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The problem is not complexity, but uselessness. Why do anybody need Bitcoin, especially when the price is not doubling every couple of months anymore? Also, wit

by kolev 12y ago

The problem is not complexity, but uselessness. Why do anybody need Bitcoin, especially when the price is not doubling every couple of months anymore? Also, with Tor being owned by the NSA, even those interested in buying child porn or illegal drugs with Bitcoin are no longer that interested. Speculators are leaving the market as clearly indicated by the dropping trade volumes. So, if you've got any, sell them in January (baseless New Year optimism), because in February, prices will go below $300 again!

syllogism 12y ago
Unfortunately the killer app of bitcoin is probably ransom ware. Malware infections won't go away, and ransom ware seems a good way to monetise them.
- kolev 12y ago
  That's another more practical use, yes, but still traceable.
- Avalaxy 12y ago
  No, that's not the killer app. Bitcoin is extremely traceable, much more so than cash. Actually there is a fair chance of deanonymizing users. One of Bitcoin's killer apps would probably be micropayments. Changetips is really taking off and for the first time it's making micropayments really feasible.
Avalaxy 12y ago
You are all massively missing the point. You don't need to hold Bitcoin yourself, you can just use the network to send money around the world in an instant. Banks could do this on a large scale under water and convert it to another currency right away.
- kolev 12y ago
  Banks don't need Bitcoin - they've got SWIFT.
  - Avalaxy 12y ago
    ... It takes days to send money with SWIFT and the costs are much higher. Bitcoin is a superior technology that provides substantial benefits to banks. That's why the 3 biggest banks in the Netherlands are seriously looking at using Bitcoin for their payments.
    - kolev 12y ago
      No, SWIFT is not slow. I move money from US to EU in 12 hours thru wires and pay a flat fee of $20. SWIFT is fast, it's just a messaging system, but slowness comes from elsewhere, for example, going thru correspondent banks. "Seriously looking" is a gross exaggeration. Banks always look at alternatives, but are very careful about changing their proven methods!

by kolev 12y ago

syllogism 12y ago

Unfortunately the killer app of bitcoin is probably ransom ware. Malware infections won't go away, and ransom ware seems a good way to monetise them.

kolev 12y ago
That's another more practical use, yes, but still traceable.
Avalaxy 12y ago
No, that's not the killer app. Bitcoin is extremely traceable, much more so than cash. Actually there is a fair chance of deanonymizing users. One of Bitcoin's killer apps would probably be micropayments. Changetips is really taking off and for the first time it's making micropayments really feasible.

Avalaxy 12y ago

You are all massively missing the point. You don't need to hold Bitcoin yourself, you can just use the network to send money around the world in an instant. Banks could do this on a large scale under water and convert it to another currency right away.

kolev 12y ago
Banks don't need Bitcoin - they've got SWIFT.
- Avalaxy 12y ago
  ... It takes days to send money with SWIFT and the costs are much higher. Bitcoin is a superior technology that provides substantial benefits to banks. That's why the 3 biggest banks in the Netherlands are seriously looking at using Bitcoin for their payments.
  - kolev 12y ago
    No, SWIFT is not slow. I move money from US to EU in 12 hours thru wires and pay a flat fee of $20. SWIFT is fast, it's just a messaging system, but slowness comes from elsewhere, for example, going thru correspondent banks. "Seriously looking" is a gross exaggeration. Banks always look at alternatives, but are very careful about changing their proven methods!