1
18

[–] bambambam 1 points 18 points (+19|-1) ago 

I had really high hopes for bitcoin, and in a way, I still do. I invested back when it was around $3 per coin. However, it's not likely that a currency that's had so many devastating security problems will ever go truly mainstream. Honestly, if it wasn't the only decent option for buying illegal shit, bitcoin wouldn't be nearly as valuable as it is right now.

I also remember the first time Mt. Gox got hacked, and someone commented "this is why kids who just learned PHP yesterday shouldn't be running a currency exchange". Thought that was pretty funny.

1
16

[–] 11ChinCyrilFiggis 1 points 16 points (+17|-1) ago  (edited ago)

Bitcoin may well be a failure, but blockchain in general is an incredible piece of technology which can do more than just 'be money'; Off the top of my head, there are use-cases in legal agreements [contracts], and as a better way to do confirmation and settlements [finance]

0
4

[–] InDifferent 0 points 4 points (+4|-0) ago 

I could be wrong on this, but I'm thinking that there's even a digital card trading game that uses that technology to truly make the cards unique. I'm not that big into CTG, but the idea that they can mimic how real deck-building games like Magic the Gathering in a digital way is super cool.

[–] [deleted] 1 points 11 points (+12|-1) ago 

[Deleted]

0
0

[–] ChaoticNeutral 0 points 0 points (+0|-0) ago 

Or threatened.

3
8

[–] syn0byte 3 points 8 points (+11|-3) ago 

like every idea man ever had, the problem isn't the idea, its the people executing it.

0
2

[–] rob_white 0 points 2 points (+2|-0) ago 

So Fascism was an awesome idea and only fucked up in the execution?

0
2

[–] ThisWeirdIndividual 0 points 2 points (+2|-0) ago 

They got the execution part pretty good (at both the giving and receiving end ).

0
1

[–] ginx2666 0 points 1 points (+1|-0) ago 

Kinda. Nationalism isn't bad.

1
0

[–] Diggit 1 points 0 points (+1|-1) ago 

It's no worse than a lot of other ideas.

3
-2

[–] curomo 3 points -2 points (+1|-3) ago 

It's working well for ants and they out number us like a billion to one.

1
6

[–] k_digi 1 points 6 points (+7|-1) ago 

0
4

[–] PsychoDesign 0 points 4 points (+4|-0) ago  (edited ago)

I read the article and I didn't understand one bit.

But to tell the truth, I never really understood what bitcoin is nor I go and speak to much about it since I don't really know what to tell. The thing is why this subject attracted my attention is, because around 2011 if I recall correctly, some of my friends were so fired up about "bitcoin" that this currency will become sort of monthly salary for them. What should they do, was the question I guess? Well like they discussed and I listened and I heard about "mining", yeah "Bitcoin mining" on Heavy GPU based rigs. I knew my way around tech especially PCs and I somehow got into discussion about getting paid for doing nothing or so I thought.

The first investment would be, creating a High End GPU RIG to cover monthly expenses for Electricity and Internet and the other RIG for profit. In the end after some research I dropped this idea, my friends didn't though. And in 2012 if not mistaken they bought 2 of AMD HD 7970 cards for their rigs in crossfire, since they calculated the amount of profit this would give them if the exchange rate of bitcoin would be high enough they'll start obtaining the profit after 4 months of mining or so. Long story short one friend had a profit of ~300$, the other one didn't have profit due to problems with wallet being hacked or stolen so he felt bad about this situation, myself remained with nothing nor investing nor having profit.

Why I wrote this you ask? Well mostly because I read this article and somehow today I get the idea of creating a currency issued and managed without any central authority whatsoever. Wait? but previously you wrote: "I didn't understand one bit." Yes, all those graphics, chart tables and many specifics are hard to grasp. But a currency with no government, company, or bank in charge of it to manipulate sounds promising right? Yes, but this is also dangerous. There'll be those who would want to attack it, others opposing it and others agreeing to use. Me personally I would like to use it as my daily basis, like buying food from stores, or getting a ticket to Akira Yamaoka Concert, or paying my internet bill and so on, but it is not implemented where I live nor in most parts around the world so to speak. Plus from what I saw during my friends's experiments with it, they didn't cared about "bitcoin" as a currency they cared about $ they'll make from exchange rates because "bitcoins" were worth hundreds at the time. So I guess we come to the end of my personal opinion on this, I could've done mining to get some bitcoins to start with something in wallet, or invest in them at times then the bitcoin was really cheap and use for some digital shopping in some strange places on the internet but still I don't know too much shit about it and where to spend it if I had.

I guess you could call it a "failure", not because of what I said but because of what an expert and a Bitcoin Dev expressed himself on the matter and looks like he knows what he's talking about. I for one just wrote here a personal view on situation.

p.s: I hope my comment doesn't violate anything and is somehow related to the topic of discussion here.

p.s.s: English is not my primary language of expressing my thoughts.

p.s.s.s: I'm no economic expert! I'm using my chaotic head to understand some terms I'm going to live with.

0
0

[–] Milty 0 points 0 points (+0|-0) ago 

Interesting comment. It's worth noting that the good old days of bitcoin mining with graphics cards are over. These days you need specialized hardware in order to even be noticed by the network and furthermore if you don't join a pool your chances of making any profit are very small. Bitcoin is supposed to be not controlled by any bank, government or company but the reality today is that mining has become very centralized behind just a few pools, which means just a few people control the mining votes which in the end are the only votes that count in bitcoin.

0
4

[–] northernarcher 0 points 4 points (+4|-0) ago 

This is way overblown. If it were a failure then it would not be working and be used by so many people like it is already.

1
0

[–] Milty 1 points 0 points (+1|-1) ago 

I don't know, I'm kinda with Hearn on this one. If the miners don't have the balls to switch out their software based on what they feel is best for them and the network as a whole, then bitcoin is definitely doomed. Especially with the current situation where so much mining power is concentrated behind just a few people. They don't want to switch from bitcoin core because it's "disloyal"? That's total horse shit. The bitcoin core developers have clearly shown their unwillingness to do anything about the situation and if Hearn's predictions about what will happen as the block limits are hit is true then things are just going to get shittier and shittier.

Only time will tell but one of the most talented people who understands the inner workings of bitcoin the best AND has the most experience with such networks just sold off all his coin and jumped ship. Maybe he's being dramatic and giving up too easily, but don't forget he's been fighting this fight for like a year at this point. In any case, his exit is certainly not good for bitcoin and doesn't make me want to invest anything into the situation. I for one will just be sitting back to see what happens.

2
4

[–] bubbleki 2 points 4 points (+6|-2) ago 

This Mike Hearn guy can go fuck himself. What an egomaniac that he thinks he can toll the death knell of one of the greatest innovations since the internet. People will decide for themselves.

3
1

[–] Milty 3 points 1 points (+4|-3) ago 

That just it, apparently people won't decide for themselves. That's pretty much the whole problem here. Miners are not thinking about what's best for them and the currency and making their own decision. Instead they're just waiting for the core developers to make a decision and blindly following suit. They're just a bunch of sheep, and because so much of the mining power is concentrated in the Chinese miners who act this way, bitcoin is going nowhere until they make a decision.

You may not like him but he has a very solid point. The systemic mechanisms that are supposed to make bitcoin invulnerable to a shitty stalemate situation like this have failed for a few different reasons. If bitcoin can be stopped in it's tracks by just a few people this way then it has failed it's original purpose of being a decentralized trustless currency.

load more comments ▼ (15 remaining)