Topic: A MUST READ: Bitcoin In The Trenches of A Global Economic Warfare (Read 1620 times)

The people who write articles like that play too many video games.

The point is there is nothing intrinsically within the Bitcoin protocol that maintains the value of an individual Bitcoin, it is in the way people use it.  It may turn out that it keeps it value because of the reasons stated but it is also possible that it may not.

The other point is that Bitcoin is still minuscule as compared to other currencies and it is still very fragile.  There is very little merchant/user acceptance and the vast majority of people are not sitting around comparing holding Bitcoin as opposed to other currencies.  The only people who talk as if Bitcoin is some huge economy are people who use Bitcoin to promote their agenda.  They tie the success of their agenda to the success of Bitcoin and they exaggerate its importance.  I even hear this at Bitcoin conferences where some claim Bitcoin is undergoing "exponential growth" and they talk about some huge economy.  The discussion is usually tied to some fantasy claim of a "revolution," that the financial system is on the verge of collapse, and everyone is switching to Bitcoin. 

No, you are missing the point. It's easy to create an altcoin. Not so easy to recreate the network security of the existing bitcoin network, not to mention merchant acceptance, BTC websites and so forth.

You could more accurately say that dollars are worthless because anyone can create a gazillion alt-dollars. Fiat can be imitated, in principle, same as crypto. But people might trust fiat backed by Bob the neighborhood mechanic less than fiat backed by the Federal Reserve. So the real issue is who do you trust more? The endlessly inflationary Fed? Or the money-supply limited Bitcoin protocol? For all its shortcomings, over the long haul I vote Bitcoin.

You miss the point, nothing in the Bitcoin protocol involves a store of value, it is how people use Bitcoin.  There is nothing stopping an Altcoin from developing its own network effect and overtaking Bitcoin.  Even if there were no network effect there is nothing stopping people from putting value into something other than Bitcoin.  Further, security is not the only thing contributing to the exchange rate of Bitcoin and that security erodes as the exchange rate declines.  Store of value is not an intrinsic aspect of Bitcoin.

Also, "most powerful computer network in the world securing it" is hyperbole.  It is specialized double she256 computers that can't do anything else.  If an Asian government who has chip manufacturers under its control wanted to they could do a 51% attack fairly easily.  However, if that happened people could switch to another algorithm/altcoin, etc.

Bitcoin is currently a tiny fragile system that hardly anyone uses.  It has a slow linear growth for the most part
https://blockchain.info/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

I don't know what that link is supposed to be about but that guy is well known to post all kinds of weird stuff and he runs fantasy investment schemes on here.  He makes wild accusations and he wants Preston Byrne "hanged" because he is not Libertarian enough for him (http://prestonbyrne.com/2014/08/19/interview-on-lets-talk-bitcoin-no-137-the-eye-of-the-beholder/).  I bought a web site from that guy (Bitcoin.me).  A transaction that normally takes 3 day took months.  the escrow agent had to spend weeks trying to get that guy to finalize the deal.  These are the kind of people who are using Bitcoin to promote an agenda, have no idea what they are talking about, and damage Bitcoin's reputation.  I can't believe anyone would reference that guy's web site.

The article references someone with a lot of hashing power screwing up a crypto currency by raising the difficulty sky high and then dropping out of mining.  It has been done but some coins have put in a security measure by not allowing the hash rate to change more than a certain amount during retargeting.  That is a risk of all crytocurrencies.  

You are just wrong on many counts, it is you who is becoming 'ridiculous'.

You think 'normal' people don't like good money?

Interesting...

I see this fallacious argument all the time. Bitcoin's most valuable aspect is that it has the most powerful computer network in the world securing it. This aspect cannot and will not ever be copied. Altcoins are irrelevant.

Unless you believe you can start selling people phone contracts without any cell network on which to use them? That's essentially what every altcoin is doing, and sooner or later they will all fail to hold any value as a result.

http://trilema.com/2014/the-woes-of-altcoin-or-why-there-is-no-such-thing-as-cryptocurrencies/

Thank you!

Bitcoin is a speck of dust compared to the other currencies discussed.  To talk like Bitcoin is affecting these or that it is "in the trenches" is ridiculous.  Claiming Bitcoin is "the strongest, most secure, Store of Value mankind has ever created" is beyond ridiculous.  Bitcoin can be copied in a gazillion alt coins.  Bitcoin does not store value unless people put value in it and not other things.

These crazy articles of how Bitcoin is currently competing with national does nothing except scare normal people away and makes Bitcoin weaker in the end.  The people who write articles like that play too many video games.

Yeah, because Greenspan's previous predictions were so accurate...

We all know this,but we should spread it to the others in the world,that's the key point!

 
 Alan Greenspan: QE Failed To Help The Economy, The Unwind Will Be Painful, "Buy Gold"
 http://www.zerohedge.com/news/2014-10-29/alan-greenspan-qe-failed-help-economy-unwind-will-be-painful-buy-gold

 
 Better buy bitcoins, or at least some bits of bitcoins too!


 

 
 A MUST READ:

 Bitcoin In The Trenches of A Global Economic Warfare
==================================
 http://bitcoinmagazine.com/14488/bitcoin-in-trenches-of-global-economic-warfare/


 Their failed, DEBT-BASED, fiat currencies are merely PRETENDING to be REAL currencies.

 Their failed, debt-based fiat currencies require near constant counterfeiting to merely
pretend & extend their eventual assured ruined fates.

 In their failed, debt-based fiat currencies SAVERS are assured of the theft of their
savings by way of insidious inflation through near constant counterfeiting. Thus theirs are
by far the very worst Stores of Values.

 Their failed, PRETEND currencies permanently ENSLAVE us all. Tax payers are forced to
pay untenable and impossible amounts of interest and debts which holds forever all of us
into their permanent debt-based bondage as their very own economic slaves from our baby
cradles to all the way beyond our graves.


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 Where as Bitcoin is real Monetary FREEDOM because it cannot be counterfeited and
doesn't hold it's users into any debt bondage what so ever. And why Bitcoin is the strongest,
most secure, Store of Value mankind has ever created.


 Bitcoins, gold, and silver are REAL MONEY simply because they cannot be counterfeited.


 Bitcoin is also by far the most superior Medium of Exchange.  Bitcoins don't require any
3rd parties such as any bank to merely send and receive payments to and from anyone,
anywhere, in the entire world. And with that suddenly Bitcoin is also the most efficient of
all currencies ever created.


 The more one knows about Bitcoin the more one knows it's a huge part of our futures.