Governments today enjoy unprecedented power of monetary observation, which they argue has resulted in a “safer” world with less money laundering, greater impediments to criminal activity, and reduced tax evasion. Industrialized nations are just beginning to maximize the benefits of this newfound transparency and so understandably have no interest in reverting to a more opaque banking system.
Monetary control is power
But beyond monitoring money flow, there is an even more fundamental reason why substantial Bitcoin success is undesirable for governments. For any government, ceding control of money supply is tantamount to an abdication; without control of money there is no control at all. For this reason, as Bitcoin continues to gain users, government indifference must gradually give way to bemusement and ultimately resistance.
However, well before governments attempt to curtail Bitcoin, there is another antagonist that might take action more rapidly: the financial services industry. Banks and their kin make tens of billions of dollars every year from providing the very basic task service of moving money from one place to another. And as a nearly foolproof revenue stream – zero risk, almost zero cost, and billions of dollars in profits – it’s also a pillar of their business model. In fact, banking as we know it today would have a far diminished role, if any, in a Bitcoin-denominated economy. Hence, you will see little support for digital money from any bank.
Thus, if Bitcoin can continue to gain in popularity, its users can look forward to an eventual confrontation with two extremely powerful antagonists. Unfortunately for Bitcoin, both parties, governments especially, can follow a simple strategy to ensure Bitcoin, or any other aspirational digital currency, never gains widespread use.
Topic: 10 reasons for bitcoin to prosper - page 2. (Read 7050 times)
inflation is dynamic and open market situation, it is not controled , and I dont think that it is even important
12) Limited number of bitcoins to ever enter circulaton
Bitcoins are conceptually strong in the sense that inflation is controlled and will eventually cap itself off once there are enough bitcoins in circulation. Thats a bonus that was not yet mentioned but is pretty big.
Bitcoins are conceptually strong in the sense that inflation is controlled and will eventually cap itself off once there are enough bitcoins in circulation. Thats a bonus that was not yet mentioned but is pretty big.
With this feature it will not be able to become a proper medium of exchange. Any currency to work properly should be constantly depreciating to avoid its being squirreled away, whereas Bitcoin deflationary nature will wreak destruction on the economy. In short, this won't work...
12) Limited number of bitcoins to ever enter circulaton
Bitcoins are conceptually strong in the sense that inflation is controlled and will eventually cap itself off once there are enough bitcoins in circulation. Thats a bonus that was not yet mentioned but is pretty big.
Bitcoins are conceptually strong in the sense that inflation is controlled and will eventually cap itself off once there are enough bitcoins in circulation. Thats a bonus that was not yet mentioned but is pretty big.
Free the market!
This is the number one reason why crypto currency must succeed!
http://youtu.be/rCI-xc8pwMo
This is the number one reason why crypto currency must succeed!
http://youtu.be/rCI-xc8pwMo
Your number one reason for bitcoin to prosper is that it's new. You had some good points, but I almost stopped reading right there.
I feel no need resopnd to such obvious and laizy troll
11) Hidden functions
Well, not actually hidden, but not used. Bitcoin code gives us much more financial instruments then most people even know. Like futures trading, betting, sharing info, securing links, contract registration and so much more. As new bitcoin functions will be discovered by the public, more people will get involved.
Well, not actually hidden, but not used. Bitcoin code gives us much more financial instruments then most people even know. Like futures trading, betting, sharing info, securing links, contract registration and so much more. As new bitcoin functions will be discovered by the public, more people will get involved.
And at that you could just as well add that Bitcoin may give them even more then they will ever need. And surely, this is not what you need to make Bitcoin a success. It should at first give people some simple advantages before its direct competitors, that is, national currencies as a means of exchange and precious metals as a store of value. Yes, it may have some, but even this is still a point of much debate here, whether Bitcoin is actually worth it...
10) Free market gap
1,5 billion dollar “capitalization” today is a drop at the sea. There is a huge market for that kind of financial instrument and there is no actual competition. Altcoins are trailing behind and IT corporations are afraid to start a new currency.
1,5 billion dollar “capitalization” today is a drop at the sea. There is a huge market for that kind of financial instrument and there is no actual competition. Altcoins are trailing behind and IT corporations are afraid to start a new currency.
It is actually at around 10 billion dollars if I'm not mistaken, though I agree this is still a drop in the sea. You just wouldn't be able to think up a cogent reason why these figures taken as such would mean there is a huge market lying ahead. Actually, what you say here is no more than just wishful thinking...
9) Geek effect
Geeks are a very big group of people and bitcoin is as cutting edge as it gets. So it is match made in heaven. We already can see a huge support from fans of new technology. For some it’s “just for fun”, for others it’s lifestyle or even ideology.
Geeks are a very big group of people and bitcoin is as cutting edge as it gets. So it is match made in heaven. We already can see a huge support from fans of new technology. For some it’s “just for fun”, for others it’s lifestyle or even ideology.
In the first place, geeks wouldn't be called geeks if they were "a very big group of people". Actually, Bitcoin support is very limited and it may remain so despite being highly popular within that group of people. This certainly wouldn't count as success in absolute terms, which you herald here, as far as I can guess...
8 ) Herd instinct
Even not very good or valuable products can witness the herd instinct effect. When everyone uses twitter(service with very limited functionality), a lot of people kind of subconsciously want to use it too. In some cases you will even have to follow the public in case if you need to reach that group of people. The effect is also witnessed at vogue waves. So the more people will use bitcoin, the more new ones will follow them. So it can kind of snowball at some point.
Even not very good or valuable products can witness the herd instinct effect. When everyone uses twitter(service with very limited functionality), a lot of people kind of subconsciously want to use it too. In some cases you will even have to follow the public in case if you need to reach that group of people. The effect is also witnessed at vogue waves. So the more people will use bitcoin, the more new ones will follow them. So it can kind of snowball at some point.
For using twitter you don't have to pay anything, for using Bitcoin you have. And I think that you would need something better than just herd instinct to make Bitcoin prosper. And don't forget that in reality it works the other way as easily...
7) Limited emission and mining
As you know bitcoin code limits daily emission of coins into the network, so there is no regulatory or any other softening factor to limit deficit when it hits the market. So significant deflation kicks in. And though mining difficulty does not have direct effect on BTC price, it still kind of does, as bitcoin quantity is limited in the end.
As you know bitcoin code limits daily emission of coins into the network, so there is no regulatory or any other softening factor to limit deficit when it hits the market. So significant deflation kicks in. And though mining difficulty does not have direct effect on BTC price, it still kind of does, as bitcoin quantity is limited in the end.
If you think that deflation will make Bitcoin prosper, then you don't have a clue what constant currency appreciation actually means for the economy. Have you ever heard anything about the Great Depression, the reasons behind it and why gold standard was abandoned after the shit happened?
6) Black market factor
It is all about reasons 2, 3 and 4, but what I am trying to say here is little bit different. Total black market capacity of the world is more than 2 trillion US dollars. And BM actually needs systems like bitcoin. So we will witness a big shift towards bitcoin with those groups, I think.
It is all about reasons 2, 3 and 4, but what I am trying to say here is little bit different. Total black market capacity of the world is more than 2 trillion US dollars. And BM actually needs systems like bitcoin. So we will witness a big shift towards bitcoin with those groups, I think.
When we actually see this shift of the black market toward Bitcoin, then it will be a point for discussion. Now there is none that I know of, and I doubt it strongly this will ever happen. The Silk Road example has given the black market a strong evidence that Bitcoin's safety is questionable at best...
5) Market stats
Whatever the reasons are, crypto-currency market is growing, and it’s a fact. So the tendency will continue for some time. People believe in what they see so stats are not only “conclusion” but also a “reason”.
You can look here for number of transactions growth stats
http://blockchain.info/en/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
And here for market capitalization
http://blockchain.info/charts/market-cap?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
Whatever the reasons are, crypto-currency market is growing, and it’s a fact. So the tendency will continue for some time. People believe in what they see so stats are not only “conclusion” but also a “reason”.
You can look here for number of transactions growth stats
http://blockchain.info/en/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
And here for market capitalization
http://blockchain.info/charts/market-cap?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
Bitcoin market cap is minute in absolute terms, to say the least. Its growth is provided primarily by speculation, not with goods and services which could mean something worthy of consideration. With the same success you could consider a "market cap" of some Ponzy scheme. Easy come, easy go...
4) Safety
Today banks are not actually safe way to hold to your money anymore. Banking crisis, high possibility of money theft, shifts in personal rights politics and many more. Bank can freeze your account or even take away a part of your money like they did all over the world. (again Cyprus is the most graphic example). Bitcoin gives you today maybe the highest level of money safety and freedom.
Bitcoin is the first structure that gains its safety not by political or cultural decisions but from great open source code. This is actually kind of “New Era” stuff.
Today banks are not actually safe way to hold to your money anymore. Banking crisis, high possibility of money theft, shifts in personal rights politics and many more. Bank can freeze your account or even take away a part of your money like they did all over the world. (again Cyprus is the most graphic example). Bitcoin gives you today maybe the highest level of money safety and freedom.
Bitcoin is the first structure that gains its safety not by political or cultural decisions but from great open source code. This is actually kind of “New Era” stuff.
Do you actually think that your computer would be harder to break in than into a bank account? I don't say that banks are not being hacked or anything, but your chances are by a long shot higher to get your money back from the bank if it is hacked or goes belly up (FDIC or whatever it may be called) than when your wallet is stolen from the computer you sit at in the Internet (which could just fail). Well, Cyprus happens just like any other shit happens in life, but why do you compare banks vs Bitcoin in the first place and consider this as a proof of Bitcoin's safety?
3) Privacy
This is actually very big and complex issue. Privacy is needed not only for selling illegal stuff, but needed by general public as well. Whether it is psychologically motivated or legit need for fund safety. Principals of Secrecy and sanctity of property rights were untouchable but not anymore. Cyprus was just a warm-up, test for the incoming actual attack on property rights all around the world.
Just recently ended long respected era of bank secrecy in swiss banks
http://en-maktoob.news.yahoo.com/swiss-sign-last-rites-banking-secrecy-oecd-100647333.html
This is actually very big and complex issue. Privacy is needed not only for selling illegal stuff, but needed by general public as well. Whether it is psychologically motivated or legit need for fund safety. Principals of Secrecy and sanctity of property rights were untouchable but not anymore. Cyprus was just a warm-up, test for the incoming actual attack on property rights all around the world.
Just recently ended long respected era of bank secrecy in swiss banks
http://en-maktoob.news.yahoo.com/swiss-sign-last-rites-banking-secrecy-oecd-100647333.html
Oh, it seems that I have been running ahead of you. Thus, Silk Road and all that. Block chain is there forever, what could be better for an inquiring investigator? So you guess it right, this doesn't count...
2) Freedom
There is always demand for a way to trade free and bitcoin is the only way today to do it. (altcoins still very small and underdeveloped). FIA currencies hold so many limitation and borders , they hardly could be called a free way for trading today.
There is always demand for a way to trade free and bitcoin is the only way today to do it. (altcoins still very small and underdeveloped). FIA currencies hold so many limitation and borders , they hardly could be called a free way for trading today.
The freedom Bitcoin allegedly provides would be required only by a minuscule amount of people when compared to the number of people which would allow to call it a success. And Silk Road has showed us all that there is no freedom Bitcoin promises to deliver. No point either...
1) It’s New!
Bitcoin is a new and fresh thing. And there is always a factor of interest for something totally new and just gaining popularity. Whether this wave will be short or long, the main thing it exists.
Bitcoin is a new and fresh thing. And there is always a factor of interest for something totally new and just gaining popularity. Whether this wave will be short or long, the main thing it exists.
The word prosper as far as I understand it implies at least some longevity of being successful. If you are rich now and the next day you turn poor, this surely wouldn't count as prosperity. Bitcoin might be new (though this is questionable) and because of that it may be attractive today, but this doesn't guarantee that it will be attractive tomorrow. So no point given...
The best thing about BTC is that ONE goverment cant do nothing to stop it.
Nobody cant stop the internet
Nobody cant stop the power
Sure gov. have opiton to say that BTC is illegal...BUT WHY ILLEGAL?
Again with the crap the nobody can stop the internet?
It has been done , can be done and will be done!
The best thing about BTC is that ONE goverment cant do nothing to stop it.
Nobody cant stop the internet
Nobody cant stop the power
Sure gov. have opiton to say that BTC is illegal...BUT WHY ILLEGAL?
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