Topic: Is Bitcoin FATALLY FLAWED? (Read 2615 times)

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So after reading the greatest document on global currency I ever read yesterday,

https://bitcointalksearch.org/topic/nakamotos-vision-is-this-satoshi-879726

I have come to the conclusion that bitcoin is fatally flawed and that is why the value of bitcoin has falled this year so much.

These are major flaws I see

a. there is no reason for the general public to acquire it
b. there is no easy way for the general public to acquire it
c. it is impossible for most of the world (the poor) to acquire bitcoin since most now have to acquire it from 3rd parties that follow banks rules and the poor is the majority of the world and ignored by western banks
d. it's a toy novel currency for a niche set of western people that refuse to realize most of the world will never use bitcoin nor any bank or credit card
e. the bitcoin network is fatally flawed by how slow transactions are now and it will never be able to handle 100 Million or over 1 Billion transactions a day as a real globally currency unit would need to do
f. 22 Million coins too little to fuel a global economy with 7 billion people, and the high price of a coin will scare aware most of the world.

Granted bitcoin had some really good ideas like the public ledger and blockchain, however, this is why bitcoin will fail, at a certain point transaction demands would cripple the ledger and blockchain as it is designed now. A minor amount of transactions now makes the network SLOOOOWWWWWWW.

Imagine 1000 or 10,000 times more daily volume, the nodes would be crushed.

All fiat systems suck, if you were around any length of time you know how cheap things were years ago, so all fiat sucks.

The limited coin idea to btc was great, but 22 million is far too little to supply 7 billion people.

Like I said the more I read this manifesto the more I think it fixes the flaws of bitcoin.

https://bitcointalksearch.org/topic/nakamotos-vision-is-this-satoshi-879726

f. 22 Million coins too little to fuel a global economy with 7 billion people, and the high price of a coin will scare aware most of the world.

Welcome to Bitcoin!

Oh wait...not a n00b. You should know the answers to all of your questions by now.

Your conclusions are fatally flawed.

there is nothing wrong with deflation at all, this is just the bullshit the fiat money masters try to teach us slaves!!!!!!!!1

only in a world of immortals, deflation would be a problem but we are not immortal, so to delay spending due to deflation makes no sense at all

traffic lights are unnecessary because cars are not invisible and deflation is not an issue because people are mortal. all that rubbish is just for people control. 

Why are smaller units of currency not viable?

They were viable in 1950 prior to the rampant inflation. They were viable in the early 1900's prior to rampant inflation. I don't get it, all you do is just make smaller and smaller pieces of a dollar vs. more and more dollars. It seems easier to drop a quarter for a quart of milk vs. 15 quarters.

Why is a situation of gradual deflation scary to people. It encourages savings as opposed to consumption. The problem is you can't imagine because you lived in an inflationary world with constant inflation your whole life. Take a trip to imagination land sometime bud.

So after reading the greatest document on global currency I ever read yesterday,

https://bitcointalksearch.org/topic/nakamotos-vision-is-this-satoshi-879726

I have come to the conclusion that bitcoin is fatally flawed and that is why the value of bitcoin has falled this year so much.

These are major flaws I see

a. there is no reason for the general public to acquire it
b. there is no easy way for the general public to acquire it
c. it is impossible for most of the world (the poor) to acquire bitcoin since most now have to acquire it from 3rd parties that follow banks rules and the poor is the majority of the world and ignored by western banks
d. it's a toy novel currency for a niche set of western people that refuse to realize most of the world will never use bitcoin nor any bank or credit card
e. the bitcoin network is fatally flawed by how slow transactions are now and it will never be able to handle 100 Million or over 1 Billion transactions a day as a real globally currency unit would need to do
f. 22 Million coins too little to fuel a global economy with 7 billion people, and the high price of a coin will scare aware most of the world.

Granted bitcoin had some really good ideas like the public ledger and blockchain, however, this is why bitcoin will fail, at a certain point transaction demands would cripple the ledger and blockchain as it is designed now. A minor amount of transactions now makes the network SLOOOOWWWWWWW.

Imagine 1000 or 10,000 times more daily volume, the nodes would be crushed.

All fiat systems suck, if you were around any length of time you know how cheap things were years ago, so all fiat sucks.

The limited coin idea to btc was great, but 22 million is far too little to supply 7 billion people.

Like I said the more I read this manifesto the more I think it fixes the flaws of bitcoin.

https://bitcointalksearch.org/topic/nakamotos-vision-is-this-satoshi-879726

...
I have come to the conclusion that bitcoin is fatally flawed and that is why the value of bitcoin has falled this year so much.
...

a. there is no reason for the general public to acquire it
b. there is no easy way for the general public to acquire it
c. it is impossible for most of the world (the poor) to acquire bitcoin since most now have to acquire it from 3rd parties that follow banks rules and the poor is the majority of the world and ignored by western banks
d. it's a toy novel currency for a niche set of western people that refuse to realize most of the world will never use bitcoin nor any bank or credit card
e. the bitcoin network is fatally flawed by how slow transactions are now and it will never be able to handle 100 Million or over 1 Billion transactions a day as a real globally currency unit would need to do
f. 22 Million coins too little to fuel a global economy with 7 billion people, and the high price of a coin will scare aware most of the world.

I have come to the conclusion that you are not the sharpest knife in the drawer. And since I AM the sharpest knife in the drawer, I'm probably right.

The network affect tends to reward early players in a field but they are not the only ones until the government steps in to create barriers to entry. No natural monopoly can develop on its own.

MtGox was rewarded with first player status due to the network affect. They dominated for some time. Had government stepped in to regulate, they could have reined as the sole exchange for many years.

All tech starts off with many players and then 3 or so survive and one is the dominant player

Hardware Clones early 80's many players now how many? Not many
OS several players early and windows became the player
Internet Providers many local access companies now a few big companies
Browsers many players now a few
Search Engines many players now a few with google the main one
ebooks many players with now 3 main players and amazon the dominant one


Now none of these tech companies benefited from government rules or interference, in fact MS was hit with a monopoly case

So tech always has many companies and within a short span of time, a few survive and one dominates

Crypto currency is tech, lots of coins now and in a few years one will be dominant and a few will survive