Topic: Why all the bitcoin haters? - page 3. (Read 4564 times)

They're jelly because they need the hardware to play.

Agreed! Most of the negativity is coming from people who (incorrectly) believe they have no place in the digital currency market because all of their assets are tangible (cash, house, etc). What they don't understand is that if they have savings in the bank...its digitally stored. What they get from an ATM is just a printout (cash in paper bills) of their account.

bitcoin is confusing as fuck

1. User friendliness. (which is a *very* large topic, ranging from the banking system to the security built-in in the client). Just one random example: when you are on a website, how do you guarantee that the bitcoin address is valid and redirecting well to your seller? Answer, you don't know.

Nobody seems to work on it.

2. Real market.

Nobody seems to work on it. Every single bitcoin webshop looks like it was designed in 1997 and tested on Netscape 3. Not to mention the fact that there's very few things to buy and that the process is really complicated, you have to understand a lot of things (including escrow) but this goes back to point 1. Well, let be honnes

3. Professionnal look

Between a "Bitcoin show" where you can see people trying to launch skype for 48 minutes or interviewer saying ah… hum… ah… with a non-fonctionnal microphone to anarchists who advertize well that they use drugs and are proud of it, it is difficult to make something look less serious than that. ( http://thebitcoinsun.com/post/2011/05/28/Welcome-To-The-Bitcoin-Community ;-) )

The weusecoins.com was a very good try to tackle that problem.


So, basically, people are very enthusiast because bitcoin *might* be the foundation of something very big. A lot of early bitcoiners are euphoric because of the quick money they did.

But most of us are just uneducated, unexperienced new rich. The MtGox story is just one more example.

We forgot that foundations are not enough. If you don't have the wall, the roof, the window and a shiny layer of paint, nobody want your house.

We are now at one of the many turning point. Either nobody really invest in Bitcoin and it will die, either someone decide that it worths investing 1 million of $ in this and hire professionnals. He build a complete banking protocol on top of bitcoin, built a network of market maker to stabilize the price and build trust with the traditionnal online merchant, offering for example an API which allow them to accept bitcoin but converting them instantly, at a known rate, to dollars or euros.

If I had 1 million of dollars,  I would do that. This is much needed. Just to give you an idea: I'm a professionnal web hosting maintainer. And I decided to not host any bitcoin related service long ago because, as a professionnal, I knew I was not good enough in security for such critical services. It looks like I was right but that nobody else was. I'm also an usability engineer and I can say that bitcoin is doing *everything* as wrong as it can be in that aspect.

If you have 1 million of dollars to invest in a bitcoin startup that would foster definitely bitcoin, contact me. If not, like me, wait for someone to tackle the problem.

We need walls, we need roof, we need shiny paint.

What exactly are some of those problems?

Since I am skeptical towards bitcoin, I guess that makes me a hater?

I am not afraid of bitcoins. I understand how they work. I have quite a good grasp on economy, mathematics, markets and trading. That is why I am skeptical towards bitcoin. The thing is, bitcoin does have quite a few legitimate skeptical questions surrounding it, and after reading these forums for quite some time before registering, I've seen that the biggest enemy for bitcoin in the "battle" towards becoming a full on currency alternative are the evangelists.

Any skeptical question is immediately shot down with "troll", "you don't know how it works", "get out of here" and other replies in the same tone. Sure, there are a fair share of utter retards posting nonsense here trying to look cool or whatever in bashing bitcoins, but not all of us are being skeptical just to be skeptical.

If I have a question about a problem with bitcoins, and ask it in a normal polite manner, I would expect a normal and polite answer. If I'm wrong and my problems are only perceived problems, then by all means show me what I'm not getting. I would welcome it, since it would give me a chance to learn. But the "oldtimers" very often seem to be in instant attack mode for any skeptics, and don't even bother answer questions properly. That's why, after all my time reading, I'm still skeptical. I don't see anyone actually tackling the problems that bitcoin is having.

It's unproven. It's actually very reasonable and intelligent to be distrustful of Bitcoin, as long as you don't read into it much. I completely understand why so many people are hating on Bitcoin, you really do have to learn a lot about it to realize why it isn't a definite scam or guaranteed to fail.

Exactly. That's the way most pump and dump schemes go. There's a good chance it's already gone.

Everyone speculating on Bitcoins needs to read Memoirs of Extraordinary Popular Delusions and the Madness of Crowds. Especially the part on Tulipomania. This book was published in 1852, and reports all the classic make-money-fast schemes in their Version 1 form. 

That's part of the problem, actually - there's no contradiction between the early adopters getting rich and bitcoin failing to keep its value in the future. All that's required for them to get rich is for the price to go high enough for long enough and with enough BTC-USD trading volume. Once that's been managed, the whole thing can fail spectacularly and they'll still have a small fortune if they've played their cards right. In fact, it's possible the process of them cashing out will be partly what triggers the whole thing to fail spectacularly.

I think all the Hater-Arguments have been said already.

I for myself would like to add some praise to all this hate: The whole bitcoin concept is not really hard to grasp (if you invest a few hours), would almost say simple, but am reluctant to do so because it's genius and i would feel like a heretic

- OpenSource
- P2P --> can't be shut down by government or something/-one else
- instant wiring of money from A to B
- anonymous
- No transaction fees if you want it that way --> based on donations
- complete transaction-history can be viewed
- almost certainly immune to double spending
- limited amount of Coins available to counteract inflation
- 8 decimal places ensure usability even when the exchange rates goes up to 1000 $ or more

Maybe there's more but that are the first things I can think of.

How can one possibly not welcome our new currency overlord?

When just signing up for the service itself quadruples the number of possible points of intrusion into my financial ecosystem, why?

And my single CPU is competing against server farms, how is this not just a psychology test to see how greed can overcome self-integrity?

I can prove to myself that Bitcoin will increase in value, but purchasing them requires me to surrender whatever good financial practices I already have in place. Gamble-me Gamble-you.

My point is that there sure are a lot of hurdles to overcome, and that anyone choosing to believe dark promises, or promote uncertain gains, must be familiar with such a landscape.

Beware ye all who enter here- type stuff.

I'm worried that the natural aversion to something that seems unfair will mean bitcoin does not achieve it's potential. the problem is exacerbated by the fact that people fear that it is not only unfair but could directly affect should an early adopter unload. Fortunately I don't think that will happen (in way that affect ordinary folk) and in time when prices are more stable the resentment will fade. Traditional finance is full of injustice and imbalance but people ignore this, the same will be true of bitcoin in future.

The key issue is that the early adopters have nearly all of the cards.

And BTC has grown so fast that a more safe and legitimate exchange market around the currency has yet to fully mature and be completely safe to use.

I honestly don't think they are scared of BTC, or its potential.  The skeptics aren't jealous; they are just skeptical.  BTC has some very apparent flaws, so in most cases, their hesitancy is somewhat logical.

the haters are terrified of bitcoins huge potential to change the world, for the better and forever

Like Nagie, most of reactions are:

- The early adopters will be really rich if it works, which is unfair
- I've let my computer generate coins for two days without result. It cannot work that way.
- You cannot buy anything interesting with bitcoins
- You are not sure if your bitcoin will keep its value in the future (yes, it contradicts number 1 but that's it).

+1

Why all the haters? 

• The "early adopters" and promoters already have most of the Bitcoins.
• The "exchanges" and "exchangers" are all on the flaky side.
• The volatility is so high that nobody can afford to take Bitcoins for real merchandise.
• The entire Bitcoin market does less volume than one supermarket.
• The "mining" thing is silly.

It could be worse, though. We could have a virtual currency run by Zynga.

Because "virtual money? Ahahah, didn't you see all the news about anon and lulzsec hacking everything? Virtual money is madness, they will just hack it!"

I think this is the #1 factor on Slashdot these days... If you hate Bitcoin, other Slashdotters will think you're cool.