Comments on: Bitcoin’s defects will hasten its demise in 2015 http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/ Mon, 26 Sep 2016 03:26:00 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: jzcjca00 http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/comment-page-1/#comment-18721 Wed, 30 Dec 2015 00:47:57 +0000 http://blogs.reuters.com/breakingviews/?p=28988#comment-18721 You might have more luck if you made predictions about something you actually know something about. Bitcoin turned out to be the best performing currency in the world in 2015. You couldn’t have been more wrong.

]]>
By: NickReil http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/comment-page-1/#comment-18720 Tue, 29 Dec 2015 19:48:57 +0000 http://blogs.reuters.com/breakingviews/?p=28988#comment-18720 We must be getting close… right? It’s DEC 29th… tomorrow, you think??

]]>
By: EconomicsJunkie http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/comment-page-1/#comment-14817 Sun, 04 Jan 2015 20:34:43 +0000 http://blogs.reuters.com/breakingviews/?p=28988#comment-14817 The bitcoin price depends on people’s demand for holding bitcoins. When that goes up the price will go up. You’re completely ignoring that component of price formation.

]]>
By: painlord2k http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/comment-page-1/#comment-14739 Mon, 29 Dec 2014 11:24:39 +0000 http://blogs.reuters.com/breakingviews/?p=28988#comment-14739 If bitcoin had a number of transaction equal to VISA, a common 100Mbit/s would be enough to download the blockchain.
It is also interesting the experiment in Finland where the blockchain and transactions will be broadcasted using DVB-T.
It is not improbable a channel with enough bandwidth will be available everywhere in the world to broadcast the blockchain if demand is there for such a (public) service.

]]>
By: smaulgld http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/comment-page-1/#comment-14737 Mon, 29 Dec 2014 01:14:57 +0000 http://blogs.reuters.com/breakingviews/?p=28988#comment-14737 Once a miner gains 51% control the Bitcoin Blockchain will rely on human trust to “do the right thing” not math. A malicious party could sink the entire system https://smaulgld.com/is-bitcoin-socialis t/

]]>
By: gjey http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/comment-page-1/#comment-14729 Sat, 27 Dec 2014 14:09:18 +0000 http://blogs.reuters.com/breakingviews/?p=28988#comment-14729 I think the author forgets that if any amount of miners stop mining the difficulty also go down proportionately, actually the difficulty of mining is part of the algorith that releases a set amount of bitcoins every 10 minutes halving every 4 years. The network will always continue to process transactions.

A bigger problem will be that a number of transactions in the thousands per second will made any regular user that want to install the client to have to download hundreds of megabytes every 10 minutes, but this can be solved by using services that connects you to the bitcoin network and offline/off-blochain transaction services.

Services like xapo that let’s you spend bitcoins with a debit card or circle that let you buy bitcoins with a credit card will spread adoption.

]]>
By: bitcoinnovice http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/comment-page-1/#comment-14728 Sat, 27 Dec 2014 11:30:12 +0000 http://blogs.reuters.com/breakingviews/?p=28988#comment-14728 If any pool promises more return to the miners, that pool could take over completely, I wonder why this has not happened already.

]]>
By: MichaelRt http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/comment-page-1/#comment-14724 Sat, 27 Dec 2014 07:53:00 +0000 http://blogs.reuters.com/breakingviews/?p=28988#comment-14724 “Over time, the rate of bitcoin production declines and the amount of “work” required to produce one increases.”

Usually correct, but not always so you are basically wrong.

Lately the amount of work required to produce one bitcoin has decreased.

]]>
By: Jtjathomps http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/comment-page-1/#comment-14723 Sat, 27 Dec 2014 07:41:31 +0000 http://blogs.reuters.com/breakingviews/?p=28988#comment-14723 The author is pretty far behind the Times on this topic. This problem is well understood and is being addressed. This looks like an article from early 2013.

]]>
By: BidnisMan http://blogs.reuters.com/breakingviews/2014/12/26/bitcoins-defects-will-hasten-its-demise-in-2015/comment-page-1/#comment-14722 Sat, 27 Dec 2014 07:28:29 +0000 http://blogs.reuters.com/breakingviews/?p=28988#comment-14722 Not as far as I understand. Mined bitcoin are just a small % of what is in issue. Bitcoin will stay healthy trading using existing bitcoins until a better digital currency comes along.

]]>