your info is pretty old
217 karma · joined March 13, 2018
People came into crypto to get rich quick and now that the hype is gone, those people are going to chase another wave, leaving the rest of the community to build (or at least attempt to build) real products that people want to use.
Yes, of course. Like all software Bitcoin has bugs, however, none of Bitcoin's bugs has been catastrophic, or else it would have collapsed to $0 and stayed there. The odds of catastrophic bugs still exist but with the most development moved to layer 2, it's hard to see any more changes coming to the core software for the foreseeable future.
I'm not saying Bitcoin is perfect and it has many problems. However, the problems you bring up are mostly incorrect.
* Mining centralization is an issue. Due to the fact that Mining hardware is currently produced mainly by 1 company. Hopefully, simple economics will change that and larger companies will start making dedicated mining chips.
* On chain transaction costs. If the number of transactions on BTC spikes, the fees will also skyrocket. LN is the solution to this problem but the network is still in development.
* Confidential transactions (CT) and fungibility. Currently, Bitcoin is not fungible and you must go through several steps in order to clear coin's history. Gold is fungible and so is cash. However Bitcoin devs have been working on CT for some time now and hopefully, we might see an implementation this year and pushed on to the network within the next 2 years.
* Push of centralization. Everything naturally trends towards centralization. A centralized bitcoin is useless, no matter how secure the chain is or how stable the software is. The community must reject all centralization efforts so BTC can keep its value
To your point that if a catastrophic bug is discovered which enables double spend and/or inflation, the Ethereum community showed that it is possible to hard fork and reverse the chain given unanimous approval by all factions of the network. So if you wake up one day and the network has collapsed due to some bug in Bitcoin Core then Bitcoin's governance system will kick in to save the network.
To your point that you think i'm "scamming" you. I couldn't care less if you bought Bitcoin or not, that's the beauty of Bitcoin. No one is forced to use it and no one really cares about what anyone thinks. You can sit there and call everyone a scammer, you can sit there and point out all the problems it has (Like anything man-made is perfect), people can write all the research paper they want about how it will fail HOWEVER, The reality is that the Bitcoin network and ecosystem is thriving and has survived incredible obstacles. The fact that you've pointed out at all the past issues and the fact that it has overcome just says that Bitcoin works!
Have a good day sir :)
You are confusing Bitcoin with a payment network like VISA or PayPal. Hacks of exchanges are not related to Bitcoin itself, it is like saying, someone broke into my Gmail account because my password was easily guessed but you say TCP/IP broken. It does not make sense at all!
> No customer protection and irreversible transactions = "This is a feature not a bug of bitcoin."
Bitcoin has the economic principles of gold.
* Pure raw gold has no consumer protection and it is irreversible.
* Government cannot give FDIC insurance to gold bars, because governments cannot print gold bars out of thin air.
* Unlike gold, Bitcoin is digital, which means it can be sent across borders at a low cost, (Almost free with LN)
* You're comparing multiple things (Payment network, economic system, and governance system) with 1 piece of software.
if you want to compare payment network features, then you have to compare bitcoin/LN transactions to VISA, PayPal..etc
If you want to compare the economic system, then it's mostly Austrian vs Keynesian.
If you want to compare governance then it's about libertarian/anarchist/decentralization vs Centralised governance.
Unfortunately, you are coming across as very closed minded with same old tired arguments that were laid against bitcoin from inception, because the general population has a poor grasp of what it really is.
Have a read of this, it's a bit dated but it's still good, if you want to have a better understanding of what bitcoin is: https://www.coindesk.com/nobody-understands-bitcoin-thats-ok
As the saying goes in the community, "Not your keys, not your coins", you're not supposed to store coins on an exchange. But nearly everyone does. Everyone is encouraged to hold their own keys and be responsible for their coins. As UX and wallets improve more and more people are holding their own coins. The people that store coins on exchanges must understand the risk of holding coins on exchanges. It's a reality of crypto.
It's true, current iterations of DEX are not really DEX, they are all centralized companies, these things take time to build, it's not a simple photo-sharing app. If it turns out that is impossible to build a true DEX then you can always do shapeshift style atomic swaps and those are here today!
Bitcoin hacks and scams are not related to Bitcoin. There are even more hacks and scams that happen in the regular finance industry. From SWIFT being hacked to countless and countless of scams by small and big companies. Are you seriously saying that Bitcoin only suffers from scams??
The difference between a Bitcoin bank failing and regular bank failing is that, if Bitcoin bank fails, for people who have stored their coins safely won't be affected. Sure the price will fluctuate because of the news but I still have my coins.
When a regular bank fails the entire country has to pay the price and money is printed and currency is debased. Everyone has to pay for the mistake of a few.
Bitcoin hyperinflation during the early period is part of the design? It gave incentive to people invest money into the network and asset.
Many of those addresses are known addresses of exchanges, yes it's a problem that everyone puts money into the exchanges. However that is changing, new decentralized exchanges, atomic swap technologies already exist for people to move away from centralized exchanges. The industry has come a long way and still has further to go. Also the "regulated" banks that you speak of, plunged the world into the financial crisis and got away with it no harm. These "regulated" are constantly caught break multiple laws and manipulating markets.
https://en.wikipedia.org/wiki/Libor_scandal https://www.telegraph.co.uk/business/2017/12/11/hsbc-spared-... http://www.cityam.com/269831/goldman-sachs-hit-52m-fine-shor... https://www.bloomberg.com/news/articles/2018-05-01/goldman-s...
If Elon Musk built a 3 star Michelin restaurant himself from scratch then yes I would classify that he has mastery of the fine dining industry. You could be an amazing chef but couldn't run a restaurant if your life depended on it. Just like how there are brilliant engineers that aren't good at being CEOs of a tech company.
Outside of all the noise and fud surrounding Bitcoin, within it lies a new economic system which has lots of similarities with the gold standard and Austrian economics.
So maybe you're underestimating abilities of some people to master multiple fields
I can see Netflix releasing "Netflix Original Games" or will they move more into game streaming first by paying famous gamers to stream exclusively on their platform, on that front will Netflix move into user-created content like YouTube?
You can also expect different channels of propagation to emerge if demand builds up.
2) Blockstream is not the only developer working on LN, in fact, the main development team is called Lightning Labs, plus there are many open source developers working on LN. The bitcoin community has decided that it wants BTC mainchain to be settlement layer and the momentum behind LN proves this.
Interesting to see if this is just a fad or are these going to make any impact incumbents.
With PoW, an entity could theoretically out mine the 51% attacker by just throwing more hashing power at bitcoin