<story><title>Why the practical applications of Bitcoin will be limited</title><url>http://sidazhang.com/3-reasons-why-bitcoin-wont-be-the-new-internet/</url></story><parent_chain></parent_chain><comment><author>clavalle</author><text>I think this essay is top heavy:  the conclusions can&amp;#x27;t hold given the assumptions.&lt;p&gt;Take the first argument:  for transactions to remain cheap one of three things has to happen, then those three things are painted as almost impossible.&lt;p&gt;But the second one; &amp;quot;At the same fee level, transaction count must increase 250 folds.&amp;quot;  Seems completely possible.&lt;p&gt;If transactions remain relatively cheap then bitcoin can be very useful for microtransactions.  And if they are useful for microtransactions then, by there nature, there will be many more transactions.&lt;p&gt;Then the author is all over the map in the second section.  At one point saying decentralized entities are useless, then that they don&amp;#x27;t provide value compared to traditional centralized entities, then than they &amp;#x2F;are&amp;#x2F; real competition for those traditional services but the only real beneficiaries of trustless decentralized transactions are people engaged in illegal activity.&lt;p&gt;They close out by saying since cyberpunks, drug dealers, and gamblers use bitcoin now, it will never find a place in the public sphere.  But the blockchain idea is a good one and will find some sort of use.&lt;p&gt;TL:DR  The first point was interesting but flawed.  The rest was garbage.</text></comment>
<story><title>Why the practical applications of Bitcoin will be limited</title><url>http://sidazhang.com/3-reasons-why-bitcoin-wont-be-the-new-internet/</url></story><parent_chain></parent_chain><comment><author>Mahn</author><text>Despite the click-bait title, the article makes valid points which are very often overlooked or downright ignored by hardcore bitcoiners. As someone who&amp;#x27;s been watching bitcoin for the past few years, this is in my opinion the plain reality.</text></comment>