I think another advancement would be a currency that isn't as volatile or easy to manipulate like bitcoin. This is a major drawback to bitcoin. The other thing with bitcoin that keeps nagging at me is if it has all this value then the currency should be going up more. The fact that this is not happening doesn't make sense from my stock trader perspective. The "market" is clearly ready to put crazy valuations on anything with mega potential yet bitcoin's currency is not getting a crazy valuation. It's been declining rapidly versus the dollar this year.
That's a function of its relatively low market cap and trading volume. But that is steadily improving as money and users enter the space.
neither of those are technological advancements. IT would exist with any new currency. This comment makes no sense.
Ok how about this....bitcoin is too small and illiquid and it will never be viable as a currency. Find a way to make bitcoin larger (not likely....it can only be done thru OBSCENELY MASSIVE inflation of bitcoin relative to the reserve currencies) or find a similar system to bitcoin's low cost structure that doesn't force people to switch from traditional currency to a rigid/limited asset like bitcoin. I think there will be a new structure developed that doesn't force people to own something like volatile bitcoins in order for the system to be viable.
It's already viable as a currency. Its used as currency for 100k transactions a day. what do u mean by larger? more transactions? its getting there. any currency would be volatile if it was new. Again this just makes no sense to me.
Because it's driven by necessity of current value rather than a standard to build around. Current value does not equal legitimacy. As a currency, a bubble is a matter of credit...belief. Without that black market money backing up bitcoins, who knows how legitimate it can be... 2.0 or whatnot, there's definitely an incentive for pot committed investors to maintain value, except in tech, it's not really what the early adopters want but rather what the masses dictate. If they want a reboot, fork the lessons learned from bitcoin and start anew, even stevens (or at least market that way). That is the inherent volatility of an ephemeral fiat standard. Laugh all you want. The onus is on you to convince me, since you seem to feel a need to affirm your current investment.
You've convinced me with your charm. Hang tight for 5 years, and good luck on your endeavors of selling more fake wallets.
thank you for your advice accomplished professional who can't understand new technology sincerely, lowly pothead
Have I been saying that it's the technology that's the problem? It seems you're also sarcastic about the lowly pothead part. Smoking more might help cure the douchebaggery.
don't be so focused on only the currency aspect of bitcoin.. its about the whole blockchain http://www.cnbc.com/id/102178309#.
Bigger in every aspect. Market cap, transaction volume, the ability to handle many transactions per second, public acceptance, etc. Also, it needs to be easier to understand for the public to accept it. The volatility of bitcoin is something that is always going to exist. Its value is based on complete speculation. I would venture to guess a large chunk of people driving the price of bitcoin are people that are chasing the dream of getting rich quick and thinking this thing is going to go up 100x eventually. Further, the market structure of bitcoin is completely unregulated, anonymous, and illiquid to boot. That is a major problem. You get crazy **** like what just happened yesterday. I don't know if the data is right on the chart I saw but it looks like a relatively small order of about 2500 bitcoins made the market drop by 30 points or almost 7%. That's silly. So bitcoin needs more liquidity and a lot more regulation before it can be taken seriously.
market cap will rise.. and so will liquidity. When there are many 'apps' utilizing blockchain there will be increased, constant demand for satoshis. This creates the market cap and liquidity you're talking about. Right now demand goes up, and falls in a hurry. The technology is 5 years old. 5 years old! Handling many transactions per second is possible through a protocol implementation which the core developers are working on. The core devs do this because they have vision and they love what they do. And they're smarter than all of us. (invertible bloom lookup tables) http://www.reddit.com/r/Bitcoin/comments/2hchs0/scaling_bitcoin_gavin_begins_work_on_invertible/ does anyone *really* understand what money is? no, not really. it just needs to work. right now it is a speculators market. I agree. Everything begins as speculation. Oil was speculative, gold was speculative. Right now people are taking ownership of the block chain ledger (aka buying bitcoins) in anticipation of its future use in many sorts of 'apps' its a computer age wild west. You either have the balls or you don't
also, you either have the expanded time horizon or you don't. This is highly correlated with having balls
So nobody can use an electronic public ledger other than bitcoin? No other company can copy or approximate that tech? Because you're not just buying that electronic public ledgers will become a widely used technology, you're buying that bitcoin is going to be the company that makes money off that tech.
there is no company of bitcoin, first of all. There is no "bitcoin CEO' its all open source why wouldn't IBM, for example, create a new Internet of Things 'coin' which would then be sidechained and pegged to BTC to leverage the computing power of the network? every blockchain advancement that happens from here on out has a massive incentive to work cooperatively with this massive proof-of-work computing network.. which only gets larger everyday
Most money is nothing more than entries in a digital ledger kept by a centralized institution (BoA, Paypal, etc.). A third party, a central point of failure that authorizes transactions and maintains account balances. Bitcoin is a decentralized ledger, exact copies maintained by the thousands of the users on the network. Transactions are permissionless and peer to peer instantly across a global network, like sending an email. You can recreate bitcoin, it's open source code. But for SamCassellCoin to have any value, it needs users. Users would need a reason to jump off the massive, secure Bitcoin network and start using SamCassellCoin.
