Bitcoin’s Problems Explained



In this video of Let’s Invest we explore the problem with bitcoin and the problems with proposed solutions of segwit and bitcoin unlimited. We explain the cons that are built into bitcoin’s…

49 Comments

  1. I lost a great deal of investment in bitcoin a few weeks back when I was trying to take a bold step in the bitcoin market. I was partnering with a popular bitcoin investment website who have been able to convince me through third parties. At first, didn't think there was something to worry about as my first $100 investment made me $150 within 24 hours. To me that was very impressive and I then went ahead to invest 2BTC which was about $18,200 at the time. One thing I learnt is that I didn't lose my money due to bitcoin volatility. I lost it because of some unscrupulous element across the internet that targeted a single mother like me, for their personal gain. Thanks to my friend who introduced me to cyberhackintelligence. The services of a Data retriever hacker who could recover lost/sent bitcoin using advanced methods which I can testify to based on first hand experience. If there is anyone out there in a similar situation and wants a fast solution then contact email … cyberhackintelligence@gmail.com.
    Thank me later

  2. By 20 December 2017, Blockchane wallet asked me to pay $74.00 miner fee for $120.00 transaction!!! And for 3 days my previous $1400.00 transaction has not been confirmed yet! Screw Bitcoin!! It has no place in future! I have sold all of my Bitcoins for Bitcoin Cash.

  3. People might want to consider the massive scale of corruption that exists in the world in almost every government of the world, certainly all 1st world countries. Deal with that or this shit doesn't matter. You will be in FAR worse shape than with paper money, you'll just be able to buy your food that much quicker (unless something happens and they cut off your ability to use your digital funds of course). You'd rather be a slave for that huh?

    The comments section show how naive kids are to what is happening in the world. Get rid of the corruption and you'll have less and less security risks to fight. Stop the inequality and enslavement of the majority of people and they wouldn't have to result to scamming and stealing. This is not rocket science. People on this planet are more selfish and ignorant than anything I could imagine anywhere in the universe. Yeah, I was interested in making money with money to spend on garbage that didn't make me happy so I had to make more money to buy something else that perpetuated an cycle of degeneration when I was like 20, then I grew up.

  4. BC should be like the gold in the bank. Not going to pay for everyday things in gold and this should be the same for BC. Let a few new alt coins take the place of the dollar.

  5. I've done some research as well and I agree 100%. BitCoin is fine as it is. Really, it's fine. Let BTC be the gold of the crypto world and not something you use to buy a cappuccino with. Let the transfer times be long, the fees be high. It's fine. BitCoin will be the stable anchor that the rest of the cryptocurrencies need. BTC transactions are already being grouped together between companies and exchanges and this will go a long way towards scalability. BTC doesn't need to change, we just need to use it smarter.

  6. thanks for the valuable perspective. was so SUCKED IN to the bitcoin hysteria, when there's a HUGE market outside of that. Follow Satoshis vision, which ultimately was alternative banking options given our monetary system being unhinged from any type of asset, clinging on to sheer faith of government, and the few ppl in charge of fed. Subscribed

  7. What stops bitcoin from diluting their own currency? I know its against their rule that they wont issue more than the amount that they said would ever be available, but what if they said F** it or simply split 2:1 and half the value? I know it has other issues but what stops them from changing their rules? What stops them from lateraling into a more solid system and calling it bitcoin2 ?

  8. Would have been nice to have a category called "Traceability of Transactions" or "Anonymity of Purchases" – then see how they compare. Or "Has dynamic block-sizing". I understand for both of those categories, that Monero is superior for both.

  9. Thank you so much for a brilliant channel. Very informative and concise.
    Please could you provide info on the following:
    Cryptocurrencies based on real assets, like gold. I read about Digix with DGX and DGD, but all a bit confusing. I get no response from them to my questions. Are there other similar alternatives?

  10. My view of Segregated Witness is the protocol enhancement preparation to accommodate daily transactions like vending machines or Coffee using side-chain/off-chain (these happen even today btw), bringing the usefulness of the blockchain into the future. Think about it, 10 minute transaction processing time slices, that doesn't work for Point of Sale purchases. Bitcoin Reloaded: Bitcoin Core + Infinity Patch Set, to Infinity and Beyond! Don't let rash emotional judgement calls influence the solid foundation of bitcoin… irregardless of the client implementation. Want the dirt on all the clients, read their code as it's all in there.

  11. Unless Bitcoin makes some massive blunders going forward, it will be hard to break them from the top rung. Not many people in the general public know about Ether or Dash, but many have heard of the old Bitcoin. Brand awareness is a gold currency.

  12. As for the content, I believe you were spot in, and you were extremely non-bias. You told the facts as you and many like you see them. It's a sad time for Bitcoin and Bitcoiners; however, its the cycle of life played out in a digital world. While I may not like Roger Ver's tactics, you must agree for wide spread adoption to happen, slow transaction speeds, higher fees reduces Bitcoin's usefulness. It de-evolves into just a non-currency wealth holder until it is over taken by an alt. I regretted migrating from BTC to DASH, but business is business. Now I don't regret that decision. What works as digital-cash will prove to be the superior coin. At this point in time it would appear that to be DASH. I still keep my eyes open to other alts, i.e. NEM, PIVX, etc. I've weathered MtGox, now I've learned my lesson so this time I will profit from a hardfork. Bitcoin isn't Bitcoin anymore. Sad but true.

  13. Segwit is the clear and obvious answer. I keep most of my crpyto in bitcoin, but as well have made small hedges in dash if for some reason bitcoins crumbles. Still seems very unlikely at the moment though.

  14. Hope you get heard. I share the same bot fork opinion. Bitcoin doesn't need to be the best coin. Just be what it is until a new better coin dominate the market, people will migrate eventually to use. At least in bitcoin we can trust. And the billions are there because of that trust, not because of features. Those fork options are both full of cons, I don't see how they would help the btc in the end.

  15. Oh yes !! I just thought of another foundational weakness in Bitcoin … "marketing" ….

    Bitcoin does no marketing, mostly because up to recently it didn't have to – it was so 'out there'.

    DASH's marketing amarda, namely Amanda, is worth billions to DASH ……….. hope she gets a very big bonus &/or pay raise !!!!!!!

    Bitcoin is having less & less & less selling points to market themselves on anyway ……….

  16. A thousand thank yous, 'Let's Invest' I found this EXTREMELY HELPFUL
    but at least one thing you didn't cover was 'anonymity' & 'transparency'.
    I want to be able to conduct my fiscal affairs freely & at minimum cost of transactions.
    I wish to be completely anonymous to & totally free of governmental tyranny & I do not wish to use the current 'central banking' fiscal systems as the latter 1) are in cahoots with governments (joined at the hip) & 2) usage of banks & their transaction fees are, well, criminally high.

  17. There is new hot coin PIVX (Dash's brother coin). It is supposed to be more anonymous than Dash. Dash is for user-friendly experience. PIVX is more for privacy.

  18. My magic 8 ball suggests bitcoin will be a store of wealth as it is at present re Venezuela South America Greece soon Italy ! n Spain ! agreed bitcoin is not doing what it said on the tin but it most likely will but not yet.. it is the biggest combined power house and secure system on the planet and patience is going to be the winner in this case .. yes I do like what the alt coins offer so for me I hope to see each asset have its place in the crypto space as things go forward. if we all supported the top 3-5 then we would be collectively stronger against the centralised systems . ✌️

  19. If things get really messed up for bitcoin and a lot of holders start selling off into other cryptos, then its going to be funny cause when you have all other alts gaining lots of value and no one will want to sell their alts for btc. lol you think this could happen?… Then who will be like the gateway for all the coins? i'm really enjoying this alt bubble btw, mining & trading is a breeze at the moment lol

  20. A few thoughts: (Disclaimer – I own 0 BTC, mostly Dash)
    If Segwit only goes one way if one client is not updated, should it be considered backwards compatible?
    I don't think either solution will provide significant room to scale, but it seems like miners currently like BU more than SegWit, perhaps because bigger blocks mean more txs per block which means more income for miners.
    Centralization is my biggest concern for BU, but new users might help to balance out the centralization that BU will likely bring.

    I personally think Bitcoin could benefit from having both SegWit and a larger block size, but is it too late? I think Bitcoin will soon be replaced by other more advanced digital currencies. These solutions might delay the inevitable, or they might lead to a quicker death.

  21. Wow! Excellent video, I just got into crypto back in Nov. I only puchased Bitcoin and ETH thru Coinbase. I've been watching many Youtube videos these days and I have to say yours seems to be one of the best. I'm wondering if I should jump into Dash and what's the best way to buy and hold it. I still feel Bitcoin is Digital gold but in six years from now I'm sure a few other crypto's will havearound the same market cap that Bitcoin has today.

  22. 4:45 less reward doesn't matter as long as the price go up. Also only 2% of the original code of bitcoin is in the last version. So that whole "leve it for nostalgia" doesn't make sense

  23. hi I find your videos very informative, I'm just starting to investing crypto currencies within the past few months and I was wondering what cryptocurrency exchange I should use and why? I currently use poloniex. just wondering if that's the best way to go.

  24. could you make an episode about the possibilities of Lightning Network in the far future?
    I wonder if there are any potential issues, since transactions will be off-chain

  25. I like your videos. But in this one, I think you said a couple of thinks that aren't entirely true. For example, if Lighting will ever get adopted, then Bitcoin could support over 100 000 tx/s. Also, I think most of the Core developer don't want to leave Bitcoin as it was designed by Satoshi. Not at all. There have been added so many new features to Bitcoin and Core devs have written tens or maybe even hundreds of thousands of lines of code. I think Core just don't want to make some fatal mistakes like BU recently made when over half of the nodes in network turned off.

    You now probably think that I'm one of these fanatic BTC supporters, however, that's a big mistake. I really like altcoins, especially Ethereum. And others like Monero, Dash, NEM or ZCash are also very interesting. Regarding the centralization problem – Bitcoin definitely has some problems. However, Dash has even bigger issues regarding centralization. You have to pay over 500 USD to just make a proposal (assuming price 100USD/DASH). That's ridiculous and I honestly don't know to whom this money then come. To Core team? That leads to even bigger centralization. To miners or masternodes? That's a waste of money. Also, if Dash will ever reach global adoption and one Dash will cost 1 million dollars, then you have to pay 1 billion dollars to buy master node… Bad joke. Only richest will be able to do that and even though there are services that allow you to share profits from master nodes, voting power is still in hands of owners. And changing max. number of allowed master nodes is like changing PoW protocol in Bitcoin to PoS protocol. And I don't even get to possible price manipulation by these master nodes…

    I'm not a native speaker, so I'm sorry for any grammar mistakes.

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