Post
Topic
Board Scam Accusations
Re: Calling out the Bitcoin Foundation Scam.
by
r0ach
on 04/03/2014, 04:18:43 UTC
I don’t think it’s either practical nor feasible nor even desirable to use Bitcoin in the day to day dabble of pizzas, phone credits, hairspray and sneakers. People try to, because of the misguided belief that Bitcoin value is somehow related to or deriving from its crossection in the retail market.

Looks to me more and more like you're trying to destroy Bitcoin.  If Bitcoin doesn't try to compete in internet retailer purchases, such as Amazon, Ebay, etc, then it can easily fade into obscurity and be replaced by another product that does it all.  Market cap and liquidity is everything.  Amazon alone does 75 billion in sales a year.  Bitcoin wasn't created so that you have to convert BTC to fiat anytime you want to do something, it was created to spend in it's on units on these sites.  Pruning or other methods have to be worked on to improve this unless you just want a small number of super nodes, which seems to be the current course even at 7 TPS.

Another reason I see you either trying to destroy Bitcoin, or having no idea what you're doing, is that you seem to be one of those people who promote Bitcoin as the only coin that should exist.  You must not know how finance works at all if you think that's going to happen.  There are many reasons why altcoins will exist:

1)  People want to be able to hedge to prevent catastrophic loss that can occur from a single block chain.  The finance industry demands it, and they will get it.

2)  A single developer (Gavin) being able to screw up a software update and causing a fork that destroys a 10+ billion dollar business is not an option.  See #1.  People will want to minimize their possible risks to 10-20% loss for attacks or things like this happening.

3)  Demand for anonymous transactions vs open transactions.

4)  Practical hardware/space limitations of a single chain that has already been discussed.

5)  The usage of PoS as a virtual bank.

6)  How easy it is for a government to co-opt, attack, or take over a single chain.  It's much harder to take over or destroy 10 at once.  My estimate is, there will be 5-10 large coins.

7)  Dozens more that I don't feel like typing.