Topic: How is Bitcoin living up to Satoshi's original vision? - page 3. (Read 651 times)

The core principal is trustless permissionless decentralised money with no third party required. That's still intact.

It's one thing to envision something but when you put it into practice and try to spread it across the globe while maintaining its integrity and security that gets a little more complex and there'll likely be some casualties and compromises made.

And ultimately It doesn't matter what Satoshi's vision is. What matters is what people do with the system he created. He sent it off out into the world and this is what the rest of us have made of it.

If he'd been hell bent on keeping things to the letter he would've stuck around and I'm pretty sure people would've continued to follow him.

Thank you for a mature reply and genuine discussion, it's much appreciated. I half expected to just got a torrent of abuse and hate for this.

I understand where you're coming from and I appreciate your view and opinion. I do think we're on different pages, I think Satoshi made it clear that super fast transactions, that could be sent across the world, at lightning speed, for incredibly cheap was what his passion about Bitcoin was about.

I remember the talk back then how it could be revolutionary for countries and how aid could be given as people could give tiny microtransactions that may not seem like much but added up and in a country where those small amounts could convert to bigger amounts, well that possibility was just inspiring and revolutionary.

I do get it, even as a store of value it still holds VALUE but I just don't think there's anything about it now that gets me fired up like it used to, when I first heard about Bitcoin, when it wasn't making huge % gains, my conversation to get people to invest was about how the technology was revolutionary, how it could totally disrupt the modern financial system. It was revolutionary.

Now, when I hear people convincing people to get some Bitcoin it's almost always followed by "I've earned X amount" or "You'll make so much money" it's literally become all about the gains and that's it. Which is sad. We'll hit a wall where that doesn't hold true anymore and then what?


Yea, I feel exactly the same way as you to be honest.

There is a lot of crap out there but there are also some diamonds and it's just about letting time do it's things and seeing which projects will survive.

When I compare NANO to Bitcoin it's more in line with Satoshi's original vision, but the best technology doesn't always win.

LTC and BCH are out performing and are more used than NANO, that being said NANO isn't without it's flaws and there's a lot it doesn't do or isn't designed to do.

But right now it's one of the few cryptocurencies that I know where people can send a fraction of a penny without losing a single sat, super fast, feeless, microtransactions are truly that, you can send as little as you want with no fee.

Do I think NANO will win and rule the day though? No, sadly not. It has it's flaws and like I said, it has it's flaws.

Time will tell, I'm sure there are many projects yet to come that we can't even imagine that will perform so well and be just as revolutionary as Bitcoin was. Blockchain - the possibilities are endless.

I like to think that Bitcoin is not only the beginnining of cryptocurrencies, but a bridge that will leads us to a greater online currency in the future. Right now we have thousands of cryptocurrency projects, but vast majority of them are 'shitcoins' which aren't contributing to the progress of digital money. I think that Bitcoin will someday die, but I hope it'll be replaced by something greater. Satoshi's vision is something truly beautiful but it's not feasible in our world. Some pieces of it liven up but it's just the start of a long journey.

I believe Bitcoin is starting to deviate from Satoshi's original vision in some specific areas, but not the same areas you have concern.


Sure, Satoshi created a currency but that's also a term for an asset that can be transacted...which is what Bitcoin is. He could never perceive how the market would use this asset and the fact that people are hodling it more than spending it is probably a testament to how bad the problem was he was trying to solve.

If he's trying to solve the inequity between the rich and the poor, then people who own bitcoin and are hodling it are doing so because it helps them resolve that inequity in wealth between the rich and the poor!

For me, Bitcoin is starting to deviate from the original vision in the following ways:

• Mining is for the wealthy, not for everybody
• As the cost of mining increases the currency's control becomes more centralized among fewer mining operations

In theory these concerns I list would be resolved once every coin is mined. But this is also why ideas like Pi coin are uniquely attractive as alternative ways to deliver mining to the people.

OK, I'm going to prepare myself for the influx of hate here but can we please attempt to have a mature discussion about this.

How in the hell can people claim Bitcoin is still in line with Satoshi's original vision?

How can we even call Bitcoin a crypto CURRENCY, it's really not a CURRENCY anymore and I'll explain why.

I sold my Bitcoin off a long while ago, mainly for the reasons I've given above, I didn't believe that Bitcoin was still in line with what Satoshi originally envisioned, I'm also sceptical about it's long term success.

I've just tried to send £1 worth of BTC to my other wallet, the fee was 25p that's literally 25% in fees.

Sure, lower the fee I hear you say but if I do, I'm going to be waiting an extremely long time for confirmations and for my transaction to go through.

I honestly fear that a lot of people are into Bitcoin from the surge of popularity, after hearing you can get rich quick or people who did get rich quick.

For a lot of early investors who invested before Bitcoin took off, back in the days when you could purchase it for less than a cup of coffee, those investors got in because they were passionate about Bitcoin, they believed in the technology and most importantly, they believe in Satoshi's original vision.

What was Satoshi's original vision?

1) A digital, decentralised currency
2) That could be sent anywhere in the world
3) For fractions of a penny / as cheap as possible
4) In a short amount of time
5) Sending microtransactions to developing countries who were run down by poverty was a big selling point at the time

Most of those things no longer ring true, honestly, it's become terribly expensive to use, it can take such a long time to confirm and as such is now a pretty shoddy currency.

It's not doing anything revolutionary and it's not shaking up the system anymore. Let's be honest 90% of people getting in now, aren't here for the tech, aren't here to create a financial revolution, they're here because they've heard Bitcoin is a good investment that can see returns that make any other conventional investment look mediocre.

People who truly think Bitcoin can displace or replace major world currencies and become a day to day globally accepted form of payment are DELUSIONAL in my eyes.

Why are people going to give up their banks and bank cards when they can:

* Tap & Go - Use Contactless - Pay instantly for free without any fees
* There are so many ways to send payment across borders now for free or cheaper than Bitcoin

Like, there is literally nothing that current forms of payments don't do better than Bitcoin, well... actually... decentralisation but that's about it, that alone wont be enough for Bitcoin to win the day.

I still believe in Blockchain and I'm passionate about how Blockchain technology can revolutionise so many different industries, that's why one of my biggest holdings is in ETH.

I also believe that there is room for Crypto to actually replace currency as we know it, there's still a need for instant, feeless, microtransactions that can be sent across the world. I don't look to Bitcoin for doing that though, projects like NANO, in my opinion, are much more in line with what Satoshi's original vision and passion was.

Obviously, my opinion doesn't matter. Bitcoin will continue to rise because of speculation, because investors don't want to miss out on any gains. People often refer to Bitcoin as being like digital 'gold' now and it really is! What does it actually do that is useful, technology wise? What is it doing that is revolutionary?

Bitcoin has the first mover advantage and I'll always be thankful that it sparked off something amazing, it paved the way for so many great projects and inspiring blockchain technologies; but Bitcoin is literally a store of value now, it's become just like gold, people use it to invest and to save but it's not used for day to day transactions and while it can and is used that way, it is incredibly inefficient compared to other competitors now.

Bitcoins price can not rise indefinitely, there is and will be a ceiling to how far the price can go, that may be $100,000 it may be a million or a billion, regardless, there is a ceiling, once that is reached, once people realise they can't 'make' any more money from Bitcoin and that as an investment it's kind of poor compared to other options, what then? There's only one direction I see it going and that's to the floor right back down with an almighty crash.

How does Bitcoin scale at those levels, the scaling issue has caused so many forks with people having difference of opinions, how do we maintain fees so that miners keep mining but users also keep using.

A lot would have to change to make Bitcoin a valid form of a digital payment system again and the community and devs maintaining Bitcoin seem to be wanting to go down the road of making it a store of value as opposed to a form of payment, not was Satoshi originally envisioned and not sustainable in my honest opinion.