Topic: Bitcoin...was created for? - page 2. (Read 3231 times)

Every investment is a ponzi, if the definition of ponzi is, that the early adopters benefits the most from it.
If you buy stocks and the stocks increase in value, than the ones who bought early benefits the most.
But that is just half of the truth, since buying stocks mean, that the company gets money it can use to invest. If a miner sells it's BTC it means he can use the money to pay his electrical bills and buy new hardware for future. Sure, there are also people who just cash out, but that is nothing special in economy. There are also people who buy stocks low and sell them high and don't really care about the company involved.
That's just some basic stuff you learn in every economy class at University(like I did)

Furthermore, mining btc to convert to fiat and pay your bills(or cash out) is just the first step in Bitcoin and we are over that, since a lot of merchants already accept Bitcoin as a currency. Sure, a lot of them just convert them into fiat instantly, but not all of them. Some keep at least a fraction of it in Bitcoin and even pay their employees with Bitcoin. This will also increase over time.

I think, you problem with bitcoin is, that it's utility has to develop over time and wasn't just there, when it was invented. But again, that is nothing uncommon. Just look at how the internet was used 20 years ago and how it is used now.
Btw. I am from an Euro-country and the utility of the euro also grew over time, when more and more countries would accept it(I am making holidays in spain in december and I don't have to exchange fiat for that). There are some similarities to BTC.

No no no.......this reminds me of those promising job opportunities offered by Amway, Herbal Life and $h!t like that...
Bitcoin has more advertisement than what my grandma will ever need to run for president..

Paper money is dumb money.  It can only just be a token of value and one token.  Same for the other services like Paypal that were mentioned above.  Bitcoin is programmable money.    The possibilities of how it can be used and how it can reform the financial system is amazing.  

https://www.youtube.com/watch?v=YIVAluSL9SU&feature=share

I am a supporter to the extent that normal users benefit from it.. But when we have hundreds of company trading bitcoins demanding lucrative amount of money for its virtual coin it just dont make any logical sense... you guys must be kidding..

hashes are getting harder to mine....
they are draining your wallet..
Snap out of it..

Its value from "the protocol" ooooh ok.. Real Money gets it value from- Secured trade
Bitcoin is Sophisticated and also a fad. This is what it is.... one virtual BTC will be trade for $391.58 dollars
If the $391.58 isn't secured to you why give it a dollar value next to it. Why don't just give the BTC for free like it started to be.

THe only reason you are so delusional is because it has a trading value..... PONZI.

Now try with LMAO! ANd still Laughing OUT LOUD! 

lol the currency gets its value lol from the protocol and the network lol.
Bitcoin is the most lol sophisticated, decentralized, secure payments lol network the world has ever lol seen. lol.
The base unit in which lol transactions happen over that lol network must worth something lol right? lol?
lol. 

This is one aspect of Bitcoin, but there are many advanced features that nobody is using properly yet, for example contracts.
Bitcoin can be used for all sorts of things like property contracts, business contracts, voting, and multisig transactions.
It even allows for scripting to be processed on the network enabling as yet undefined features to be implemented without needing to modify the code base.  Think of Bitcoin as a service, not money, because the money aspect is only a small part of Bitcoin.
Perhaps you should read the Bitcoin whitepaper first.  Hope this clears up your understanding of Bitcoin.

>> TRADE for $$$ correct..
There is nothing wrong with trading bitcoin for dollar just as there is nothing wrong with ppl trading dollar for bitcoin. Some need dollar, some need bitcoin.

>> ones on the top of the pyramid are the only one benefiting from this ponzi

Same goes for dollar. Guys who control dollar printing factory are the only ones benefitting from ponzi that is us dollar. In case of bitcoin early adaptors and early investors benefit - people who saw bitcoin as revolutionary tech that it is.

lol simple questions need simple answers.. Right?... In fact I was been sarcastic with the question marks. I was affirming its origin and its function.  pointing out how this "currency" opened the eyes of investors as a new money making business. Why was it created? The answer is clearly there. The creator knows how the internet spreads communication. It just takes one person to belief and make other belief. The rest will follow. Like I said i am not against it  at all..  All I said was that the ones on the top of the pyramid are the only one benefiting from this ponzi

YOu people are so sensitive........................



I should of just "mine" my own business..

The problem is that it makes you appear uneducated.  Add that to your questions and it appears that you have not done any research into Bitcoin (or money in general) and are asking some very elementary questions.

What gives money or Bitcoin or backed beans value is very basic stuff, you nearly got it in your first post though when you mentioned demand, try googling "supply and demand".

lol.... feeling superior because of your auto corrections? THIS is the INTERNET F OFF with you BS trying to feel smarter by pointing out a simple grammar error... OFF topic!

Bitcoin has no company. It's a protocol, a software, and a currency.

I should have really used internet in my answer also. I'm going to add it. Thanks

It is created for the internet. There is no universal money on internet before bitcoin appears, only state digital money circulation at limited scope, mostly inside bank's network, not internet

LOL...Really?  You can't even spell "eliminate" or construct a coherent sentence.  Are you a product of the public education system?

Just stick with fiat and you'll be fine.

 I dont consider myself a Troll
just because this is the Bitcoin forum and I started a topic that it seems offensive to  BTC fanatics. It wasnt my intention to offend or
degrade its reputation. I think it is a clever idea and believe that it works flawlessly.
I am aware that Bitcoin was generated from nothing. A few computers decided to start trading a few million hashes and promoting its bogus values by giving them for FREE- Hey I just got 10,000 BTC in return for ordering a Papa Johns Pizza.  So now I  have to make others believe it has a value by promoting it. SIMPLE.. It became popular after LR got shutdown so we had no other anonymous currencies to do our "Anonymous Anon trades"... telling me welcome to the internet; I should tell you WELCOME to the Internet.
 
All I can say is some are delusional. Now tell me why are you Mining for the fun of it or for the value inflation that has most
hustling their way into it...After you mine a coin what do you do with it? TRADE for $$$ correct..

Really?  Even with a quote from the first citation and adding a link to the Bitcoin white paper written by Satoshi?  Explain how this is wrong?  But please read the pfd and it's referenced citations first before answering.

This is a direct quote from the first citation on the Bitcoin white paper:

 "the government is not temporarily destroyed but permanently forbidden and permanently unnecessary. It’s a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations”. ~Wei Dai "bmoney"

Please explain how this was not a main reason that Bitcoin was created and how I did not get that directly from Satoshi's first citation on the Bitcoin pfd.

If you still don't get it, lookup the other names on those credit citations and Google what groups they belong to and what the core statements and faq's are about those groups.

Note: p2p is a very small part of "what" Bitcoin was created for(that includes PipeNet 1.1). Bitcoin is a lot more than just another Usenet or Napster. And it certainly is not like PayPal, which is nothing more than a bank account.


*The same thread question:

Bitcoin.......was created for?

*My same answer:

The Internet and Bitcoin was created to allow people to solve social problems in a novel way: Instead of the ancient formula of “the strongest wins and then beats the crap out of the loser” we can all achieve a peaceful society where both rich and poor, strong and weak can protect their property and freedom on more equal grounds without relying on violent institutions like governments.  

Update: corrected to include the internet.

Reading through this whole thread I have not seen one post that even comes close. (the OP is almost certainly trying to create FUD and does not know what he is talking about).

BItcoin was created as a way for people to send money in a P2P fashion (similar to paypal) without any central authority keeping track of each users' balance and to prevent people from spending their money more then once (double spend)

^ 100% Right

Bitcoin = Peace/Security/Harmony

How do I know? I read the Bitcoin white paper.  https://bitcoin.org/bitcoin.pdf

The first credit to Bitcoin in the white paper was a citation to Wei Dai's "bmoney".

The fist paragraph in "bmoney" is:

“I am fascinated by Tim May’s crypto-anarchy. Unlike the communities traditionally associated with the word “anarchy”, in a crypto-anarchy the government is not temporarily destroyed but permanently forbidden and permanently unnecessary. It’s a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations”. ~Wei Dai

No one really pays attention or even cares but "THIS" is really what Bicoin is about:

The Internet and Bitcoin was created to allow people to solve social problems in a novel way: Instead of the ancient formula of “the strongest wins and then beats the crap out of the loser” we can all achieve a peaceful society where both rich and poor, strong and weak can protect their property and freedom on more equal grounds without relying on violent institutions like governments.

Note: If you read the white paper and then read the credits/citations, you will know just about everything Bitcoin related. It's all in there, and if it's not, it's in Satoshi's posts(with the exception of information about using Stratum Proxy. That's a Slush thing).

Update: corrected to include the internet.

If you seriously wants to know give bitcoin whitepaper a full read right now lol