Topic: Do you sometimes think Bitcoin will fail? - page 8. (Read 9215 times)

Do you sometimes think fiat will fail? It has and does fail and can spiral out of control quite quickly. Can Bitcoin fail? Of course it can. It's a risk investing in it, but if you believe in it I think it'll pay off. If you don't believe in it then maybe you should go with your gut and get/cash out whilst you can. I for one believe in it and am going to enjoy the ride wherever it goes.

The more you wait for confirmations the more is secure the transaction, it's your choice how long you want to wait.

Why do you think so?
Most of the great books and paintings for example will never loose their value, but will gain more an more value in them. The problem here is that BTC is the first p2p currency and there wil be lot better coin invented which will bring lot more things to the world. BTW I am both scared and excited every day when i first check my wallet and the price of BTC It is a big gamble.
BR
Gondel

For my selfishness, bitcoin already is a success. I've already received a good ROI, so even if bitcoin goes to 0 in a month I'll be way better than before, anything more is a success for me.
 But I personally doubt bitcoin will fail in the long run. Maybe replaced by something better. Bitcoin is p2p, so not easily banned, and the blockchain tech is really a innovation.

There have been so many things that when they appered no one would say that they would go much far away, and they ended up conquering the world. Why not bitcoin? I think its good stay anyway, if it fails(not to happen soon) you can get good ROI, if it success you might be the next Bill Gates.





What's wrong with gambling and porn? They have been here way before bitcoin, and I think that 99% of people from gambling and porn industry don't even know what bitcoin is. Also the closest porn thin I've seen in the bitcoin world are cam girls that accept bitcoin.

drugs: the drug money is mostly cash and fiat. Addicted people have thei brain too damaged to learn something relatively complex like bitcoin, and the druglords sometimes are poor people without access to education and computer. For me the cash money is way more drug-related than bitcoin, even in the best case scenario of adoption. About 50% of money paper has traces of cocaine, when they arrested that big Mexican cartel guy they found a billion in cash, not in bitcoins, at least 25% of Wall Street money has relation with drug money laundering, and so on.

51% attack: would be too expensive, and with limited concrete effect, except the big crash in price that would happen. Also anyone with so much hash power would be making a huge profit, so it would be like burn a stack of $100 and all your future incomes, like Joker did in Batman the Dark Knight. I think no one rational enough to get at that point would be stupid to do such thing. Even if he's against bitcoin, there are more discrete and effective ways to hurt it in the long run while taking profit.
Plus the CS already made miracles with software and algorithms, so it is possible that when bitcoin skyrockets, or after a 51% attack, these issues would disappear.

CP: when they say about that, they think more about deep web and tor, not about bitcoin.

Of course it will in the end. Everything has its time

The wallstreet boys, investment groups, and the big bullion banks will never get involved in bitcoins, if they can not control its market and manipulate the value of the coin to fill their pockets with profit, the they want nothing to do with it, they will refuse to promote it and could never fit it in a portfolio.  They would not use a currency they can not make billions of dollars every day at the expense of their own clients, Bitcoin is not a manipulative market right now. the only way to move this market in drastic ways like the ones they manipulate on a daily basis, would involve a lot of time, research and a whole lot of money.

Always remember Wallstreet boys did not work for their fortunes, they researched very little, they made their fortunes at the expense of their clients thru collusion and manipulating markets in a way that would cost their clients money and fill their back pocket all at the same time.

If these guys ever do get involved in Bitcoins in any way, that is when I will take my leave, because you can bet your sweet donkey if they are involved it means they found a way to manipulate this market, and no other reason.

Do you know there a lot of double spend issue when the confirmation does not come up you can send the same amount to get back your bitcoin .

Agreed, what's this whole issue with confirmations taking too long? All that matters is when you buy something, your account balance goes up, the merchants' balance goes down...or am I completely missing something here?

I think it would take something very drastic for Bitcoin to fail. Yes, there are problems. Yes, there are bumps in the road. BUT, think of all the MILLIONS of dollars invested into Bitcoin. Once larger online merchants start accepting, along with with Winklevii and their Wall Street buddies, I can definitely see Bitcoin taking off.

Absolutely any investment can fail and Bitcoins is no different. If tomorrow every single person who had bitcoin decided not to use them and absolutely no transactions were made for a month, yes this system would fail. If you allow anyone no matter if its a bank, a government anyone in those areas, if they are allowed to control this currency you can bet your donkey it is going to fail hard and fast.

Treat Bitcoins like any investment, know at any time it could fail, but why not ride the train until it does stop. If the strong big bitcoin holders out there were smart, they can actually control the future of bitcoins. Its really simple, they cant not control the coin itself, BUT they could do something that could control the success of its future, for a little while at least.

I keep watching, I see the mines pulling in millions of dollars a month, I see mines pulling in hundreds of thousands of dollars a month, but i dont see any of them actually investing in the future of the currency they are so involved in. It shows they are not business minded people, just hobbyists taking a stab at an investment and riding the train, not running the train just riding it. The more people like this we have invested in this currency the harder it will be to progress its future.

I have once waited few hours for a confirmation .

What the thing that make the speed of confirmation ?

Failing is a very tough word. Crash? Maybe... spike to 2k USD is more likely before BTC is gone back to 100 USD again.

With all the crypto currencies using BTC as their main "conversion" price, if you will, and it being the oldest in the book, its pretty safe to say unless it undergoes a major hack in the future, it will always be worth "something". Also, I have to mention the markets online that use the (darknet markets), which have a strong backbone in supporting its pricing, I would say were a long way away from seeing BTC go to nothing.

yeah but when you use btc in the "real word", what are you buying? a coffee? a shirt?

after seconds the BTC / money is there and the deal is finished. where is the problem ?

There was a time when I thought bitcoin would fail. Then a friend pointed out to me how many people have invested so much money in the ecosystem. They won't let it fail.
There's a whole industry out there. There a miners, there are mining device manufacturers, chip and board creators, there are exchanges, wallet creators, physical coin makers, loan services, advisors, software developers, pools, and this is only touching the tip of the iceberg.

Put it this way - gold will fail before bitcoin. Fiat will long fail before bitcoin.

When I have BTC on exchanges and trade (medium and short term) there is rarely any serious issues.
When I actually use BTC out in the "real world" and a single block takes over 35 minutes I think "%$^&*$%^&!!!!"

If BTC stays in current form, it will fail eventually. Good thing is BTC is in middle of development, and i dont really think development will ever stop, so future can be as brght as we make it. As far as number of confirmations go, there are talks about "instant payment" procedure, there are talks about help with decentralization etc. It's not like development is over, and we have finished product.

Not only are we here and using BTC but we are investing heavily into businesses involved with BTC and the eco system that will support it.

Like they said above, BTC can fail but the idea is revolutionary and the concept can never be deleted. If the govts and other institution were not scared and threatened they wouldnt want to ban the existence.

Only if these guys stop going against bitcoin and actually accept the revolution i think bitcoin could be as big as the invention of telephone.

Regards

Duke

it will fail and it is one the best way to fail because of the centralization of the minting process.

i think: btc is a risky investment and of course i can fail.

but iam here and iam using btc, so i think even more that btc will succeed. its software and problems can be solved. but we will see alot more up- and downswings. its gonna be a wild ride. if you are not "okay" with losing all your money, then you should sell today.




pioneers  

Sometimes but i believe in Bitcoin. There's no one problem about Bitcoin that people can't fix IMHO.
Maybe could fail but the idea is great and can't die. The blockchain system is very revolutionary.

Whenever I see https://en.bitcoin.it/wiki/Weaknesses I feel something terrible may happen, but whenver I see http://preev.com/ I feel the sky is not falling