create account

My problem with bitcoin by woz.software

View this thread on: hive.blogpeakd.comecency.com
· @woz.software · (edited)
$0.75
My problem with bitcoin
![](https://i.imgur.com/IhWJc4c.jpg)

I know bitcoin is the first crypto and holds a place in peoples hearts and minds because of it but lets face it, there are serious flaws with it that I believe means something else will win the real adoption fight.

So what are the problems I see

# Transaction Throughput

It has a throughput of up to seven transactions a second, that will just not cut it, no matter what a BTC diehard you are it is hard to defend this.

# In-fighting

How many forks have we seen where people want to try and solve the issues. There is just too much in fighting between the big and small block people which just leads to stalemate. Nothing gets sorted.

# Mining requirements

Early on the mining requirements were such that CPU and then GPU were viable. But it is an arms race and ASIC is the new king. The trouble is this leads to mining controlled by too few people and that goes against the whole idea of decentralized system.

And the power all this mining costs is just not sustainable, I saw somewhere that bitcoin takes more power than Denmark to run. seriously WTF. This is hard to defend by anyone.

# Conclusion

It is just too hard to defend bitcoin because of all these serious issues with the system. If the miners/coders and users can't or wont resolve the problems it is hard not to see another cryptocurrency rise up and take the throne at some point.

So who might win?

- ETH has no real chance, even a cat game has crippled it.
- IOTA is doing well and the mesh replacement and POS might solve capacity.
- LTC is better but still capped
- EOS is probably the best bet when that goes live, given steemit is by the same person and can run a social network platform.
- Ripple is also a fair bet but all those tokens locked that can dump the price without warning. Also any banks currently using it are sort of off chain and just use for the transfer so not using XRP itself.

What do people think. Will bitcoin retain its crown or will it be replaced by something else.
👍  , , ,
properties (23)
authorwoz.software
permlinkmy-problem-with-bitcoin
categorybitcoin
json_metadata{"tags":["bitcoin","cryptocurrency","crypto","money","blockchain"],"image":["https://i.imgur.com/IhWJc4c.jpg"],"app":"steemit/0.1","format":"markdown"}
created2017-12-10 05:15:36
last_update2017-12-10 05:31:33
depth0
children2
last_payout2017-12-17 05:15:36
cashout_time1969-12-31 23:59:59
total_payout_value0.714 HBD
curator_payout_value0.037 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length2,011
author_reputation2,321,910,395,519
root_title"My problem with bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id22,958,412
net_rshares183,496,625,264
author_curate_reward""
vote details (4)
@qed ·
Well you know I work on NEO and I like it :)

There will also be
https://hashpuppi.es/

Cardano was initiated because of an academic consensus paper, and it's written in Haskell, which makes me like it.
👍  
properties (23)
authorqed
permlinkre-wozsoftware-my-problem-with-bitcoin-20171211t023625030z
categorybitcoin
json_metadata{"tags":["bitcoin"],"links":["https://hashpuppi.es/"],"app":"steemit/0.1"}
created2017-12-11 02:36:24
last_update2017-12-11 02:36:24
depth1
children0
last_payout2017-12-18 02:36:24
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length202
author_reputation371,686,564,844
root_title"My problem with bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id23,061,795
net_rshares4,217,036,188
author_curate_reward""
vote details (1)
@vladimirhf ·
i think iota will be great for business and cardano great to save - not to trade. their proof of stake protocol will reward little stakes. with mass adoption these coins prices will be more constant in the future, if they are not only in hands of few investors.
👍  
properties (23)
authorvladimirhf
permlinkre-wozsoftware-my-problem-with-bitcoin-20171210t052458313z
categorybitcoin
json_metadata{"tags":["bitcoin"],"app":"steemit/0.1"}
created2017-12-10 05:24:54
last_update2017-12-10 05:24:54
depth1
children0
last_payout2017-12-17 05:24:54
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length261
author_reputation2,555,525,294
root_title"My problem with bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id22,959,006
net_rshares4,217,036,188
author_curate_reward""
vote details (1)