Topic: Ready to admit bitcoin is a failure? - page 6. (Read 14645 times)

That is bitcoin the currency, not Bitcoin the protocol. Colored coins like Mastercoin or Damnedcoin are not restricted by known scarcity limitations. Scarcity is required for money, whether it's gold or quality services. That abundance model is defined by and relative to what consesus deems to have value. Colored coins can define those.

I hate to break it to you guys, but most crypto currencies are open source. Yeah, I know it will sound a surpise to you

lol, and everybody like open source
and bitcoin become mainstream

Bitcoin does not fit both models its value is a product of supply and demand, and no he isnt implying someone will dictate the best form of money, but what he does imply is the the scarcity model leads to control and manipulation.

Bitcoin fits both models. I hope he isn't implying that someone will dictate what is the best money for the whole world. That would simply be sophomoric.

It wont fail because its open source

If he did want to do a video about bitcoin it wouldnt have anything favorable to say. This is from Paul.

"1.The Scarcity Model: A single uniform quantity in limited supply made valuable by its own scarcity.
In other words, the value of this type of money depends on the supply of, and demand for, the money commodity itself. Conventional definitions of money define money only in terms of this model, a "medium of exchange". Examples are: cowries, gold and silver, fiat cash and coins, bank credit, and now, in the model's purest and most spectacularly speculative form, Bitcoin.

2. The Abundance Model. A promise of something specific from someone specific made valuable by its redemption in real production. The value of this type of money is defined by the promised redemption in goods and/or services. As such, this type of money is promises of an indefinite number of non-uniform commodities in indefinite supply and, unlike the limited quantity "coin" concept of money, the total quantity of these credits in circulation does not affect their value, because the value of a credit is defined by what its issuer will redeem it for in real goods and/or services. Examples are: business-to-business barter credits, customer rewards, travel points, discount coupons, mutual credit systems."

I don't subscribe to TA. There are many other predictive vectors like VC investment, technology development, politics, etc.

When you base your predictions for future price patterns ("Bitcoin went from $32 to $2 and then to $1000 so it will recover again and go to $5000"), somehow the dataset is not too small, but in this chart the dataset is not enough, although it covers all of Bitcoin's history. Makes perfect sense

There is no causal relationship between hashing and price. Any correlational relationship is purely coincidental. The price people are trading on is based on risky exchanges that people don't trust anymore after Mt Gox. You can claim anything you want, but your dataset is too small. Using the term "bankruptcy" is purely inflammatory.

Uhm. Bitcoin was just integrated into PayPal's Merchants Hub. A failure you say? gtfo

I can see mass bankruptsy of small miners in the chart below.
In the previous years the difficulty was clearly following the price of Bitcoin, now they have detached. The difficulty keeps growing as a result of massive investments by large mining farms, but the price keeps going down or sideways at best forcing small miners to switch off their equipment. You don't need to be a genius to understand what that implies. The pattern is not the same as in previous years, no matter what they tell you.

Well I judge a lot by the network difficulty.

I don't see that it dropped recently.

It would have to drop several times in a row weeks or months before I would say bitcoin is in trouble.

Over the long term (10 years or longer) certainly I think by the next time the reward halves to 12.5 btc a block I would expect a price boost.

More places and people are using bitcoin now than ever before.

That needs to continue to happen. 

Complaining because it is on sale makes no sense to me at all !!

(Unless you bought btc at $600 as an investment or something then like any investement take your lumps and go home)

For true believers in all the good things cryptocurrency can bring to the world I would say everything is doing just fine.

For people who bought in at whatever price hoping to retire this year you should have known that was not going to happen anyway.

He wanted to do a film about Bitcoin. Whatever happened to that?

It looks like you might already know, seems that you are familiar with a lot of paul grignons works I am sure you have heard of his proposal for a digital currency right?

His proposal wont grow as quickly because there is no gain beyond using an honest form of currency.

http://www.moneyasdebt.net/

Please describe how a currency might be such superior and how it will take off faster than bitcoin's network effect.

"If you build it, they will come" Do not wait for something to be developed for the community go out and fucking do it yourself you do not need permission.

we are getting PP now.. so id say mass adoption is coming

the solution to bitcoins transaction issue is the same as banks wire transfer issue.
in short, the solution for small scale consumer transactions is credit cards/offchain transactions. whilst leaving bitcoin-core nodes to be the equvelent to goldman sachs, HSBC big money movers in the background