Post
Topic
Board Bitcoin Discussion
Re: Is Bitcoin just a stepping stone to something better?
by
jabo38
on 02/05/2014, 03:49:55 UTC
I think bitcoin will be around for a while and the price will go up a lot and then yes, eventually another "coin/platform/tech" will have addressed all of bitcoins flaws and become more widely accepted. 

What are these flaws?

One guys owns 10% of the economy.
Block times are 10 minutes.
If I want it to be secure, I have to load linux on a computer not ever connected to the internet and then make a cold wallet and then store that safely.  (are you kidding me??? like .01% of the population is even capable of doing this. seriously 0.01%)
Mining bitcoin uses lots of energy and computing power which ultimately makes bitcoin prices much higher than they need to be for the service actually performed. (yes, I know some of you like this, but really it is a flawed system)
Mining is becoming heavily centralized and moving forward if the pools don't okay something, it won't happen.  (do you think they will okay things against their interest, even if it is in the average person's interest.  sounds like the government we have now controlling fiat)
The language is confusing.
It's start has grown out of shady industries tainting its image.
There are lots of services being provided by or planned by 2.0 platforms that bitcoin just can't do or at least isn't doing.

Yes, bitcoin is adaptable and yes it can address many of these faults and adapt, but will it address all of them?  Some of these flaws are pretty serious flaws.  A new platform that wipes the slate clean and addresses these issues and more, could be much more successful and overtake bitcoin.  I gather bitcoin will still be around when that happens; just as fiat surpassed gold, it didn't make gold irrelevant.