Topic: Why Bitcoin is doomed to fail, and there's nothing you can do about it. - page 12. (Read 39330 times)

OK. I'll give failure a try....

Apple decides to create a centralized digital currency - AppleCoin. It's a copy of the bitcoin source except it confirms faster, but still it is double sha-256. Apple pre-mines this coin.

Then Apple announces that all new products come pre-installed with x number of AppleCoin on them.

Apple fixes the exchange rate of AppleCoin by expanding their AppStore into direct competition with Amazon. The fixed rate of exchange for an AppleCoin is the same as a bitcoin. Said another way, you can spend AppleCoin in the AppStore and get everything you can at Amazon at the same exchange rate that bitcoin is trading at.

Except.... Apple has made the difficulty slightly easier than bitcoin so miners leave the bitcoin network to concentrate on the Apple network. This has the effect of increasing the desirability (price) of AppleCoin and decreasing the desirability (price) of bitcoin.

No one cares that AppleCoin is centralized. No one cares about bitcoin as a protocol. No one cares because when you buy an apple product it's like getting it for free because.... AppleCoin.

And that's how bitcoin met its demise.

I really appreciated OP views and others that work hard to think about pitfalls. He has some good points. As for my thoughts:

1. IT'S A DECENTRALIZED CURRENCY

Not a valid reason for failure. Gold is decentralized--controlled yes, manipulated yes, but largely cannot regulate effectively, even though USA has tried in the past. Bitcoin won't fail because it is decentralized. If anything, it guarantees success just maybe not at the level you are imagining.

I suppose if the USA issued a statement that you can go to jail if you issue a BTC transaction of any sort, then it would be doomed, but then I think you have rebellion and we are doomed anyway. 

2. CENTRALIZED MAIN DEVELOPMENT

Not a reason for failure, but a risk. I have always argued that you can be an atheist and hate religion and the manipulationg and control it represents, but then I say you are probably putting your faith in a different group of priests, which can just as easily create their own tyranny.

I think the same idea applies here. You can hate the government and believe bitcoin is the answer, but ultimately we are putting our faith in a different group of politicians. However, if anything this is a harbinger of success not failure, global domination must be organized, planned and executed, so bitcoin foundation get to it.

3. FLAWED ARCHITECTURE

Yes could cause failure if 100TB is necessary tomorrow, no will not because it is software and we have years... if they can fix healthcare.gov bitcoin blockchain will evolve and remain decentralized. Guaranteed and I know nothing about the ideas anyone has ever thrown around on this.

4. Double Spends

Same as as #3 and a stretch anyway.

5. Slow Speed

Bitcoin does not need to replace fiat to be worth $10k a BTC, it only needs to be considered relatively liquid, similar but rather different issue.

6. Un-Scalable

Same as #3, and #4, if

51% Attacks

A risk, however, why would they raid their own hen house. It this happens, it would be because of sabotage from unseen forces like Ed Snowden's boss.

Unstable Exchange Rate

Definitely not a failure point. It will solve itself over time. Gold is unstable but will always be valuable. I lost 5k in gold value this year alone.

4. NO BENEFIT OVER FIAT

BTC never needs to replace fiat, and it does have benefit your post eludes to a few. BTC is its own class, I agree that right now a regular currency it is not.

5. CONCLUSION

No real red flags for failure to me that I see.

I don't even care about how many Bitcoin users there are. How many individual investors are there in AAPL??? Likely a few million. AAPL is worth 500+ billion i think. That is one single puny stock.

 

They are taking it away what are you doing about it? That's right nothing,  besides being Internet tough guy.

That's right, only pussies defeat themselves psychologically before the battle begins.  I'd prefer not to fight and just be free, but am prepared for defense of financial freedom from those who would try to aggressively take it away.

Technically, it's new 0.01% against the old 1%.
It is not guaranteed that the old 1% would succeed in retaining power.
Yes, the decentralized currency deserves all the explanation it can get. 
The war is coming, but the resistance is NOT futile.

Bitcoins going to the moon coz I iz 5s and I like turtles and ponies, go Bitcoin OP your a stupid smell face. BOOGER!

+1

Okey, Okey, Okey, everybody calm down don't eat your lips out, first things first.

The media did their part( News flash)
Some countries too it up(Cyprus, Canada etc)
Investors came in.
The love for the coin grew, and i love it so much because its unique and outstanding you cant create or break it its here to stay.
:

My own rant: Bitcoin ain't gonna die,
I know world corrupt leaders will try to kill it.
Negative views will do same
Haters like the OP who has no love for BTC
Hackers will try to create bad impression.
===========================
The bad news is less, here is the good news.
========Smile================
Bitcoin will grow because its already here
Its a transparent currency
There are still lots of blocks unsolved
We the bitcoin community will use it, accept it and make more useful software, systems, websites to promote bitcoin.
Like in every currency, Dollar etc, its hack-able, steal-able, there is no difference, because all banks have their online banking, and credit cards so things that happen to bitcoin still actually can happen to your precious dollar.

Concerned about bitcoin dying, you should be concerned about pushing it forward and not giving reasons why its gonna fall, who are you? The guy that sold him bitcoin before it hit its peak. Get a life either you hate it or love it but whichever one you choose understand this.


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But OP your bitcoin might die coz u dnt know how to manage of read the system properly..

Best Regards Bro.. Keep criticizing..

JohnyBigs I agree with your point of view. Yes for sure bitcoin will tumble and would never ever recover causing a huge loss to the fans of bitcoin. After facing a big loss in bitcoin their trust on so called digital currency will end up forever. By the way I must admire your extensive research for article.

And here is the live cartoon network, Bra are you suckling or stuck in a video game?!!!

Well with biblical events you will have to choose the one world government digital currency or face death. This is where I see maybe "outside"(outside the system) crypto currencies in the future, they can be used as a store of value for the people going through the tribulation and aren't inside the beast system.

Most likely though people will barter, but digital currency in general has a sinister purpose.

+1

you mean with acids like Aqua Regia? yes because that's how you can REALLY destroy elements, with acid!...its not like its part of a processes for gold purification or anything...

Congratulations you've added a misunderstanding of elements to your misunderstanding of bitcoins.

my theory:
1. only invest as much as you are willing to lose
2. hold even after biblical events onfold
3. benefit on holding or lose what you could afford to lose at the start
BTC

Did you fail to read both of my links posted?

  maybe yes but probobly not.. Something must have happened biger. Maybe hacked a lot of BTC

O.K. I will open it for my government (Croatia), you open for yours

I like it! Just like bitcoin, governments die without support.

Let's open a tread about some governments. Maybe we can broke them too