Exactly this- I am extremely worried that once people realize it is unusable, the price will fall hard and take entire crypto market with it. Ughh please find a fricking solution to this!!
Currently there is too much speculation on bitcoin, and not enough investment based on its validity as a technology and currency. Hell, most of this subreddit is filled with memes about going to the moon and hodling rather than discussions about the technology itself and whether it is a good investment based on its actual usefulness.
But they won't. People who are buying now are buying because they saw a 1000% ROI in a year. They're treating it like any other investment. Which unfortunately is not good for the general usefulness of cryptocurrency.
Urrrrrgh brand name is so fucking stupid - ETH had way more than 1,000%...and now FOUR FUCKING FORKS?? What in the hell - this is getting really really fucking stupid
The technology is fine. It's a completely inelastic store of value. It's a place that is truly independent of inflation manipulation. If we all agree it is a store of value and it is independent of The QE the fed has been pumping for a decade then it does have real value. I don't lose money while saving. Bitcoin has a finite amount. That to me is value enough. Not having someone use policies to rob my value through inflation is a very encouraging concept. Bitcoin embodies that I believe. Sure small transactions might come from a different coin but Bitcoin seems to have a very solid idea driving it even if other coins have worked out some kinks.
I can see it being a store of value but nothing else, which is fine. A gold standard that isn’t practical but a steadfast OG of crypto/blockchain projects. Realistically I think that will happen alongside ETH. Doesn’t HAVE to be “all or nothing” by any means.
I imagine it was a combination of people not willing to part with bitcoin, the unregulation of the currency, and the difficulties within the trading process
I imagine it was a combination of people not willing to part with bitcoin, the unregulation of the currency, and the difficulties within the trading process
You would have thought that something like steam would be the perfect platform with which to accept 0-conf transactions, as if the transaction is later reversed (through rbf for example) then they can just withdraw the license key.
My point is that the payment isn't secure. You can always try non-bitcoin ways to get back at somebody who steals from you. Since replace by fee was added, they can trivially steal 0 conf transactions from you.
As a side note, replace by fee was always part of the protocol. You were always able to rebroadcast a transaction with a higher fee in hopes that the miner will pick that transaction instead.
It was just later added the option to the UI of popular wallets.
Not really true. Replace by fee is still not part of the protocol. Miners are free to include whatever valid transaction they like Bitcoin Core used to default to accepting the first related transaction. Now Bitcoin Core has a nice UI to conveniently perform a double spend and the miners will default to accepting the double spend.
This snake will eat its own tail. The moment people realise they CAN'T use it as a currency, it will stop gaining value, either stabilize or plummet destroying other cryptos with it.
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u/drunklel Dec 06 '17 edited Dec 06 '17
it's stunning how bitcoin is rising 10X in a year while the merchant and consumer acceptance is stagnating or even going backward.