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Mass adoption can never happen because bitcoin was never designed to be a payment system for mass adoption. Look at the history: circa 2000 E-Gold was the go-t
by calafrax 9y ago
Mass adoption can never happen because bitcoin was never designed to be a payment system for mass adoption.
Look at the history: circa 2000 E-Gold was the go-to currency for illegal activity online. In 2008 E-Gold got shut down.
A few months later the bitcoin proposal surfaces and coincidentally solves the "problems" with E-Gold by making it impossible to shut down, impossible to indict the owners, and easier to hide money flows if you are sophisticated enough to write programs to move your money through webs of anonymous proxy accounts.
Bitcoin was designed from the beginning to be ideal for illegal activity and the features that make it good for illegal activity also make it expensive, inefficient, and poorly suited to legitimate commerce (non-repudiation is basically a deal breaker).
Throw in the risk created by price fluctuations and the whole thing is just totally impractical for real world use at scale.
But hey, I was saying the same thing back then too, and I could be a millionaire now, so you probably shouldn't take my advice.