Topic: Why Bitcoin is doomed to fail, and there's nothing you can do about it. - page 3. (Read 39330 times)

I agree,

The Bitcoin/Litecoin and clone Alt Currency branches support architecture is fundamentally flawed. The block discovery difficulty and hash rate power to mine coins has increased to the point that you need a small server farm to achieve a small amount of profit.  Recent cloud farming services have moved in because they can operate more efficiently to keep mining profitable.

Lack of scalability (en.bitcoin.it/wiki/Scalability) and future network support is Bitcoin’s and other clones “albatross around their neck.”  As of Sep 11, 2014, 13,250,900 out of the total possible 21 million Bitcoin’s are in circulation. Bitcoin’s support network is rapidly approaching a point where large scale mining will no longer be profitable.  You don’t need to be an economist to realize that when doing something is not profitable, people stop doing it. 

After coin mining is no longer profitable, the support networks processing power will shrink and verifying huge block chains will take longer making it unusable as a functional daily currency.  Bitcoin could eventually become the sole digital currency (gold standard) that others are valued against.  Observing current markets, it’s well on it’s way.

NXT’s nxt.org support architecture makes more sense, it’s eco-friendly and processing power is scaleable to achieve fast block processing times. Trust, transaction speed and security are ultimately the deciding factors that will make any digital currency viable.  Depending on peoples acceptance, it’s marketplace could eventually be a serious competitor to PayPal and eBay, due to lower transaction fees.

Time to buy.

Uneducated ramblings by the opp.

http://www.scribd.com/doc/192730349/National-Australia-Bank-Bitcoin-to-replace-AUD

Mark got the coins.
Stop making a fool of yourself.
"Geekness Greedness made me flew to Japan"

1. It wasn't hacked. It lost the money without being hacked.
2. The explanation is sound
3. If you have a better one I would like to hear it
4. Ridiculing the "opponent" and no actual counter argument is politics not debate
5. People lose money due to their incompetence all the time. They certainly don't lose money due to being hyper competent.

Why this thread is doomed to fail.

1. Curious Misspellings



2. Random Capitalization

JohnyBigs:

"Yes let's hear the Credit Cards take 180 day confirms."
"Should I play some Board Games?"
"... will point out Hard Drives will keep up!!!"


MikeyVeez:

"The Government"
"And no Banks at first"
"...they are still centralized by Oracles of the world."

3. Phrasing Choices

JohnyBigs:

"...because of reason #1."

MikeyVeez:

"Reason #1 is already coming into fruitition..."


4. Username

Note the similarities between the usernames JohnyBigs and MikeyVeez (syllable count, "type" of name, etc.)

Also, the usernames were created within days of one another, and both reside in the same time zone.

5. Anger Management

The similarities of the overall writing style and tone between the two users are exceedingly clear. No direct quotes are even necessary, just choose 1 post from each and observe the anger.

5. Conclusion

JohnyBigs = MikeyVeez = troll.

I'm sure some of us (myself included) are wondering how you got to be this way. It takes quite a lot of unmanaged emotion to claim that "digital currency in general has a sinister purpose." Were you recently burned by a bitcoin transaction? Did you have some coins on Mt. Gox?

Or perhaps the wound is deeper? Recent breakup with a significant other? Is your family life doing alright?

It takes a lot of anger, at both yourself and at others, to be the way you are. I wish you the best.

https://mobile.twitter.com/coindesk/status/439687819309494272

Singapore debuts bitcoin atm..

Trying to post on a smartphone is frustrating! !

It will be interesting if these events place BTC close enough to cause a spiral of effects (valuation -> mining hardware prices -> mining in general) that could lead to some form of reset (dropback of BTC valuation/usage) like we've seen a few times in the past.

On the positive side, if the Gox events were caused by classic theft motives, I see no reason the valuation in general shouldn't rebound after a classic overshoot and finding a new bottom. After that, the potential for slow re-growth exists as usual.

So far, global hashing power seems mostly unaffected (still grows with >1%/day). But should hashing power start and keep (or even accelerate) declining, then I'd look out below on valuation. Right now, seems a bit unlikely though, despite Gox being quite a big singularity.

I think he is a human being, not a board

Wellif you examine the block chain you can see the attacks that were being made against mt gox.  I watched it happen from my blockchain.info account where they know what they're doing. 

The reason "they" can't shut down bitcoin is because it is decentralized.  The government won't round up all the bitcoin mioners and put them into concentration camps.

Also, no one has mentioned that a mature bitcoin has a very good chance of bringing additional stability to the global economy, imagine SDR's but for people, not just central banks and nation-states, but free of corruption, an incorruptible store of value, and a huge boon to those in the third world who will finally have access to investment capital and a safe, stable currency that isn't run by a war-lord, and inflated away every time he starts a blood feud with another tribe.

I think we can all agree that bitcoin will change the world like the revolutionary innovation that it is, or it will crash and burn cause it's a flawd concept hyped by some tech nerds who don't truly understand economics and monetary theory.

and it surely wont be the last one.

 

...and you believe in every word which is spoon fed to you? LoL

Just let me remind you that in the whole Bitcoin history there is not one single entity which provided evidence to prove they lost users funds to incompetence.

The "it was hacked" excuse became the standard excuse to cover up misappropriation of customers funds.

They didn't steal it, they lost it due to incompetence.

http://cryptolife.net/today-mt-gox-died-and-it-tried-to-take-bitcoin-with-it/

excerpt

LMAO bitcoin to the moon. Hey new users one of the largest exchange just stole everyones money and is bankrupt wouldn't love to accept Bitcoin.

So when the graph ends, that's it? That's the price till the end of time? I see slope on that graph. Is the red line going to do a 45^o turn a run along the mean? Or perhaps after that bubble, the next one starts and up and up it goes... it's only a graph and it's grossly simplified and very generalized.

TBH after the end of the graph I think the red line goes... TO THE MOON

Indeed, but that being said, assuming we are in the bear trap, it still indicates that the currency has longevity and that the real value is much lower than today.....BUT it still has a monetary value.... :-)

That all depends on resolution/scale of the graph and how long it goes off on the left of the screen... we could still be in the stealth phase... or gox just dropped us in the bear trap!

just chill out bud, changes take time. it already reached 1200$ once so it is likely it will again soon or later.

Read my EDITED COmment above ^^^