from the traditional things what we all know about. It is just the minority of ppl that play the game. We cannot use data collected from those ppl to conclude some meaningless points. Another things is that once you want to investigate it, you should really deeply dig into what is blockchain, how the network of Bitcoin works and what is the advantage it will bring to us. I think the author fails to do that and rush to get conclusion.

Bitcoin might not earn a niche in the retail part but it sure has its place in the money remittance business. On the accusation to completely  labelled as it scam i think that was rather harsh. 6 years is obviously too long a period especially if you have seen he growth taking place. The recent price drop should also not be taken advantaged of to launch an attack.

In 1986 I had a Commodore Vic20 computer with a 56k phone modem. We used to dial up on bulletin boards(we were all local so it would not be long distance) and everyone said it was stupid and would not last, why would people type to each other on a computer when we could just talk on the phone. We were told by authorities we were tying up phone lines for important calls that need to be made and the government was sure illegal activities were going on. About 6 years later rumours came around that if we got a special computer and knew how to program, u could reach this world wide web. Immediately the accusations came about money laundering, drug dealing and inappropriate pictures so the government must regulate and monitor it with law enforcement. It even got to the point of the US wanting any website to be licensed by the FCC or it would not be allowed to be viewed in the US. A few years later the dial up internet took off and has developed into what we have today. It took about 15 years. I imagine Bitcoin will not take that long, but Bitcoin is still young and growing. If a person has not experienced an event like the internet coming to life, you probably can not see how Bitcoin is evolving right now.

If you have not read this I would really recommend it concerning the economics of Bitcoin:

http://nakamotoinstitute.org/shelling-out/

http://web.archive.org/web/20070618142414/http://szabo.best.vwh.net/scarce.html

If you haven't watched this video please do, you will not be disappointed.

http://www.youtube.com/watch?v=xUNGFZDO8mM

The author in the op's link says Bitcoin has no value, but then he says the blockchain is real and he agrees he can see all the things it will enable(such as smart contracts), how does he think people will pay to use those services? Western Union? Visa? Post office money order? He missed the whole point of Bitcoin being the means of payment for the services offered on the blockchain. Thats why it's treated like a scarce commodity. Only 21 million will ever be available to be used to pay for all the services that will be available on the blockchain.

How do you get a secure decentralized blockchain without giving incentives to the those doing the work?

Are you saying that the companies who invest hundreds of millions also think bitcoin is a scam and will fail. That's not what I hear from them.


Oh, really, this is what Andreessen has to say about it himself:

http://www.bloomberg.com/news/2014-10-07/andreessen-on-finance-we-can-reinvent-the-entire-thing-.html

With bitcoin, there are advantages to decentralizing the financial system in order to do commerce. For instance, you can make payments in all but four countries. So, on day one, you can use it all over the world. Forget about all the different currencies and banking systems; it’s a truly universal way to transfer value."


Oh, everywhere? On the internet? It's growing every day. You think a new currency that isn't backed by a government pops up and is legal tender the first day it hits the news.

Aslo, ask the Luding von Mises Insitute what they think. A lot of them think it's real currency. But they are not "actual" economists right? That's laugable.



Again, laughable. There is NO way he knows this. Has he done research on who holds and who sells. Nobody is using it? That's just false.



Yeah.. nobody is challenging them.. right... yeah..

Perhaps we should go back to Marc Andreeson again.

"Bitcoin is a classic venture capital endeavor: It will either work or it won’t. And if it doesn’t work, we will lose all our money. But if it does work, it will work in a spectacular way. Our investments will pay off 1,000 to 1 or 10,000 to 1 or some other crazy extreme, because these markets are so big"

Another snake oil salesman right?

40.000$ isn't a bad figure to play around with, ofc, he'd understand that if he actually looked into this.

What do you think of this article?

http://fortune.com/2014/10/24/bitcoin-fraud-scam/

The problem of merchant acceptance is not resolved and without it Bitcoin is just valueless tokens. There might be a limited supply but a limited supply of something that is not used for anything.

The biggest hurdles have been the interface between fiat and Bitcoin, and merchant acceptance. People can't buy in to use them and retailers don't seem to be all that interested. They may trial it but then discontinue again several months later after receiving no payments. Why is this suddenly going to work?