In the long run, bitcoin will be worth $0. - page 5.

oda.krell

legendary

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You lost my interest at exactly this point:

Quote from: NikolaTesla on April 26, 2013, 04:22:13 AM

As surely as I write this, this will happen, and when it does, all other crypto's including bitcoin will become obsolete.

Nothing is "surely" about that, you're just stating your opinion, providing no real argument or supporting evidence whatsoever.

How about I provide some counterexamples:

* VHS vs. Betamax. Betamax considered superior by many, never took off.

* Facebook vs. Google+. Pretty much every tech person prefers Google+, but since Facebook is so established, nobody wants to leave it.

* Laserdisc vs. [whatever was available at the time]. Great format, never really successful.

Summary: I'm not concluding that it is impossible that bitcoin will be superseded by a newer cryptocurrency, but it's far from certain, and you made it sounds exactly like that.

Cablez

legendary

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I owe my soul to the Bitcoin code...

You do realize that Bitcoin is open software and any immaterial flaws can be rectified, right? All that has to survive is the Bitcoin 'brand' and miners will do the rest. Thusly, Bitcoin can never go to 0 just some positive value above that line.

XXthetimeisnowXX

sr. member

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a wolf in sheeps clothing. suckerfish

Quote from: NikolaTesla on April 26, 2013, 04:27:03 AM

Quote from: ruski on April 26, 2013, 04:26:15 AM

keep on hammering away at that FUD, weren't you pondering buying back in at $160 earlier?

It isn't FUD, it's a genuine observation.

your right and your wrong.

not fud, but not observation....speculation. you dont know the future my friend. also it wont be a group of silicone valley brains but the gov or FEDERAL RESERV BANK. they are the most powerful entity in the world and they give the thumbs up or down on this type of currency. they do have the power to destroy this. IMO THEY will make one or have your boys in SV make it and then they will control it and they will be able to make more just like they do with paper money and they will have the largest holdings, also they will control the price. that is the ONLY way America would adopt a cryptocurency.

deathcode

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Quote from: afbitcoins on April 26, 2013, 04:46:23 AM

Betamax was a superior technology than VHS but it never took off

+1

it's all about adoption and what is a standard. I don't see the media talking about litecoin do ya?
Not always the best makes it to the most adopted.
I think bitcoin will have upgrades to make it lightweight and more efficient, hell I even think that a branch of bitcoin maybe something like bitcoinX/bitcoin 2.0 whatever you want to call it will take over and people will be able to transform their old bitcoins to the new version of the coins for free or something.

loanexpress

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Quote from: afbitcoins on April 26, 2013, 06:48:23 AM

Quote from: qwk on April 26, 2013, 05:53:58 AM

In the long run, everything will be worth $0.

http://en.wikipedia.org/wiki/Heat_death_of_the_universe

Theres no proof that theory is valid though, big bang is a myth. There are quasars with massive red shift in front of nearby galaxies.

There has never been a paper / fiat currency which didn't eventually fail. The average fiat lifespan is 30-50 years before it hyper-inflates and go bust. (exact average depends which source you believe - google it).

The US Dollar is overdue. And in the long term that will also be worth 0 whatever else (Yuan, Euro, Shells, BTC?)

So what exactly was OP's point here? Yeah - all currencies eventually go to 0. Civilizations come and go. Does it mean we should just abandon the whole concept of money and return to barter?

zoolander

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Quote from: NikolaTesla on April 26, 2013, 04:22:13 AM

This isn't intended to be another spam thread, this is real analysis.
Bitcoin was a good experiment while it lasted, but through experimenting with it it's shown its weaknesses, weaknesses that other crypto's have already made headway in correcting, just without wide adoption.

If there is anything that working in the technology industry has taught me it's that successful technologies are rarely without huge design flaws or weaknesses. In fact, those flaws and weakness often foster an eco-system of early adopters and businesses that develop to services and products to "fix" things and this in itself has a powerful viral/network effect. For example, look at the Bitcoin services offered to merchants.

Don't get me wrong Bitcoin's future is far from certain and has a high chance of failure, but don't under-estimate the ingenuity of people to work around the problems we see today, especially when motivated by sizeable financial opportunities that simply don't exist in the alternatives right now.

Malawi

full member

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One bitcoin to rule them all!

Quote from: afbitcoins on April 26, 2013, 04:46:23 AM

Betamax was a superior technology than VHS but it never took off

Video2000(think that was the name) was even better. Still VHS is pretty much worthless now. Together with lazerdisks, minidisks and casettes.

afbitcoins

legendary

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Quote from: Shinobi on April 26, 2013, 07:18:17 AM

Tesla, you are right. But the ideological allure of a "crypto" currency, i.e. the anarcho-libertarian wet dream of decentralization, is the one aspect that most assuredly won't be part of the digital currency that ultimately becomes successful. That's why so many folks are butthurt. Infrastructure is necessary and the deep pockets necessary to maintain it - the kind that can only come from state sponsorship of some sort or shape - is becoming more and more obvious. Without it Bitcoin remains a fringe speculation game with two-bit exchanges seasonally arising and dying and wild-west-style robberies remaining the norm. The only paradigm-shift I see coming from "crypto" currency, is that the state sponsorship needed to maintain viability and confidence in the currency may shift from that of the nation-state to a corporate entity. It will serve to make direct the dynamic that is, in effect, already in place.

Don't any of you find it ironic that the results of Bitcoin debacles (like Bitcoinica and others) has been for the victims to seek the courts' help for redress? Is that begging for oversight and regulation, or what?!

If a state or corporate sponsered currency does dominate that will be the globalist 'new world order' dream come true. I will resist that even more than the current fiat system. Those who run to the protection of the state at every turn need to wake up and fast.

Shinobi

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Tesla, you are right. But the ideological allure of a "crypto" currency, i.e. the anarcho-libertarian wet dream of decentralization, is the one aspect that most assuredly won't be part of the digital currency that ultimately becomes successful. That's why so many folks are butthurt. Infrastructure is necessary and the deep pockets necessary to maintain it - the kind that can only come from state sponsorship of some sort or shape - is becoming more and more obvious. Without it Bitcoin remains a fringe speculation game with two-bit exchanges seasonally arising and dying and wild-west-style robberies remaining the norm. The only paradigm-shift I see coming from "crypto" currency, is that the state sponsorship needed to maintain viability and confidence in the currency may shift from that of the nation-state to a corporate entity. It will serve to make direct the dynamic that is, in effect, already in place.

Don't any of you find it ironic that the results of Bitcoin debacles (like Bitcoinica and others) has been for the victims to seek the courts' help for redress? Is that begging for oversight and regulation, or what?!

Piper67

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Shit, my ignore list is getting so big that in the end this forum will be worth 0 for me...

afbitcoins

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Quote from: qwk on April 26, 2013, 05:53:58 AM

In the long run, everything will be worth $0.

http://en.wikipedia.org/wiki/Heat_death_of_the_universe

Theres no proof that theory is valid though, big bang is a myth. There are quasars with massive red shift in front of nearby galaxies.

Miz4r

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OP sounds really credible. Roll Eyes

Quote from: NikolaTesla on April 14, 2013, 02:45:31 PM

The few people here who are spreading FUD (like the guy who is preaching $30 BTC) are just people who don't currently hold any Bitcoin and are waiting for their wire transfers to clear. They don't want the price to go up before their transfers clear because they want to buy coin before the ascent that they know is coming due to the recent Winklevoss press.

THIS MEANS THEY ARE REALLY BULLS - they believe the price will rise and want to buy in. A true bear wouldn't have to spread bearish propaganda; all they have to do is sell and leave - no need to convince anyone else.

Sure, one could accuse me of the exact opposite, but in that case it wouldn't be logical, because I don't have to wait for a wire to clear to sell BTC. If I were really bearish I would just sell immediately (or not buy in the first place).

So according to his own words, Nikola is actually a bull. Tongue

herzmeister

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Quote from: NikolaTesla on April 26, 2013, 04:22:13 AM

This isn't intended to be another spam thread, this is real analysis.

Eventually the world will adopt a crypto-currency. That's just where technology is headed and where we are evolving. It won't, however, be bitcoin. Bitcoin was a good experiment while it lasted, but through experimenting with it it's shown its weaknesses, weaknesses that other crypto's have already made headway in correcting, just without wide adoption.

Eventually, a new crypto that isn't currently in existence will be developed by a counsel of cryptographers and industry professionals from silicon valley but more importantly will also be directed by the advice of economists, not just computer scientists. This new crypto will be widely endorsed in silicon valley and will take the world by storm, eventually becoming the exclusive currency of most online retailers and will be known as the internet currency (as if the internet were its on country / economy). As surely as I write this, this will happen, and when it does, all other crypto's including bitcoin will become obsolete. Sure, they'll still be collected as vintage items for their sentimental value the way old NES games are still collected. But mining them will be easy enough that they'll have no real value.

sounds like ripple.com already... and yet, it won't make bitcoin obsolete

qwk

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Shitcoin Minimalist

In the long run, everything will be worth $0.

http://en.wikipedia.org/wiki/Heat_death_of_the_universe

Logik

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Where exactly will the adopters of this new crypto currency be found? Your mom? Dad? The guy down the street? Your friendly neighborhood economist?

You can make a million digital currencies, but you need a small army of nerds to support, develop and cheer-lead that currency. Where would these people come from?

anu

legendary

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RepuX - Enterprise Blockchain Protocol

Quote from: naphto on April 26, 2013, 04:22:54 AM

Not 0 usd, but a few cents yea.

Na, billions.

uMMcQxCWELNzkt

sr. member

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The thing is, although the masses would perhaps prefer such an addition, a lot of us would rather stay away from a new coin peddled by mainstream economists and so on. Bitcoin is a the crytocurrency to be beaten, having better features and big backing does not always mean wider adoption so the Bitcoin brand will go a long way regardless. I do not believe there are any cryto currencies that offer more potential yet either.

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Matthew N. Wright

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Hero VIP ultra official trusted super staff puppet

Quote from: Newscastix on April 26, 2013, 05:03:36 AM

OP is sorta right in the same as saying the dollar will be worthless in the long run as it will be replaced at some point in time....

so yes... but that doesn't make bitcoin worthless now or anytime soon... "soon" is to be defined...

This. Believing Bitcoin will *always* be worth something is a fairy tale, just as much as believing it will be worth nothing tomorrow because of pressure from law enforcement.

Newscastix

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OP is sorta right in the same as saying the dollar will be worthless in the long run as it will be replaced at some point in time....

so yes... but that doesn't make bitcoin worthless now or anytime soon... "soon" is to be defined...

viboracecata

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Varanida : Fair & Transparent Digital Ecosystem

If the network of bitcoin is powerful enough, and the community is strong enough, how will you have involved in bitcoins would switch to another one?

If you insist in, why the price will drop to 0?

Topic: In the long run, bitcoin will be worth $0. - page 5. (Read 6708 times)