4 ms·
The problem with bitcoin is technical, not economical. It takes too long to make a transaction, there were no easy built in backups built into the wallet, you
by 3pt14159 15y ago
The problem with bitcoin is technical, not economical.
It takes too long to make a transaction, there were no easy built in backups built into the wallet, you needed to download the entire block chain, while sometimes you couldn't even GET to the p2p network without hardwiring in a fallback ip, which frankly goes against the whole point. There is also the problem on non-continuous curves through out the whole thing. Every two weeks miners would get onto irc and bitch about the newest hardness level. Why is it every two weeks? That is crazy. Also, why are we running GPU cards for weeks on end just to ensure distribution. That is stupid.
This is the internet with computers, it should take less than 500 ms to confirm a transaction. It should take less than 10 seconds to install bitcoin and accept a new transfer (ie, I shouldn't have to download the entire blockchain). I shouldn't have to heat my house while ensuring the accuracy of the block chain.
The next bitcoin will address these concerns, and will be widely adopted.
Disclaimer: I made a decent amount of money speculating on Bitcoins.
- deleted 15y ago[deleted]
- int3rnaut 15y agoDon't you think a bigger problem is that it's too much of a psychological hurdle for non-technical adopters? Try explaining the concept of bitcoins to most people and they'll become more hesitant, confused or even fearful than interested. Even if the technical concerns are addressed I don't think this gap can be overcome in our lifetime for such a concept to be widely adopted; the current system is too far entrenched.
- anarchotroll 15y agoTry explaining the concept of paper money (as it is currently used) to most people and they'll be very confused. But they still use it.