Quote from: Vigil on March 23, 2014, 03:09:08 AM

Quote from: TERA on March 21, 2014, 03:31:01 AM

Quote from: Twilight_Sparkle on March 21, 2014, 03:09:02 AM

Why is it so unbelievable? As long as bitcoin gains mainstream adoption, 1mil (of purchasing power) per bitcoin is inevitable.

1. The ~10 minute confirmation time
2. The reliance on set encryption protocols which could be broken in the future (EC and SHA256). For something to become as big as a world currency, it needs to be trusted that the technology would last hundreds of years.
3. The blockchain size.
4. The amount of resources that the client uses on a device.
5. Other scalability issues, such as the amount of transactions which can be handled per minute.
6. Irreversibility of transactions.
7. The extreme ease of the average person losing coins due one of many vectors of mistakes and hardware failures, or hackers.
8. The technical difficulty for the average user trying to even use it.
9. Bitcoin commerce and usage has mostly formed within centralized entities even though it is supposed to be decentralized.
10. There are still humans who ultimately control Bitcoin and who must be trusted by its users, even though the system is supposed to be decentralized.
11. Volatility - it is not an attractive store of value for someone who just wants to use it as a store of value or a currency and isn't into investing or speculating.
12. The present distribution of wealth.
13. The reliance on the internet in order to function.
14. Also, what happens if the internet is split apart due to government firewalls.
15. Governments, corporations, and hackers could ultimate control and restrict Bitcoin usage if they really wanted. And mass adoption will not be reached when users have to do it illegally, run tor, and run checks on every client they download to make sure it isn't a hacked client. Even tor traffic or bitcoin traffic over tor could be blocked too by smart routers.
16. Some of the worlds most powerful contries have already banned or restricted it.

** add more here ** - anyone else is welcome

TERA, Wow. I am completely baffled by the intelligence you show in investing and chart trending, yet the complete ignorance of bitcoin itself. Most if not all these points you bring up could be debunked by a mere novice.

That's TERA for you. Habitually depressed.