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
