I just stumbled over this article by Mike Hearn (octskyward) and his conclusion to the Bitcoin experiment and how it failed:
tl;tr the blockchain and its current limmitation is cluttered full and can not handle the transactions anymore -> game over
Replace by feeOne problem with using fees to control congestion is that the fee to get to the front of the queue might change after you made a payment. Bitcoin Core has a brilliant solution to this problem — allow people to mark their payments as changeable after they’ve been sent, up until they appear in the block chain. The stated intention is to let people adjust the fee paid, but in fact their change also allows people to change the payment to point back to themselves, thus reversing it.At a stroke, this makes using Bitcoin useless for actually buying things, as you’d have to wait for a buyer’s transaction to appear in the block chain … which from now on can take hours rather than minutes, due to the congestion.Core’s reasoning for why this is OK goes like this: it’s no big loss because if you hadn’t been waiting for a block before, there was a theoretical risk of payment fraud, which means you weren’t using Bitcoin properly. Thus, making that risk a 100% certainty doesn’t really change anything.In other words, they don’t recognise that risk management exists and so perceive this change as zero cost.This protocol change will be released with the next version of Core (0.12), so will activate when the miners upgrade. It was massively condemned by the entire Bitcoin community but the remaining Bitcoin Core developers don’t care what other people think, so the change will happen.If that didn’t convince you Bitcoin has serious problems, nothing will. How many people would think bitcoins are worth hundreds of dollars each when you soon won’t be able to use them in actual shops?
^ that paragraph is the most striking... as BC utterly became unreliable!
It was doing really well, then the media started to look for the true creator of bitcoin and then it started to go down hill. Thank you media for not only killing the momentum and pride of sports teams and players but for also killing bitcoin and virtual currency.
I used to mine bitcoin 2 years ago and in one week I got .00001 USD. Then I stopped because I realized that I was going no where fast.
This is probably the most uninformed copypasta logic ever right next to the "Gamers are Dead" articles by game bro journalism. Bitcoin will not die unless there's rampant corruption and exploits like back in the early days.
Somewhere somehow it will always be worth X amount of X for Person A and Person B will be willing to trade it for something. Even if it's like 10,000 bitcoins for a pizza. They have already thought about forking pass the blockchain and crap like that.
Payment fraud is very rare nowadays and most exchange boards will have a feedback or forum you can always report fellow fraudsters.
Even if bitcoin goes offline and the verification takes serveral days or the blockchain is serval TB people will still use it as a measure of exchange. Even if it's just several thousand drug dealers and libertarians, whom are the main users of this currency.
Thanks! - After I read the whole article I thought it was worth a discussion... nevermind. Hope you noticed the "likely". And quoting somone that was ass deep into the matter isn't the worst to do... anyway.
"Gamers are Dead"
Though it makes me sad, I am shure some gamers are dead... people tend to die...
Somewhere somehow it will always be worth X amount of X for Person A and Person B will be willing to trade it for something. Even if it's like 10,000 bitcoins for a pizza.
We will see. Though what are you going to do if the payment is only executed 90mins after you initialized it? All the shops I know that sell pizza want the money when they hand you the italian food.
Even if bitcoin goes offline and the verification takes serveral days or the blockchain is serval TB people will still use it as a measure of exchange. Even if it's just several thousand drug dealers and libertarians, whom are the main users of this currency.
Which makes it even less valuable. If only criminals use it... it's not save for them anymore. Cause than having BC already indicates your criminal and leads to probable cause and that leads to investigations.
Have you actually taken the time to read the article? Or just the paragraph I picked as quote, as it's the most striking?
I've read the whole thing. This Hearn guy talks like he just learned bitcoin like 6 months ago. Err wait he quit google for bitcoin 2 years ago? lol he came SOOO late already. I can tell how good he is coding by the way google earth and google spam filter works. Maybe he can crawl back to Google for a job.
