Post
Topic
Board Economics
Re: Bitcoin adoption slowing; Coinbase + Bitpay is enough to make Bitcoin a fiat
by
AnonyMint
on 05/04/2014, 17:05:31 UTC
DieJohnny,

I have addressed it, such as in my very first thread Bitcoin : The Digital Kill Switch over a year ago.

In the following quoted post which comes from upthread, I had written about the need for perpetual debasement to fund mining (because transactions fees is broken design for several reasons):

To understand the symbioses more algorithmically, please read this summary I wrote yesterday:

https://bitcointalk.org/index.php?topic=400235.msg6060440#msg6060440

I think that was fairly well written. One of my better posts. Please click to read it.

The upside is a 0 transaction fees design is a very attractive feature for consumers and merchants. And with a cpu-only coin, the debasement is going right back to the users of the coin any way. And it enables such a coin to be obtained autonomously without any other party nor exchange necessary. Even Bitcoin is being debased by 11% annually now. Of course exchanges should still be available, but they should P2P decentralized. No more Mt.Gox!

I had an entire thread about Bitcoin as Ponzi scheme in November 2013, although my view has somewhat moderated since there.

Also I have repeatedly stated glaring weaknesses in Bitcoin such as the 10 to 60 minute transaction delay.

Of course those issues need to be corrected in any altcoin that seriously wants to achieve widespread decentralized adoption.

Are you not interested at all in crypto-currency? Just curious.