Post
Topic
Board Speculation
Re: Why btc will die
by
BigOrangeBee
on 25/09/2014, 10:39:20 UTC
1, bitcoin has no value, just a piece of junk number. it has no value like currency or gold, people buy it just for speculation.

2, bitcoin is unsafe and easily be stolen. If someone buy some coins for invest, it may disappear or hacked.

3,Gov will ban it, because it is anonymous and can not be controlled. People can use btc buy illegal goods like drugs and guns,  and may not pay tax. Or terrorists will use btc to fund terrorism activities.  

4, Btc system is unsafe too, 51% attack will destroy it.

5, people does not need bitcoin, they can use dollars as well.

So I think btc will soon die.

Your opinion seems to be based on incorrect information, I would suggest doing some more research before posting again, here's a few corrections with numbers corresponding to the numbered statements in your post:

1. The value of bitcoin is equal to or greater than the value invested in it. What are dollars, euros, or other currencies backed by? If you give value to dollars and other fiat currencies, then you must give value to bitcoin, because bitcoin has been bought with those currencies.

2. Bitcoin is not unsafe and certainly not easily stolen. Credit and debit cards are unsafe and can be stolen and used in fraud. Please elaborate on how bitcoin can be "easily stolen", because I can't even begin to imagine how you would crack a bitcoin private key?

3. You are confused, bitcoin is not anonymous. And terrorists and drug or gun dealers are doing what they do for a long time with fiat currencies. If a government bans it, it would be for other reasons, and if they did, I would buy more, because look what a government ban has done in the past for the price of liquor and marijuana.

4. 51% attack is a very well-known threat which has been prepared for and can be prevented.

5. With the current systems in place, dollars and other fiat currencies are no match for bitcoin. Bitcoin is cheaper, faster, and more efficient as a currency in a global economy. Dollars and other fiat currencies are dependent on banks, credit/debit card, and remittance companies to keep them safe and transfer value to others. Bitcoin is independent of those institutions, and does not need banks or credit/debit card, and remittance companies to transfer value, so all the fees you pay to the bank, visa/mastercard, and western union to keep and send your money disappear.


That being said, I will admit that Bitcoin, which is the first cryptocurrency ("v1.0") does have it's faults and challenges which are being answered with new and improved cryptocurrency solutions, just like Microsoft Windows 3.0 grew into Windows 8, Bitcoin and cryptocurrencies will evolve to meet their challenges, getting better and better with time.

To the OP, "bitcoinwilldie", if you are not simply a troll posting uninformed rants for attention, then try to read up a little more, get more involved and do your research, there's a whole lot going on right now, and besides learning something, you might be able to make some extra money. Don't take your opinions from others, learn on your own. And if you still have well thought-out arguments and not just uninformed rants, I would love to hear them.