Bitcoin's nightmare scenario has come to pass

balibule

Over the last year and a half a number of prominent voices in the Bitcoin community have been warning that the system needed to make fundamental changes to its core software code to avoid being overwhelmed by the continued growth of Bitcoin transactions. More on Bitcoin's nightmare scenario has come to pass | The Verge Maybe another cryptocurrency will take over ...

Markit

Call me a fuddy-duddy but the whole Bitcoin thing was doomed from the beginning IMHO. 1) you have a non valuable quantity of value 2) 99% of the world does not understand what it is, where it is or why they should trust it 3) most if not all governments hate it as it can't be followed or taxed and can be used for illegal and untraceable businesses like guns and drugs 4) no one knew where it came from, who created it or where it was going 5) millions in real money were stolen by the original first users and even the FBI guys sent to raid it embezzled the **** out of it and some of them are doing serious time. 6) the value danced around like a virgin with Ben-Wa balls 7) etc, etc. etc.

davita

I had the same opinion when snake-oil was first presented to the public...it made no logical sense that oil from a snake could cure all illnesses. Pure bunkum....and a way to separate savings from the vulnerable...much like pyramid schemes.

DenpasarHouse

Not that I don't have my doubts, but the problems that Bitcoin is having at the moment are the problems of success. It's because it's use is growing not receding. I reckon a globally recognised, blockchain based currency is an inevitability but no-one can guarantee that Bitcoin will be end up being that currency. That said, it has the first mover advantage and while not the most agile of the crypto currencies, it still has the capacity to change and adapt. Even though it was created in 2009, it's still really only in it's infancy. I wouldn't put any money into you couldn't afford to lose, but it's definitely not some sort of scam or ponzi scheme (although it can be used for those, just like cash can be).

SHoggard

davita wroteI had the same opinion when snake-oil was first presented to the public...it made no logical sense that oil from a snake could cure all illnesses. Pure bunkum....much like pyramid schemes.

The Egyptians believed in them, and look what happened to them!

SHoggard

Actually I meant pyramids

davita

The Egyptians believed in them, and look what happened to them!

hehehe...not so sure the Egyptians used so much snakes for their oils but they did create the essential oil business. In the Pharaohs dynasty there was little water in the desert so, to prevent BO, they smothered themselves in oils from desert palms and figs, which probably did have some healing power. I lived in Hong Kong for 16 years and snake oil and meat was considered a delicacy and good for health. I read somewhere that snake-oil originally came from China then made its way to the West. On the subject of Bitcoins I agree with Markit and DPH...it is probable that some form of Bitcoin or other crypto-currency will be in the future but, imo, not while oil is the world's basic commodity. For milleniums we have used direct methods for trading....camels, sheep, furs, jewels, slaves...I could go on...then paper was invented and became notes and IOU's and stock-broker bonds...this was later established by the relative value of gold....and now it's oil. The future could be water and even clean air so then maybe having something transferable, and using IT to do trades, will have a future. The current sytem of the US$ as a token of value is as broken as when the UK£ dominated. I just watched CNN where a nobel economist was hoping for a Trump President as he thought, being a debt-financing entrepreuner himself, he would stimulate the USA by infrastructure capital spending/debt projects which would put people to work and ultimately increase tax revenue.....interesting analysis imo....similar to how the USA got out of the Great Depression. Problem is Trumps' new pal 'Chris Christie' was the one who canceled the Hudson tunnel project in New Jersey as lacking of capital funds. Hudson River rail tunnel project has new name, but same concerns over funding | NJ.com