Topic: Bitcoin won't ever become Mainstream. It's just a Prototype. (Read 5322 times)

Believe it or not, that probably helped development. If people discover a tech that's logically flawless and a stroke of pure genius, they'll get awestruck and fall into an echo-chamber where the development is confined to hermeneutics. Kinda like the clonecoin scene...

Having a starting tech that's kinda clunky means crowdsourcing kicks in. People see the clunk, think of improvements, get their hand dirty and ignite a chain of innovations that grow the tech into something that none of the pioneers even thought possible.

Fact is, disruptive technologies that make an impact on the world are usually nursed by bleedin' amateurs or pros from a different county (so to speak.) The old "enginer" of the early railways days was somewhere between a skilled mechaninc and a sure-hand do-it-yourselfer. Real engineering came in later. Kinda like the PC...

Now, I'm not trying to deny Satoshi Nakamoto's genius: we all know that the blockchain is historic. But the fact that his original code was kind-of obscure meant that the early devs had something they could really get their hands into wrt improving it. Its very obscurities proved to be the kernel that got Bitcoin on the innovation train.

Just like the internet will only be used by geeks.

Its true that there is a difference between sites and protocols, and that a protocol is usually much harder to change, but I don't think Bitcoin is any more like TCP/IP than like a website. Its easy for people to change the websites they use because any individual can change any time they want without any problem, whereas an individual website can't change the protocol they use - either everyone agrees to change or nobody does with something like that. Something like a digital currency is halfway between the two really, because there is an ecosystem of services which re-enforces the status-quo, but at the same time any individual merchant can switch to a different payment protocol or currency (of which there are already tonnes to choose between) any time they want and its not really a big deal for people to still be able to use the service. In a way Bitcoin is probably closer to the website example than the TCP/IP example in actual practice.

LOL, kid.
If you do research, Internet, too, wasn't first network ever created, but the most successful thus far! Do you know why? I will leave it for your homework. And do you even know what 'Internet' stands for?
When internet became more popular there were resistance worrying about illegal activities. Today, it's hardly an argument. When mp3 became popular, many companies hated it because media streaming is evil. Today only fools think it still is.
 
Please be informed that bitcoin is NOT anonymous, but pseudonymous. Please read some bitcoin wikis at

• http://en.wikipedia.org/wiki/Bitcoin
• https://en.bitcoin.it/wiki/Introduction

You argue bitcoin attracts criminals due to anonymity, but it's complete false. Bitcoin is actually easier to track and trace than cash and/or gold. Bitcoin is open ledger that anyone can track any transaction any time. Of course, you just can't make connection between bitcoin address and the owner. But that's not a problem. Just follow the blockchain, and at the end, the transaction is connected to some physical properties and/or services. Then you can connect last dots to an entity. And there are hundreds years worth of tools, laws, regulations, methods, skills, experience, and know-how to trace back to the owner.
It's like saying WWW is not safe for children because it attracts porn industry. Did you know that porn industry was the first one to embrace WWW, flash, online payment, and other new inventions?

One of other arguments was about being mainstream. But guess what? Less than 20% of world population has a bank account. I guess banking system as we know it is not really mainstream then.

OMG Why on earth are you even here if you truly believe that?? Just a professional troll...

Kid, take advice from an old man. I've been studying computer longer than your life.
I remember days of pre-Google/Facebook, pre-WWW, pre-email, pre-internet, pre-GUI, pre-mouse, pre-color monitor, pre-harddisk, and pre-computer. Each technology was revolutionary and disruptive. When I see the bitcoin, I see 1993 all over again, that's pre-WWW.

Don't jump to conclusion too quickly. This is life lesson you should remember always.

Putin has no flaws you idiot.
He is the best thing that ever happened for Russia.
Which is exactly the opposite that I can say for all the rest of the presidents including the one in my own home country.

Do some homework before making a fool of yourself.

http://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/

I thought one of the premises of Bitcoin is trust nobody. Our problem is getting accustomed to not trusting banks and "banks" like we have done with fiat.

The Bitcoin isn't just a protocol like TCP/IP, SMTP, NTP, HTTP, FTP, Bittorrent etc.. All of these protocols are essentially free, open and their purpouse is to move data from one point to another... And really that is why they are so popular the freeness and interoperability.

It's also the blockchain eg. the data which is huge difference. Thus bitcoin would  also be the altcoins.

Even if bitcoin is good and has a future. The main-blockchain itself doesn't seem realistic one to take over the world... Too much of control is in early adopters hands... What is the premium of buying your currency from some outside source? Is it really worth that premium?

People been saying this since bitcoin was worth less then a dollar, they'll be saying when it's worth far more than today.

Also lol at him being yet another altcoiner, I knew it before I even opened the thread, I could smell the fear.

There are too many trust issues with Bitcoin. Especially since we need to trust exchanges and the people who accept and use bitcoin.

OP: Most of your arguments - however valid - actually work in Bitcoin's favour.

First of all, whether Bitcoin is or isn't, or even will be "mainstream" is irrelevant. You need to look at the cryptocurrency economy as a whole and that most definitely IS going mainstream. There will probably be several actual networks that go "mainstream" because there's a need for them to support different roles as in the fiat economy where you have some forms of money that serve as a store of value and "safe haven", others which provide day to day liquidity etc.

So whether it's Bitcoin or something else doesn't matter. It's Bitcoin at the moment so if you want to "ride" this train to its destination you need to be in Bitcoin right now.


If you're using this as your criteria, then Bitcoin most definitely IS going mainstream. The last few months have seen nothing but new regulations emerging over cryptocurrencies all over the world. Did you watch the recent 2-day New York hearing ? This is just a non-argument. Governments all over the workd have been ruling on Bitcoin regulation and clarifying things such as Value added tax status such as in the UK last week.


I think you mis-understand what malleability actually is. It is DESIGNED into the Bitcoin protocol to make the transactions more independent of their originating application. This feature is what will allow the next tier of network applications to evolve and has nothing to do with hacking. The issue with MT Gox was that they got conned into doing double withdrawals by their customers - a bit like me sending someone $1000 from my bank account (which takes 3 days to arrive) and then someone else in the meantime finding a way to get me to send another $1000 to them.

Malliability is here to stay - there is no intention of designing it out of the Bitcoin protocol and it's simply up to clients to wait for at least 1 confirmation before recognising any funds. No problem.

As for your other points, I can't be bothered addressing them - thay are FUD and have been well addressed all over these forums.


LoL ! Have you been living on the moon for the last 3 months ? The number of Alt currencies which have emerged now numbers in the hundreds - many of them surpassing Bitcoin's specifications in all kinds of ways. Yet they haven't even made a dent in Bitcoin's status as the most established cryptocurrency network. On the contrary, they've actually enhanced it in the following ways:

[1] - by providing liquidity to the market as a proxy for Bitcoin. Make no mistake. They only reason people trade alts is to make Bitcoin gains, otherwise why would their value all be measured in BTC ?

[2] - even many of the 2nd generation protocols emerging which are being heralded as "the future" run on top of the Bitcoin network

[3] - while alt coins continue to evolve, that commercial infrastructure that is being buit - such as payment gateways, POS hardware, cryptocurrency derivative and hedging products, security services - all UNIQUELY support Bitcoin. What this means is that even though new and emerging currencies may be more practical for say-to-day or specialised uses, the value they gain is always going to be dumped into Bitcoin ultimately as long as no "show stoppers" emerge in the Bitcoin protocol (and malliability definitely IS'NT one as I outlined above)

I'll just say one last thing about your posting etiquet:



Whether you think people on these forums are naive or not, you've exposed a cartoon level of understanding about the cryptocurrency economy and the Bitcoin protocol in particular and are in no position to call them "naive" or "suckers". You're lucky you got any considered replies at all with such unmitigated arrogance which I'm getting sick of on these threads and is why I made this post.
 
I don't really give a monkey's whether Bitcoin goes mainstream or not ultimately, for reason I stated in my first point, but one thing that could do with staying out of the mainstream is baseless inflammatory chaff like this original post.

Looks like it's becoming mainstream pretty fast to me. Did you hear that a single bitcoin costs almost $700???

Yeah that PDP11 is where I keep a safe copy of my multi headed hydra worm

DeathandTaxes already completely owned this thread.

-B-

I am being too negative calling him a goof. He's young, he probably doesn't realize these things take time. A new payment protocol is much more complicated and time consuming than Facebook or Myspace, Josh. The internet http comparison is apt.

+100. Fabulous. Picture says more than 1,000 words! Op is a goof with little knowledge.

If being anonymous is to be blamed, don't forget to blame the gold bricks that are melted and recast.

I loled so hard at goon who learned about Bitcoin from 4chan. Yes I'm 18 but I still don't see how transaction times of 10minutes, along with high energy output from GPU's, would appeal to the general public to start adopting bitcoin