Topic: Has Bitcoin Deviated from The Vision of Satoshi? - page 2. (Read 258 times)

It no longer is cheap.  That is certain.  I remember people recommending me bitcoin to get advantage of the low fees.  That has not aged well!

Right you are! Bitcoin is more of an investment rather than a currency system. But that's what the mass wants. That's how a free market should function. When an innovation is launched and made it available to the mass, it's the public that decides the course of it. That's exactly what happened to Bitcoin as well.

Also, looking at the current situation of the transaction fees, Bitcoin is just not competitive enough to become a currency system. To be a currency system, Bitcoin needs to be cheap and fast, which is not the case. So take it as an investment only!

Samsung started as a grocery trading store but it's among the world leading providers of mobile phone in the world. Where we're today mightn't have been where satoshi envisioned but it has given Bitcoin the publicity it needed and that's an achievement that could have taken us centuries to achieve but we have done that in just a decade. As Bitcoin keep improving we'll achieved it been widely use as a currency more as satoshi wanted but this is a process and we have to believe in the process.

Bitcoin is still a currency but it's features are making it more appealing as a store of value (investment opportunity), that doesn't mean Bitcoin has stopped been a currency. As more countries adopt Bitcoin and more companies recognised it as a payment option, the use of Bitcoin as a currency will increase. You don't expect people to use Bitcoin as much as you have loved when there aren't enough institution to facilitate that.

Bitcoin hasn't deviated but its assets quality is what is been focused on and things would be different in the future when more adoption comes onto the industry and businesses that using Bitcoin more frequently. For the meantime what I think is important is for Bitcoin to not die. It still been relevent is a positive thing and gives room for more development and improvements.

Satoshi had envisioned bitcoin as digital gold, so I wouldn't say his vision is deviated. Rather, "do what you think is worth with it" was sort of his opinion on that matter. No question, the problem described on the whitepaper is a money one, but as an old saying goes, bad money drives out good.

Bitcoin is still money; it's just used less than fiat, because people rather to hold it.

That's a fake Bitcoin.

As you can see, Satoshi himself was saying Bitcoin is like a collectible or commodity, there's nothing wrong for us to use Bitcoin as a speculative asset.

Even most people use Bitcoin as a speculative asset, it can be used as a peer to peer currency, as long as the marketplace/store accept it. That's a freedom to choose.

Bitcoin as an asset, or so-called digital gold, defeats its purpose as a payment tool. Assets are what people hold unto or even horad. Why do you think the big players are moving in? There's money to be made. Down the line, we'll have a lot of greedy people behind the institutions grabbing as much BTC as they can get their hands on, and no one would even think of using Bitcoin as a payment tool. Like gold, Bitcoin will retire into digital vaults all over the world.

Bitcoin have not deviated from Satoshi's vision for its creation rather it is doing exactly what it was created to do... to be a form of value and a medium of exchange. People keep the dollar in their bank accounts as a means of saving for the future, that does not mean others are not paying for goods and services with the dollar. In my country, many people have become millionaires by simply holding the dollar, which experienced explosive growth against our local currency.

That people are even holding Bitcoin and profiting from it is a good indication that Bitcoin is doing very well in line with the purpose of its creation.

Satoshi created Bitcoin and thought it will be used as a payment system between peers and to be honest Bitcoin still is a P2P payment solution and people are still using it for transactions without any doubt. But, it's also true that Bitcoin is now more considered as an asset to invest in rather than a P2P payment solution.

I believe Bitcoin needs both of those tags as a P2P payment solution and as an asset. The ones who consider it as an asset will hold it and the holding will increase Bitcoin's value overtime and the ones who consider it can use it as P2P payment solution. The fees a little bit high these days due to ordinals issue but they'll gradually come down to normal levels in some time.

I agree. It’s sad how the primary reason why people tell others about bitcoin is the fact that they can make money of its volatility. This wasn’t what Satoshi envisioned. I don’t even think that he knew that they’ll be such volatility. While we enjoy and reap the fruits of it, let us not forget that it was actually built as a currency. Let’s not forget the pizza story that happened on this forum… it was meant to be an example which we should follow and walk in. 

Look at the Bitcoin whitepaper once more: a peer-to-peer electronic payment system indeed. Was Satoshi really envisioning a payment system so widespread that it became a preferred way of paying for goods and services? What's happening today? Bitcoin is now more of an investment than a payment tool. In fact, it's as if all the cryptocurrencies are businesses for their inventors, bar Satoshi—a means of becoming automatic millionaires rather than a peer-to-peer payment system. In fact, the quickest way to get rich these days seems to be by starting a crypto project.

Not even the guy that started Bitcoin Satoshi Vision is exempted.

Bitcoin, a peer-to-peer payment system? Nah... more of a decentralized speculative investment platform.