Why today's cryptocurrencies are doomed - page 4.

tspacepilot

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Quote from: Anders on August 14, 2014, 05:07:46 PM

The original Bitcoin protocol is very innovative. However, there are several reasons for why today's cryptocurrencies will fail:

1. Too slow transaction times for general use.
2. Too bloated block chain for mainstream adoption.
3. Having to store coins "under the mattress" is a step backwards.
4. Proof of work will lead to too large transaction fees.
5. Proof of stake leads to the rich getting richer.
6. Lack of government support prevents mainstream use.
7. Trading against ordinary fiat currencies causes volatility.

What does this mean about "under the mattress"?

rugrats

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Quote from: Anders on August 14, 2014, 05:07:46 PM

The original Bitcoin protocol is very innovative. However, there are several reasons for why today's cryptocurrencies will fail:

1. Too slow transaction times for general use.
2. Too bloated block chain for mainstream adoption.
3. Having to store coins "under the mattress" is a step backwards.
4. Proof of work will lead to too large transaction fees.
5. Proof of stake leads to the rich getting richer.
6. Lack of government support prevents mainstream use.
7. Trading against ordinary fiat currencies causes volatility.

Don't feel up for a debate right now, but would like to point out that item 6 is an anathema to the basic principles of crypto in general.

rdnkjdi

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Quote from: Anders on August 14, 2014, 05:07:46 PM

The original Bitcoin protocol is very innovative. However, there are several reasons for why today's cryptocurrencies will fail:

1. Too slow transaction times for general use.
2. Too bloated block chain for mainstream adoption.
3. Having to store coins "under the mattress" is a step backwards.
4. Proof of work will lead to too large transaction fees.
5. Proof of stake leads to the rich getting richer.
6. Lack of government support prevents mainstream use.
7. Trading against ordinary fiat currencies causes volatility.

9. While largely heralded as the antithesis for inflation - deflation (block halving down to nothing) results in early adoption getting wealthy by the magnitude of adoption. At the expense of the wealth being represented by more coins / inflation. This directly discourages future adopters as the wealth goes towards the early people rather than spreading to more units.

BitCoinDream

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The revolution will be digital

Quote from: Anders on August 14, 2014, 05:19:01 PM

Quote from: darkota on August 14, 2014, 05:11:10 PM

Quote from: Anders on August 14, 2014, 05:07:46 PM

The original Bitcoin protocol is very innovative. However, there are several reasons for why today's cryptocurrencies will fail:

1. Too slow transaction times for general use.
2. Too bloated block chain for mainstream adoption.
3. Having to store coins "under the mattress" is a step backwards.
4. Proof of work will lead to too large transaction fees.
5. Proof of stake leads to the rich getting richer.
6. Lack of government support prevents mainstream use.
7. Trading against ordinary fiat currencies causes volatility.

Your're assuming that All of today's cryptocurrencies are made for one purpose, to infiltrate the mainstream population which is not true. There are many niches that Needs to be filled in the cryptocurrency secter.

For ex: One niche would be a store of value coin, another would be a privacy/anonymous coin, etc.

If that was true, we would have seen a success story by now. Bitcoin is a success for investment and currency trading, but could be a limited one. We will see. I stick with my prediction that the bitcoin price will not go much higher than $5,000 because of lack of mainstream adoption.

Though Bitcoin's success is not in its FIAT valuation, here is an interesting stat that u may like...

A statistical explanation why 1BTC may equal 1M USD in future...

Value of 1BTC (around figure)

2009 => 10^-2 USD
2010 => 10^-1 USD
2011 => 10⁰ USD
2012 => 10¹ USD
2013 => 10² USD
2014 => 10³ USD
2015 => 10⁴ USD
2016 => 10⁵ USD
2017 => 10⁶ USD

--- Early Adoption Ends Here and The Price Stabilizes ---

BitCoinDream

legendary

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The revolution will be digital

Quote from: Anders on August 14, 2014, 05:07:46 PM

The original Bitcoin protocol is very innovative. However, there are several reasons for why today's cryptocurrencies will fail:

1. Too slow transaction times for general use.
2. Too bloated block chain for mainstream adoption.
3. Having to store coins "under the mattress" is a step backwards.
4. Proof of work will lead to too large transaction fees.
5. Proof of stake leads to the rich getting richer.
6. Lack of government support prevents mainstream use.
7. Trading against ordinary fiat currencies causes volatility.

If u were in 90s, u would have said the internet will fail too. Some people simply cant see the future...

Anders

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Quote from: darkota on August 14, 2014, 05:11:10 PM

Quote from: Anders on August 14, 2014, 05:07:46 PM

The original Bitcoin protocol is very innovative. However, there are several reasons for why today's cryptocurrencies will fail:

1. Too slow transaction times for general use.
2. Too bloated block chain for mainstream adoption.
3. Having to store coins "under the mattress" is a step backwards.
4. Proof of work will lead to too large transaction fees.
5. Proof of stake leads to the rich getting richer.
6. Lack of government support prevents mainstream use.
7. Trading against ordinary fiat currencies causes volatility.

Your're assuming that All of today's cryptocurrencies are made for one purpose, to infiltrate the mainstream population which is not true. There are many niches that Needs to be filled in the cryptocurrency secter.

For ex: One niche would be a store of value coin, another would be a privacy/anonymous coin, etc.

If that was true, we would have seen a success story by now. Bitcoin is a success for investment and currency trading, but could be a limited one. We will see. I stick with my prediction that the bitcoin price will not go much higher than $5,000 because of lack of mainstream adoption.

BitCoinDream

legendary

Activity: 2338

Merit: 1204

The revolution will be digital

Quote from: kbm on August 14, 2014, 05:14:02 PM

Quote from: darkota on August 14, 2014, 05:13:14 PM

Quote from: kbm on August 14, 2014, 05:12:15 PM

Clearly you forgot #8 :

8: The propagation of information is limited to the speed of light. Therefore in the year 3973 people on Earth won't be able to keep the same blockchain as the people across the galaxy. Just won't scale. Transactions could take millenia! Clearly doomed!

Actually, there are supposed things faster than the speed of light.

But bitcoin uses the internet! Cheesy

Tomorrow's internet may run on Higg's Boson Wink

kbm

member

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Quote from: darkota on August 14, 2014, 05:13:14 PM

Quote from: kbm on August 14, 2014, 05:12:15 PM

Clearly you forgot #8 :

8: The propagation of information is limited to the speed of light. Therefore in the year 3973 people on Earth won't be able to keep the same blockchain as the people across the galaxy. Just won't scale. Transactions could take millenia! Clearly doomed!

Actually, there are supposed things faster than the speed of light.

But bitcoin uses the internet! Cheesy

darkota

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Quote from: kbm on August 14, 2014, 05:12:15 PM

Clearly you forgot #8 :

8: The propagation of information is limited to the speed of light. Therefore in the year 3973 people on Earth won't be able to keep the same blockchain as the people across the galaxy. Just won't scale. Transactions could take millenia! Clearly doomed!

Actually, there are supposed things faster than the speed of light.

http://gizmodo.com/5908206/did-scientists-really-just-break-the-speed-of-light

kbm

member

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Clearly you forgot #8 :

8: The propagation of information is limited to the speed of light. Therefore in the year 3973 people on Earth won't be able to keep the same blockchain as the people across the galaxy. Just won't scale. Transactions could take millenia! Clearly doomed!

darkota

hero member

Activity: 770

Merit: 500

Quote from: Anders on August 14, 2014, 05:07:46 PM

The original Bitcoin protocol is very innovative. However, there are several reasons for why today's cryptocurrencies will fail:

1. Too slow transaction times for general use.
2. Too bloated block chain for mainstream adoption.
3. Having to store coins "under the mattress" is a step backwards.
4. Proof of work will lead to too large transaction fees.
5. Proof of stake leads to the rich getting richer.
6. Lack of government support prevents mainstream use.
7. Trading against ordinary fiat currencies causes volatility.

Your're assuming that All of today's cryptocurrencies are made for one purpose, to infiltrate the mainstream population which is not true. There are many niches that Needs to be filled in the cryptocurrency secter.

For ex: One niche would be a store of value coin, another would be a privacy/anonymous coin, etc.

Anders

full member

Activity: 126

Merit: 100

The original Bitcoin protocol is very innovative. However, there are several reasons for why today's cryptocurrencies will fail:

1. Too slow transaction times for general use.
2. Too bloated block chain for mainstream adoption.
3. Having to store coins "under the mattress" is a step backwards.
4. Proof of work will lead to too large transaction fees.
5. Proof of stake leads to the rich getting richer.
6. Lack of government support prevents mainstream use.
7. Trading against ordinary fiat currencies causes volatility.

Topic: Why today's cryptocurrencies are doomed - page 4. (Read 2926 times)