[Omniscient]

I'd like to point out some things about how crypto assets especially Bitcoin is failing us all.

Let's go back a few years and discuss the aspects that made BTC popular to begin with.

1. Decentralized
2. Anonymous
3. Fast
4. Cheap
5. Unregulated


Years ago all this was true and if anyone asked you about Bitcoin those are the things you'd talk about. And here we are about to go into 2018 and none of those things are true about Bitcoin. Now if you mention BTC it's in the context of the price value and the stellar increase. Bitcoin hardly feels decentralized when miners can just create a fork anytime they want. It's not anonymous as basically you have to exchange it with your real name to get FIAT. Using localbitcoins as a trader for any reasonable amount is now going to have the risk of being arrested. It's not fast at all because transactions take hours and sometimes days to confirm. Cheap is really laughable because it's now $10-$50 to spend any BTC. I have a $45 wallet balance and when I send the fees are the full $45. What a joke that shit is. You used to be able to send $1 with a penny fee. Using Paypal or a merchant credit card account is so much cheaper and of course faster to use that one has to wonder if BTC can ever be part of a payment system again. Unreglated? Fuck no it's not. Now we have many laws and more to come. None of which is going to benefit BTC holders or believers in the technology.

Bitcoin is failing us all and Satoshi is probably very disappointed in the path BTC has taken. I know I certainly am. I'd rather it be $10 a BTC and functional than $100,000 and in the state it's currently in. I know a lot of people see cryptos as a way to get rich. I've never had that mentality. I've taken the stance that Bitcoin and blockchain technology was going to change the world by introducing true financial freedom to everyone. In my view this is not going according to the design.

So what now? I don't know. I'd like to see alts make moves to bring crypto assets back to some of the original positives and benefits of blockchain technology. Let the governments and Wall Street deal with Bitcoin while the rest of us move on to functional alts.

[Hoodie+]

A solution? Use other cryptocurrencies?

Ether is my preffered coin now.

[CuteAnimeGirl]

I think I can agree that it doesn't matter how much 1 BTC is worth, it matters how functional it is. People are stuck in the mentality that they want to just make money off of it. It's a currency, not an item that you resell.

[Omniscient]

I think DASH and LTC show a lot of promise going forward. ETH of course but they are still focusing on new development.

I envisioned a day where you'd buy Starbucks latte with BTC from your smartphone. Does anyone see that happening?

[Saltpeter]

I fully agree. When I heard about Bitcoin, back in 2011, it was a far different beast than it has become. Back then, people were just happy to use the fledgling cryptocurrency to buy a thing at all. I would also sooner Bitcoin fall back to a dollar a coin if it would mean less strain on the network and a return to form to its core principles, we all know that can't happen at this point though. Not with the way the mainstream has picked up on it.

Personally, I think the solution is in coins like Ethereum. Bitcoin will be mostly used for investment in large amounts in the future I feel, and smaller coins will be used for day to day transactions. You could compare it to that of trying to buy a coffee with a hundred dollar bill. Yes, you can do it, but it would be a pain for everyone involved.

Just my two cents on the matter.

[ntoskrnl.exe]

I think I can agree that it doesn't matter how much 1 BTC is worth, it matters how functional it is. People are stuck in the mentality that they want to just make money off of it. It's a currency, not an item that you resell.

A functional currency with average transaction fee of $25+ and transaction wait times of more than 1 day, lol.
Personally, I think Ripple is the only scalable cryptocurrency, all others are just bs.

[Biggy]

I rarely even use my bitcoin anymore. I used to primarily hold on, but occasionally spend it. However it's gotten to the point where the fees are just way out of control and overall just not worth using for digital transactions. Which is sad because paypal is terrible imo. I had a lot of faith that bitcoin would be the way of the future for online transactions, that faith is slowly dying as the only seals I'll do with bitcoin is 100$+... If even that. I went to try and exchange some money to BCH yesterday to buy the award and the transaction fee was 23$... Lol. Absolutely ridiculous.

[CuteAnimeGirl]

A functional currency with average transaction fee of $25+ and transaction wait times of more than 1 day, lol.
Personally, I think Ripple is the only scalable cryptocurrency, all others are just bs.

I am arguing that it is not functional in its current state and needs to be improved. Don't think you read my post correctly.

---

I think DASH and LTC show a lot of promise going forward.  ETH of course but they are still focusing on new development.  

I envisioned a day where you'd buy Starbucks latte with BTC from your smartphone.  Does anyone see that happening?

I don't see it happening anytime soon where you can use BTC for your everyday needs.

[Jisatsu]

"So what now? I don't know. I'd like to see alts make moves to bring crypto assets back to some of the original positives and benefits of blockchain technology. Let the governments and Wall Street deal with Bitcoin while the rest of us move on to functional alts. "

I think this is the way it will go. I think etherum has potential, shit plenty of other coins have potential. When some popular distributor starts taking another coin, it will take off. I think the gov can have at the btc as it's overly priced, shit time dealing with lately, and plenty of other flaws.

[ntoskrnl.exe]

I am arguing that it is not functional in its current state and needs to be improved. Don't think you read my post correctly.

---

I don't see it happening anytime soon where you can use BTC for your everyday needs.

I have read and agree with your argument, I am just being sarcastic.

[/wrists]

Cough cough Ethereum come to papa

[ntoskrnl.exe]

Cough cough Ethereum come to papa

Vitalik Buterin singing, ofc.

[Shortcut]

You have a point. Bitcoin is going down a really bad path since the price has risen like crazy. Ethereum has been showing a lot of promise since the market cap is usually stable from what i've seen. Sure it dips and bounces but the base of the price still remains somehow.
Bitcoin may just be a bubble that is about to burst like everyone says, but I really don't know.

[prodigyhf]

Bitcoin's fungibility issue is going to be its demise when the government finally goes balls deep into Bitcoin.

Smart contracts built on top of Ethereum using Smart Contracts (eg. a decentralized mixer) or Monero will be the future.

[Xerotic]

I think DASH and LTC show a lot of promise going forward.  ETH of course but they are still focusing on new development.  

I envisioned a day where you'd buy Starbucks latte with BTC from your smartphone.  Does anyone see that happening?

Definitely. Not BTC though, more likely ETH. Purchases from a crypto by swipe of your phone/smart device. When the “Internet of Things” is more realized all of the world’s smart devices will probably make all transactions on their users behest with crypto.

After writing that post I found more info: if interested in the IoT and crypto currencies check out IOTA.
 https://medium.com/@MartinRosulek/how-io...14fd77d2a3
Guess I’m out of the loop.