Topic: Is Bitcoin losing its purpose? - page 6. (Read 1107 times)

I am not seeing defi/CBDCs/government's ban on mining are a threat to bitcoin ecosystem in any manner. If most of the governments ban bitcoin mining, then bitcoin foundation will find a permanent solution which could be switching over to different algorithm that can be better than POS and more secured than POW. As long as fairness and anonymous are concerned I am not seeing defi and CBDCs got any chances to boom and sustain.

You can't blame them.  That's what the "store of value" change did to the community.  It was no longer about building Bitcoin infrastructure to change the world, it was about assimilating into legacy finance in order to make the price go up.  Those early developers who built useful things to show what Bitcoin could achieve have become enemies clogging the mempool, while clueless investors who want to dump their money into Robinhood and get rich became the target audience. 

Bitcoin isn't losing it's purpose, it lost it's purpose, several years ago.  The community at large is now just hoping to sell coins for a lot more than was paid for them to new entrants in the space.  We all know what that's called, but there is hope that once Bitcoin assimilates into the legacy finance system that changes will be made and it will return to a permissionless p2p currency.  I like the Trojan Horse line of thought, but am not sure I believe it.  In any event, buy, hold, get rich.  That's why satoshi made Bitcoin right?

Well said and it is indeed true. If something gets paid a lot of attention, be sure that that something is in one sense or another of importance. All of us who have been in crypto for a very long time know exactly how all of this worked out. Those who had no clue denied and ignored the technology, thinking they would know better and Bitcoin is going to disappear. Then Bitcoin slowly grew organically, and grew, and grew... The ecosystem expanded, exchanges popping up everywhere, more and more banks stopped blocking transactions from exchanges, which really was a hassle in the early days. First tech gurus started talking about it, China learned it can't ban Bitcoin. Honestly, this was a fun journey to see something growing that many of us here knew from the very beginning could very likely end up being a great success. And it did! Bitcoin is more relevant than ever, and being relevant and keeping the global hierarchical system busy is exactly one of the purposes Bitcoin was meant to serve. It does that well.

Bitcoin has never lost its purpose, this fierce campaigns by governments to suppress encryption and ban Bitcoin mining clearly shows that Bitcoin has achieved its purpose, what scares governments and pushes them to work day and night to fight crypto and establish regulatory laws? Because they lose control and centralization in the first place and because they want to fill their pockets of crypto taxes secondly. This turmoil that Bitcoin has caused in various governments around the world and forced them to move aggressively shows that Bitcoin has indeed fulfilled its purpose.

I don't think that's the case, bitcoin's still serving it's purpose, the mass media is just muddling up the story so we get confused, no such thing as losing it's purpose. Bitcoin can still be used as a P2P currency like what Satoshi intended it to be.

It is not about how many, it is about which ones. If you have Nigeria banning crypto, then it will definitely be a bad thing but not a huge bad thing considering how much they contribute, or if it is Venezuela, Zimbabwe, and many other things it is going to be a bad thing but not a huge deal.

However if USA bans it, if UK bans it, can you imagine how bad it is? I rather have 20 different small nations banning crypto versus 1 USA banning it, that is the difference. Which is why I think it is not going to be something that will be a problem with just numbers, it will definitely be a problem depending on the power. China was a problem because of this, they are very powerful and considering how they were cornering the mining market, they’re banning miners was a big deal. These type of power struggles between nations could create a problem, not the amount of nations.

You actually have a good intellectual foundation about bitcoin, it's such a pity that some people still think bitcoin is used by scammers. Sometimes I frown on some comments in my local forums but I don't blame them, ignorant doesn't have cure if one doesn't have the right knowledge.
Bitcoin value is increasing at arithmetic mean if you compare its average growth time in 4 years. The halving have been good so far and I look forward to what will happen by 2024, perhaps we will see $100+k 

CBDC, DeFi, Fiat and etc still not going to replace the utlity of bitcoin since its completely decentralized but not completely anonymous so if you address of an exchange linked with your KYC then you may get tracked but government is not going to track everyone, even there are ways to avoid using the exchanges to buy bitcoin and eraces the traces of your transaction by sending them to legit mixtures.

I remember coming to use bitcoin for the first time and everyone was saying one of its purposes of bitcoin was that we could use  it as an anonymous user but with time this has changed as we have learnt that it's actually not.

About losing its purpose I don't think so, as crypto users we all have diverse reasons for using bitcoin, some use it as a form of money, some it's a form of asset that represents an investment ,list goes on, honestly this not be bundled up as one main purpose of using it.

Bitcoin is whatever the user wants it to be, it's just a tool, like a gun it can fire or not, like a piece of meat you can turn into steak or meatballs.

As mush, as I dislike the way BTC, is slowly turning in the views of many to something you need to hoard, keep it for 3 years and then sell and live a wonderful life with the gains you can't truly embrace bitcoin without understanding that you have to respect the choice of the owner, his keys, his bitcoins. I would love to see more usage daily, fewer coins on CEX and fewer dumps and pumps, less coins hoarded by companies just to be sold when the shareowners agree but that's on of the beauty of the system from one perspective.


All it takes is for the US and EU to ban it and the rest 200 can simply watch.
North America and Europe hold 57% of the global wealth, China 18%, and Japan 6%, what is left here?

Who is going to support the current price and usage, Somalia and Tokelau? What are you going to do without the western banks and services, how is the rest of the world even going to get coins when there are no more banks, cards, any other payment services accepting bitcoin or exchanges dealing with bitcoin? Revert to barter? Lol.

One must acknowledge, right now Bitcoin still has a lot to grow, from usage to userbase, it's still a tiny speck in the world, there is a long way before we can pick a fight with the current system with bitcoin alone. A very long way!

Those laws that are being passed is for making sure that people pay their taxes from crypto gains. The government doesn't even care as long as you give them a share of what they want. And bitcoin was never meant to be anonymous. I don't know why people keep on thinking that bitcoin is anonymous. Bitcoin was never made to keep you anonymous. Lets say you are making a purchase from a store and you made the payment with bitcoin. You are no longer anonymous. And the KYC is inevitable. It will happen no matter what.
This is what it has become now. A store of value.

Investors here in crypto have their own ways on how they can benefit from it. Most of such does it the usual way wherein as the price falls, they buy as much as they can and hold it. Bitcoin's real purpose is slowly fading as time passes by and as more people view it as just an another source of profit. The probability of having many countries banning it is still high specially now that China offically banned crypto mining within their territory and with consideration also with the influence they have over other countries. It will happen, one way or the other, but I'm pretty sure crypto, specially bitcoin will still prevail.

If you look at Bitcoin solely from the perspective Satoshi was talking about, then let's be honest that its invention never had its initial purpose - because most people didn't use it as a currency, but only as a speculative asset - and so it remained until today. Volatility from which BTC cannot escape (for now) is its curse that holds it firmly in its hand, and the occasional problems with transaction fees that can be quite high are always something lurking in the shadows.

When it comes to accepting CBDC or something, most people act like robots anyway and do everything the government programs them to do, so no matter how much better the alternative is than what they already have, we can't expect them to accept it.

I am fully aware that every country in the world has mechanisms to destroy Bitcoin to such an extent that it can only survive as something illegal - all it takes is to ban trade, mining, and payment for goods and services by law.

It may not be a good analogy, but let's look at what happens with vaccination against Covid-19 - some countries have started to restrict human freedoms to the extent that they forbid unvaccinated people to use public transport, enter shopping malls, theaters, cinemas... This will soon become the standard in most of the Western world, which only shows that governments always have the means to achieve their goal.

Well, one government will ban it, may be 2, or who knows 15-20 governments will ban the use of bitcoin or it's mining operations within their country. However, let us not forget the globe is big and there 200+ countries in the world. Though they might constitute of poor countries or underdeveloped countries then also world has around 25 Federal countries and many highly complex governments with mixed national constitution who are willing to support such modern crypto world. We dont need all of them to approve the use of bitcoin. Honestly, even few governments with green signal on crypto mining operation is enough.

Because people will surely move to that country with their mining operation base. There you go rest of the world can survive anonymously from any country and bitcoin still get to live further. 

to see the results of bitcoin we really need a long term, so that later bitcoin will be in accordance with what we have expected. with current evidence where bitcoin has shown its class so that more and more people believe in it, and if this positive sentiment continues then it could happen that the government will consider it more, so that bitcoin's function can be fully achieved

Currently kyc is being scammed so no one believes in kyc sites and everyone thinks it is better to stay away from this type of site. But there will be no such effect for bitcoin no one will exchange kyc regardless of the way bitcoin is centralized and decentralized bitcoin and popular currency in crypto corruption is directly linked to helpless citizens losing their hard earned money to fraudsters, further complicating the country's economic crisis. Many have lost money in register scheme trading and more recently in bitcoin trading and are still losing.

Here is some stuff from the article I want to address:
KYC is about documents, not about payments. And if it's about taxes, the analogy isn't exactly right (or, at least, not supposed to be) because the taxes go on developments of the infrastructure, subsidizing medicine and public transport, and other things like that that benefit you and others in the community. So it's not like your money goes straight into someone's pocket, and you only lose from it. At least, that's not the idea behind taxes, although corruption is a big problem in some countries, and a lot of money from taxes can go into someone's pocket. And as for prohibition, I don't think it was ever enforced so far, and the idea is also not that 'the neighbor' doesn't like someone, but that this person's a killer, rapist or other serious criminal.
Banning anonymous transactions or imposing huge taxes upon Bitcoin users is too harsh, but mild taxation and KYC required for pricey transactions (both for all fiat and for cryptos, of course) seem okay to me. So it's more about the degree than the action itself for me.

As an asset class, bitcoin is doing its job well enough.

It's a long term store of value, and not a short term store of value. If you want a short term store of value, look no further than the fiat that you are holding - it is guaranteed to hold a part of its value each day but also guaranteed to decline in value each day.

In that sense, regardless of how much short term price action is going on, as long as in the long run bitcoin's supply cap is not broken, it is doing its job.

it could be slightly loosing its purpose after the kyc came but before i dont remember that we have a kyc in bitcoin maybe because we only have p2p's and decentralize exchange before but now there are centralized exchange and they are more popular but many people use it and i dont think they care if btc slowly loosing its purpose or not but to us that care we can continue using the old way of trading our btc's .

Look, just like the dotcom bubble, I think that crypto is going through a similar phase of mania right now.

It is completely understandable imo. There is still a lack of real world usage cases for bitcoin despite all the traction that we've gained, so its purpose as a speculative asset still stands.

Look at this as a natural progression. It's inevitable that speculation will ensue before any large scale adoption of the asset the way it is intended.