Topic: Do you sometimes think Bitcoin will fail? - page 7. (Read 9215 times)
What I think is that Bitcoin unleashed something that is going to be very difficult to put back in the bottle. So, even if it fails, the idea that you can store value in something that isn't backed by major financial institutions or governments or even those guys who sell gold and silver will still be there.
Bitcoin as an investment may fail. I think it will succeed spectacularly as a payment network.
That said, Bitcoin and gold have a lot in common and gold has been good money for thousands of years. The only advantage to gold is that it's extremely durable (it doesn't rust). There's roughly 1 Troy ounce of gold per person on earth and the gold supply inflates about 1-2% per year. While the inflation of the Bitcoin supply is about 12.5% per year right now, there are far fewer than 1 bitcoin per person.
Bitcoin is much easier to store, defend, transfer ownership of, and transport. Fungibility of gold and bitcoin depends on access to ways of melting the gold and careful usage of bitcoins.
Bitcoin has the properties humans want in a ledger system to keep track of our debts...don't forget, gold gets it's value for being a ledger that doesn't need any translator or language for that matter. Society accepts a 1-2% forgery rate in the ledger (ie, newly mined good)....the only reason people tolerate new gold is that there has never been something truly finite to use as a ledger and gold inflates slowly.
yes...looks so. That said, Bitcoin and gold have a lot in common and gold has been good money for thousands of years. The only advantage to gold is that it's extremely durable (it doesn't rust). There's roughly 1 Troy ounce of gold per person on earth and the gold supply inflates about 1-2% per year. While the inflation of the Bitcoin supply is about 12.5% per year right now, there are far fewer than 1 bitcoin per person.
Bitcoin is much easier to store, defend, transfer ownership of, and transport. Fungibility of gold and bitcoin depends on access to ways of melting the gold and careful usage of bitcoins.
Bitcoin has the properties humans want in a ledger system to keep track of our debts...don't forget, gold gets it's value for being a ledger that doesn't need any translator or language for that matter. Society accepts a 1-2% forgery rate in the ledger (ie, newly mined good)....the only reason people tolerate new gold is that there has never been something truly finite to use as a ledger and gold inflates slowly.
op is not seeing clearly
from my experience using bitcoin is fast and easy, never had problems with confirmations, its a bit of a learning curve to get all setup, but well worth it. I prefer to use bitcoin to buy things online then visa. i wish i could spend bits at my local pizza shop.
exactly once, I saw online payments easier than others such as pay ** l or the like. does not need to be difficult to verify the account or my wallet. and here everyone is looking for enthusiastic bitcoin faucet or better than mine with the CPU. and they enjoy from my experience using bitcoin is fast and easy, never had problems with confirmations, its a bit of a learning curve to get all setup, but well worth it. I prefer to use bitcoin to buy things online then visa. i wish i could spend bits at my local pizza shop.
I am normally optimistic, but not in a good mood right now.
BTC is too hard for common people....Too risky....Confirmations sometimes take way too long....Competing with powerful forces in banking and Gov't....Bad rep in the media....child porn....gambling...drugs....51%.........blah, blah...
Do you sometimes think Bitcoin will fail?
Please be honest, that's all.
Edit:
Confirmations sometimes take Wwwaaaaaaaaaaayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy too long
The last block was 38 minutes ago and that is "not ready for prime time" or usable in the real world......We are delusional, this thing is not working!!
I think not, because we look pretty good progress and have started received several countries. This is not an online business is seasonal and the arrival vanished BTC is too hard for common people....Too risky....Confirmations sometimes take way too long....Competing with powerful forces in banking and Gov't....Bad rep in the media....child porn....gambling...drugs....51%.........blah, blah...
Do you sometimes think Bitcoin will fail?
Please be honest, that's all.
Edit:
Confirmations sometimes take Wwwaaaaaaaaaaayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy too long
The last block was 38 minutes ago and that is "not ready for prime time" or usable in the real world......We are delusional, this thing is not working!!
op is not seeing clearly
from my experience using bitcoin is fast and easy, never had problems with confirmations, its a bit of a learning curve to get all setup, but well worth it. I prefer to use bitcoin to buy things online then visa. i wish i could spend bits at my local pizza shop.
from my experience using bitcoin is fast and easy, never had problems with confirmations, its a bit of a learning curve to get all setup, but well worth it. I prefer to use bitcoin to buy things online then visa. i wish i could spend bits at my local pizza shop.
The more you wait for confirmations the more is secure the transaction, it's your choice how long you want to wait.
if you go to coffee shop, the longer you wait, the colder you coffee becomes. I don't know how things work in your country but where I leave, we sit down, make an order, we get our order and spend let's say an hour there and then ask for the bill.
If you ask for the bill earlier then you are all good
Probably he ment a take-away coffee at say an airport. Despite that, I think 1 confirmation is enough. I don't think it is really a problem if one single transaction of a coffee is not going to work
When i have bad mood, i can think like author of this topic.
But now im very optimistic about Bitcoin. That many startups, big companies already working in Bitcoin world.
Best time of Bitcoin is before us.
But now im very optimistic about Bitcoin. That many startups, big companies already working in Bitcoin world.
Best time of Bitcoin is before us.
The last block was 38 minutes ago and that is "not ready for prime time" or usable in the real world......We are delusional, this thing is not working!! [/size]
[/size]People wire billions/trillions through the banks and it takes ...days. So, even if it is used to transact a fraction of this volume in a few minutes time across the globe, it's still good. And remember there are A LOT of people that do not have access to banking services, credit cards etc on a global scale.
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Όλα καλά?
Καλησπερα Σαββα, ολα μια χαρα
Quote
The OP's concern will go away when a "credit card" service will show up.
One that you load your coins to, and they perform the transaction instantly.
Somehow, like what happened with the banks.
They didn't have credit cards before did they?
I am sure that we are soon to find out that a service like this will be announced and it's probably from one of the big players.
Wouldn't be surprised if it was VISA itself.
One that you load your coins to, and they perform the transaction instantly.
Somehow, like what happened with the banks.
They didn't have credit cards before did they?
I am sure that we are soon to find out that a service like this will be announced and it's probably from one of the big players.
Wouldn't be surprised if it was VISA itself.
Preloaded coins could work. But Bitpay is also offering near-instaneous payments. The moment you send the money everything is more-or-less accepted the same second, like you just entered your paypal ID or something. For the average person it's even easier than paypal or credit cards.
I think Bitcoin can still fail. But if it does, I think it will be out of totally different reasons than those mentioned frequently (confirmation times, complexity, gov. ban), because these potential problems are already addressed.
If Bitcoin fails I think it will be most likely due to a software bug or malicious code introduced by a corrupt developer that remains unnoticed until damage is done.
That said, I'm still getting more confident every day that bitcoin will succeed.
If Bitcoin fails I think it will be most likely due to a software bug or malicious code introduced by a corrupt developer that remains unnoticed until damage is done.
That said, I'm still getting more confident every day that bitcoin will succeed.
Bitcoin as an investment may fail. I think it will succeed spectacularly as a payment network.
That said, Bitcoin and gold have a lot in common and gold has been good money for thousands of years. The only advantage to gold is that it's extremely durable (it doesn't rust). There's roughly 1 Troy ounce of gold per person on earth and the gold supply inflates about 1-2% per year. While the inflation of the Bitcoin supply is about 12.5% per year right now, there are far fewer than 1 bitcoin per person.
Bitcoin is much easier to store, defend, transfer ownership of, and transport. Fungibility of gold and bitcoin depends on access to ways of melting the gold and careful usage of bitcoins.
Bitcoin has the properties humans want in a ledger system to keep track of our debts...don't forget, gold gets it's value for being a ledger that doesn't need any translator or language for that matter. Society accepts a 1-2% forgery rate in the ledger (ie, newly mined good)....the only reason people tolerate new gold is that there has never been something truly finite to use as a ledger and gold inflates slowly.
That said, Bitcoin and gold have a lot in common and gold has been good money for thousands of years. The only advantage to gold is that it's extremely durable (it doesn't rust). There's roughly 1 Troy ounce of gold per person on earth and the gold supply inflates about 1-2% per year. While the inflation of the Bitcoin supply is about 12.5% per year right now, there are far fewer than 1 bitcoin per person.
Bitcoin is much easier to store, defend, transfer ownership of, and transport. Fungibility of gold and bitcoin depends on access to ways of melting the gold and careful usage of bitcoins.
Bitcoin has the properties humans want in a ledger system to keep track of our debts...don't forget, gold gets it's value for being a ledger that doesn't need any translator or language for that matter. Society accepts a 1-2% forgery rate in the ledger (ie, newly mined good)....the only reason people tolerate new gold is that there has never been something truly finite to use as a ledger and gold inflates slowly.
The more you wait for confirmations the more is secure the transaction, it's your choice how long you want to wait.
if you go to coffee shop, the longer you wait, the colder you coffee becomes. I don't know how things work in your country but where I leave, we sit down, make an order, we get our order and spend let's say an hour there and then ask for the bill.
If you ask for the bill earlier then you are all good
EDIT: if you want faster transactions then you have to trust a third party service.
Sorry, that's how it goes when it comes to BTC
The more you wait for confirmations the more is secure the transaction, it's your choice how long you want to wait.
if you go to coffee shop, the longer you wait, the colder you coffee becomes. 
Sometime, then I lose my card or want to transfer money on Friday Night. Its infuriating not being able to access what is supposedly yours when we all know its technically possible. Also the simple fact that you have too entrust your funds to another entity to store it. Then they charge you 25 dollars for losing your card, or wanting to access my money in another place other than my bank. Or how about Online bank accounts are secured with a username and password (rofl)
Edit: Clarity
Edit: Clarity
The last block was 38 minutes ago and that is "not ready for prime time" or usable in the real world......We are delusional, this thing is not working!! [/size]
[/size]People wire billions/trillions through the banks and it takes ...days. So, even if it is used to transact a fraction of this volume in a few minutes time across the globe, it's still good. And remember there are A LOT of people that do not have access to banking services, credit cards etc on a global scale.
Καλησπέρα Αλέξανδρε.
Όλα καλά?
The OP's concern will go away when a "credit card" service will show up.
One that you load your coins to, and they perform the transaction instantly.
Somehow, like what happened with the banks.
They didn't have credit cards before did they?
I am sure that we are soon to find out that a service like this will be announced and it's probably from one of the big players.
Wouldn't be surprised if it was VISA itself.
The last block was 38 minutes ago and that is "not ready for prime time" or usable in the real world......We are delusional, this thing is not working!! [/size]
[/size]People wire billions/trillions through the banks and it takes ...days. So, even if it is used to transact a fraction of this volume in a few minutes time across the globe, it's still good. And remember there are A LOT of people that do not have access to banking services, credit cards etc on a global scale.
dude , you need to read satoshi's white paper to enhance you faith 
btw: i don't think confirmation time is a big deal , offchain bitcoin wallet can most part of it
btw: i don't think confirmation time is a big deal , offchain bitcoin wallet can most part of it
Ever heard of double spends?
https://blockchain.info/double-spends
dude , you need to read satoshi's white paper to enhance you faith
btw: i don't think confirmation time is a big deal , offchain bitcoin wallet can solve most part of it
btw: i don't think confirmation time is a big deal , offchain bitcoin wallet can solve most part of it
I am normally optimistic, but not in a good mood right now.
BTC is too hard for common people....Too risky....Confirmations sometimes take way too long....Competing with powerful forces in banking and Gov't....Bad rep in the media....child porn....gambling...drugs....51%.........blah, blah...
Do you sometimes think Bitcoin will fail?
Please be honest, that's all.
Edit:
Confirmations sometimes take Wwwaaaaaaaaaaayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy too long
The last block was 38 minutes ago and that is "not ready for prime time" or usable in the real world......We are delusional, this thing is not working!!
BTC is too hard for common people....Too risky....Confirmations sometimes take way too long....Competing with powerful forces in banking and Gov't....Bad rep in the media....child porn....gambling...drugs....51%.........blah, blah...
Do you sometimes think Bitcoin will fail?
Please be honest, that's all.
Edit:
Confirmations sometimes take Wwwaaaaaaaaaaayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy too long
The last block was 38 minutes ago and that is "not ready for prime time" or usable in the real world......We are delusional, this thing is not working!!
As compared to a traditional international payment using bank it is extremely fast. I don't think it is too hard, it just takes a bit of time to learn. To use Microsoft Word or Facebook is actually harder than using a Bitcoin Wallet. I think, in all technological revolutionary projects there is going to be a lot of resistance.
As for media, I'm not sure how many people take them seriously these days.
Well, the most governments are friendly to bitcoin, but what makes me feel unsafe is ethereum.
This is not like the former cryprocurrencies. It's innovative which could possibly kill bitcoin.
This is not like the former cryprocurrencies. It's innovative which could possibly kill bitcoin.
BTC is beyond the point of complete failure, it can and will likely suffer setbacks, but I believe it is now here to stay. There will always be a segment of the market that will support it. Likely those of us here talking about it now on Bitcoin talk.
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