I think bitcoin makes no sense at all

Peter Lambert

hero member

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It's all fun and games until somebody loses an eye

Quote from: acis4283 on August 28, 2013, 01:39:46 AM

Curious I've heard the same argument from someone before... what if bitcoin price drops, what if someone sends you a fake bitcoin, what if SHA256 gets hacked. "ANYTHING can be cracked" he says. While I believe it's much easier to hack someone's computer than to crack SHA I started wondering if bitcoin is just too hard for the non-tech savvy to understand. Or they'll believe it when it's too late, as it is with ANYTHING when you're ignorant of something. Just another missed opportunity, I guess...

It is never too late to start using bitcoins. The value you gain as the bitcoins you hold rise in price is only part of the reason to use bitcoins. The other part of using bitcoins is actually using them rather than just holding them. Using bitcoins you can easily send money to anybody in the world at a very low or zero cost. This is a step in the direction of economic freedom, and with freedom comes prosperity. People can benefit from using bitcoins even when the price stays steady.

b!z

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Quote from: Leonsoft on August 27, 2013, 10:56:05 AM

I think bitcoin makes on sense at all.
A decentralized money means every client holds a central bank -- it's feasible only for a very small scale. The block chain is 10G today. It can grow up to 100...0GB if it wants to get the same position as usd or euro or cny -- obviously it's impossible.
It's no better than an idiot comapring to current finacial system. It does not support transaction, rollback, tracing, etc.
When more people get involved, it will be a nightmare.
When SHA is hacked, everything is gone.
The rule for wealth is so ridiculous -- btc mining likes lottery. Is this better than rules in today's real world? No, it's just ridiculous.
It's just a new kind of Ponzi scheme. Everyone hope his btc will become more and more expensive so he can get rich without doing anything. I do not think they will succeed.

Am I wrong?

blockchain can be shortened through various methods, although i do admit it is a big weakness because of its size

hayek

sr. member

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To answer your questions: Yes.

Start reading

marcovaldo

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Quote from: hromobiti on August 28, 2013, 02:38:53 AM

I had similar concerns, but the more I read and think about Bitcoin the more it seems solvable

Maybe it will be the same for him

crazynoggin

full member

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Good luck cracking SHA 256. I can see why people who just heard about Bitcoin on the news or in an article would think it is a Ponzi scheme, but if you actually read about it and understand how it is exchanged, it is not even close to one.

Lethn

legendary

Activity: 1540

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Quote

It's just a new kind of Ponzi scheme. Everyone hope his btc will become more and more expensive so he can get rich without doing anything. I do not think they will succeed.

People like you seriously need to bookmark www.dictionary.com and learn what a bloody ponzi scheme is, you are badly wrong with everything you've just said, Bitcoin doesn't even need government regulation because it is self-regulating, if you don't like the rules Bitcoin has, the code is open source so anyone can develop their own rules, why would a ponzi scheme release it's inner workings and make it openly available?

hromobiti

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I had similar concerns, but the more I read and think about Bitcoin the more it seems solvable

DeathAndTaxes

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Gerald Davis

Quote from: acis4283 on August 28, 2013, 01:39:46 AM

Curious I've heard the same argument from someone before... what if bitcoin price drops, what if someone sends you a fake bitcoin, what if SHA256 gets hacked. "ANYTHING can be cracked" he says. While I believe it's much easier to hack someone's computer than to crack SHA I started wondering if bitcoin is just too hard for the non-tech savvy to understand. Or they'll believe it when it's too late, as it is with ANYTHING when you're ignorant of something. Just another missed opportunity, I guess...

Most people don't understand how the internet works, how credit cards work, hell even how electricity works. It is simply a matter of faith. You click on the internet button and the internet just works. Nobody know how it just does, something to do with tubes and stuff.

Bitcoin will be no different. Bitcoin is still raw and clunky kinda like the internet in 1980. Over time it will become smooth and shinny and masses will never have a clue how it works ... it just does.

acis4283

newbie

Activity: 23

Merit: 0

Curious I've heard the same argument from someone before... what if bitcoin price drops, what if someone sends you a fake bitcoin, what if SHA256 gets hacked. "ANYTHING can be cracked" he says. While I believe it's much easier to hack someone's computer than to crack SHA I started wondering if bitcoin is just too hard for the non-tech savvy to understand. Or they'll believe it when it's too late, as it is with ANYTHING when you're ignorant of something. Just another missed opportunity, I guess...

MrW00f

newbie

Activity: 6

Merit: 0

Quote from: Leonsoft on August 27, 2013, 10:56:05 AM

if it wants to get the same position as usd or euro or cny -- obviously it's impossible.

Yep; having a money that worth nothing as the banks simply creates it by creating loan with 90% of your deposit, then the bank getting the money from the customer making the loan thein create new ones qith 90% of it.. etc... etc... and you'll realize with the economy is so fucked up...

when you have to pay with interest something that does NOT exists at the beginning... that's an issue

pokergodjjj

newbie

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I thought the same thing until I got into bitcoining. I like the concept and everything about bitcoin.

Leonsoft

newbie

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Such kind of reply just verified my oppinion. But I take your advice to logout.

Singlebyte

hero member

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Quote from: Leonsoft on August 27, 2013, 10:10:06 PM

well, let me do some more reading...
but one thing I still insist is, this is an unfair game, for those who involved late, and too fair for those participate early. So it's not likely to attract more people in the future.
I know someone already have answers for this too, but obviously they are not convicing.

Do everyone a favor and take DeathAndTaxes advice:

"I recommend uninstalling the client and clicking [logout] in the upper left of the forum."

jarhed

sr. member

Activity: 672

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Lol, OP, you're right Grin

No solution for size, new twisted ponzi, mining is a lottery, most here have grandeur of wealth, etc.
Grin

Leonsoft

newbie

Activity: 5

Merit: 0

well, let me do some more reading...
but one thing I still insist is, this is an unfair game, for those who involved late, and too fair for those participate early. So it's not likely to attract more people in the future.
I know someone already have answers for this too, but obviously they are not convicing.

Kyle91

member

Activity: 112

Merit: 10

Bitcoin is online currency since technology is becoming more advanced this can be very useful in the future.

DeathAndTaxes

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Gerald Davis

Quote from: Leonsoft on August 27, 2013, 09:59:01 PM

If more people use bitcoin, maybe we need millions of years to download it.

Yup millions of years. Your right, can't believe nobody noticed this before.
I recommend uninstalling the client and clicking [logout] in the upper left of the forum.

Leonsoft

newbie

Activity: 5

Merit: 0

Quote from: rumbitla on August 27, 2013, 11:54:52 AM

Quote from: Leonsoft on August 27, 2013, 10:56:05 AM

I think bitcoin makes on sense at all.
A decentralized money means every client holds a central bank -- it's feasible only for a very small scale. The block chain is 10G today. It can grow up to 100...0GB if it wants to get the same position as usd or euro or cny -- obviously it's impossible.
Am I wrong?

I just bought a 64GB SD-Card for $20. Enough for a much bigger blockchain.

Yes, you are wrong.

$20 is not cheap enough (for me), I believe 64GB will be too small for soon, and sooner in the future. The other problem is it takes several days to download it (~10G). If more people use bitcoin, maybe we need millions of years to download it.

DeathAndTaxes

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Activity: 1218

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Gerald Davis

Quote from: rumbitla on August 27, 2013, 11:54:52 AM

I just bought a 64GB SD-Card for $20. Enough for a much bigger blockchain.

and at the very least you can expect to be able to buy a 2TB one in 2023 for roughly the same price.

johben

newbie

Activity: 5

Merit: 0

Quote from: Leonsoft on August 27, 2013, 10:56:05 AM

I think bitcoin makes on sense at all.
A decentralized money means every client holds a central bank -- it's feasible only for a very small scale. The block chain is 10G today. It can grow up to 100...0GB if it wants to get the same position as usd or euro or cny -- obviously it's impossible.
It's no better than an idiot comapring to current finacial system. It does not support transaction, rollback, tracing, etc.
When more people get involved, it will be a nightmare.
When SHA is hacked, everything is gone.
The rule for wealth is so ridiculous -- btc mining likes lottery. Is this better than rules in today's real world? No, it's just ridiculous.
It's just a new kind of Ponzi scheme. Everyone hope his btc will become more and more expensive so he can get rich without doing anything. I do not think they will succeed.

Am I wrong?

And you think what is security in banks based on? SHA protects passwords to servers etc.
And you don't need to download all the block chain. You can have online wallet. Some of them are very secure with keys kept on your own hardware.
And it has so many advantages like no chargebacks which is a nightmare for merchants and many many more. Just read more.

Topic: I think bitcoin makes no sense at all (Read 1330 times)