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> Sure, bitcoin has several terrible characteristics that have been exposed over the past few weeks (volatility, tons of speculation, new users don't understand
by zanny 13y ago
> Sure, bitcoin has several terrible characteristics that have been exposed over the past few weeks (volatility, tons of speculation, new users don't understand wallet security, etc.)
None of these are new, bitcoin has been volatile, has had a large speculative market, and a problem with new users understanding it since 2009.
- ashray 13y agoThanks for adding that, I am of course personally aware that these discussions have taken place time and again on bitcointalk. I meant to say that these problems have been exposed more by the general press, etc. lately. There are other issues that the recent spike in value/volume have introduced: - bitcoin clients, usage, security are too complex for the average consumer - minimum miners fee is now too high ($0.10) - some miners are cherry picking transactions with higher fees so some transactions are taking longer to confirm - fear that the transaction bottleneck might be hit (imagine if all the internal movements on exchanges were on chain transactions, this would've already happened) - a lot of ill feeling and negativity from tech folks who could've been early adopters but missed the bus. Truth is, it's still early times. Also, services still need to be built, tech folks can always do that! :)
- nightpool 13y agoFrom what I understand, isn't "some miners are cherry picking transactions with higher fees so some transactions are taking longer to confirm" part of the design of the Bitcoin network? From what I understand, as mining gets harder, transaction fees are supposed become the larger economic incentive for miners.