Topic: Lehman Weekend: The Biggest Bankruptcy in American History - page 2. (Read 362 times)
I wasn't personally affected by this given that I live overseas from America, but I do know that it impacted the global markets and caused some severe turn of events over the course of a few months, especially in America wherein many people are laid off by their employers even though they were assured that they'd keep their jobs amidst the crashes in the market. As for Satoshi working on his brainchild, I don't think the great recession has ignited his interest on creating bitcoin, and seeing on the whitepaper that he has already been doing some researches on it prior before the Lehman Brothers' bankruptcy, it seems that it took years before he completed it, and it just so happened that everything is spiralling out of control after he's done his opus.
It was like 10 years when Lehman Brothers collapsed followed by a global and economic disaster. But we have to thank that this event has happened otherwise Satoshi wouldn't created Bitcoin in the first place. It was the catalyst for him to invent a P2P currency without any intermediary (usually banks), and to operate without any government's intervention, thus decentralization.
Personally though, I was affected by this event, was laid out after September 2008 and was out of job for about a month. I was caught by surprised because there's some assurance that we wouldn't be affected, but damn we are totally wrong.
How about you guys, you directly affected by it? Do you think that if Lehman was saved by US government, Satoshi wouldn't push to create bitcoin? Or it is inevitable? The man himself will release it with or without the financial meltdown in 2008?
Personally though, I was affected by this event, was laid out after September 2008 and was out of job for about a month. I was caught by surprised because there's some assurance that we wouldn't be affected, but damn we are totally wrong.
How about you guys, you directly affected by it? Do you think that if Lehman was saved by US government, Satoshi wouldn't push to create bitcoin? Or it is inevitable? The man himself will release it with or without the financial meltdown in 2008?
Satoshi started working on Bitcoin in 2007, he actually said that he wrote whitepaper after he developed the software. Also, Bitcoin had many predecessors from the previous years, so the movement for decentralized money was there long before the Lehman Brothers collapse and the 2008 crisis. The philosophy of decentralized money is not about simply distrusting the government and banks, it's about not trusting anyone with your money. It's probably just a coincidence that Bitcoin was launched during the crisis.
I don't think Bitcoin's existence is the result of the financial crisis that Lehman triggered back then, it possibly just gave Satoshi more incentive to rush it and use the anti bank sentiment to boost his project, and it seem to have definitely helped.
Banks and payment services have historically done bad to customers by refusing/blocking/censoring transactions, and I think that was Satoshi's main point to address based on the whitepaper. It's not for nothing named peer to peer electronic cash. Great thing about the early years was that Bitcoin was in its prime days when it comes to currency usage. SilkRoad was the perfect example of how easy and convenient it is to use Bitcoin as currency.
Interesting is that most users were not cashing out to fiat, which partly came from the lack of exchanging services as well, but people just spent their received Bitcoins, and that's how an economy should work. Bitcoin (as in money) needs to circulate and not be sold on exchanges because of whatever party can't take the risk.
BitPay going rogue once again points out that while we are not dealing with banks, it's just as bad to have a crypto related central party function as such.
Banks and payment services have historically done bad to customers by refusing/blocking/censoring transactions, and I think that was Satoshi's main point to address based on the whitepaper. It's not for nothing named peer to peer electronic cash. Great thing about the early years was that Bitcoin was in its prime days when it comes to currency usage. SilkRoad was the perfect example of how easy and convenient it is to use Bitcoin as currency.
Interesting is that most users were not cashing out to fiat, which partly came from the lack of exchanging services as well, but people just spent their received Bitcoins, and that's how an economy should work. Bitcoin (as in money) needs to circulate and not be sold on exchanges because of whatever party can't take the risk.
BitPay going rogue once again points out that while we are not dealing with banks, it's just as bad to have a crypto related central party function as such.
It was like 10 years when Lehman Brothers collapsed followed by a global and economic disaster. But we have to thank that this event has happened otherwise Satoshi wouldn't created Bitcoin in the first place. It was the catalyst for him to invent a P2P currency without any intermediary (usually banks), and to operate without any government's intervention, thus decentralization.
Personally though, I was affected by this event, was laid out after September 2008 and was out of job for about a month. I was caught by surprised because there's some assurance that we wouldn't be affected, but damn we are totally wrong.
How about you guys, you directly affected by it? Do you think that if Lehman was saved by US government, Satoshi wouldn't push to create bitcoin? Or it is inevitable? The man himself will release it with or without the financial meltdown in 2008?
Personally though, I was affected by this event, was laid out after September 2008 and was out of job for about a month. I was caught by surprised because there's some assurance that we wouldn't be affected, but damn we are totally wrong.
How about you guys, you directly affected by it? Do you think that if Lehman was saved by US government, Satoshi wouldn't push to create bitcoin? Or it is inevitable? The man himself will release it with or without the financial meltdown in 2008?
Jump to: