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RE: Bitcoin Will NEVER Gain Mass Adoption (video/podcast)
The Bitcoin team isn't focused on mass adoption, and maybe they never were. They're focused on something else - I don't know exactly what, something technical, some kind of engineering miracle.
There is no Bitcoin "Team", you most likely don't understand anything about Bitcoin after saying that.
The majority of influential devs working on Bitcoin want mass adoption as store of value not as a payment system.
Compare how slow and inconvenient it is to pay with physical gold and then how baseless and iffy the digital fiat transfers are and you'll see how big a gap there is to fill.
But why store value in Bitcoin? What makes it so appealing? Id say that even Steem could have that function through powering up even better then BTC.
Anything really can be a store of value and the only appeal BTC has over other alternatives is that its "best known", "biggest"., limited supply.
Once more people start getting into crypto realizing the options available it could easily happen that BTCs appeal might be lost in favor of technologically superior crypto of which there are huge numbers already.
People tend to act as if BTC has some kind of predestined place in the future of money and that place cannot be taken over by anyone.
I dont hold that belief and i think that something that doesnt have a potential utility outside "hodl it might go up/hodl it might not lose value" is something that doesnt have a bright future. It might do well in midterm but without major improvements BTC is almost a burden to Cryptocurrencies and a go to crypto when critics want to spread FUD due to BTCs complete lack of ability to compete in utility with any legacy payment systems.
If STEEM had a bigger market cap (that it deserves) i would even say that it would be a far better store of value long term (if in SP) then BTC, even with the inflation aspect.
The main reason im a huge believer in STEEM is because it has the potential to be "everything".
And by "everything" i mean exactly that. You could actually build a whole society on the STEEM blockchain.
It does sound far-fetched but its really not. Look at what you have right now.
You have artists like me providing entertainment, you have fundraising, games, people offering all kinds of services, buying and selling rl objects, even a bank (of sorts), supportive and active communites that function on-chain, humanitarian efforts and most important you have SBDs and STEEM as the currency. All these things happening on the blockchain.
I respect BTC greatly for what it did but i really cannot see what the appeal is now that i have found STEEM.
I like Steem a lot, though I'd say it's not really ideal as a payment platform at the moment. The way it's structured, it could be difficult to have a wallet app for it that's secure... maybe though.
In terms of user experience, I'd say Steem has the best in the market by now. Even just having usernames instead of crazy long addresses makes a huge difference. Even so, it has a long way to go. Generally, people just won't accept the idea of "yeah, if you lose your keys/password, that's the end."
I cant speak on the security in the broad sense since im not educated enough on the issues. If you gave me an example or elaborated a bit more i could respond.
My comment was more in regards to Steem being the only crypto on the market that actually has society building potential on top of what every other currency offers.
BTC and all others crypto want to "force" itself into the mainstream society while Steem builds one from bottom up and invites individuals to be a part of it.
Steem, Gab, Minds, MeWe, Brighteon, & Bitchute, are doing pretty good. Bitcoin is mostly like buried treasure. Steemit is my favorite. Yeah, trying to force itself into the mainstream is like trying to force a baby to eat.
Who says, Steem, Gabs, Minds, MeWe, Brighteon, and Bitchute, can not become the mainstreem. The Facecrook, Twitter, Pinterest, cartel, banning lots of people, is a major opportunity for us to grow, and work longterm to replace them. As more, and more people awaken, social media websites, like steem, will keep going from strength to strength, with continuous longterm growth.
Yes, Steem is becoming mainstream. A lot of things are spreading. Like they say in V For Vendetta, you can't kill an idea. It's cancer but in a good way. We still got so much work to do to keep it up, but we are making history.
At this point, to many people are afraid of the price going down, I don't worry, its just the record lows, before it increases in price, to 10-12 usd. Infact, I am taking advantage of this low price, to buy more steempower. I, also heard a lot of major announcements, of a lot of big money, entering cryptocurrency, on December 12th 2018. This is a video of
Money Rainbows.
If I had a lot of money, I'd be investing more into Bitcoin & possibly into Litecoin, secondly. My third would be Ethereum.
Yeah, buy low.
Yeah, like a storm. It is risky & it can take many years before the dollar began falling enough in order to cause cryptocurrencies to rise.
America
Bitcoin is mostly down now as the dollar is up, currently, because of the American economy has been rising a whole lot in 2018.
Sure. What I meant was, if you want to use Steem from your phone and spend it, you'll have to have your private key ready to use on your phone. With other cryptos, you can just have another wallet with a small amount of funds in there, but with Steem it's not always so easy to make another username.
Yes, there's definitely a lot of potential to build stuff on top of Steem, and it's brought a lot of newbies in with a UX that's more familiar.
Bitcoin is mathematicaly the safest structure out there. Steem is not near as redundant as Bitcoin. Bitcoin has the lowest complexity. Ppl often think the more complex the better but in crypto-economic-transactionsystems-world its the simpler the better. Its touring incomplete and has the longest track record. It has the best aviability (which is still quite low) but you have the instruments to trade it direct paired to USD or EUR, with STEEM, you simply cant. No custodians will be avaiable for steem --> hance no accredited investors .
Ofshore money are hundrets of billions even trillions with all the hedgefund money, multi-billions are moved every day in forex, they simply dont aim for us and our play money.
Of course steem is far better for our everyday use. Since it has more layers of complexity it is more fragile than Bitcoin, thus it cant be everything. It cant be the robustest crypto-system simply because it is not build for this purpose. Thus it makes no sense to compare it with Bitcoin.
https://bit.ly/2RV1vix
Why do you think your post is a good response to my comment?
because you clearly don't understand the concept of bitcoin. even comparing it to STEEM lol
hehe. :D Thank you for your input.
What is FUD?
Fear, uncertainty and doubt. It's a sort of "marketing tactic" or propaganda tactic, where you try to convince people that competing products or companies are inferior or dangerous.
Didn't they use fear to convince people to hate Trump? I'm for free markets, for making government smaller and smaller. It is up to each of us to stop tyranny, increased taxes, regulations, red tape, the swamp, the corruptions, etc. People don't have to like Trump to love freedom. When people awake to the responsibility of taking care of freedom, they abandon their hobbies to fight for their children, their future.
People will still say, Bitcoin will never gain mass adoption, when it reaches $1,000,000 a Bitcoin, I ignore the doom-mongers, and focus on delivering value. I gladly support Trump, and I am a bisexual woman, from the LGBT community. Sure, I may not agree on everything Trump does, I am, no fan of Pence, just Trump, but I agree on the majority of things Trump does.
I am for smaller government and raising money, by alternative means, like the government, buying tons of houses to rent out, to raise revenue for the government. Additionally, the government should get to work, buying airports, water utilities, power utilities, among many other purchasing decisions. The government should then, pass along the budget savings, the government has made, due to raising money by passive income. With the goal being, to lower taxation, with the eventual goal, being that all government functions, are run 100 percent free of taxation, with revenue raised, from passive income, and voluntary contributions only.
Monopolism?
Would you rather have people pay a monopoly, like the government, for their power, water, utilities, or would you rather pick from a variety of free market power companies, water companies, etc?
Solar Power?
Would you rather have an option to maybe buy solar panels for your electricity, or water power, or other options?
Exactly. you beat me to it, it's meant as a store of value.
Bitcoin =gold
enter crypto here = the payment system.
Bitcoin is just the digital gold, no one needs to use it.
Fortunately or unfortunately, depending on your values and how you see cryptocurrencies, XRP and/or XLM will be the digital currency, where BTC stays as digital money
Bitcoin will develop layers that operate as the payment system in the future. There won't be another crypto filling that gap.
Bitcoin as we see it now will be how large transactions take place between businesses/governments/etc as store of value continues to make more sense globally.
With day to day transactions happening in Satoshis on a slightly less secure extremely fast network.
Bitcoin is a 50+ year project that is blowing past expectations in its first decade.
I highlight a few reasons why this is here: https://bit.ly/2RV1vix
Believe in Bitcoin the Digital Gold, support decentralization
In a round-about way, I think we're actually in agreement here on many points. We're in agreement that they're not working on user experience, or on a payment platform. The point we disagree on is that, you believe it can reach mass adoption without building a user experience, and I believe mass adoption must first include a great user experience. Is that right?
Jesus you still dont get it
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Photo from Pixabay.com licensed under Creative Commons CC0
No. What User Experience are you even referring too? The majority of Bitcoin enthusiasts/HODLers/and OGs DON'T WANT TO SPEND THEIR BITCOIN. They want to STORE IT AND GROW THE VALUE.
A user experience can come decades down the line.
Here I explained it a little better for you here: https://bit.ly/2RV1vix
I gave a few examples of what counts as a good user experience in the video. This is good though, because you're not the only one to ask for clarification on that point. Maybe this video ruffles feathers precisely because people don't know what user experience is.
I read your article, but I still don't know why you believe mass adoption doesn't matter. Can you summarise your answer, or point me to the part of the article which explains it?
Also just want to point this out 1 MB block is a security feature:
Don't believe me here words from a BCH fan:
Nothing wrong with bigger blocks but as seen you can't just increase it-it becomes an attack vector. You either cap it or let go up the limit which let blocks grow infinitely. i much support at max 10 MB blocks on bitcoin.
I don't see how that quote from Vin provides support for what you're saying. Can you clarify?
How does bigger blocks become an attack vector?
Assuming you're right and you can't just let it grow infinitely, that points to either a lack of foresight from Bitcoin developers, impotence of Bitcoin developers, or some other structural problem which inhibits development. The block size issue went on for literally years before they implemented SegWit.
this issue was always known in theory. CSW just made it into an attack vector officially. The attack vector is to spam blocks so much it disconnects other nodes thus giving them more power to mine.
there are to ways to slove it make it a limit or make no limit at all and hope for the best.
A block limit makes fees high but not shut down node. In no limit method the node client and your own resources just have to get good
Okay, interesting. Doesn't the fact that you have to pay fees to ensure inclusion prevent spamming blocks? Is this a problem with Dash or with Steem?
yep fees prevent this type of Ddos. Smaller MB blocks make this cost get more expensive thus preventing prolong spamming. Dash might have this problem but their use of masternodes helps them subsidize big blocks. That is why I believe if their is one coin that can do big block it is Dash.
Steem no... due to RCs which depend on your steempower(after the base limit) so the built in spam prevention system is kinda like a collateral based system. the more steempower you have more Rcs(resource credits) you have. Or in the future you can rent out RCs but even then spamming won't work that well.
but, but, holding gold and using it as a payment needs better UX else no "mass" adoption. :(
Gold doesn't have mass adoption. Most people today don't own gold to store value, and they definitely don't trade in it. So what is your point?
Goldsmith Bankers?
Centuries ago, goldsmiths were bankers, possibly the first bankers ever were goldsmiths and they would store people's gold in their vaults.
Paper Money Receipts?
Paper money were generally the gold receipts. Yeah, so many people may not have gold. But they probably should have gold. A lot of people would keep gold in their basements maybe, if they had gold in the first place.
Bitcoin is kind of like gold in that sense.
Ethereum might be like silver. So, some people are collecting Bitcoin. The popularity & the idea of holding onto crypto gold is spreading around the world.
It's growing.
So, it may not ever gain mass adoption, but it is becoming more adopted than gold, more decentralized than gold, and safer than gold in a variety of ways.
Bitcoin might not ever gain mass adoption, but it's likely that some digital currency will. I hope it's a free, stateless currency, not one controlled by banks or governments.
You know that the dollar is mostly a digital currency, already? The dollar is not a cryptocurrency because it's centralized by the Fed and central bankers. But most money is debt. Most money is theoretical. A lot of dollars are running around through wire transfers from bank to bank and stuff like that. Yeah, may the better cryptocurrency rise and continue to compete against the others. So, all of this is very good. But we are also in the fight of our lives against world banks and others as they have not had this level of competition for like many centuries.
Bitcoin team lol