When your competition takes notice.... - page 2.

1anonymous

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Activity: 252

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The blockchain as is will be why bitcoin fails.

You can't do over a billion transaction a day as the btc network is now made up.

You would need a super computer from one central point handling that amount of transactions.

Look how slow the blockchain is now, and you would need thousands of times more transactions a day to compete globally with the big boys.

Sorry to burst your bubble but the decentralized blockchain is why bitcoin cannot do over a billion daily transactions, I don't think it can do 100 million let alone 1 billion.

It's a good idea but maybe blockchain 2 gets it right, a super computer farm in neutral nations protected by the UN.

Oh that's right, I read that in that crazy manifesto that reddit removed.

https://bitcointalksearch.org/topic/nakamotos-vision-is-this-satoshi-879726

See this post to understand why billions of transactions a day must be done on protected super computers and not a public block chain.

That post addresses the other fault with bitcoin, it's too hard for the POOR of the world to obtain. Sure the poor can get wallets, but they're empty, they need someone to send them btc, they cannot go to 3rd parties like coinbase or bitpay and acquire btc. So bitcoin is not addressing the needs of the majority, the poor of the world that cannot qualify to open accounts at paypal, bitpay and coinbase or banks.

Bitcoin needed to address THE POOR of the world and it ignored them.

Who benefits from bitcoin, MINERS initially and the poor could not mine, now what do you geeks think the poor can just get a wallet and coin magically appears in it? It will never be used for the poor because the poor cannot acquire bitcoin through bitpay or other coin providers and they can't mine. Satoshi failed in addressing the needs of the poor which a real new global currency MUST address.

So what, do you really think the poor will use bitcoin since the rich will just give the poor token btc?

The majority of the world is POOR and cannot use bitcoin nor acquire it.

The more I look at https://bitcointalksearch.org/topic/nakamotos-vision-is-this-satoshi-879726 the more I see what Bitcoin should have been, a way to give POOR instant money for food and digital stuff.

That why the Global Credit Fund could have 5 Billion wallets before bitcoin ever has 50 million, there's way more POOR people in the world than rich.

Bitcoin only fuels the greed of the rich, and it will never have 100M or 1 Billion transactions a day so it will never be a global currency.

Now that GCF idea, it could have 5 Billion poor people with phones downloading wallets all with their free credit already in it and then organizations can deliver FOOD to the poor and medical services and use those FREE CREDITS and the credits will have value since the richer people will figure out there's BILLIONS Of wallets all with this new currency in it.

You don't need a block chain with 8K slow nodes doing a proof of nothing to earn coins that only slows down volume transactions.

You need a new central TRUST NETWORK with no governmental or corporate control that is protected by the UN.

Like I said the more I read that historical manifesto the more I see the pure genius in it.

The more I look at bitcoin the more I see a vocal few manipulating it for greed.

Face it the transactions are SLOOOOOOOOOOOOOOOWW

The volume of a global currency would crush the btc network.

Btc wasn't designed so the poor could have coin easily.

Btc wasn't designed so anyone could get btc easily.

Btc appeals to a limited amount of wanna be rich geeks that are all herd mentality IMO

sherbyspark

hero member

Activity: 910

Merit: 1000

Quote from: 1Referee on December 02, 2014, 08:01:07 AM

They already sort of admit that Bitcoin has the potential to overtake their service.

Large companies must know that they don't have to fight against new technologies.

There are already banks and other financial institutes who are researching the possibilities of the blockchain.

What would be the need for that, if bitcoin already has it?

1Referee

legendary

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They already sort of admit that Bitcoin has the potential to overtake their service.

Large companies must know that they don't have to fight against new technologies.

There are already banks and other financial institutes who are researching the possibilities of the blockchain.

Madness

hero member

Activity: 644

Merit: 500