Topic: It's going to be cute when bitcoin shatters and gets destroyed (Read 9249 times)
I can agree to this to an extent, however, I do not see it simply crashing and burning. I see it sitting at a steady price once the government is able to control it, and that 'steady price' won't be very expensive.
November 22, 2013, 01:22:01 AM
Bump. Is Bitcoin a scam?
The definition ( im sure you understand ) of a Ponzi scheme is to pay existing term deposits with new investors .
So no it does not fit the bill .
Plus I have tried to explain the other information vectors but it seems to get lost a lot in translation, so instead perhaps maybe we will see these things happening in the future .
November 22, 2013, 12:14:43 AM
...BitCoin: about 80K transactions with 1 confirmation taking a bit over 2 hours.
Take it from someone that used to run a store that accepted a lot of credit card transactions. Even though BitCoin is a bit slow to hit 6 confirmations, as a merchant (not an average user) you still get your money way faster than you do if someone is paying with a credit or debit card. A normal merchant has to wait 24-48 hours depending on the time of day they batch out their credit card terminals before their merchant service provider will ACH them that money and it lands in their account. If you're doing online sales then chances are you're going to loose 2-3% of that transaction to the credit card company as well.
I'd rather accept BitCoin or another alt-coin any day of the week.
November 22, 2013, 12:13:00 AM
Speed of transactions is not the significant factor retarding BitCON's adoption for more transactions.
The primary factor is that BitCON is not widely distributed in the population of 7 billion.
Thus only merchants who have a high concentration of BitCON owners are incentivized to accept BitCON, e.g. drugs at CrimeSite, domains at CheapName, vpns at ShoreOffUpYours, etc..
The distribution problem is also why BitCON is a ponzi scheme.
The primary factor is that BitCON is not widely distributed in the population of 7 billion.
Thus only merchants who have a high concentration of BitCON owners are incentivized to accept BitCON, e.g. drugs at CrimeSite, domains at CheapName, vpns at ShoreOffUpYours, etc..
The distribution problem is also why BitCON is a ponzi scheme.
Ive always said that basically , but hey ...
November 21, 2013, 11:48:10 PM
Ohh noeeez I said the unthinkable to the bitcoin fanboys, that bitcoin will get destroyed by whatever coin comes out that will make this dinosaur obsolete.
Because wait please explain to me the benefit of waiting 30 hours to make sure my order is confirmed instead of a few seconds using a credit card? Anonymity!! Guess what when bitcoin becomes "mainstream" which it never will for the very fact that it takes forever to confirm any normal transaction.
The mainstream places are going to ask you for personal information, like Amazon, Walmart, whatever company you can think of, so it basically becomes a nice tracking tool to track every single transaction you ever make in your life, as they have your name and address and can match your bitcoin wallet.
But those are flaws in all crypto currencies, people celebrate them for freedom yet they fail to realize that they will be the most sinister, draconian tool of control even invented. Why do you think big government loves crypto so much, and are passing regulations to make it legal in their frameworks.
They know once they have the infrastructure in place they can track every single transaction that a person makes, and in the process they would have eliminated "cash" the only true form of anonymity.
Back to bitcoin though, Bitcoin is basically AOL dial up internet, waiting to be destroyed by Time Warner high speed cable. Bitcoin can't compete in the real world of instant transactions, hence it will never be used for anything of importance main stream.
As soon as a new crypto currency comes out that offers true instant transactions, Bitcoin will be dead, there is actually a coin coming out just around the corner, you'll all know of it soon enough, which will dominate crypto and won't be replaced by anything even remotely soon after, as it solves all Bitcoins problems. Any coin that tries to compete with it won't matter, as they will only be marginal improvements and not worth the "mainstreams" time to implement them.
It will have first mover advantage and keep it, Just like Visa and Mastercard. There will be clones trying to compete but they won't get anywhere as they will only offer marginal improvements which people won't bother or waste their time with. Just like the countless payment clones to the major payment processors, nobody gives them any attention.
Laugh, Cry, Hate, or Love just know this will all happen, and you have been forewarned.
Because wait please explain to me the benefit of waiting 30 hours to make sure my order is confirmed instead of a few seconds using a credit card? Anonymity!! Guess what when bitcoin becomes "mainstream" which it never will for the very fact that it takes forever to confirm any normal transaction.
The mainstream places are going to ask you for personal information, like Amazon, Walmart, whatever company you can think of, so it basically becomes a nice tracking tool to track every single transaction you ever make in your life, as they have your name and address and can match your bitcoin wallet.
But those are flaws in all crypto currencies, people celebrate them for freedom yet they fail to realize that they will be the most sinister, draconian tool of control even invented. Why do you think big government loves crypto so much, and are passing regulations to make it legal in their frameworks.
They know once they have the infrastructure in place they can track every single transaction that a person makes, and in the process they would have eliminated "cash" the only true form of anonymity.
Back to bitcoin though, Bitcoin is basically AOL dial up internet, waiting to be destroyed by Time Warner high speed cable. Bitcoin can't compete in the real world of instant transactions, hence it will never be used for anything of importance main stream.
As soon as a new crypto currency comes out that offers true instant transactions, Bitcoin will be dead, there is actually a coin coming out just around the corner, you'll all know of it soon enough, which will dominate crypto and won't be replaced by anything even remotely soon after, as it solves all Bitcoins problems. Any coin that tries to compete with it won't matter, as they will only be marginal improvements and not worth the "mainstreams" time to implement them.
It will have first mover advantage and keep it, Just like Visa and Mastercard. There will be clones trying to compete but they won't get anywhere as they will only offer marginal improvements which people won't bother or waste their time with. Just like the countless payment clones to the major payment processors, nobody gives them any attention.
Laugh, Cry, Hate, or Love just know this will all happen, and you have been forewarned.
Not that you don't have some good points in here, but the sarcasm makes it hard to digest.
November 21, 2013, 11:43:28 PM
@op
i agree
i agree
November 21, 2013, 10:42:06 PM
Bump. Is Bitcoin a scam?
November 20, 2013, 02:27:54 PM
The burden of proof (that your software is not just a scam) is on you. Your assurances that it's not a scam can in no way be considered proof. Perhaps the simplest way to prove it is to release the source code (which must be buildable by those receiving it). If you can think of another way to prove it, go ahead. Until then, don't expect anyone on this forum to just blindly run your software.
I guess the technologically advanced people on this forum, haven't heard of virus scanners lol, or real time virus protection even on running programs. It's fine if you don't understand the risks of running unknown binaries without sandboxing, or the scope of virus scanning: they are not things everyone needs to know. But when you are in that position please don't just make things up, that's just irresponsible.
November 20, 2013, 01:30:12 PM
Question about emunie
As for the presale, its not about making me any money, I don't need it....its what is required to run a stable currency from the start.
I have a question about the demand based supply, as I'm sure other potential investors do too. If the point of the demand based supply is supposed to keep the price stable and avoid minimal fluctuations (correct?) what do I stand to gain from taking a big risk and investing my money by buying the currency? If the price is designed to remain stable how do I justify the lack of big potential payoff for the risk of investing?
As we all know in the early stages for a crypto currency actual usage for products and services is extremely limited and adopters are mostly drawn in by the investment potential. Once enough investors have been drawn in the coin gains critical mass and then there's enough people holding the coin to make it worthwhile for services to accept payment for it etc. This is what happened with Bitcoin and is happening with Litecoin.
Interested to hear your thoughts on this. My take on it is that you should not introduce a system to stabilise the price until after the coin has been very well distributed amongst adopters... Or perhaps incrementally increase the strength of the stablisation process... so the effect doubles in strength every interval.
(repeating this because I think you missed it in the other thread. Cheers)
As for the presale, its not about making me any money, I don't need it....its what is required to run a stable currency from the start.
I have a question about the demand based supply, as I'm sure other potential investors do too. If the point of the demand based supply is supposed to keep the price stable and avoid minimal fluctuations (correct?) what do I stand to gain from taking a big risk and investing my money by buying the currency? If the price is designed to remain stable how do I justify the lack of big potential payoff for the risk of investing?
As we all know in the early stages for a crypto currency actual usage for products and services is extremely limited and adopters are mostly drawn in by the investment potential. Once enough investors have been drawn in the coin gains critical mass and then there's enough people holding the coin to make it worthwhile for services to accept payment for it etc. This is what happened with Bitcoin and is happening with Litecoin.
Interested to hear your thoughts on this. My take on it is that you should not introduce a system to stabilise the price until after the coin has been very well distributed amongst adopters... Or perhaps incrementally increase the strength of the stablisation process... so the effect doubles in strength every interval.
(repeating this because I think you missed it in the other thread. Cheers)
November 20, 2013, 04:58:16 AM
I see a big opportunity for various kind of coin mixing service
November 19, 2013, 08:08:58 PM
I run it on a desktop that does nothing besides going to run emunie. You don't need to run it on a computer where you have personal stuff or important stuff. I understand what you are saying but that's not common sense. Missing out on a crypto currency that might be the future over something silly as setting up a VM or running on a computer with no important information?
I think I was pretty clear: With the evidence at hand I consider the possibility of emunie being the future of crypto currencies so unlikely that it's not worth much work or risk. Much like I don't worship the Flying Spaghetti Monster, even though doing that _might_ save me from damnation if it turns out Pastafarianism truly was the one true religion.When the details are out I'll take another look. Until then, good luck to you (and may His Noodly Appendages bless you)
I tried to study it and gave up. But I am not going to bag on it. Let them bring to market and if they write a comprehensible whitepaper, I may look again.
What a reasonable human being does.
November 19, 2013, 08:07:07 PM
Not everything is about money you know, I don't need to get rich from this, I have enough for my own needs, and I could quite easily go and earn 6-7 figure yearly incomes from contracting and consulting, but I chose to do this, because I believe I can do something better!
However, an endevour such as this I can not fund myself entirely...I've paid for the development, I do this 24/7 and live off money I have earned in the past, I wont be holding anywhere near the majority eMu when it is launched, infact I'll be a minor holder.
Crypto nerds are not my one and only demographic, sorry to point this out, but BCT isn't the center of the world. There are another 7B people on this planet outside of this forum, THEY are demographic that matter for success and to grab their attention will cost a lot more than I personally have available to invest, even if I used it ALL. If I could I'd love nothing more to self fund entirely, but I can't.
Sometimes great things need a show of faith and external support past the person attempting it, otherwise we are all stuck in the dark ages.
Bitcoin isn't meant to be only used by the Crypto nerds either. But to burst your bubble, you're probably stuck with us in the beginning. However, an endevour such as this I can not fund myself entirely...I've paid for the development, I do this 24/7 and live off money I have earned in the past, I wont be holding anywhere near the majority eMu when it is launched, infact I'll be a minor holder.
Crypto nerds are not my one and only demographic, sorry to point this out, but BCT isn't the center of the world. There are another 7B people on this planet outside of this forum, THEY are demographic that matter for success and to grab their attention will cost a lot more than I personally have available to invest, even if I used it ALL. If I could I'd love nothing more to self fund entirely, but I can't.
Sometimes great things need a show of faith and external support past the person attempting it, otherwise we are all stuck in the dark ages.
I'll show faith in the software when it can be thoroughly inspected , not in the person who made it and can tell us anything. Avoiding dark ages through blind faith isn't the best option if you look up some history books.
Yeah well I guess your the minority as billions of people show faith in Microsoft, & Apple, and every other closed source software in the world.
November 19, 2013, 08:00:32 PM
Yeah lets hang around here for 6 months, and create something totally new just to scam you guys...seriously...if the goal was to scam I could of done that back in May with all the Alt Coin surge.
I guess instead of using common logic its just much easier to point fingers and form wild accusations.
The burden of proof (that your software is not just a scam) is on you. Your assurances that it's not a scam can in no way be considered proof. Perhaps the simplest way to prove it is to release the source code (which must be buildable by those receiving it). If you can think of another way to prove it, go ahead. Until then, don't expect anyone on this forum to just blindly run your software.I guess instead of using common logic its just much easier to point fingers and form wild accusations.
I guess the technologically advanced people on this forum, haven't heard of virus scanners lol, or real time virus protection even on running programs.
November 19, 2013, 07:48:02 PM
Here's an insider secret for you: software is never "ready".
So true.
I just saw the following on this forum and the irony of it caused me burst out in laughter with BTC at $600 - $900:
Quote
Advertisement: Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
November 19, 2013, 07:39:11 PM
Do you mean that the more one talks about an altcoin, the more interest it gets?
Or are you implying something negative about me?
Or both?
Or are you implying something negative about me?
Or both?
Neither, I meant sarcastically exactly what I said.
Oh then same to you
I loves ya Atlast
November 19, 2013, 07:27:48 PM
Do you mean that the more one talks about an altcoin, the more interest it gets?
Or are you implying something negative about me?
Or both?
Or are you implying something negative about me?
Or both?
Neither, I meant sarcastically exactly what I said.
November 19, 2013, 07:07:35 PM
I will aggressively out any scam coin in order to keep the market open for bonafide altcoins.
Oh I am sure that is going to work well.
Do you mean that the more one talks about an altcoin, the more interest it gets?
Or are you implying something negative about me?
Or both?
Or perhaps my definition of "scam" was not well defined. I don't mean I disagree with the features or design. I mean some kind of pump & dump. I also mean spreading misinformation about other coins as a marketing ploy. For example, claiming the Bitcoin never has 0-confirmation transactions. That is dishonest or naive.
I put my alleged Transactions Withholding Attack in Bitcoin to the test of all who want to try to refute me. So I can't be accused of misinformation.
P.S. the OP of this thread does not back up the sensational title of the thread. That might be one reason fanboys are justified. However, I find that even when I present them with compelling arguments on sensational claims, they indiscriminately act the same butt hurt way. I guess all of this is the way we male apes compete and get things done?
Maybe fanboys have a built-in BS meter and it is permanently pegged at 100% because they've seen too much BS in the altcoins, bitcoin allegations, etc. I could understand that actually.
November 19, 2013, 07:06:15 PM
Please don't me regret writing that, and make a scam coin.
I will aggressively out any scam coin in order to keep the market open for bonafide altcoins.
I will aggressively out any scam coin in order to keep the market open for bonafide altcoins.
And so you should highlight these dis-honest alts.
I guess I shouldn't take offense so easily, and usually I don't, it's been an unusual day so apologies for my "fly off the handle" behaviors this evening...this crypto arena is RIFE with scams so a lot of default standpoints are going to be doubt.
November 19, 2013, 07:03:57 PM
I will aggressively out any scam coin in order to keep the market open for bonafide altcoins.
Oh I am sure that is going to work well.
November 19, 2013, 07:02:45 PM
Please don't me regret writing that, and make a scam coin.
I will aggressively out any scam coin in order to keep the market open for bonafide altcoins.
I will aggressively out any scam coin in order to keep the market open for bonafide altcoins.
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