Bitcoin bear market

[Mike805]

Let me beat your 2 arguments with mine:

- easy to copy protocol, thus very easy to enter with competing currency
- very easy to ban (once vendors are forbidden to use it it is dead in that country, and I can steal your coins without repercussions)
- a bitcoinkiller can come along anytime with much better features
- hard to keep it safe, too complicated technology for the masses
-technology is still half assed, plenty of room for improvement
-etc.etc.etc.

1. Easy to copy? In that you mean there aren't already dozens of competing coins that are all exchangeable? Do you understand "proof-of-work"? If you do then you should understand that it doesn't matter what coin is mined as long as there is a way to submit work. Compare it to a physical commodity - in this case that commodity is processing power.

2. THE IRS JUST MADE IT LEGAL and taxable!!! Did you even read the recent "bitcoin as property" news? Stealing? Yes, people steal dollars/jewels/cars etc etc what's your point? Everything is easy to steal... Do note every single crypto transaction is traceable.

3. Like what exactly? Do you understand the scrypt algo? The point goes back to processing power as a commodity. The Scrypt algo hits at the heart of the modern computing problem; Random Access Memory. Again, proof of work constructs trump all.

4. It may still be too complicated for the 40+ crowd. Fine. They're not the people who are already adopting this tech. Its today's 20 somethings that will run with it into the next decade.

5. I don't think you understand the technology. No offense as most people don't really get it. But they will as soon as they see the benefits.

Your arguments "beat" nothing . All they show is a biased and defensive opinion. You're holding on to that opinion because you're old and don't like change. Its time to adapt or die. Traditional monetary systems are about to die.

 

[Hoi]

4. It may still be too complicated for the 40+ crowd. Fine. They're not the people who are already adopting this tech. Its today's 20 somethings that will run with it into the next decade.

5. I don't think you understand the technology. No offense as most people don't really get it. But they will as soon as they see the benefits.

Your arguments "beat" nothing . All they show is a biased and defensive opinion. You're holding on to that opinion because you're old and don't like change. Its time to adapt or die. Traditional monetary systems are about to die.

My advice: Just ignore Pekelo ..... we have debugged his faulty arguments over and over, but like all Trolls: his agenda isn't "to learn something".

By the way: I'm belonging to the 55+ crowd

 

[Pekelo]

his agenda

What is with this agenda thing with you guys? If someone doesn't agree with you all the time he must have an agenda.

2 predictions for this year:

1. This will be the first year when Bitcoin will lose value annually...

2. The ATH won't be reached again....

 

[Hoi]

What is with this agenda thing with you guys? If someone doesn't agree with you all the time he must have an agenda.

Because you are repeating incorrect information. It's like we know that a banana is yellow, but you keep telling us that it is purple....

For example: in quite a number of posts you keep telling that Bitcoin is "extremely easy to copy, and therefor not scars and of no value".
Many educated minds have debugged this faulty view already, but you keep spamming this "purple colored banana".

Maybe this quote of Eric Voorhees can solve some of your color-blindness:
---------------------
I wouldn't underestimate the "stickiness" of Bitcoin or the power of network effects with respect to money. Bitcoin's network has 93% of the crypto-eco-system, and will not easily give away market share, just because of this Network effect.

Bitcoin, after all, cannot really be copied. True, the open-source code can be copied and the copier could release CopyCoin (indeed this is happening all the time). But, the copier cannot copy the infrastructure. The protocol layer is easily copied. The infrastructure layer is not. On Day 1 of Bitcoin, it had no infrastructure layer. I can tell you, as an entrepreneur in this space for the past few years, Bitcoin’s infrastructure layer is now substantial. Indeed, I am sitting in my office, and looking at my employees building this very infrastructure as I write this. Their work, and that of many thousands of others around the world, is not so easily replicated.

Let’s use an analogy:

Consider that language itself is a protocol – a set of rules for conveying information. Consider then that one could copy the English language, and change parts of it, and release it as English 2.0. However, why would anyone use it? Even if it had marginal improvements over traditional English, where is the infrastructure? Where are the vast tomes of literature written in English 2.0? Where are the speakers and writers and scholars of this new language? Where are the libraries and Wikipedias full of English 2.0 articles? How many newspapers are written and conveyed in English 2.0? That infrastructure wouldn’t exist, and neither therefore, would the users. This is merely the natural, spontaneous consequence of network effect, and it applies to English as a protocol for language just as it applies to Bitcoin as a protocol for money.

Now, does the network effect mean English, or Bitcoin, can never be replaced? No. But it does mean it’d be extremely difficult in either case.
-------------------------


So sure: copy coins like Litecoin and Dogecoin are trying hard to replace Bitcoin, but it will be extremely difficult to even get 10% of that market, let alone replace it.

Your purple version: "extremely easy to copy, and therefor not scars and of no value" is thereby false.

 

[Pekelo]

By the way I did remember my agenda, it is to educate the ignorant...

1. Easy to copy?

2. THE IRS JUST MADE IT LEGAL and taxable!!!

3. Like what exactly? Do you understand the scrypt algo? The point goes back to processing power as a commodity. The Scrypt algo hits at the heart of the modern computing problem; Random Access Memory. Again, proof of work constructs trump all.

4. It may still be too complicated for the 40+ crowd. Fine. They're not the people

5. I don't think you understand the technology.

1. Yes, it took 4 hours to create Litecoin, I would call that easy to copy.

2. The IRS made jackshit. They ruled on how to interpret tax laws, that's what they do. They don't make laws. And they like to tax even illegal activity (remember Al Capone) The IRS doesn't condone, they just tax people.

My point about stealing an illegal property was, that if I steal your brick of heroin or stash of bitcoin, you can not go to the authorities to cry, unlike stealing your money or jewelry.

4. Oh now bitcoin is ageist? So you are telling me that certain currencies are not for everyone??? How about gender discrimination?

5. I don't think you understand US laws and history....

------------------

Hoi, I will just kind of ignore you for the time being, you are getting obnoxious...

 

[Hoi]

1. Yes, it took 4 hours to create Litecoin, I would call that easy to copy.

Litecoin is now 2 years and 6 months old....and only has 5% of Bitcoin's market-cap and even less percent of Merchants accepts it.

Dogecoin is now 3 months old..... and has 0.5%

A banana is really yellow

 

[zdreg]

By the way I did remember my agenda, it is to educate the ignorant...



1. Yes, it took 4 hours to create Litecoin, I would call that easy to copy.

2. The IRS made jackshit. They ruled on how to interpret tax laws, that's what they do. They don't make laws. And they like to tax even illegal activity (remember Al Capone) The IRS doesn't condone, they just tax people.

My point about stealing an illegal property was, that if I steal your brick of heroin or stash of bitcoin, you can not go to the authorities to cry, unlike stealing your money or jewelry.

4. Oh now bitcoin is ageist? So you are telling me that certain currencies are not for everyone??? How about gender discrimination?

5. I don't think you understand US laws and history....

------------------

Hoi, I will just kind of ignore you for the time being, you are getting obnoxious...

"4. Oh now bitcoin is ageist? So you are telling me that certain currencies are not for everyone??? How about gender discrimination?"

nonsensical remark. e.g. many older people don't use atm machines because they are old and distrustful and cannot follow atm instructions.

"1. Yes, it took 4 hours to create Litecoin, I would call that easy to copy."
maybe or maybe not. it depends on the ability of the inventor.

 

[Mike805]

I personally think scrypt based coins are going to thrive because they stop the centralization (hoarding) of wealth via large-scale ASIC/FPGA mining operations. Specifically, "litecoin" and "vertcoin" seem to have addressed this issue well. I do think litecoin is potentially threatened by large scale ASIC mining.

I also believe that attempts at solving the Random Access Memory problem will further drive computing invention. Much like the traditional mining industry (gold, copper etc) had its innovation period, modern computing will take another leap forward in the next decade. Frankly it needs to and crytocurrency is going to be the driver. Super fast RAM access benefits everyone - not just crypto-miners. Some of the most complex computing systems in the world will now have commercial applications that can be translated into real dollars whereas before those systems we prohibitively expensive as the ROI sucked. For example, applications like computational chemistry required massive computing investment and yielded little monetary gain.

Rarely do I make predictions. In fact I probably sound somewhat fanatical, but, the benefits of crypto-currencies are far reaching, far beyond simple transactions. This is the first real attempt at commoditizing processing power. That's a huge step forward IMO.

 

[newguy05]

please just ignore pekelo, multiple people have explained to him why barrier to entry to replace/replicate bitcoin market share is extremely high. But he continues to reply everything with bitcoin is easy to copy therefore worthless argument.

You know what they say about never arguing with an idiot, they will drag you down to their level and beat you with experience.

I am all for negative views on bitcoin but this is just getting tiring reading pages and pages on the same back forth in circles.

 

[Pekelo]

maybe or maybe not. it depends on the ability of the inventor.

What, are you questioning that to slightly modify the protocol took only 4 hours? Why would it take longer?

Obviously Litecoin and even Doge showed that it is extremely EASY to copy bitcoin. maybe in the futures there will be kits and everyone can come up with their alternate currency....