Bitcoin is Based on People's Faith - page 3.

Yuhee

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Quote from: Drnice on June 26, 2017, 07:08:02 PM

Quote from: iamTom123 on June 26, 2017, 03:38:38 AM

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

In really looking at Bitcoin today, it has really gone this far because of people who has put into it their interest, time, money and even focus to make it better, bigger and convenient to users, customers or crypto-currencies lovers, see.
The end of Bitcoin only depends on the Devs, because every Bitcoin user or possessor will not just through it all away cause his angry, but the Devs can cause they have the codes and all what it takes to stop it or not to.

Well devs wont to any of that if there were no community members to at least patronize and circulate it. Devs would just be there to maintain any clots or issues that is happening through the phase of btc. Because for how many it has been there it helped a lot of people in its own ways. So i guess it is good to say that we can trust btc. There may time that it may fall but it is still the pioneer of cryptocurrency.

Drnice

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Quote from: iamTom123 on June 26, 2017, 03:38:38 AM

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

In really looking at Bitcoin today, it has really gone this far because of people who has put into it their interest, time, money and even focus to make it better, bigger and convenient to users, customers or crypto-currencies lovers, see.
The end of Bitcoin only depends on the Devs, because every Bitcoin user or possessor will not just through it all away cause his angry, but the Devs can cause they have the codes and all what it takes to stop it or not to.

Junko

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Well, people's faith in Bitcoin has been tested many times throughout its existence in many ways - the crashes, Butterfly Labs, pirateat40, MtGox, Bitfinex, mainstream FUD and on and on. Even now with the hardfork/scaling issues.

Despite all the setbacks and negative light through the years, Bitcoin just keeps on keeping on, stronger, higher with growing adoption everyday.

sock_info.doNOT.send.$

newbie

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Quote from: iamTom123 on June 26, 2017, 03:38:38 AM

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value....

If I'm mistaken, please let me know:
BTC is "backed" by people's trust in "the math" and related encryption.

AFAIK that is/was/used to be common knowledge around here.

Yatsan

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That is right because the bitcoin is based on the supply and demand so as long as many people are investing into bitcoin the bitcoin price will go up. And the bitcoin is limited supply only so the tendency of it is always going up if many investors are investing to the bitcoin. So let's just hold our bitcoin for future.

chixka000

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Basically this is not just about faith. It includes a lot of hardwork for us to succeed in our dream in bitcoin. There are a lot of sh*t post right now about btc trying to play their game agaian. Faith would only be a factor

lionheart78

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Quote from: iamTom123 on June 26, 2017, 03:38:38 AM

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

This had been discussed several times here just in different phase. If people lose faith in this coins, I think Bitcoin will still go on. Aside from people faith, the traders speculative thinking runs this coins too. These traders does not have faith in Bitcoin tech but rather rely on their instinct whenever bitcoin price goes down or up and take profit out of it. As long as there is profit to be taken in this cryptocurrency, traders will always flocks in and thus creating volumes and trades for this currency until this speculative thinking stop, bitcoin will never die...

avikz

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Quote from: iamTom123 on June 26, 2017, 03:38:38 AM

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

That's true, crypto currency is backed up by public trust only. And the public trusts only the price of a particular currency. Probably the 0.001% people associated with bitcoin actually loves the technology and trying to explore new opportunities with it, but rest of them wants to grab profits only. They also take part in technology also, but the motto is price and profit only.

Today bitcoin is an excellent investment option and hence people are investing money in to it. Also they are withdrawing money once their goals are met. This is how the crypto currency market functions.

ImHash

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Rather revolves around the emotions, bitcoin is not a cult or a theory to be based on beliefs, Satoshi wasn't a god rather just a person with a bad habit of masturbating a lot Cheesy

I'll share my true and personal interactions with bitcoin, whenever it comes to trading if I am sexually active then I'd be influenced by my desires, if in a chat box or messenger application someone turns me on or better yet if the movement of buy/sell orders turns me on then I buy no matter how high of a price or sell no matter how low of a price, maybe I'm really a wh*re after all just like my brother suggests Cheesy

now while you all are scratching your heads undecided what to do I already sold 80% at $2790 and bought back with the same amount of fiat only this time I have actually 9 more coins.

~Bitcoin~

legendary

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Quote from: iamTom123 on June 26, 2017, 03:38:38 AM

This also lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

Bitcoin will not end till all bitcoin nodes will be destroyed which is quite unlikely. Bitcoin is both store of value and reliable/cheaper payment solution. In simple words we can say bitcoin is a digital gold where value/price of it is set by demand and supply.

mrcash02

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Faith is something too strong you feel not based in concrete facts.

I think it's different from the feeling people have in relation to Bitcoin. If people is investing their money and time in Bitcoin it's because there is a solid structure making this system work and everyone knows how it works, there is a full explain about it, you don't need to have faith in Bitcoin.

When you have faith on something there isn't a full explanation about it, you have a strong feeling that you are believing on the truth, but no way to proove to other people 100% if it's real or not...

People invest in Bitcoin not because they have faith, but because many people already made a lot of profit from it, specialists say it's a good business and have how to proove it, so it's a logical wish, fully backed by the Reason and not the Emotion.

jak3

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bitcoin means freedom of money control. no government or banks will control our money we can do that in a better way, it is really awesome that it reached $2000+ price scale. banks are surely scared right now and maybe there is the world's biggest price scale crypt currency right now is one and only bitcoin. its likes a magnet price in the market and our faith both attracts each other. there is no way to stop this now if you leave you losses the opportunity.

BillyBobZorton

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Quote from: iamTom123 on June 26, 2017, 03:38:38 AM

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

Everything is based on faith, including the dollar, the government, pretty much everything. Without faith then it doesn't work.

What makes bitcoin different is that nobody can rig the system without getting caught because it's open source. Jihan Wu tried to game the system with the ASICBOOST scam and got caught. If anyone tries to change the code, everyone will know.

Meanwhile the governments can become corrupt and tweak the system against us because it's not open sourced.

niisarearning

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I could have suggest follow the main purpose of bitcoin then automatically it keeps its value never go down. The main purpose of bitcoin is easy transaction without the mediators like bank exchange so it will be less fee and very good transaction speed . When people started to break rule like what happens misusing every other thing in the world the same going to happen with bitcoin

Kprawn

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You either have faith in the government or you have faith in a decentralized technology that are based on a open market. {Supply & Demand} The

governments of this world manipulate the value of you Fiat money by increasing the supply or reducing the supply. {If you live in some

countries, then you will experience this first hand, because they print Fiat money like toilet paper} You believe that other people working for the

government, will have your best interest in mind... That piece of paper or that coin require a lot more faith than Bitcoin. Roll Eyes

YuginKadoya

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Quote from: Daniel91 on June 26, 2017, 09:26:03 AM

Bitcoin is based on people's vision to change the world and also to change their own life.
We don't like current financial system, we don't like banks, loans, poorly paid jobs and unequal distribution of wealth in the world.
So, with Bitcoin we have tool to change our own life, to get rid from the banks, to become financially free etc.
It's awesome and it's one of the main reason people likes bitcoin, and have faith in bitcoin.

Having Faith solely with bitcoin is not really the right thing to do in my opinion, well right now even if you would know that the value of bitcoins is gonna reach the maximum out reach of rising, but what if the price would crash a bit over a $500 price for example you have converter all of your money to bitcoin and then the price stumble down a $500 dollar lost then you have lost certain amount, well this would work if you are OK with investing all of your money to it and you don't have to settle something with any expenses which is Fiat money is good for, well don't give your 100% on it if you don't want losing any amount, I think yo just have to invest a amount that are OK for you to lost, this can be apply with trading and gambling too.

coolcoinz

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Quote from: iamTom123 on June 26, 2017, 03:38:38 AM

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value.

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

Do you really think other currencies aren't based on trust? Government backing doesn't mean anything when people don't believe in it and don't want to use it. Look at some of the inflated African currencies. They are backed by governments and still worth dust. Like those dollars from Zimbabwe and similar banana republics.
Trust and faith is the most important. The government doesn't make a country, the people do.

deisik

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Quote from: Red-Apple on June 26, 2017, 08:25:53 AM

you can call it faith, demand, value based on utility, {or whatever other names you like.} in the end bitcoin is not different from anything else in the world that has a value.

value of everything you can think of comes from {put that name here}. who says a Gold bar's value is not based on faith of people.
who says an apartment's value in the middle of the city is not based on people's faith

While such generalization is certainly true, it is of no particular use for any practical purpose in and of itself

It is more useful to divide things according to whether they have intrinsic value (utility) or not. If they have such value (like, for example, gold), then the faith that people have in such things can't be lost as easily as in regard to things which don't have intrinsic value. Bitcoin and fiat currencies belong to this group, and as such they don't have intrinsic value, their value comes about exclusively via deliberate assignment for attaining specific ends. For example, money tokens cease to be money as soon as they are declared null and void by the government that first assigned to them the function of money

krishnapramod

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Quote from: iamTom123 on June 26, 2017, 03:38:38 AM

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

Yeah faith is one of the things that give bitcoin its value. Faith that bitcoin is a collectible and that it would be sought by more collectors in the future thus believing that its valuation would be more than what it is now.

It is this faith that somewhat gives bitcoin store of value. One day a collector with a heavy collection of bitcoins has a crisis of faith and dumps his bitcoins, other collectors would follow, value drops, store of value gone.

A balance between store of value and as a medium of exchange should be maintained to prevent bitcoin market getting influenced by even small pumps and dumps. As more people use bitcoin as a medium of exchange, the price would obviously increase, but it would also make bitcoin more stable and less volatile since the price would not get affected by small scale pumps and dumps and stability is what bitcoin needs the most.

Daniel91

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Bitcoin is based on people's vision to change the world and also to change their own life.
We don't like current financial system, we don't like banks, loans, poorly paid jobs and unequal distribution of wealth in the world.
So, with Bitcoin we have tool to change our own life, to get rid from the banks, to become financially free etc.
It's awesome and it's one of the main reason people likes bitcoin, and have faith in bitcoin.

Topic: Bitcoin is Based on People's Faith - page 3. (Read 2263 times)