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I don't understand why people still do this type of "X will die" predictions. You have nothing to gain by making these predictions, just like how everyone who

I don't understand why people still do this type of "X will die" predictions. You have nothing to gain by making these predictions, just like how everyone who predicted the fall of the Internet are now laughed upon. Furthermore, even if Bitcoin DOES go down, it's not like you'll be applauded for being an 'oracle' just because you predicted this either. Pretty much everyone who's risk-averse or doesn't understand the technology is saying the same thing. Why not actually learn how the technology works, so that you don't make these shallow snarky remarks that sound exactly the same as the conversation I had with my uber driver last night, and instead maybe yourself could come up with a solution? Regarding all the reasons you pointed out, except for the transaction fee issue, the rest are really non-problems. Just because fewer people buy mining devices you think it will go down to $300? Just because you lost your Bitcoin because of your carelessness, you think Bitcoin will go down to $300? Transaction fees are really the biggest issue right now, and there are tons of different approaches people are working on. Just like the Internet had hard time scaling in the early days I'm sure people will figure it out. One thing I find annoying about mainstream media saying Bitcoin will die is how they think Bitcoin is some fixed thing that's doomed because it won't evolve at all. I expected better from HN audience. Bitcoin is designed to evolve through forks and that's the whole point. People will find various ways to fix all kinds of challenges because financial incentivization is built into the protocol.

philipwhiuk 9y ago
> Transaction fees are really the biggest issue right now, and there are tons of different approaches people are working on. Just like the Internet had hard time scaling in the early days I'm sure people will figure it out. "Yes, don't worry we'll just solve this extremely technically challenging problem." That's an article of faith.
- aeternus 9y ago
  Lightning network seems to be the leading solution. I've used it on the test net and it is fairly impressive.
- cocktailpeanuts 9y ago
  I never said "Yes don't worry". That's stupid, and exactly what Bitcoin devs are doing right now, which is why the price is going down. My point was that these are extremely challenging problems but not unsolvable. If went back in time and asked anyone whether something like Bitcoin would work, everyone would have thought it was an "impossible" problem to solve. If you're reading HN, I assume you are somewhat technical. If so, it's much more productive to actually sit down to learn what the "extremely challenging" issue really is and see if you could come up with a solution? Bitcoin and cryptocurrency ecosystem is so early that if you mess around and if you're clever enough you will probably see tons of opportunities everywhere. If you can't, then it's either that you didn't understand the tech deeply enough or you're just incapable (which is fine, but most people belong to the former category) Anyway aside from all that, my real point was how it's not wise to make predictions when you don't know how the technology actually works really well, which is what everyone from Jamie Dimon and my uber driver is doing. A lot of these people are intelligent in their own ways but they're just too lazy to actually study how it works but just like to babble on because that gives them the satisfaction of feeling like a smart person.
spyder 9y ago
Hah, nice comment recycling :) ( https://news.ycombinator.com/item?id=16028809 https://news.ycombinator.com/item?id=16028809 )
- cocktailpeanuts 9y ago
  Wow that's so weird, what's going on? Did that guy just copy and paste my comment there? I don't really care about getting credits for this comment (which by the way got downvoted tons) but it's still really weird that someone would copy and paste the same comment on the same thread.
- deleted 9y ago
  [deleted]

philipwhiuk 9y ago

> Transaction fees are really the biggest issue right now, and there are tons of different approaches people are working on. Just like the Internet had hard time scaling in the early days I'm sure people will figure it out. "Yes, don't worry we'll just solve this extremely technically challenging problem." That's an article of faith.

aeternus 9y ago
Lightning network seems to be the leading solution. I've used it on the test net and it is fairly impressive.
cocktailpeanuts 9y ago
I never said "Yes don't worry". That's stupid, and exactly what Bitcoin devs are doing right now, which is why the price is going down. My point was that these are extremely challenging problems but not unsolvable. If went back in time and asked anyone whether something like Bitcoin would work, everyone would have thought it was an "impossible" problem to solve. If you're reading HN, I assume you are somewhat technical. If so, it's much more productive to actually sit down to learn what the "extremely challenging" issue really is and see if you could come up with a solution? Bitcoin and cryptocurrency ecosystem is so early that if you mess around and if you're clever enough you will probably see tons of opportunities everywhere. If you can't, then it's either that you didn't understand the tech deeply enough or you're just incapable (which is fine, but most people belong to the former category) Anyway aside from all that, my real point was how it's not wise to make predictions when you don't know how the technology actually works really well, which is what everyone from Jamie Dimon and my uber driver is doing. A lot of these people are intelligent in their own ways but they're just too lazy to actually study how it works but just like to babble on because that gives them the satisfaction of feeling like a smart person.

spyder 9y ago

Hah, nice comment recycling :) ( https://news.ycombinator.com/item?id=16028809 https://news.ycombinator.com/item?id=16028809 )

cocktailpeanuts 9y ago
Wow that's so weird, what's going on? Did that guy just copy and paste my comment there? I don't really care about getting credits for this comment (which by the way got downvoted tons) but it's still really weird that someone would copy and paste the same comment on the same thread.
deleted 9y ago
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