Around December, I transferred some money into another wallet, and the bitcoin network was under such high traffic that it ended up costing me 35$ to transfer the money. At this time it was under the most stress it had ever been under, volume was very high, and bitcoin proved itself to be slow with extremely high fees – but I still was a believer, now i’m not
It still is a cool technology: the libertarian in me wants it to become useful. Unfortunately tech-people writing anti-bitcoin articles are largely correct. A lot of non-CS people don’t understand it, and simply think it’s a scam or a ponzi scheme. These criticisms are tedious but these people are right on their main point: “But… why would anyone want to use it…”. And they’re RIGHT, it is solving a problem that no one really cares about. It’s anti-government, anti-banking, distributed, open-source, no-leader, unable to take-down, etc. These are great and all, but the question is if it is useful – it’s not.
Bitcoin hit mainstream, and no one cared or adopted it. It still faces the same problems, slow, terrible liquidity, and poor scalability. The people who bought it wanted to turn a profit, and did not really want to use it. Especially those who bought smaller altcoins like siacoin, litecoin and tron, they wanted to turn a profit.
I mean who honestly would buy siacoin, it makes a large claim of being able to revolutionize the cloud-storage market. Surely they would need to develop their product more, after all Amazon S3 has a lot of technology and research behind it. What do they do? They develop an asic miner, which was sold for 2500$… They just want money