5 ms·

Not a scam, just bad tech. If you compare it to say https://nano.org https://nano.org It's understandable though, it was first and drives on the network effect

by nikivi 6y ago

Not a scam, just bad tech. If you compare it to say https://nano.org https://nano.org It's understandable though, it was first and drives on the network effects and its name ever since.

FDSGSG 6y ago
It's akin to IPv4 and IPv6. IPv4 is obviously the worse tech, but because of the scarcity and network effects the value of IPv4 addresses will keep climbing.
- mike_d 6y ago
  IPv4 is vastly superior to IPv6. The latter being far too complicated and over designed to have any justification for adoption other than IPv4 scarcity. 20 years later and your average non-engineer "power user" can barely get it working without a ton of handholding.
magma1983 6y ago
betamax was better tech than vhs. it's adoption that counts.
- nikivi 6y ago
  What I don't get though is how people are satisfied paying so much in fees for sending coins. I get that bitcoin isn't really used as a currency but as digital gold. But still, so much money simply wasted. At least considering an exchange like coinbase. Perhaps there is a way to send/buy/sell bitcoin at nearly no cost that I am not aware of.
  - aww_dang 6y ago
    Digital gold is the part I feel least confident in. Gold is inherently useful. BTC maximalists retreated from transaction utility to SoV arguments.
- habosa 6y ago
  Bitcoin has basically no adoption among people who use cryptocurrency for non-speculative purposes. Privacy-focused coins (Monero, etc) or coins with faster/better ledgers (Ethereum) are much more popular. There was a time when Bitcoin was a promising digital currency! I had some back then, around 2010. This is not that.
  - Ekaros 6y ago
    How much Ethereum is used for actual transactions? All things I hear from it are tech toys/demos and weird financial instruments/gambling...
    - habosa 6y ago
      No idea but if I ever wanted to pay a friend or a business in crypto, that's definitely the coin I'd use. Fast, well-known, and easy to buy and sell.
  - FDSGSG 6y ago
    Bullshit. The vast majority of DNM transactions are in bitcoin (yes, I know WHM is trying to change this).. Same goes for huge card shops like jstash, which tend to only accept bitcoin. On various crime forums like exploit.in and verified.sc bitcoin is definitely the currency of choice. Most ransomware payments are in bitcoin too, even if a few have tried asking for monero recently. It's very strange to see someone choose to come up with lies like this. I would prefer widespread monero adoption too, but we're far from that.
knuthsat 6y ago
Well, Bitcoin is a research project. Bitcoin to finally become cash equivalent needs to be untraceable, the transactions shouldn't have known inputs and outputs and energy efficient. AFAIK, a lot of people that worked on Bitcoin found solutions to most problems and some of those solutions were reused in other currencies.

by nikivi 6y ago

Not a scam, just bad tech. If you compare it to say https://nano.org https://nano.org It's understandable though, it was first and drives on the network effects and its name ever since.

FDSGSG 6y ago

It's akin to IPv4 and IPv6. IPv4 is obviously the worse tech, but because of the scarcity and network effects the value of IPv4 addresses will keep climbing.

mike_d 6y ago
IPv4 is vastly superior to IPv6. The latter being far too complicated and over designed to have any justification for adoption other than IPv4 scarcity. 20 years later and your average non-engineer "power user" can barely get it working without a ton of handholding.

magma1983 6y ago

betamax was better tech than vhs. it's adoption that counts.

nikivi 6y ago
What I don't get though is how people are satisfied paying so much in fees for sending coins. I get that bitcoin isn't really used as a currency but as digital gold. But still, so much money simply wasted. At least considering an exchange like coinbase. Perhaps there is a way to send/buy/sell bitcoin at nearly no cost that I am not aware of.
- aww_dang 6y ago
  Digital gold is the part I feel least confident in. Gold is inherently useful. BTC maximalists retreated from transaction utility to SoV arguments.
habosa 6y ago
Bitcoin has basically no adoption among people who use cryptocurrency for non-speculative purposes. Privacy-focused coins (Monero, etc) or coins with faster/better ledgers (Ethereum) are much more popular. There was a time when Bitcoin was a promising digital currency! I had some back then, around 2010. This is not that.
- Ekaros 6y ago
  How much Ethereum is used for actual transactions? All things I hear from it are tech toys/demos and weird financial instruments/gambling...
  - habosa 6y ago
    No idea but if I ever wanted to pay a friend or a business in crypto, that's definitely the coin I'd use. Fast, well-known, and easy to buy and sell.
- FDSGSG 6y ago
  Bullshit. The vast majority of DNM transactions are in bitcoin (yes, I know WHM is trying to change this).. Same goes for huge card shops like jstash, which tend to only accept bitcoin. On various crime forums like exploit.in and verified.sc bitcoin is definitely the currency of choice. Most ransomware payments are in bitcoin too, even if a few have tried asking for monero recently. It's very strange to see someone choose to come up with lies like this. I would prefer widespread monero adoption too, but we're far from that.

knuthsat 6y ago

Well, Bitcoin is a research project. Bitcoin to finally become cash equivalent needs to be untraceable, the transactions shouldn't have known inputs and outputs and energy efficient. AFAIK, a lot of people that worked on Bitcoin found solutions to most problems and some of those solutions were reused in other currencies.