bitcoin is to DIY bankers what IKEA is to furniture:
http://i747.photobucket.com/albums/xx119/cupman69/sokkomb1.jpg
Topic: Bitcoin is not just a currency (Read 1229 times)
Just posted something about that m'self:
http://dataplumber.blogspot.com/2013/03/economists-on-bitcoin-fud-part-two.html
http://dataplumber.blogspot.com/2013/03/economists-on-bitcoin-fud-part-two.html
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Saw this article [http://bullmarketthinking.com/bitcoin-bubble-2-0-from-a-monetary-standpoint-they-are-on-par-with-the-stuff-you-find-at-chuck-e-cheese/] whose author is puzzled/confused about the value of Bitcoin as a currency.
Why do people concentrate solely on the currency itself? Bitcoin would be absolutely not worth mentioning as more than a curiosity in encryption if not for its backing network.
The true value brought by Bitcoin is not in some imaginary inherent value in the private key that can unlock a transaction, it's in the network backing that transaction. I don't believe in the value of a given Bitcoin per se, but I do have a lot of confidence in the long-term value of a Bitcoin in its corresponding eponymous network.
In short, neither the Bicoin currency nor the Bitcoin network have any particular value separately, but together they break new ground.
People who have their attention focused solely on the monetary aspects are understandably confused. It's like wondering why people think television breaks ground when the audio quality is no better than radio.
Unlike that author, my comments section is open.
Why do people concentrate solely on the currency itself? Bitcoin would be absolutely not worth mentioning as more than a curiosity in encryption if not for its backing network.
The true value brought by Bitcoin is not in some imaginary inherent value in the private key that can unlock a transaction, it's in the network backing that transaction. I don't believe in the value of a given Bitcoin per se, but I do have a lot of confidence in the long-term value of a Bitcoin in its corresponding eponymous network.
In short, neither the Bicoin currency nor the Bitcoin network have any particular value separately, but together they break new ground.
People who have their attention focused solely on the monetary aspects are understandably confused. It's like wondering why people think television breaks ground when the audio quality is no better than radio.
Unlike that author, my comments section is open.
It's very existence will end central banking one day
In a strange way it's just what central banks say they want, people help gross domestic product when they spend fiat
on hardware, energy and shiny things (after becoming bitcoin millionaire)
Certainly not a case of "just as planned" though.
bitcoin is a tool like a guillotine.
to bring down those BANKS !
and end their malfeasance once and for all
to bring down those BANKS !
and end their malfeasance once and for all
It's a currency, and a payment system, and a revolution, AND IT MAKES SMOOTHIES!!1!
Bitcoin is the future, in 2 or 3 years bitcoin will be everywhere
Bitcoin is not just a currency: it's a decentralized payment system. That's no small feat!
It's not only a payment system. It is also a single database which you can trust on the entire planet and where you can store pointer to whatever information you want. (Think document timestamping.) And it also has scripts to make even more cool things.
http://blog.oleganza.com/post/42262765318/direct-use-value-of-bitcoin
Allow me to take this to the next level.
Not only is it a currency,
Not only is it a payment system,
Bitcoin is also a revolution against tyranny.
It's very existence will end central banking one day, if not entire governments who depend on controlling their economies in order to stay in control of the masses.
yup, it has already begun we cant be stopped, they can only slow us down. Not only is it a currency,
Not only is it a payment system,
Bitcoin is also a revolution against tyranny.
It's very existence will end central banking one day, if not entire governments who depend on controlling their economies in order to stay in control of the masses.
Allow me to take this to the next level.
Not only is it a currency,
Not only is it a payment system,
Bitcoin is also a revolution against tyranny.
It's very existence will end central banking one day, if not entire governments who depend on controlling their economies in order to stay in control of the masses.
Not only is it a currency,
Not only is it a payment system,
Bitcoin is also a revolution against tyranny.
It's very existence will end central banking one day, if not entire governments who depend on controlling their economies in order to stay in control of the masses.
Bitcoin is more than just a currency.
It has intrinsic value beyond the transfer of wealth.
It has intrinsic value beyond the transfer of wealth.
So fiat money is just paper with pictures
Technically, that is what it is.
So fiat money is just paper with pictures
Bitcoin is not just a currency: it's a decentralized payment system. That's no small feat!
With a bitcoin-like software, you can allow internet users to exchange account units, aka amounts of stuff, in a purely decentralised way. This normally should blow the mind of anyone interested in finance.
Think stock exchange. A decentralized, almost anonymous, 24/24, 7/7 stock market, with almost zero brokerage costs. Wouldn't that be awesome? A stock market that governments would be incapable of taxing? Now try to think of all the diversity of financial instruments. It's just the same.
If you don't think bitcoin is a good idea as a currency, you should at least acknowledge the fact that it is a proof that one does not need a centralized book keeper in order to transfer accounting values. Not anymore.
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