Topic: Ready to admit bitcoin is a failure? - page 2. (Read 14645 times)

bitcoin isn't a failure, it was an idea which will lead to decentralization from government control.
right now the only problem with bitcoin is the PoW mining, this needs to be changed or altered so no entity can have control over the mining.

even if bitcoin fails, another 2.0 will take its place, so its still a success if the idea worked.

You could not be MORE wrong!!

At the moment Bitcoin as a whole is failing.

Bitcoin  as financial transaction is not failing at all. It is actually thriving, it does exactly what it is supposed to do. It is a wonderful adaptation to our current transaction processes. If more and more people keep adopting its usage, it can only grow stronger.

The value of bitcoin however is failing drastically.

Why is the value so important? and how does this effect the overall success of bitcoin?

Very simple

Miners need a good value to make mining profitable, ( unless you know an electric company who accepts bitcoins as payments they need cash to pay the bills)  if the value of the coin becomes so low it is no longer profitable to mine, BOOM instant failure, no miners means no transactions getting processed , if no one is processing transaction the coin fails.

So you see the value is just as important as the structure behind the transaction protocol

Allow me to help you, by the end of December price will be below 100 dollars USD a coin, ( because of the bi-weekly merchant dumps that have been happening over the past 5+ months) at this point a your transactions will become much slower as a lot of the miners will have turned their machines off. This price will attract some of the idiot high dollar investors and by February we will be back close to 300 dollars again if we are lucky, at which time miners will begin to turn their machines back on.

Unfortunately this process will not fair well for bitcoin, if transaction times become longer it will begin to deter new users from keeping the coin after adopting it. It will give the coin a bad reputation and all this work people are putting in to getting the coin adopted by more merchants will be futile. This is not 5 years ago, Bitcoin is no longer in its infancy, this is the determining stages of the coins future. Difficulty is to high to play the same games the developers have played the past 5 years, if they dont get their heads out of their asses we are all going to lose.

Lets put more concentration on creating a real demand for the coin and not worry about more coin dumping merchants picking it up right now. If there is a true honest demand for the coin people are going to buy it faster than if they want a computer from dell who takes both cash or BTC. merchants do not secure its success, creating transactions can only go so far. having something no one else has and having to use bitcoins to get it, now thats a demand that makes people have to get bitcoins

I would still say it's very hard to predict what is going to happen 5 or 6 months down the road even for a short period. Anything can still happen. The price might just collapse into the dumpster or very well shoot beyond expectation leaving everybody crying out in awe "i should have bought more". Anyway lets see what is going to happen before making a conclusion right now when things are still moving very very fast

Agreed. The simple fact 100k plus real world businesses and growing are developing infrastructure for it, governments have held hearings on it, fbi has auctioned it, that more and more consumers are learning about it and buying it - that's success if there ever was any.

Failure?

Unless and until bitcoin is doing worse than myspace, don't write it off just yet. There's more to bictcoin tech than whether or not some sleazy market trader gets to jack with the market price. Speculation was never bitcoin's purpose so if the day traders lose, tough shit.

We should stop measuring success or failure in terms of the market price. 

Its NOT a failure! $444AUD Per coin is not a failure even $200 per coin isnt

BTC is a success so far. You can buy more things with it.

LOL! Too true!  

At the beginning of this thread, there were mostly just superficial one line responses to the incendiary topic title and then it started to heat up and move toward the usual slugfest. Not sure what anyone else thinks but I always prefer thread evolution to slugfest rather than crappy one liners.

I dont plan on asking the government if it gives a fuck if i take away its control mechanism. The government can suck a dick. I am not asking for permission to change the world. Did napster ask the music industry what it thought about file sharing? did Uber ask the government if it could avoid its burdensome regulations?.. the governments dont fear bitcoin because it cant change the status quo. I am talking about giving them something to fear.   

But I don't think that has ever been on the table. No responsible government is going to risk their economy on bitcoin. Maybe in 20 years, but I can't see it happening anytime soon.

I've seen this so many times here. Bitcoin isn't working for you therefore it isn't working. There are so many different reasons to use Bitcoin. Speculators want volitility for profit, some early most late adopters want to see a massive increase in price for profit, antiestablishment types want to see it replace fiat to end government misuse of funds, humanitarians want it used in Africa to end oppressive control of the poor, exchanges want to reap their steady profit, businesses want to accept it to increase their sales, criminals want to use it as a new method of stealing from simpletons, gamblers want to use it to skirt around local gambling laws and so on and so on. The truth is it will never work for everyone forever. If you're one of the antiestablishment types you may never get your wish but that doesn't make it a failure for everyone.

What the hell?  The fact that 1 BTC = 1 BTC now and forever says nothing about value.   All that 1 BTC = 1 BTC means is that bitcoins are fungible.  USD is also fungible since $1 USD = $1 USD.

So far, Bitcoin sucks as a store of value in the sense that it's highly unpredictable.  A year from now, if I asked you to predict the purchasing power of both BTC and USD, you will find it easy to make a reasonable prediction about USD but not BTC.  Just look at the threads on this forum predicting that the value of a bitcoin will range from $0 to >$10,000 in a year's time.  If there's that much difference of opinion, then right now it's fair to conclude that, at least right now, BTC is anything but a safe haven for your purchasing power.

It's stored it's value perfectly. I bought several 1 bitcoin and I still have 1 bitcoin. Whatever you paid for it is your problem and the fiat worth of it has nothing to do with bitcoin itself. I suggest you invest in fiat money or something if you're worried about this stuff. Don't buy any stocks and shares either.

Is it working perfectly fine as a store of value for you? how about anyone else who bought or was paid for labor in the last 10 months with bitcoin?

I'll admit it's a failure when it actually fails. At the moment it seems to be working perfectly fine for me.

Bitcoin price dropping is not a signal of its failure.

Bitcoin price crashing ALONG WITH every single bitcoin business closing down, throwing in the towel - coinbase, the exchanges, blockchain, the bitcoin cons, wallet services, mining services - all that shit signals the end of bitcoin - at least as far as mainstream...but it's unlikely to ever fully be gone because it's too useful and solves real world problems.

Bitcoin price dropping over warped shit in the news...just consider it a Sale and go shopping.

I see a lot of others are all in and going down with the ship, any descent is treason... I support digital currency in fact I think it is the most important thing that we could achieve in our life times.. That is why I hate to see so much wasted time and effort on a concept that cant work. I dont have a profit motive.. I know that is unfathomable around here but I am not in digital currency for personal enrichment. I dont say it is a failure because it hasn't made me rich, I say it is a failure because it cant replace government issued fiat.  

Even BTC was already years old, I think it is still early to say that there will be no mass adoption. Anyting can happen for the next years in terms of technology and currency. IMO

Bitcointalk didn't change much over the years. It's the same trollfest as it was.

No I never had a profit motive, I only want to profit when I provide value to other people. I did buy in at 12 dollars each and many many other prices, but I only bought and sold coins. I wanted to make money by providing a service (liquidity). I made 12k profit buying and selling coins and I also grew my credit score by financing a mining rig and paying it off.