Other overwhelming reason to assume that Bitcoin will fail as a currency; 1. Lack of stability 2. Thin demographic distribution. Only less than 0.5% of people ever owned bitcoin 3.Extremely uneven distribution (94% of bitcoin owned by 4% of addresses) 4.High transaction cost ($2 for transaction is not going to be acceptable especially in developing countries) 5. Lack of participation ( poor people can't afford to participate in mining or speculation 6. Bitcoin is not perceived as grass-root blockchain project. 7. Bitcoin's price doesn't correlate with it's intrinsic value. It only means that more money being put into speculation (usually by the same people) 8. Blockchain is too naively structured (it put in place no mechanism to keep stability and decide where the newly minted coins should go. It's primitive mechanism only give coins to miners by default, regardless of mining's unnecesarry contribution). In traditional way, the money is created through credits to companies/persons who create real value into the economy . 9. Late adopter bear the brunt of high price and high volatility (buy high with high probability of selling lower) 10. There are newer Blockchain projects that are evolved out of where bitcoin has failed.. Bitcoin will definitely fail.. I has to, just like dinosaurs .. it give ways for other blockchain projects a reference on what to do and not to do. Proof of Work mining is one of those things that should be avoided. Mining is an elaborate, technically convoluted activity that appels to the intellectuals the tech-savy, nevertheless all those intellectuals failed to see that mining serve no purpose but to entice participation, where to validate a transaction and to cast votes, a PoS node will do more efficiently with faster speed and higher throughput. (I, myself used to mine. I used to have 35 Ths of mining hardware antminer S5 and at least 10X more in cloudmining).. I used to enjoy mining, before recently I see that it is useless. Regardless of economic incentives, mining is unnecessary). Mining is a joke. SMOKE & MIRRORS
You are viewing a single comment's thread from: