Mike Hearn:Why has Bitcoin failed?

[donkeypong]

If BTS had fiat on-ramps, I would spend $10,000 of my own money right now to buy ads proclaiming BitShares to be Bitcoin's successor. Without fiat on-ramps, the whole thing is irrelevant because we are stuck in Bitcoin's inferno.

[donkeypong]

What they're saying has been true so far. But that does not mean it will continue to be true. Some smart money backed Altavista and Betamax in the beginning, too, but in time the money moved toward the better products.

so when do you expect smart money move away from a useless object called "natural diamond" ?

Ummm...When the DeBeers company can no longer hide the fact that diamonds are plentiful. Diamonds are a shiny piece of glass and it's all in the marketing, as you know. There's been some evidence that young people are moving away from gold as an object that's given artificially high value. Someday, maybe diamonds, too. Or maybe not.

When do you expect Microsoft and IBM to show that mobile devices are unneeded in today's world, when we can all have our own personal computers?

The only question is, which of these boxes does crypto-currency fit into? I would argue there is too much wrong with Bitcoin, and too many problems that are being addressed/solved by other, better currencies, for Bitcoin to succeed in the long run. But most of the Bitcoin infrastructure that smart money has supported (wallets, apps, etc.) will not be wasted, since (with minor adjustments) much of it can be used with any other crypto.

[BunkerChainLabs-DataSecurityNode]

What they're saying has been true so far. But that does not mean it will continue to be true. Some smart money backed Altavista and Betamax in the beginning, too, but in time the money moved toward the better products.

so when do you expect smart money move away from a useless object called "natural diamond" ?

Comparing Bitcoin to gold or diamonds is just silly... gold doesn't change.. a diamond doesn't change..

Bitcoin is imploding and the moment people see it and feel it they will exodus en-mass as fast as possible.

It only takes a few keystrokes.. so it can be REALLY fast... oh wait.. who knows what confirmation times will be by then.. with transactions being reversible now nobody is going to accept transactions without confirmations anymore. Might take a few days.. and by then it could be at zero... perfect.

[wallace]

why has every negative prediction about Bitcoin failed , including "pow is waste" ? 

because ....  Bitcoin is not about transaction time , cost  , etc . It's about the price/marketcap . When the price is high enough , people will find solution to go around that .  Gold production is toxic to the environment , and human still support gold because the cost will also be enormous otherwise .

I'll say this . Bitcoin as a crypto may never fail , because it's a perfect object for capital . And capital always beats words and text and logical reasons .

(Woman pay high price for a handbag is weird and il-logical , but who cares ? capital already convinced  them they should have one . )

"Bitcoin has no future whilst it’s controlled by fewer than 10 people."

be practical . Not a lot of Chinese people will like to be exposed to a crypto token that's rely on several people(I'm referring to those who give people the impression that if they walk away and BTS will go to zero ) to keep it running  , or lack of liquidity .
It's a fun experiment . 

Soooo when it's about Bitshares, the core devs are a problem and nobody wants to be exposed. When it's about Bitcoin though, the core devs don't matter.. all the problems don't matter.. its perfect object for capital.. whatever that means.

you'll know what it means when BTS has 0.00001 second conformation time while people still choose to hold bitcoin regardless of how many flaw it has .

bitcoin devs don't matter because bitcoin's value was never coming from the development . It come from the capital .  The capital picked up a software/protocol and convinced people that's gold .

"Hot money follows hot investments until it doesn't"

What you are describing is the formation of a bubble... bubble can last for a long time, but they all end eventually.  Then that hot money has to search for a new bubble to blow (here's to hoping its BTS).

for the captial, currenlty crypto world is a nice place to blow the bubble. and seems now it's far from the bubble brust.

after all, this is a game about money. we imagine that the problem can be solved by crypto in fact is not so urgent but it's a perfect chance to boast of a good vision to the people.

[btswildpig]

What they're saying has been true so far. But that does not mean it will continue to be true. Some smart money backed Altavista and Betamax in the beginning, too, but in time the money moved toward the better products.

so when do you expect smart money move away from a useless object called "natural diamond" ? 

[donkeypong]

What they're saying has been true so far. But that does not mean it will continue to be true. Some smart money backed Altavista and Betamax in the beginning, too, but in time the money moved toward the better products.

[btswildpig]

why has every negative prediction about Bitcoin failed , including "pow is waste" ? 

because ....  Bitcoin is not about transaction time , cost  , etc . It's about the price/marketcap . When the price is high enough , people will find solution to go around that .  Gold production is toxic to the environment , and human still support gold because the cost will also be enormous otherwise .

I'll say this . Bitcoin as a crypto may never fail , because it's a perfect object for capital . And capital always beats words and text and logical reasons .

(Woman pay high price for a handbag is weird and il-logical , but who cares ? capital already convinced  them they should have one . )

"Bitcoin has no future whilst it’s controlled by fewer than 10 people."

be practical . Not a lot of Chinese people will like to be exposed to a crypto token that's rely on several people(I'm referring to those who give people the impression that if they walk away and BTS will go to zero ) to keep it running  , or lack of liquidity .
It's a fun experiment . 

Soooo when it's about Bitshares, the core devs are a problem and nobody wants to be exposed. When it's about Bitcoin though, the core devs don't matter.. all the problems don't matter.. its perfect object for capital.. whatever that means.

you'll know what it means when BTS has 0.00001 second conformation time while people still choose to hold bitcoin regardless of how many flaw it has .

bitcoin devs don't matter because bitcoin's value was never coming from the development . It come from the capital .  The capital picked up a software/protocol and convinced people that's gold .

"Hot money follows hot investments until it doesn't"

What you are describing is the formation of a bubble... bubble can last for a long time, but they all end eventually.  Then that hot money has to search for a new bubble to blow (here's to hoping its BTS).

Not necessary about bubble .

same way they convinced you that a stone call diamond is the symbol for long last love .  (diamond is crap , small , useless in real world , and its production is bloody . more flaw than bitcoin ) .

And you can expect from a potentially long future , diamond will still be valuable  . 

[lil_jay890]

why has every negative prediction about Bitcoin failed , including "pow is waste" ? 

because ....  Bitcoin is not about transaction time , cost  , etc . It's about the price/marketcap . When the price is high enough , people will find solution to go around that .  Gold production is toxic to the environment , and human still support gold because the cost will also be enormous otherwise .

I'll say this . Bitcoin as a crypto may never fail , because it's a perfect object for capital . And capital always beats words and text and logical reasons .

(Woman pay high price for a handbag is weird and il-logical , but who cares ? capital already convinced  them they should have one . )

"Bitcoin has no future whilst it’s controlled by fewer than 10 people."

be practical . Not a lot of Chinese people will like to be exposed to a crypto token that's rely on several people(I'm referring to those who give people the impression that if they walk away and BTS will go to zero ) to keep it running  , or lack of liquidity .
It's a fun experiment . 

Soooo when it's about Bitshares, the core devs are a problem and nobody wants to be exposed. When it's about Bitcoin though, the core devs don't matter.. all the problems don't matter.. its perfect object for capital.. whatever that means.

you'll know what it means when BTS has 0.00001 second conformation time while people still choose to hold bitcoin regardless of how many flaw it has .

bitcoin devs don't matter because bitcoin's value was never coming from the development . It come from the capital .  The capital picked up a software/protocol and convinced people that's gold .

"Hot money follows hot investments until it doesn't"

What you are describing is the formation of a bubble... bubble can last for a long time, but they all end eventually.  Then that hot money has to search for a new bubble to blow (here's to hoping its BTS).

[btswildpig]

why has every negative prediction about Bitcoin failed , including "pow is waste" ? 

because ....  Bitcoin is not about transaction time , cost  , etc . It's about the price/marketcap . When the price is high enough , people will find solution to go around that .  Gold production is toxic to the environment , and human still support gold because the cost will also be enormous otherwise .

I'll say this . Bitcoin as a crypto may never fail , because it's a perfect object for capital . And capital always beats words and text and logical reasons .

(Woman pay high price for a handbag is weird and il-logical , but who cares ? capital already convinced  them they should have one . )

"Bitcoin has no future whilst it’s controlled by fewer than 10 people."

be practical . Not a lot of Chinese people will like to be exposed to a crypto token that's rely on several people(I'm referring to those who give people the impression that if they walk away and BTS will go to zero ) to keep it running  , or lack of liquidity .
It's a fun experiment . 

Soooo when it's about Bitshares, the core devs are a problem and nobody wants to be exposed. When it's about Bitcoin though, the core devs don't matter.. all the problems don't matter.. its perfect object for capital.. whatever that means.

you'll know what it means when BTS has 0.00001 second conformation time while people still choose to hold bitcoin regardless of how many flaw it has .

bitcoin devs don't matter because bitcoin's value was never coming from the development . It come from the capital .  The capital picked up a software/protocol and convinced people that's gold .

same way they convinced you that a stone call diamond is the symbol for long last love .  (diamond is crap , small , useless in real world , and its production is bloody )

[BunkerChainLabs-DataSecurityNode]

why has every negative prediction about Bitcoin failed , including "pow is waste" ? 

because ....  Bitcoin is not about transaction time , cost  , etc . It's about the price/marketcap . When the price is high enough , people will find solution to go around that .  Gold production is toxic to the environment , and human still support gold because the cost will also be enormous otherwise .

I'll say this . Bitcoin as a crypto may never fail , because it's a perfect object for capital . And capital always beats words and text and logical reasons .

(Woman pay high price for a handbag is weird and il-logical , but who cares ? capital already convinced  them they should have one . )

"Bitcoin has no future whilst it’s controlled by fewer than 10 people."

be practical . Not a lot of Chinese people will like to be exposed to a crypto token that's rely on several people(I'm referring to those who give people the impression that if they walk away and BTS will go to zero ) to keep it running  , or lack of liquidity .
It's a fun experiment . 

Soooo when it's about Bitshares, the core devs are a problem and nobody wants to be exposed. When it's about Bitcoin though, the core devs don't matter.. all the problems don't matter.. its perfect object for capital.. whatever that means.

[wallace]

why has every negative prediction about Bitcoin failed , including "pow is waste" ? 

because ....  Bitcoin is not about transaction time , cost  , etc . It's about the price/marketcap . When the price is high enough , people will find solution to go around that .  Gold production is toxic to the environment , and human still support gold because the cost will also be enormous otherwise .

I'll say this . Bitcoin as a crypto may never fail , because it's a perfect object for capital . And capital always beats words and text and logical reasons .

(Woman pay high price for a handbag is weird and il-logical , but who cares ? capital already convinced  them they should have one . )

 

bitcoin have a lot of weakness and I'm sure people are smart and they know this very clear. so please don't blame bitcoin anymore, because this is the fact, everybody know this.

but it's a perfect object for capital.

The economic base determines the superstructure, and politics is the concentrated expression of economics

[donkeypong]

All I know is, I did two 'highest priority' Bitcoin transactions the other night. Each of them took 55 minutes to execute...for ONE confirmation.

It's a shame the world is trying to pop up Bitcoin when we have something far better here. But until we get some fiat on-ramps, we're all stuck with BTC.

[DMo09]

... Is any Bts representative collaborating with Mike Hearn? Bts seems like a good home for him... Some one should contact him.

[btswildpig]

why has every negative prediction about Bitcoin failed , including "pow is waste" ? 

because ....  Bitcoin is not about transaction time , cost  , etc . It's about the price/marketcap . When the price is high enough , people will find solution to go around that .  Gold production is toxic to the environment , and human still support gold because the cost will also be enormous otherwise .

I'll say this . Bitcoin as a crypto may never fail , because it's a perfect object for capital . And capital always beats words and text and logical reasons .

(Woman pay high price for a handbag is weird and il-logical , but who cares ? capital already convinced  them they should have one . )

[Akado]

It's pretty much true obviously, but he's been saying it/talking down BTC for ages.

Here he is telling Max Wright similar stuff 16 months ago.

https://www.cryptocoinsnews.com/bitcoin-really-fragile-bitcoin-core-developer-mike-hearn/

Let's get Mike to code for BitShares 

I assume he's a developer on 'Decred', the new crypto-currency Bitcoin developers are creating that pays 10% of each block subsidy to a development organization.

Oh he's part of the Decred pack!

Well, now I'm really really curious about Bitcoin this next year. Hopefully people start to realize there are better options and we see some diversification. This, assuming bitcoin continues being chocked by its own community.