What are the chances of Bitcoin becoming worthless If countries decide to block Bitcoin sites?

So, Bitcoin=Tulips?

If bitcoin is falling due to its flaws, it could accelerate the rise of 2.0 cryptos (and I don't mean ripple) over the next year or two.

Assuming that the "flaws" are actually correctable. The biggest potential flaw is that distributed trustless consensus mechanisms aren't solving problems worth solving compared to the cost. In B4 LOLPoS

I think it has more to do with government forcing liquidation in Russia and China. In the USA too with capital gains tax.

https://www.cryptocoinsnews.com/russ...n-bitcoin-ban/

You are obviously an intelligent guy. I think you do not understand that this is clearly not the biggest flaw. The biggest flaw to adoption and price gains is overcomplication for the average user. By far the biggest flaw!

It's really not that complicated to use bitcoin. It's pretty simple really.

It's a pain in the ass to buy though.

Bitcoin isn't complicated to use in and of itself, but remember that fiat currencies are getting easier to use too. With the invention of contactless payments, moves towards being able to pay for things on a smartphone etc. fiat currencies are becoming easier to use too, so bitcoin isn't chasing a static target. Even as bitcoins become more accessible, they're not necessarily catching up to fiat payment methods at as fast a rate as people may think

There is some scientific research being put into Proof of Stake ( https://bitcointalk.org/index.php?topic=897488.0 summary: https://bitcointalk.org/index.php?to...32#msg10152632) including building Haskell models and running simulations on possible attacks. Easier to say lolPoS than rebut scientific papers or show attack vectors via the models, of course.

You write this like people should know where the bottom is.

http://briankellycap.tumblr.com/post...ce-has-crashed

+1.

If it was only that easy.

This stuff reminds me of like what you CNBC. "Gold is up on short covering... the market is down on fears of a recession... blah blah blah." They just have to come up for a reason for everything everyday.

The article is missing the 1 thing they only need to say. "Ain't enough money flowing into this ponzi to cover 3600 coins/day yo!"

I view a flaw as something something that is extremely difficult to overcome. This is incredibly easy to overcome, given there is a reason to do this.

But even so, it's incredibly easy right now.

People think they do. That's all that matters.

Define ponzi. There is no ponzi. Bubble, perhaps. That doesn't make a ponzi.

But most people have no reason to overcome these flaws. A credit card works fine for them. If not better because if fraud occurs on their credit card the credit card company covers it. People adopt technology because it makes life easier. Not because it might be slightly better in some fashion that doesn't really affect them.

Is this easy enough for you?

https://bitreserve.org/en/how-it-works

Watch the video. They just closed Series B funding. It's a prepaid debit card that lets you spend bitcoin but you hold your money in dollars.

Audit-able accounting.
Escrow.
Proof of ownership/ownership ledger.


http://unenumerated.blogspot.com/201...computing.html

Correct, people with credit cards doing domestic commerce will be one of the last adopters. Right now, it's just a sideshow for idiots.

Toothsoother,

I don't get it. On one hand you say that btc solutions to confirmation times are bad because they introduce centralization but on the other hand you say that ripple>bitcoin because of instant transaction times. You do realize that you're contradicting yourself here, right ? I have trouble understanding how anyone could think that transaction times is what will lead to the demise of btc.

https://medium.com/zapchain-magazine...r-a9d53a505b05

"BlockCypher has created technology that enables merchants to confirm transactions in mere seconds with 99.9% confidence."

Who exactly is the target market for prepaid bitcoin cards? Why would I want to use that ever?

If the prepaid bitcoin cards were completely anonymous i would be interested.

All it does is take the volatility risk away from the average consumer just like bitpay takes away the volatility risk for the merchant. The answer is anyone who wants to own and use bitcoin but their biggest criticism/fear of it is the volatility. I'm sure you can login to your account online too and the debit card thing is optional.

Shoe's original criticism was of Bitcoin Boom who said solutions would come out in the next year that will make it easy for the average person to own and hold bitcoin. When I point out several projects that are solving this problem new criticisms comes up. The goal posts keep moving as each criticism is silenced.

2009 - These tokens are funny
2010 - Wow people bought a pizza big deal
2011 - It's too hard to buy these - I have to physically meet up with someone or wire money to Japan? It's just a currency for drugs.
2012 - I can't spend these anywhere. It's too volatile! Why would any merchant accept a currency with such huge swings?
2013 - It's too hard to buy and store these things.
2014 - Mtgox hacked. End of bitcoin. Yeah I can spend them at all these places but no one is REALLY accepting them.

Coinbase(or any company that hold bitcoins or bitcoin dollars for you) at this point is just as easy as paypal. The only difference is you don't HAVE to trust coinbase with your money if you don't want to, but you can if you want. With paypal you have no choice.