The thing that will destroy Bitcoin. - page 5.

socks435

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Quote from: EdenHazard on February 20, 2016, 12:20:09 PM

Quote from: BADecker on January 29, 2016, 09:43:43 PM

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?

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?).

the only thing will destroy bitcoins is dooms day. that 4 idea is good,but not sure its can be make bitcoin long life,maybe if bitcoin regulated and accepted in some country as main currency,it will save bitcoins.

Yeah i think bitcoin will still alive and it will never die.. Unless if we all die or internet will be disappear so we can't use internet.
Bitcoin has a good future and it will be popular in every country. We just wait or the near future we will see the bitcoin still alive..

EdenHazard

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Quote from: BADecker on January 29, 2016, 09:43:43 PM

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?

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?).

the only thing will destroy bitcoins is dooms day. that 4 idea is good,but not sure its can be make bitcoin long life,maybe if bitcoin regulated and accepted in some country as main currency,it will save bitcoins.

AGD

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Keeper of the Private Key

Quote from: phreaky on February 15, 2016, 11:01:58 AM

Quote from: AGD on February 15, 2016, 10:33:53 AM

Quote from: RustyNoman on February 15, 2016, 06:33:20 AM

If the community is not unified, there is a chance that bitcoin to be destroyed from within. Government agents or terrists can infiltrate.

Will you do a write up on "How to infiltrate Bitcoin as a terrorist"?

So IS is going to buy more miners than China to infiltrate the network? Or can you explain how they could actually DO infiltrate Bitcoin instead of spreading some smattering that you caught somewhere on the net?

I think criminals can do that. Or the world economy can do that too. It depends on the time and what is happening.
You never know what can happen later. Maybe the world is going or something. It so unpredictable to the future.

blunderer

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Quote from: mtnsaa on February 15, 2016, 11:33:09 AM

... I think Bitcoin should reinvent itself and focus on what I think was its first intention, virtual gold. ...

FFS, read at lest THE TITLE of Satoshi's white paper.
https://bitcoin.org/bitcoin.pdf

mtnsaa

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I'm glad more users here are actually discussing and criticizing Bitcoin current state. These are the steps that must be done in order for it to improve no so many empty praises from signature campaigners (I should know I'm one of them) praising Bitcoin like it's the second coming while at the same time it's impossible for a common person to choose it over any other method (Paypal, CCs, etc).

I think Bitcoin should reinvent itself and focus on what I think was its first intention, virtual gold. As a payment system is completely useless in my opinion, at least for everyday life. Confirmations take forever, it's a complete hassle, having to convert decimals all the time, who needs that when you have Paypal or a simple credit card swipe right? But as a commodity it has a lot of potential, so much more than we can imagine.

buyinbtc

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CryptoTalk.Org - Get Paid for every Post!

i don't think that bitcoins will be destroyed, i mean too many people knows about them, so it would be hard to destroy it

phreaky

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Quote from: AGD on February 15, 2016, 10:33:53 AM

Quote from: RustyNoman on February 15, 2016, 06:33:20 AM

If the community is not unified, there is a chance that bitcoin to be destroyed from within. Government agents or terrists can infiltrate.

Will you do a write up on "How to infiltrate Bitcoin as a terrorist"?

So IS is going to buy more miners than China to infiltrate the network? Or can you explain how they could actually DO infiltrate Bitcoin instead of spreading some smattering that you caught somewhere on the net?

I think criminals can do that. Or the world economy can do that too. It depends on the time and what is happening.
You never know what can happen later. Maybe the world is going or something. It so unpredictable to the future.

AGD

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Keeper of the Private Key

Quote from: RustyNoman on February 15, 2016, 06:33:20 AM

If the community is not unified, there is a chance that bitcoin to be destroyed from within. Government agents or terrists can infiltrate.

Will you do a write up on "How to infiltrate Bitcoin as a terrorist"?

So IS is going to buy more miners than China to infiltrate the network? Or can you explain how they could actually DO infiltrate Bitcoin instead of spreading some smattering that you caught somewhere on the net?

RustyNoman

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If the community is not unified, there is a chance that bitcoin to be destroyed from within. Government agents or terrists can infiltrate.

jkrules

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I don't think anything can destroy bitcoin as it is becoming more popular day by day, and people are positively adopting it, till it keeps on getting support from the society, no one can destroy it.

Jemzx00

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Be nice!

I think block chain being fully loaded is not that problem since blockchain could just make a lot of servers or there will be a new company from which bitcoin is being controlled and soon be combined with blockchain ... But what I think that will destroy, ruin .. bitcoin will be the internet itself since for all we know internet is an untrusted thing from which anyone who know that can manipulate it will manipulate it..

Nemesis099

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Bitcoin will be destroyed by some new and innovative currency that will take birth in future, till then there is nothing that can destroy bitcoins, the future of bitcoin is safe till then.

RustyNoman

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Quote from: kartaggen on February 13, 2016, 11:43:03 AM

Quote from: aardvark15 on February 13, 2016, 08:39:39 AM

I think some people will lose trust as more exchanges go down with their money. If that continues, it could destroy bitcoin.

But I don't see it happening, the only thing that can destroy bitcoin is its own value, if value goes to zero then it would directly destroy bitcoins, so the value is the most important factor in deciding the future of bitcoins.

What do you mean by own value? The value of bitcoin comes from usefulness. If there is no use, there is no value.

kartaggen

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Quote from: aardvark15 on February 13, 2016, 08:39:39 AM

I think some people will lose trust as more exchanges go down with their money. If that continues, it could destroy bitcoin.

But I don't see it happening, the only thing that can destroy bitcoin is its own value, if value goes to zero then it would directly destroy bitcoins, so the value is the most important factor in deciding the future of bitcoins.

aardvark15

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I think some people will lose trust as more exchanges go down with their money. If that continues, it could destroy bitcoin.

ATguy

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Quote from: matete on February 12, 2016, 09:39:45 AM

I think the issue of storage is not so big because there will always be a solution to storage. I remember when computers started there were issues with storage but this has been solved with time thanks to the fast growing technology.

The blockchain size is not issue, 60 GB is about the size the biggest games take on your harddisk, so the blockchain can grow much larger. Also if the blockchain was actually much larger today then there would be more pressure to implement feature where nodes could keep only some % of blocks based on their prefference how much data keep on harddisk. But in situation where blockchain is just 60 GB and it is common for people to have 1000 GB harddisk space, there is enough space for faster blockchain growing to keep Bitcoin adoption uncapped for now.

Karartma1

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I see so much impatience about Bitcoin development and those who are most worried are the ones who want to be rich soon to get their BTC profit in fiat and leave this world. Most of us should consider themselves sort of privileged to be part of the greatest thing after the Internet.
So the thing that will destroy BTC is basically us.

1Referee

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No internet destroys Bitcoin and the entire infra structure that relies on a data connection. No internet is basically an end of the world scenario.

okae

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northern exposure

the problem with bitcoin is just that people are getting so impatient about core devs, ofc that everybody agree or at least i like to think it that bitcoin need improvements/changes, the question here is how to do it without hurt the whole ecosystem...

i have not any doubt that all those things will be fixed, until it happens maybe we can help bitcoin core by adding more nodes Wink

dupeddonk

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Same thing that detroys humans.

Or a better alternative to biotcoin

Topic: The thing that will destroy Bitcoin. - page 5. (Read 7374 times)