1. IT'S A DECENTRALIZED CURRENCY
Does this even require any explaining? Do you honestly think that the current financial system that controls Trillions of dollars in the current global economy, is going to give up their power to some guy Guatemala because he ran he's 1990's computer the first year of Bitcoin.
Let's all open up our history books and see when the 99% won against the 1%? Almost never, and even when they did “win” it was basically the 1% handing off power to another form, and still running it behind the scenes just to appease the people.
Even if they allowed Bitcoin to become successful, they will regulate it so heavily, that it will pretty much lose any “benefits” that it had, (Europe is preparing to tax and regulate Bitcoin) and pretty much becomes centralized and just like anything else.
The current system will stay in power with centralized control, hence why they will create their own digital fiat currencies replacing their paper, to even gain more control.
regulated == doomed? Many people think otherwise. It's not possible for bitcoin to go mainstream without being regulated.
Moreover, even bitcoin is regulated, you still have much more freedom than fiat or gold. You can carry it everywhere without worrying about being confiscated. Try that with a box of cashes or gold. You will never need to worry about your account is frozen, and when you receive payment you don't need to worry about its fake or it's from an frozen/empty account. You also don't need to worry someone will keep printing a lot of money to dilute your holding. Even if bitcoin becomes more centralized than now, these features will not be changed. Please tell me how these benefits are lost after regulation? 2. CENTRALIZED MAIN DEVELOPMENT
Basically the “official” releases come from the Bitcoin Foundation. The development is pretty much centralized. Even if people fix everything wrong with Bitcoin, the foundation makes the final decision on what to include in it's next version on it's own priorities. This is basically all run by “Gavin” who caused Satoshi to disappear after he decided to meet with the CIA. The same guy who has not addressed any of the issues going to be discussed below for the whole time he has been in control. Whether by accident or on purpose is not the point. The point is the main trusted Bitcoin client is controlled by one entity, and everything they say, do, or don't do goes.
Do you understand open source? The source code is open, so even it's controlled by 'Gavin', everyone can understand what the code does. Moreover, everyone is free to implement its own version as long as it follows the same protocol. The trust is because of the transparency, not blind trust on someone or some organizations/governments.3. FLAWED ARCHITECTURE
Size
11 GB today.
100 GB 1.5 years from now
1 TB 3 years from now
10 TB 4.5 years from now
100 TB 6 years from now
1 PB 7.5 years from now
10 PB 9 years from now
100 PB 10.5 years from now
You think average people will store a 100TB worth of data? No. The solution cut the blockchain into pieces and store the whole blockchain only on specialized nodes, kind of defeats the purpose of decentralized than doesn’t it?
How did you get those data? Completely made up or from some source? It's not a complex problem and we can get the correct value by doing some simple math:
There're around 150 blocks generated a day, and the block size is 1MB, then the block size increases 150MB per day. After 10.5 years, its 10.5 * 365 * 150 = 574 TB. How did you get 100 PB, which is almost 1000 times larger? Moreover, apparently with the block size limit, the block chain size increases linearly, and why you get a exponentially increase?
The block size limit itself may cause some issues, and you pointed out below, but here you have a self-contradiction that assume the block size increases exponentially, which is certainly either lack of analysis or just want to get any data support your argument, no matter it's true or made up.
Some may argue 574 TB is already huge for average users. Yes, it is huge for average users(1) with current disk size (2) and network speed(3). Then 1) average user does not need to download the whole block chain to use bitcoin. 2) imagine how large is the hard disk and how fast the network speed 10 years before, and then imagine how they will be after 10 years? Moreover, for professional users and organizations, download 574 TB and you will have a copy of the bank for all world, isn't it really cool?
Double Spends
Double spends are already occurring, and have occurred since over 1.5 years ago, and it will only get worst as time goes on, and bigger merchants and higher ticket items come online the then you will really see the “bad pool operators” start to take advantage of this.
Nobody is going to double spend on a cup of coffee, nobody is going to commit fraud for small amounts, well at least not in person, but they will for big ticket items.
Apparently you can accept 0 confirmation for a cup of coffee, but at least 6 confirmation or more for big ticket items. It's already a common sense and I really don't know why you put this issue here?Slow Speed
Waiting for a transaction to fully confirm, is not feasible for day to day transactions. Yes let's hear the Credit Cards take 180 day confirms. One no they don't they confirm instantly, the money is just on hold for 90-180 days if the merchant sells a crappy product and refuses to honor warranty or remedy the issue. If it's fraud, say someone uses someone else card to buy something, the money does not come out of the merchants account, the credit card company takes the hit. Secondly, most important the buyer pays and gets his goods immediately, unlike Bitcoin where they have to wait for a few confirmations to be sure.
As you said, no one will double spend on a cup of coffee, so it's pretty feasible for small merchants to accept 0 confirmation policy. For large transactions, do you really think it is too slow to wait 1 hour to confirm 1M dollars of value be transferred from USA to Australia?
Un-Scalable
Bitcoin can barley handle a few hundred thousand transactions a day, what happens if the transactions grow to 10 Million, 50 Million, 100 Million which are all still relativity small transaction numbers compared to the 6 Billion people in the world. It simply can't handle it.
This is valid concern due to the current block size limit. However, let's open our mind and don't think on-chain payment is the only way to pay. Some third party bitcoin 'banks' will certainly emerge and people can open accounts and put a small amount of bitcoin in it. Then they can do daily small transactions instantly and the transactions are off-chain. Yes, I know the Inputs.IO fraud but it does not mean Inputs.IO itself is not a good idea. 51% Attacks
51% attacks which don't have to be 51% of the network, as they can do it with far less hashpower, such as ghash.io 29% the two biggest pools combined make up over 51% of the network and can literally destroy Bitcoin at any second. It doesn't even need to be the pool operators, it can be hackers who take over the pools.
How and why? Unstable Exchange Rate
It can never be used as a sole currency to replace all other fiat currencies. Why? Because it's price is unstable. It must always rely on another fiat currency to have any sort of monetary use, no merchant is going to transact when the price of the currency fluctuates 50-200% a day. The only way to stop this is to have actual control of the currency and adjust creation.
Is gold price also not stable? It increased from $700 to $2000 in just one year. Is it surprise for bitcoin to be volatile in its early stage? 4. NO BENEFIT OVER FIAT
With everything mentioned above it shows that Bitcoin has no real advantage over fiat for 99% of the people in the world. You can't pay your bills or general living expenses in it, can't buy much with it. It's slow, not consumer friendly, as once a payment is sent there is no charge back method. Guess what 90% of the world are consumers not merchants. If Bitcoin doesn't appeal to the regular consumer who buys goods from merchants it will never succeed. Even if it succeeds it's doomed by it's very architecture which can't handle the success.
The only use it has, is sending small internationally pretty quickly, which then again gets converted to fiat for people to actually use. What market is there for small international payments 5-10% of the world?
No entity would trust high sums of money to be transferred with Bitcoin with all of it's flaws. Want to know how right I am and how wrong you are? Bitcoin has about 3 million users in a 5 year period. Facebook in that same time had what? 600M-1 Billion users.
Not to mention by the time, I have opened 10 accounts just to buy and convert Bitcoin, I could have swiped my credit/debit card 1000 times.
You seems missed the main benefits of bitcoin. 1) No one can keep printing money so there's no worry for inflation. 2) No one can confiscated your account. 3) No one can stop you from carrying bitcoin from one place to another place. 4) No one can forbid you to pay a certain address.
You can try to provide a facebook like service and ask people to pay for sending messages. Then how many accounts you will have after 3 or 5 years, if its still alive. This comparison is totally nonsense and even worse than comparing orange and apple. At lease orange and apple are both fruits, right? 5. CONCLUSION
Even if Bitcoin or another crypto currency fixes all of these issues, they are still doomed to fail because of reason #1.
With zero advantages and quite a few disadvantages over fiat, centralized incompetent development, and inhert flaws Bitcoin is doomed. So next time you get excited about Bitcoin growing, and can't wait for it's mass adaption, just know it's own growth is another nail in it's coffin. Bitcoin is digging it's own grave.
Before all the geniuses on this forum come and give your wonderful flawed opinions, and say how wonderful it is, and it's going places, and I am wrong, and Gavin will fix everything, and Bitcoin will take over the world as a currency and payment system. Please refer below to get a reality check:
Bitcoin users in 5 years: 3 Million
Remember none of the issues existed in the previous 4 years, so is it logical to say 'look there're only 3M people after 5 years, so it proves that my reasoning is correct. People just don't want to buy it because of the reasons I listed although none of them make senses then. Can I ask how many people know of bitcoin 1 year ago? [/quote]
, im such a bad person 
..., you are naive, belive it or not, the people like me are the majority of the of the bitcoin owners... There might not hold the majority of the coins, cause they are not early adopters but they surrely make the majority of the people who INVESTED in bitcoin. Beside i dont think i get rich overnight, i bought somewhere in the begging of the year, and the more i read about bitcoin, the more im getting conviced that it wont succed in the longer or even shorter run:-(. And people like you are one of the reasons... i gave a STRONG argument, why dont you argue its false? I would like to buy additional bitcoins, even have the money ready, but this particular argument is a one big STOP/HOLD sign for me. So PLEASE someone, argue this argument and disaprove it... (if you can, and no, this argument in its "whole depth" hasnt been adressed anywhere yet).
I'm just saying if we all just buy and hold and do nothing else, bitcoin has no chance to succeed.
