Topic: BTC: thinking out loud! (Read 703 times)

The more the websites add security measures, the more you have to reveal and prove your actual identity. Cause to prevent hacks and stolen BTC the websites will have to prove you are who you are and that you actually own that specific wallet!
Which also they are started to act as middle banks! which is another things that is against what BTC was actually based on!

Finish it:

or we just make it a fun online trading game between some people who will try to make $50 a day for living, or someone someday come up with a more secure digital currency and then all BTC will drop to Zero.




I am saying that, all of us are waiting for a miracle because the majority of us are treating BTC as investment and not Currency.
People don't invest in gold to make extra money, people invest in gold so that whenever some inflation happen then gold price increase to match the inflation and retain the actual value of your money. Which means gold is a good way to save money but it is not worthless for daily transactions.
Now there are some occasions where gold prices jumped up high (but that was due to exceptional circumstances or external interference).
 

Bitcoin is not primarily intended to be exchanged with FIAT. Your anonymity goes when u r trying to do that. Otherwise your anonymity remains same.

You were saying?

That the more we try to make BTC progress ahead, the more we are killing its purposes.

tl;dr what's your point?

I am not trying to be pessimist, again I have few coins too, I hope that each will become worth a million too so I can be rich, I dream too and I try to be optimist.

I do look at the great things about BTC, I honestly do and I see the great potential, but that shouldn't also stop me from looking at the weakness too.

When it snows, how many people call in and don't go to work? because they don't want to risk it, they say "health and life worth more than any money" because they know there is a risk of driving to work. Yes there are those who risk it and still go to work, but BTC was built to be currency, money that people use on the internet, why would you use your money in a store where you may get robbed? and I heard people got robbed from almost every single website out there.

Also so far, most people are buying BTC only for 2 reasons:
1- trade
2- save for the future for the hope and dream
Now the above 2 things made BTC something like either stock or gold, so BTC actually is not a currency anymore. So the "currency" purpose is dying.


Another thing is: BTC was built based on anonymity, now notice that websites that deal with BTC, every time they increase their security measures then the anonymity is disappearing slowly.
you can't even move money into the website without recording a movie of yourself with your credit card, or link your bank account, add ten password, 3 paragraphs and 5 photos of yourself.
OMG, most of us people who were trying to hide our identities and bank info, actually did some stuff that can make us lose all our saving someday just so we can get to buy few coins!
Anyway the point is: eventually the anonymity will be gone, and that was the second purpose of BTC.


BTC was built to have a very extremely low transaction rate, well after you count the deposit cut on the website, the trade fee of the website, moving from wallet to another (cause people don't trust to leave their coin on the exchange websites anymore) so they move it to trade website when they trade and at the end of the day they move it back to personal wallet, more and more fee.
So the purpose of low transaction fee is dying too.


When I bought BTC, I was looking to new currency that doesn't inflate! which really makes sense to have and makes sense to think of it that it can hit the million dollars someday, but Sadly enough the way people are treating it is making it like metals (gold, bronze or whatever) which bring the question: if I want to buy metal, why don't I buy gold??? more secure and I can put it in a safety deposit box and keep it for the next 20 years which I know many people did.
Now I don't want someone who comes and tell me, the gold inflate because when the gold finish on earth then they can go to space and mine, screw that because it will cost huge ton of money to travel to space and mine that gold. United States landed on moon one time and said never again due to the cost.


So we actually killed the main purpose of BTC due to the few little weakness of BTC which was taken as advantage by hackers too.


I understand that it is new and people still don't know how to handle it and they are losing all this money, but again by the time BTC get secured then all the above and more purposes for BTC will be gone!


So now we just sit and wait hoping that either Walmart announce someday that they accept BTC and then BTC price jump up, or we just make it a fun online trading game between some people who will try to make $50 a day for living, or someone someday come up with a more secure digital currency and then all BTC will drop to Zero.


However for the credit, all countries, businesses and rich people in the world noticed one important thing: that is people loved the idea of digital currency!
And that is a very important thing for future entrepreneurs.