Topic: Bitcoins: We Have to Go Deeper (Read 1511 times)

A step-by-step illustration of how one deposits money into an exchange, converts currency to btc, moves btc from an exchange to your 'wallet', then how to liquidate the btc once it is in your wallet.

I think this process must become extremely simple and user friendly.  The fewer steps, the fewer intermediaries, the few options for confusion, the more likely btc becomes an accepted currency.

My Econ professor used the story of the lost Yap islander coin as an example of how currency works (as mentioned on Wiki: http://en.wikipedia.org/wiki/Rai_stones). I like it because it combines the idea of proof-of-work-based currency with the origin of fiat money, and the idea that money is really a record of transactions more than anything else.

These people known as the Yap islanders would trade goods between their various islands, and keep track of which islands were importing more than their fair share. Every once in a while, these islands would be required to construct and deliver large stone coins: huge limestone disks with a hole in the center. This stone money was very hard to make, since limestone could only be found in one of the other nearby archipelagos, and the stone had to be quarried and worked with hand tools and transported by canoe.

In one instance, an island that had been running a large trade deficit had been requested to pay another island with stone money. So they went to where the limestone was, dug out a huge disk, brought it home, put a hole in it, put it on a canoe, and brought it halfway to the other island before the canoe sank, leaving the enormous stone coin under 30 feet of seawater. Everyone was worried, because it was widely believed that if the importing island couldn't pay off their debts, there might be war. Representatives from the importing island met with representatives of the exporting island, and argued and harangued, and it was eventually decided that the exporting island would honor the coin, and treat the debt as paid. As long as both islands knew the coin was there, and who owned it, it didn't really matter that it was at the bottom of the ocean.

So war was averted. And once a year, every year, for hundreds of years after that, the exporting island sent someone to sail out to where their coin was, dive 30 feet underwater, and check that the coin was still there.

I don't know if it works for everyone, but I generally start my explanations with Douglas Rushkoff's explanation that the money we currently have now, is not MONEY but a type of money, with deliberate biases built into it... by people who have long since left the building.


Basically, start off by establishing the idea of "types of money".

This is more what I was going for.  Explain where the 21 limit comes from, why it was chosen, and what positive effects this has.  Explain and demonstrate the rich and vibrant selection of products that is cropping up around bitcoins, etc.

I agree.

The best way to debunk misconceptions is not to talk about the misconceptions at all, but to present the positive facts that contradict them.

I think that denying misconceptions actually winds up reinforcing misconceptions.

So, with the influx of new people, it occurred to me that a new video (ala weusebitcoins.org) would be very helpful to new members and image as a community, explaining many of the common misconceptions in a visual and digestible format.  I've begun to think about a narration for said video, and my roommate has expressed interest in helping out (he's a full time graphics designer).  I figured I'd help motivate him to spend his free time on the project by gauging community interest in the project.  So the question is: If released on a purely donation basis for the good of the community, would you donate?  If so, how much?

Likewise, what topics would the community like to see addressed in this video?  Below is the things I've managed to brainstorm (by no means will everything here be included, just the things that come to mind):

• The 21 million cap: How, Why, implications, and myths
• A more in depth look at the way mining works, and why the blockchain makes the transactions secure
• Legality issues ("Legal Tender", etc.)
• Addresses, and common procedures for how to treat your wallet (past mistakes that have cost huge fortunes to be lost)
• Uses of bitcoins, and why it's not "A vehicle for illegal drugs"

Let me know what you think, and maybe I'll be able to kick my roommate into gear in helping me get this developed at a professional quality.