Topic: Ready to admit bitcoin is a failure? - page 8. (Read 14645 times)
Where were all the naysayers when bitcoin went from 35 dollars to 2 dollars in 4 months? then sat at 4 dollars for like 6 months... I think too many people are too anxious and want mass adoption yesterday. this will take time, I personally think its ahead of schedule..
OP is an idiot. Just look at the price and volume a year ago compared to today.
Volume is down compared to a year ago price will be down shortly.
https://blockchain.info/charts/estimated-transaction-volume-usd
OP is an idiot. Just look at the price and volume a year ago compared to today.
100% wrong. There is nothing about a deflationary currency that guarantees anything about the price.
Just to clear this up, deflationary currency is worth more vs goods over time, that's the definition. 2014 has been an inflationary year for bitcoin. Increasing money supply does not in and of itself guarantee inflation, and neither does having a fixed supply guarantee deflation.
Smarter than most around here. Realizes that inflation/deflation is a function of both supply and DEMAND!
a failure?
you kidding?
there is a technology in betatest which is expanding really fast
no failure I think
you kidding?
there is a technology in betatest which is expanding really fast
no failure I think
100% wrong. There is nothing about a deflationary currency that guarantees anything about the price.
Just to clear this up, deflationary currency is worth more vs goods over time, that's the definition. 2014 has been an inflationary year for bitcoin. Increasing money supply does not in and of itself guarantee inflation, and neither does having a fixed supply guarantee deflation.
I found this chart to be the best description of bitcoin's use so far, everyone would understand without difficulty
The dollar being shit isnt a defense of bitcoin being shit. Do the same chart over the last 10 months, fuck do it over the last 2 months, The dollar is up and bitcoin is way down.
* only sick people would want to support and protect pedophiles.
Only sick people use technology to judge and kill.
Named now : the drones.
Other word is genocid.
Bitcoin is inherently deflationary on the final equation, the price can only go up
and most us dont actually just think of price when Bitcoin
only when you are buying other interesting alternatives, like Monero.
and most us dont actually just think of price when Bitcoin
only when you are buying other interesting alternatives, like Monero.
100% wrong. There is nothing about a deflationary currency that guarantees anything about the price.
I found this chart to be the best description of bitcoin's use so far, everyone would understand without difficulty
It's the decentralized thing we are talking about. Although there are groups advocating pos, i don't think we can implement it just like that. Plus not many would agree to pos. So how do we fix the decentralized issue and still maintain the hash rate
I personally think bitcoin has much more systemic issues than the way it is mined. I think you solve the decentralization issue by taking away the financial incentive to controlling the network and supply of coins.
you realize Quark solved all of this 12 months ago don't you?
test my tiny knowledge on this, i don't have to write as its conveniently been written a 100 times.
Just wondering how many people are ready to admit that it isn't gonna have main stream adoption?
I want to talk about why and what can be changed to fix bitcoin, but first we have to admit there is a problem.
I want to talk about why and what can be changed to fix bitcoin, but first we have to admit there is a problem.
everything is perfect protocol and code wise.
we just need the central authority and the global ID system, then it's totally complete.
we can call the Central authority something, something "consensus"
ID system will be a "safety verification system" to protect kids from pedophiles etc,
who doesn't want to do that?
basically if you don't support the verification system you support pedophiles.
* only sick people would want to support and protect pedophiles.
If a coin has both PoS and PoW, is it more difficult to attack?
I've not considered that before...but my first reaction is no;)
Just wondering how many people are ready to admit that it isn't gonna have main stream adoption?
I want to talk about why and what can be changed to fix bitcoin, but first we have to admit there is a problem.
I want to talk about why and what can be changed to fix bitcoin, but first we have to admit there is a problem.
Why concede defeat when we've only just begun? The mainstream population needs more incentive to use bitcoin. Give it time. If you haven't noticed, the infrastructure is being built.
"Build it and they will come".
I agree with this statement.
I'm ready to admit it.
Well bitcoin is not failing, the use of bitcoin is currently problematic.
1. Merchants accept bitcoin as payment option, but include no incentive for consumers to adopt it. Whatever BTC they get are converted to fiat.
2. Bitcoin hoarders go on spending spree's to support new merchants adopting the currency and flood the exchanges, pushing the price down.
3. In most countries it's too difficult to buy bitcoins. {ATM's only availlable in big cities}
4. Most of the mayor bitcoin buying, that can push the price up, are not done on exchanges. {The price of bitcoin are determined on exchanges}
So making small changes, can make a huge difference.
1. Merchants accepting BTC only have to start introducing discounts on products that are in high demand. {People would start to use bitcoin for lower prices}
2. Hoarders should do what they do best... "Hoard" and resist buying things on impulse.
3. Consumers should be able to buy BTC anywhere. {Build technology into POS systems, so that people can buy BTC at shop counters at the till, like they buy airtime}
4. People should not avoid exchanges. {Yes the requirement to validate your identity at the exchange is ridiculous, but at some point, you should push some coins there}
This will have a mayor influence.
1. Merchants accept bitcoin as payment option, but include no incentive for consumers to adopt it. Whatever BTC they get are converted to fiat.
2. Bitcoin hoarders go on spending spree's to support new merchants adopting the currency and flood the exchanges, pushing the price down.
3. In most countries it's too difficult to buy bitcoins. {ATM's only availlable in big cities}
4. Most of the mayor bitcoin buying, that can push the price up, are not done on exchanges. {The price of bitcoin are determined on exchanges}
So making small changes, can make a huge difference.
1. Merchants accepting BTC only have to start introducing discounts on products that are in high demand. {People would start to use bitcoin for lower prices}
2. Hoarders should do what they do best... "Hoard" and resist buying things on impulse.
3. Consumers should be able to buy BTC anywhere. {Build technology into POS systems, so that people can buy BTC at shop counters at the till, like they buy airtime}
4. People should not avoid exchanges. {Yes the requirement to validate your identity at the exchange is ridiculous, but at some point, you should push some coins there}
This will have a mayor influence.
Just wondering how many people are ready to admit that it isn't gonna have main stream adoption?
bitcoin not working.
it will work when people need it ...
i'm not the people.
i read the law and read information from my country.
so ?
when people migrate to bitcoin ... well, i'm transform in an early adopter.
and trust me, P2P system is not complicated.
people, after 5 years known the term utorrent or emule ... napster, kazaa, morpheus, vuze, bitcomet, etcs ... like click on Mozilla Firefox.
people evolve by hard and fast process : the hole of lack of help.
when banks crashs ... they will evolve.
stop.. Just stop.. How the he'll could you expect anyone to short sell 51% of any currency? Selling 5% of any coin, maybe even bitcoin would crush the markets to zero.. Then you got everyone else selling too.. Don't be stupid if you tried that with nxt it would probably cost you more than the entire marketcap of nxt in loses. You would have to drive the price up by probably an order of magnitude and then dump it to zero.. No one in their right mind would do that or even have the money to do it. By the time pos is a threat to fiat it would probably be impossible for even the US government. Then you have to ask, would 51% even be up for sale? How do you know you could even acquire over 50% of staking coins?
There are other ways to acquire a lot of coins. Image what would happen if one or two large exchanges decided to attack a pos coin?
The chance of successful attack can be small, but that doesn't mean we can ignore it.
BTW you've no idea how the coins are distributed among people, have a look at this :
http://bitinfocharts.com/en/top-100-richest-ppcoin-addresses.html
The top 26 addresses have 42% of all ppc, and we don't know whether they belong to 26 people. What if someday they decided that ppc is not good enough for them? They can easily destroy ppc.
For pos coins, coins == power, the rich guys make the rules and you obey. You want to participate in the game? PAY THEM to get more coins.
In the case of POW coins, you never need to pay the rich guys to participate in the game.
So to be honest, I tend to take POS 'coins' as shares, POW coins are real coins.
If a coin has both PoS and PoW, is it more difficult to attack?
"You can kill a man,(Satoshi -Bitcoin) but you can't kill an idea."
I know I am telling the congregation that Jesus was just a man.. when I say bitcoin is a failure in this forum, but was hoping there would be a few people who could see the light.
First, I agree with you that Jesus was just a man. Just a regular religious jew in fact who adhere to judaism that led a movement to overthrow the Roman empire that somehow turned into what we know now as christianity but has never in his entire lifetime preached christianity or even know what the heck is christianity but judaism which is his original religion and nothing more. But I digress. Something that is a failure means no one wants anything to do with and would likely be forgotten and buried and moved on to other things. Apple Lisa was a failure. Microsoft Zune was a failure. Nokia N-gage was a failure. THQ uDraw was a failure. Bitcoin? Infrastructure is expanding, merchants are adopting, VCs are investing, people are buying, how can that be possibly be categorized as a failure?
"Infrastructure is expanding, merchants are adopting, VCs are investing, people are buying, how can that be possibly be categorized as a failure?"
Merchants adopt to get the press coverage but their sales are pathetic, VC are not investing at least not for the last 10 months those guys make money not through it down a hole, Fools might be buying but I doubt it no one wants an asset that loses 60 percent of its value in a few months
https://blockchain.info/charts/estimated-transaction-volume-usd?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
Considering the price was just $124 exactly one year ago it has gained almost 325% I don't know how you can call that losing. You must be a troll
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