Wow! you just confirmed my doubts that you really don’t know how bitcoin works. A user doesn’t need to download the blockchain in order to use bitcoin. Average users typically use light clients that connect to several full blockchain nodes - this is how bitcoin works on smart phones, you just download a simple app, it…

1GB every 20 mins in 10 years time will take as much effort as 1MB every 20 mins today. and it is completely plausible for 1GB internet to happen within 10 years. Bitcoin doesn’t need to scale that high right now, Currency doe benefit from decentralization because of the inherent permissionless innovation it enables.…

Have you even read the bitcoin whitepaper? It mentions a clever way of pruning the blockchain, making it much much smaller. When it gets implemented, the size of the blockchain will drop to less than 2 gigs. All these limitations you mention have efficient solutions that are being worked on, and none of them is…

Have you heard of Moore’s Law? The rate at which costs for storage, processing, and bandwidth drastically get reduced year to year while their capacity increases. In 1998, no way you could send an HD movie over the internet, but now, its really easy. Bitcoin will grow along with moore’s law, thus keeping costs in line…

Overstock keeps at least 10% of each bitcoin payment in bitcoin, so it isn’t zero.

if they aren’t making a profit, then would have stopped mining already. And yes, the future bitcoin would have to allow for bigger blocks, but it is entirely doable.

I agree. Bitcoin is already reliable as it is in terms of the transactions it handles. There is going to be an upgrade to the core protocol that handles 20 times the current transaction volume, so it will get there in a few years. Bitcoin is always upgradable.

The third party processors have shown that over 50% of their merchants do keep at least some of the payment in bitcoin - so they are accepting bitcoin directly, and keeping it.

For the next 100 years, the miners get fees + new coins. im sure 100 years is enough time for volume to “drastically” grow.

Inevitably die? how exactly? in a deflationary spiral? it keeps growing in value, able to buy more and more stuff every year then it somehow, magically collapses.... I don’t buy it. “bitcoin is going to die!... but I can’t explain the specifics”

You don’t have to sell it, you can use it to buy stuff. Microsoft, Rakuten, and Overstock accept bitcoins already, and more places will soon.

the fees can stay as low as they currently are. When more people use bitcoin to make transactions, more fees get collected without having any increase in fees per transaction. charts already show transaction volume going up year to year.

It doesn’t matter if YOU accept it. There is an ever growing number of people taking it. You don’t have to call bitcoin money. A better fit would be to call it a commodity, like gold.

worthless = over $220.00 per bitcoin.

Not going to happen - banks have no power over the bitcoin core protocol. There is no central point (no servers) for banks to control it - just like there is no central point of bittorrent for MPAA/government to control.

People should be able to choose whatever money than want to use - whether inflationary or deflationary. People should have that freedom on choice.

Paypal and cc blocked donations to wikileaks - so paypal is not censorship resistant. Paypal is also known for freezing accounts out of the blue for no reason. Also, ACH takes 3 days to clear, bitcoin does it in 10 mins.

Sure! anyone with a powerful gaming computer can freely join in the mining and (probably) earn a few cents worth of bitcoin every month (though the electricity cost would be pretty much higher than any bitcoin you will mine). professionals who mine bitcoin build these compact supercomputers (called ASICS) in order to…

Bitcoin miners are incentivized by newly created bitcoins + tiny transaction fees. But miners must put in the computational/electrical energy before they get rewarded. Miners make sure everything checks out, and if they don’t do it right, they lose out on their mining reward.

Bitcoin, like gold, has value because of it’s usefulness. Gold and bitcoin don’t need government or banks in order to have value. Also, if the USD is supposed to represent the productive capacity of humans, how come bankers get to print as much of it as they want without doing anything useful?