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Bitcoin is failing as a crypto currency
By: Eric, on 03 Dec 2018


Bitcoin is failing as a crypto currency and will soon be worthless.


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Graph Last Updated: 18 Jul 2019
Topic Statement Status Last Changed: 03 Dec 2018
Bitcoin is most likely failing because Ethereum is a better and superior alternative
When the junk ICO's washout bitcoin will shine again
The cost of bitcoin mining is half of gold mining and 1/10 of the banking system so it's actually the cheapest form of money
Bitcoin has been traded for more than 10 years
As the price of bitcoin drops, capitalists are finding more efficient means of mining
Bitcoin is failing as a crypto currency
When the price of the coin falls below the cost of mining it it will become worthless
This concern is no different than the question what will happen when all the bit coins are minted
When the price of the coin drops, there are less miners so less competition for coins so the cost of mining drops

The prominence of Bitcoin is primarily because of its first-mover advantage. It was a path-breaker when it started , but since then a lot has happened. Ethereum is the most popular crypto-currency standard as of now.

Ethereum is not just a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications

The potential applications of Ethereum are wide-ranging and run on its platform-specific cryptographic token, Ether. In 2014, Ethereum had launched a pre-sale for ether which received an overwhelming response. Ether is like a vehicle for moving around on the Ethereum platform and is sought by developers looking to develop and run applications inside Ethereum.

Ether is used broadly for two purposes: it is traded as a digital currency exchange like other cryptocurrencies and is used inside Ethereum to run applications and even to monetize work. According to Ethereum, it can be used to “codify, decentralize, secure and trade just about anything.” One of the big projects around Ethereum is Microsoft’s partnership with ConsenSys which offers “Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure so Enterprise clients and developers can have a single click cloud-based blockchain developer environment.”

While both Bitcoin and Ethereum are powered by the principle of distributed ledgers and cryptography, the two differ in many technical ways. For example, the programming language used by Ethereum is Turning complete whereas Bitcoin is in a stack-based language. Other differences include block time (Ethereum transaction is confirmed in seconds compared to minutes for Bitcoin) and their basic builds.

However, from a general point of view, Bitcoin and Ethereum differ in purpose. While Bitcoin is created as an alternative to regular money and is thus a medium of payment transaction and store of value, Ethereum is developed as a platform which facilitates peer-to-peer contracts and applications via its own currency vehicle. While Bitcoin and Ether are both digital currencies, the primary purpose of Ether is not to establish itself as a payment alternative (unlike Bitcoin) but to facilitate and monetize the working of Ethereum to enable developers to build and run distributed applications (?Apps).


This article makes a coherent case that a lot of demand for bitcoin was driven by desire to buy ICO's and get a piece of some blockchain company. Then people realized a lot of these companies were pretty junky causing the fall. When the junkie companies washout it argues the rise will begin again. https://www.zerohedge.com/news/2018-12-27/why-bitcoin-ethereum-entire-crypto-market-are-down-value

 


The cost of bitcoin lightning is half of gold mining and 1/10 of the banking system so it's actually the cheapest form of money.

https://www.zerohedge.com/news/2018-12-08/bitcoin-mining-beauty-capitalism

 


Bitcoin has been traded for more than 10 years. There's no reason to expect its imminent demise.

It's price fell 90% from 2013 to 2015, compared to 80% so far in the current drawdown.


Miners are using Norwegian hydropower and caves to mine bitcoin for $3000 or less. https://truthsift.com/graphtree?gid=441&node=4582

 


Bitcoin is failing as a crypto currency and will soon be worthless.


According to this link: https://www.marketwatch.com/story/bitcoin-is-close-to-becoming-worthless-2018-12-03 When the price of bitcoin falls below the cost of mining it miners will go away and thus the coin will become worthless because there is no one to keep the ledgers.


Bitcoin only ever intended to print 21 million bit coins. So mining for new coins was always going to go away and this never phase the market before. Right now 17 million have been printed.

 When the lightning rush is over, the ledger will have to be kept by larger charges for transmission of bitcoin's or some other means. It's not an i insuperable problem. https://krown.io/984/who-will-maintain-the-bitcoin-ledger-after-all-the-coin-mining-is-complete 


When the price of the coin drops it is correct that some minors will be discouraged. However that will lessen competition to be the first to discover the new coins. So the cost of mining will drop along with the price of the coin.


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