What is the biggest problem in crypto currencies? - page 3.

laurapalmer

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Quote from: Giulio Prisco on August 07, 2014, 05:08:06 AM

Quote from: Anders on August 05, 2014, 02:34:00 AM

Having bitcoin being deflationary was probably the right decision. That is one key that has made bitcoin a huge success because it keeps the value of bitcoin up and likely increasing over time.

I am not sure this is a plus. If the value of Bitcoin keeps going up, almost by-design and de-facto, then everyone holds and nobody uses Bitcoin to buy things. Then Bitcoin is only a means of speculation and not a currency, and I am not sure that is a huge success.

It is a plus because if I make a decision to invest my BTC in an entrepreneurial undertaking, I have to be convinced that I'm making a sound, profitable decision. If my business or investment won't pay off more than just holding BTC, then I hold. "Hard money" incentivizes better decision making, which is the opposite of the effect caused by easy money / credit expansion which encourages me to just throw money at projects that might not be sustainable (buying a house I can't afford, opening stupid businesses, consuming too much, etc).

Biggest problem: 51% attack by an entity wishing to destroy Bitcoin. But I am paranoid.

DoubleBEE

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Quote from: Honeypot on August 06, 2014, 03:21:42 PM

People who are 'leading' it.

even worse when people promote idea of uselessness of bitcoin imho

Giulio Prisco

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Quote from: Anders on August 05, 2014, 02:34:00 AM

Having bitcoin being deflationary was probably the right decision. That is one key that has made bitcoin a huge success because it keeps the value of bitcoin up and likely increasing over time.

I am not sure this is a plus. If the value of Bitcoin keeps going up, almost by-design and de-facto, then everyone holds and nobody uses Bitcoin to buy things. Then Bitcoin is only a means of speculation and not a currency, and I am not sure that is a huge success.

gtraah

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Quote from: Anders on August 04, 2014, 02:01:26 PM

Quote from: user528KD9 on August 04, 2014, 01:57:28 PM

Quote from: Anders on August 04, 2014, 01:43:57 PM

I would like transaction times of below one second. That would be very powerful. And I would like to have the coins stored safely on the block chain without me having to do cold storage myself or having to trust a third party storing the coins for me. And I would like to have zero transaction fees for all transactions. The price/performance of information technology is improving exponentially and having to pay for transactions feels like the old fiat systems.

Hi Anders, thanks. What do you think will be revenue for such businesses (payment gates) that won't charge any fees for transactions? Is it profitable and if not, are such businesses able to survive if everything will be free? What do you think?

As far as I know Bitcoin started with zero transaction fees. The miners earned 25 bitcoins per block in the beginning and over time that amount is reduced. It would perhaps be better to have the miners earn a fixed amount that remains over time.

I am pretty certain it was 50BTC per block at the start

3 Main Issues -

1.Older-Gen or Non-technical people find it hard to use and comprehend how to use.
2.Simple Security (Getting your BTC properly secured is a little complicated)
3.Adoption & Public Understanding

Icardi09

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Quote from: user528KD9 on August 03, 2014, 04:17:00 PM

What do you think is the biggest problem when you use crypto currencies for paying? It doesn't matter if you are developer, client that looks for services, newbie or pro. Is there something what needs to be solved and what slows down crypto currencies expansion? Thanks for you opinions.

In the transaction, users had already shown some of the advantages that ensure the safe use of the payment instrument, such as cryptography which ensures that the electronic payment instrument is only owned by one person alone.

However, vigilance must be maintained given the cyber crime is always looking for loopholes that could be breached to get a point of weakness.

Bitcoin is an electronic payment transaction tool that is simple and fast, but the Financial Services Authority as a banking supervisor must now examine this transaction tool.

harrymmmm

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Quote from: franky1 on August 04, 2014, 03:19:50 PM

Quote from: Honeybooboo on August 04, 2014, 02:31:39 PM

Quote from: user528KD9 on August 03, 2014, 04:17:00 PM

What do you think is the biggest problem when you use crypto currencies for paying?

I think the biggest problem with spending it is getting merchants involved, which shouldn't be a problem if the benefits are clearly explained to them, but I think they're scared off by the volatility and the technology which can seem a bit daunting at first.

thats where bitpay should come in to not even talk about encryption. not talk about blockchains, not talk about satoshi. but to simply say

"if a customer asks for bitcoins show them one of our special barcodes (QR Codes) and we will guarantee the conversion price for 15 minutes, and send the funds straight to you by the next business day"

For free!

coinsolidation

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Bitmark Developer

Quote from: Giulio Prisco on August 05, 2014, 01:47:05 AM

I think the biggest problem in cryptocurrencies is the fact that the vast majority of users still see them means of speculation (buy - hold - sell) rather than currencies (earn - spend).

I completely agree, currency with no 'value', by the dictionary definition of value. Unused currency and empty blockchains, how sad.

Quote from: Summary

People are too simple to use Crypto Currencies.
Crypto Currencies are not simple enough for people to use.

People are too simple to use Computers.
Computers are not simple enough for people to use.

Today we have the bash shell and the touch screen device, something for everybody.
Today we have the crypto currency clients, and the

doubleredrolex

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I Believe

The biggest problem right now is lack of easy use. Still confusing to new people. If someone who knows nothing about bit coins suddenly thinks "I want to get some BTC to spend"... how the heck are they going to do it. Signing up for an exchange, downloading wallets, trying to figure out BTC addresses etc. Its all very confusing still. Need super simple wallets with none of this mining fee questions and input output talk. They don't need to know about the block chain and confirmations. Thats just confusing. Wallets need a "super simple mode" that noobs can use.

FUR11

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FURring bitcoin up since 1762

Quote from: Technologov on August 06, 2014, 02:45:29 PM

Hard Problems of Cryptocurrency:
https://github.com/ethereum/wiki/wiki/Problems

esp. big one is "Code Obfuscator".

How is this a 'problem' in the sense of something that needs to be overcome and that hinders bitcoin. This is a problem in the sense of a 'theoretical mathematical problem', i.e. a textbook exercise for which the answer isn't known yet. Obfuscation (as of now) is the most stupid and by far worst type of cryptography. Actually it isn't cryptography at all.

Honeypot

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People who are 'leading' it.

Technologov

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Hard Problems of Cryptocurrency:
https://github.com/ethereum/wiki/wiki/Problems

esp. big one is "Code Obfuscator".

movelikejagger

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The biggest problem is people. People are afraid something new.

Razick

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Quote from: Swordsoffreedom on August 05, 2014, 05:30:27 PM

Quote from: Razick on August 05, 2014, 05:27:50 PM

The trade-off between confirmation time and blockchain size is a serious problem in my opinion. I absolutely love the quick confirmation time with DOGE, because 10 minutes is just too long, but that being said, even Bitcoin has problems with a huge Blockchain, and faster confirmations times won't help.

I don't mind the confirm times so much except when its with a timer or something example coinbase like you have 30 mins to make the purchase but you want to be out of the variance range by sending a no txt instead to save some fees.
Otherwise you need to send an e-mail about it later kind of a pain, the blockchain growing to much is a real problem though needs UXTO compression badly.

It's not a big problem for internet purchases, but no one wants to wait in the McDonalds drive-thru 10 minutes or longer while their transaction confirms. This is going to have to be solved sooner or later unless we are fine with Bitcoin being primarily an internet currency, which is fine with me, but then it won't be a fiat killer.

Este Nuno

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amarha

Quote from: franky1 on August 04, 2014, 12:33:42 PM

5. exchanges are now having $10k FIAT deposit limits. this means the days of rich investors throwing 10's to hundreds of thousands at an exchange are over. thank you AML policies.

Woah, this is news to me. That is pretty bad. That means people have to go through something like Second Market in order to buy a large amount of BTC.

edit: I love how franky always capitalizes FIAT. I picture him sitting at the keyboard shouting out "FIAT!" in anger every time he types it. lol Tongue

iluvpie60

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Quote from: user528KD9 on August 03, 2014, 04:17:00 PM

What do you think is the biggest problem when you use crypto currencies for paying? It doesn't matter if you are developer, client that looks for services, newbie or pro. Is there something what needs to be solved and what slows down crypto currencies expansion? Thanks for you opinions.

I would say we really need some kind of voting system to represent what bitcoin really is. a decentralized voting system that allows someone with a certain amount of btc to vote would be very nice.

I feel like bitcoin gets ignored by a lot of people because they think its complicated but it isnt. and with recent news of russian gangs hacking 1.2 billion usernames and passwords i would say we need something that highlights the encryption more.

http://www.nytimes.com/2014/08/06/technology/russian-gang-said-to-amass-more-than-a-billion-stolen-internet-credentials.html

will_see

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https://bountyminer.io

Problem in people who think that btc/lts etc it's smth dangerous and unsafety.

22MCoin

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security still the biggest problem.

littlewizard

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On my first thought, there are a few safety issues:
1. Bitcoin users have the safety issue of being hacked and then the transaction cannot be reversed.
2. 51% attack, it has the possibility of being 51% attack

elliwilli

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et rich or die tryi

Lack of support from retailers and other payment processors.
If amazon or pay pal (and by extension Ebay) it would become much more mainstream

DannyElfman

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Quote from: Possum577 on August 05, 2014, 05:40:31 PM

They haven't made me independently wealthy yet. Oh, wait, that might be my biggest problem with me.

Seriously though, the mass copycat versions is a problem. They (most of them) don't provide some improvement over Bitcoin, they just provide an alternative that people spend time and money on that will rarely, if ever materialize. They don't help with adoption either, they support the ponzi scheme fallacy. They're just a distraction.

Useless, costly and redundant, yes. But a problem for crypto adoption in general? Nah, I don't think so Wink

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