Topic: Why i think Bitcoin will ultimately change or fail: Speed of evolution - page 2. (Read 1029 times)
August 24, 2015, 09:36:18 AM
well better a social service like facebook and the bases of bitcoin as a digital good the diference its more easy to find value into bitcoin than into facebook in my case soo i value facebook like 1 satoshis and the unit of BTC its yes like 200$
August 24, 2015, 09:31:47 AM
One thing about bitcoin i think a lot is this: Its amazing how far bitcoin has come, but how you want to build a payment system for the entire world with maybe 15 Programmers working fulltime on it?
To put this number in perspective: facebook does nothing important for the human race, its just a place to post your drunk pictures from last nights parrty and of course cat videos. And Facebook had at end of 2013 6000 employees. At the End of 2014 9200. Just the increase from one year to another ist 200fold what bitcoin has as developers. So 15 programmers for the global payment network and 9000 for cat videos.
In the global financial industry hundred of thousands of people work just in the payment processing area, not consulting, not personal wealth just payment processing. How will bticoin be able to compete in the future, when it is not in Beta anymore and is moving trillions of dollars per day? How sophisticated will attacks become when that kind of sums are on the table? How the secure a network againgst that attacks with 15 full time Programmers?
You probably remember the Malleability issue some time ago. Mike Hearn said, that they had been discussing this specific topic for 2 years before the actual attacks, but they couldn't do anything about it because the had even more urgent things on the list to do (!).
Edit So i didn't mean donations. I meant more that in the protocoll something is implemented that every hour you hold btc a really tiny fraction (so for 1 whole year it is 1%) is taken and sent to a special adress. This "honey pot" would then be the money for development. Of course there would have to be mechanism to check how the many is spent? A lot of ideas come to mind how to do this. But for now just more how it would play out financial wise:
Even with current rather low BTC prices and a "market cap" of aprox. 3 billion $, with this 1% fee you would be able to collect 30 Mio $/per Year. With lets say cost for "google class" programmers of 150 000 a year you could hire 200 full time high quality programmers. Its clearly not the 9000 of facebook but SO MUCH different than today. So many people hold there coins for price increas, but where does the price increase come from if not that bitcoin becomes a better and better payment solution and competes better and better with other solutions? Wouldn't 1% per Year be a very good investment, given the fact, that when bitcoin goes well it goes up 5% a day?
Edit2: 1% of the total bitcoinholding. so just from every existing address 1%/year.
To put this number in perspective: facebook does nothing important for the human race, its just a place to post your drunk pictures from last nights parrty and of course cat videos. And Facebook had at end of 2013 6000 employees. At the End of 2014 9200. Just the increase from one year to another ist 200fold what bitcoin has as developers. So 15 programmers for the global payment network and 9000 for cat videos.
In the global financial industry hundred of thousands of people work just in the payment processing area, not consulting, not personal wealth just payment processing. How will bticoin be able to compete in the future, when it is not in Beta anymore and is moving trillions of dollars per day? How sophisticated will attacks become when that kind of sums are on the table? How the secure a network againgst that attacks with 15 full time Programmers?
You probably remember the Malleability issue some time ago. Mike Hearn said, that they had been discussing this specific topic for 2 years before the actual attacks, but they couldn't do anything about it because the had even more urgent things on the list to do (!).
Edit So i didn't mean donations. I meant more that in the protocoll something is implemented that every hour you hold btc a really tiny fraction (so for 1 whole year it is 1%) is taken and sent to a special adress. This "honey pot" would then be the money for development. Of course there would have to be mechanism to check how the many is spent? A lot of ideas come to mind how to do this. But for now just more how it would play out financial wise:
Even with current rather low BTC prices and a "market cap" of aprox. 3 billion $, with this 1% fee you would be able to collect 30 Mio $/per Year. With lets say cost for "google class" programmers of 150 000 a year you could hire 200 full time high quality programmers. Its clearly not the 9000 of facebook but SO MUCH different than today. So many people hold there coins for price increas, but where does the price increase come from if not that bitcoin becomes a better and better payment solution and competes better and better with other solutions? Wouldn't 1% per Year be a very good investment, given the fact, that when bitcoin goes well it goes up 5% a day?
Edit2: 1% of the total bitcoinholding. so just from every existing address 1%/year.
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