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Don't speak for most people. Most people know nothing about Bitcoin just yet. Can you be more specific about where the financial experiment of Bitcoin has gone

by snitko 10y ago

Don't speak for most people. Most people know nothing about Bitcoin just yet. Can you be more specific about where the financial experiment of Bitcoin has gone wrong and why?

jbmorgado 10y ago
It's quite telling that you don't want me to speak for other people but just in your answer before projected your irrational feelings about bitcoin on me and on what I feel or don't feel for bitcoin (so that we get straight, I don't "feel" anything for a technology, that doesn't make sense). When I referred the world at large, I referred the world at large that already knows bitcoin, not the world population. And from those, most of them obviously didn't get in bitcoin (in fact the ones that did get in bitcoin are pulling out as can be clearly seen in the volume of bitcoin transactions since 2014). And it is a clearly failed financial experiment because: 1 - It concentrated all the wealth in the hands and very few people in only a couple of years (http://www.bitcoinrichlist.com/top100 http://www.bitcoinrichlist.com/top100) 2 - The majority of bitcoin transactions are used for ilegal purposes (http://www.coindesk.com/dark-web-markets-processed-more-bitcoin-than-bitpay-in-2014/ http://www.coindesk.com/dark-web-markets-processed-more-bitc...) 3 - It's more inconvenient than existing payment systems to use so people don't use it (http://finance.yahoo.com/news/bitcoin-is-dead-says-prominent-fintech-executive-taavet-hinrikus-transferwise-bitcoin-experiment-failed-191800988.html http://finance.yahoo.com/news/bitcoin-is-dead-says-prominent...) 4 - People are so uninterested and suspicious of bitcoin that you actually loose money if you present bitcoin as a payment/donation method (http://bitcoinist.net/mozilla-study-shows-bitcoin-negative-impact-donations/ http://bitcoinist.net/mozilla-study-shows-bitcoin-negative-i...) 5 - Complete unregulation keeps meaning high scale theft and complete unreliability of bitcoin markets (MtGox and many others) All in all, the world at large - in this case not only the ones that know bitcoin - clearly understands that the financial system needs more regulation not less, and yet, you put bitcoin in the table with is utter lack of regulation and try to claim its a great thing that will solve the world's financial problems but you don't give absolutely no sane argument or metrics about how it is doing that. And that was exactly my original point.
- fucking_tragedy 10y ago
  The most damning: Seven transaction a second. You cannot have a functioning financial system that is constrained to seven transactions per second.
  - snitko 10y ago
    I think you misunderstand the purpose of Bitcoin. It's not meant to be a payment system, but rather a settlement layer.
    - fucking_tragedy 10y ago
      The top ten results of "bitcoin purpose" on Google concur that in it's current implementation, in how the community and business world view and use it, Bitcoin is meant to be an electronic currency. The FTC recognizes it as a commodity, something that can be bought and sold. In it's current incarnation, it is the equivalent of bartering with baseball cards in lieu of cash. If your point is true, then the purpose has been abandoned for the popular and current realization of Bitcoin as a means of electronic monetary value transfer. I personally followed development and the community from the time it was introduced. It was always pitched as an 'anonymous' electronic currency.
      - gozur88 10y ago
        >The FTC recognizes it as a commodity, something that can be bought and sold. In it's current incarnation, it is the equivalent of bartering with baseball cards in lieu of cash. The US government has a stake in the failure of non-state-controlled currencies, though, so this isn't really evidence of anything.
        fucking_tragedy 10y ago
        It's evidence that it is popularly interpreted as something that has value and can be traded. So is money. I really can't care any less than I already don't if Bitcoin is or isn't a legal currency. The point is it isn't commonly purported to be a 'settlement layer' but something else entirely.

by snitko 10y ago

Don't speak for most people. Most people know nothing about Bitcoin just yet. Can you be more specific about where the financial experiment of Bitcoin has gone wrong and why?

jbmorgado 10y ago

It's quite telling that you don't want me to speak for other people but just in your answer before projected your irrational feelings about bitcoin on me and on what I feel or don't feel for bitcoin (so that we get straight, I don't "feel" anything for a technology, that doesn't make sense). When I referred the world at large, I referred the world at large that already knows bitcoin, not the world population. And from those, most of them obviously didn't get in bitcoin (in fact the ones that did get in bitcoin are pulling out as can be clearly seen in the volume of bitcoin transactions since 2014). And it is a clearly failed financial experiment because: 1 - It concentrated all the wealth in the hands and very few people in only a couple of years (http://www.bitcoinrichlist.com/top100 http://www.bitcoinrichlist.com/top100) 2 - The majority of bitcoin transactions are used for ilegal purposes (http://www.coindesk.com/dark-web-markets-processed-more-bitcoin-than-bitpay-in-2014/ http://www.coindesk.com/dark-web-markets-processed-more-bitc...) 3 - It's more inconvenient than existing payment systems to use so people don't use it (http://finance.yahoo.com/news/bitcoin-is-dead-says-prominent-fintech-executive-taavet-hinrikus-transferwise-bitcoin-experiment-failed-191800988.html http://finance.yahoo.com/news/bitcoin-is-dead-says-prominent...) 4 - People are so uninterested and suspicious of bitcoin that you actually loose money if you present bitcoin as a payment/donation method (http://bitcoinist.net/mozilla-study-shows-bitcoin-negative-impact-donations/ http://bitcoinist.net/mozilla-study-shows-bitcoin-negative-i...) 5 - Complete unregulation keeps meaning high scale theft and complete unreliability of bitcoin markets (MtGox and many others) All in all, the world at large - in this case not only the ones that know bitcoin - clearly understands that the financial system needs more regulation not less, and yet, you put bitcoin in the table with is utter lack of regulation and try to claim its a great thing that will solve the world's financial problems but you don't give absolutely no sane argument or metrics about how it is doing that. And that was exactly my original point.

fucking_tragedy 10y ago
The most damning: Seven transaction a second. You cannot have a functioning financial system that is constrained to seven transactions per second.
- snitko 10y ago
  I think you misunderstand the purpose of Bitcoin. It's not meant to be a payment system, but rather a settlement layer.
  - fucking_tragedy 10y ago
    The top ten results of "bitcoin purpose" on Google concur that in it's current implementation, in how the community and business world view and use it, Bitcoin is meant to be an electronic currency. The FTC recognizes it as a commodity, something that can be bought and sold. In it's current incarnation, it is the equivalent of bartering with baseball cards in lieu of cash. If your point is true, then the purpose has been abandoned for the popular and current realization of Bitcoin as a means of electronic monetary value transfer. I personally followed development and the community from the time it was introduced. It was always pitched as an 'anonymous' electronic currency.
    - gozur88 10y ago
      >The FTC recognizes it as a commodity, something that can be bought and sold. In it's current incarnation, it is the equivalent of bartering with baseball cards in lieu of cash. The US government has a stake in the failure of non-state-controlled currencies, though, so this isn't really evidence of anything.
      - fucking_tragedy 10y ago
        It's evidence that it is popularly interpreted as something that has value and can be traded. So is money. I really can't care any less than I already don't if Bitcoin is or isn't a legal currency. The point is it isn't commonly purported to be a 'settlement layer' but something else entirely.