Topic: Bitcoin: A wonder drug or snake oil? (Read 2667 times)
Both.
only if Bitcoin can replace all fiat currency and be widely accepted will it be a true success. i dont see that happening anytime in the near future. it costs quite a bit of money to exchange Bitcoins back into USD which is what i use to make my car payment, rent etc. when we can start doing this sort of payment with bitcoin, then we'll have something. the problem is that banks and corporations are so corruptively intertwined to allow this to happen.
..and I always thought snake oil IS a wonder drug... 
Seriously I think bitcoin has tremendous transformational potential. However potential alone is not sufficient for "success".
So lets just wait and see what happens...
Seriously I think bitcoin has tremendous transformational potential. However potential alone is not sufficient for "success".
So lets just wait and see what happens...
Both extremes are FUD and have little in common with reality. Nice effort with the photos though. Did you do all that for free? 
It does not claim to be a wonder drug, or any miraculous money-making scheme.
If you perceive it as such, you do not fully understand how the technology works.
If you perceive it as such, you do not fully understand how the technology works.
What if the OP meant "wonder drug" in the sense that it will cure all of your traditional established banking institution ills?
It doesn't claim to do that either. Satoshi's goals were much more modest than that.
Oh? Perhaps I'm misinterpreting the message in the genesis block.
I'm thinking of this:
Quote
Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years.
It does not claim to be a wonder drug, or any miraculous money-making scheme.
If you perceive it as such, you do not fully understand how the technology works.
If you perceive it as such, you do not fully understand how the technology works.
What if the OP meant "wonder drug" in the sense that it will cure all of your traditional established banking institution ills?
It doesn't claim to do that either. Satoshi's goals were much more modest than that.
It does not claim to be a wonder drug, or any miraculous money-making scheme.
If you perceive it as such, you do not fully understand how the technology works.
If you perceive it as such, you do not fully understand how the technology works.
Bitcoin's are the first electronic currency that while not regulated are algorithmically limited so I dare say we're onto something more than just snake oil. In my opinion anything that has scarcity can hold value. Probably the biggest thing that holds Bitcoin back in the commerce world is it's anonymity. It's hard to trust a trading platform or see real foreign exchange traders getting involved while there's a chance the market they trade on could go under because of unscrupulous participants and/or criminals laundering money.
This is something I and a few of my associates intend to try and change, wish us luck!
Stu
This is something I and a few of my associates intend to try and change, wish us luck!
Stu
as with most things, the reality is most likely somewhere in between the two extremes.
Contains Radium Bitcoin to cure all economic ills.
Are we on the verge of discovering the equivalent of nuclear power for finance or is this just a hack that will fizzle?
Are we on the verge of discovering the equivalent of nuclear power for finance or is this just a hack that will fizzle?
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