Topic: The thing that will destroy Bitcoin. - page 4. (Read 7374 times)
Yeah. In the mean time bitcoin is growing like there is no tomorrow.
I hope that nothing stands in Bitcoin's way. But if anything is to destroy bitcoin it will certainly be another altcoin!
The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain.
No, if it happens it will be EMP. Anything else can be fixed much cheaper and faster.
If something can destroy bitcoin, than it is people's support , if people stop using bitcoin, supporting bitcoin, then bitcoin surely will destroy, but I don't think this could happen. More and more new people are getting into bitcoin every day.
Okay. From the comments we have more points. So far we have...
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. I agree with that
2. Working on it, it'll get it ok
3. Fees are incredibly low, just pay it xD
4. Nah with a fee it's really fast! It takes a few minutes for the first one.
I Would agree with you dude, We no need to pay big transactions fees in PayPal transactions or western union.
The problems in bitcoin is lack of awareness among the people If its reaches to all people Even same case If this also will come to the practice dude.
Yeah! Fees are like a few cents for hundreds dollars transactions! You pay much more in any other mean of paying.
The overall concept of bitcoin is just incredible.
My guess is there is no such that can or will destroy bitcoin. So haters go away.
Well yeah even if btc price drops or if number of bitcoiners drops, difficulty is here to keep things stable
at the moment the single greatest point of weakness in the bitcoin ecosystem is the concentration of mining in China. bitcoin is vulnerable to the POV of the Chinese government.
i quite like the 'distributed' model of 21 as a possible solution.
i quite like the 'distributed' model of 21 as a possible solution.
--snip--
Okay. From the comments we have more points. So far we have...
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
Okay. From the comments we have more points. So far we have...
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. SegWit in Bitcoin Core 0.12 can fix this problem, but some nodes still need download whole blockchain.
2. Ask miners & full nodes users to use fiber connection or better.
3. Increase block size, so transaction without fee can be confirmed faster.
4. Ask merchants to accept zero transaction as long as that transaction has recommended fee (0.0005BTC/KB).
The overall concept of bitcoin is just incredible.
My guess is there is no such that can or will destroy bitcoin. So haters go away.
I agree with that. It won't stay the only accepted crypto-currency, and it won't be the largest. With its feature rich structure, and its decentralised administration, it will remain the gold standard though.
Okay. From the comments we have more points. So far we have...
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. I agree with that
2. Working on it, it'll get it ok
3. Fees are incredibly low, just pay it xD
4. Nah with a fee it's really fast! It takes a few minutes for the first one.
I Would agree with you dude, We no need to pay big transactions fees in PayPal transactions or western union.
The problems in bitcoin is lack of awareness among the people If its reaches to all people Even same case If this also will come to the practice dude.
Yeah! Fees are like a few cents for hundreds dollars transactions! You pay much more in any other mean of paying.
The overall concept of bitcoin is just incredible.
My guess is there is no such that can or will destroy bitcoin. So haters go away.
The bitcoin is a legal property, so it is not destroyable by law without changing the law. It can only be destroyed by itself.
Okay. From the comments we have more points. So far we have...
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. I agree with that
2. Working on it, it'll get it ok
3. Fees are incredibly low, just pay it xD
4. Nah with a fee it's really fast! It takes a few minutes for the first one.
I Would agree with you dude, We no need to pay big transactions fees in PayPal transactions or western union.
The problems in bitcoin is lack of awareness among the people If its reaches to all people Even same case If this also will come to the practice dude.
Yeah! Fees are like a few cents for hundreds dollars transactions! You pay much more in any other mean of paying.
The overall concept of bitcoin is just incredible.
My guess is there is no such that can or will destroy bitcoin. So haters go away.
Okay. From the comments we have more points. So far we have...
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. I agree with that
2. Working on it, it'll get it ok
3. Fees are incredibly low, just pay it xD
4. Nah with a fee it's really fast! It takes a few minutes for the first one.
I Would agree with you dude, We no need to pay big transactions fees in PayPal transactions or western union.
The problems in bitcoin is lack of awareness among the people If its reaches to all people Even same case If this also will come to the practice dude.
Yeah! Fees are like a few cents for hundreds dollars transactions! You pay much more in any other mean of paying.
Okay. From the comments we have more points. So far we have...
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. I agree with that
2. Working on it, it'll get it ok
3. Fees are incredibly low, just pay it xD
4. Nah with a fee it's really fast! It takes a few minutes for the first one.
I Would agree with you dude, We no need to pay big transactions fees in PayPal transactions or western union.
The problems in bitcoin is lack of awareness among the people If its reaches to all people Even same case If this also will come to the practice dude.
Okay. From the comments we have more points. So far we have...
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. Blockchain size for storage and downloading;
2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;
3. Impractical confirmation time without a fee;
4. Unreasonably long confirmation time even with a fee;
5, (more?).
1. I agree with that
2. Working on it, it'll get it ok
3. Fees are incredibly low, just pay it xD
4. Nah with a fee it's really fast! It takes a few minutes for the first one.
Only temporary, when China Gov. decides to do own coin and take over existing mining power by politcal act. Maybe in combination with a >50% attack and massive short selling...
After that decentralisation might be better and trust might come back by time.
After that decentralisation might be better and trust might come back by time.
That will create a lot of chaos and huge dumps but I agree it may be for the best in the long run. Another way to see it is that if the dumps are too big it could damage Bitcoin irreversible if many people get burned all of a sudden, including many here hehe.
I am not sure this is going to happen.
Governements are not understanding bitcoin at all, let alone would they participate. It's just not the right sentiment now.
I'm not saying it will happen tomorrow, if happens at all. But the topic here comes down to the probability of a real Black Swan event and I estimate the joint prob of all three events up in my post ito be quite high. Much more higher than e.g. the CHF event from 15th Jan 2015 where the Swiss Nat Bank removed the floor...
I don't think there is anything that can destroy bitcoin, as bitcoin is raising at a moment and getting more popular worldwide, negative people are trying to destroy it but its never gonna happen.
Hm. I am surprised this is still up for discussion. Well, I must say that more than a million things would have to go wrong before Bitcoin is destroyed so let's keep our chins up and do what we have to do to stay positive.
Only temporary, when China Gov. decides to do own coin and take over existing mining power by politcal act. Maybe in combination with a >50% attack and massive short selling...
After that decentralisation might be better and trust might come back by time.
After that decentralisation might be better and trust might come back by time.
That will create a lot of chaos and huge dumps but I agree it may be for the best in the long run. Another way to see it is that if the dumps are too big it could damage Bitcoin irreversible if many people get burned all of a sudden, including many here hehe.
I am not sure this is going to happen.
Governements are not understanding bitcoin at all, let alone would they participate. It's just not the right sentiment now.
Only temporary, when China Gov. decides to do own coin and take over existing mining power by politcal act. Maybe in combination with a >50% attack and massive short selling...
After that decentralisation might be better and trust might come back by time.
After that decentralisation might be better and trust might come back by time.
That will create a lot of chaos and huge dumps but I agree it may be for the best in the long run. Another way to see it is that if the dumps are too big it could damage Bitcoin irreversible if many people get burned all of a sudden, including many here hehe.
Only temporary, when China Gov. decides to do own coin and take over existing mining power by politcal act. Maybe in combination with a >50% attack and massive short selling...
After that decentralisation might be better and trust might come back by time.
After that decentralisation might be better and trust might come back by time.
Underutilisation of resources will limit bitcoin (not destroy it). Fill the blocks, and do something about selfish miners.
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