Topic: Letter from a former bitcoin lover - page 2. (Read 2544 times)

Bitcoin is very young, not many people using/hoarding it compared to fiat currencies thats why you see 50% Bitcoins owned by only thousand adresses. If Bitcoin can be scaled to Billions of people I have no idea, but I still believe Bitcoin is the only independent currency with small, but already noticable usage in economy

That's the point. Do you think Btc could works in the same way in financial and economic environment? thank you.

I would feel safe if the United States was governed by millions of unknown strangers, much better than giving all the power to few "representatives"

A common Filipino idiom.

Small home miners cannot mine sizeable amount of Bitcoins because Bitcoin popularity exploded since GPU days, thus much more resoures are put to Bitcoin mining. But it is ok, it only makes Bitcoin more secure and valuable.

Correct.  And reasonable people don't care who he is either.  He came up with an impressive solution to managing distributed consensus, but he has no control over the current protocol or software.


Fortunately the source code is completely public. Everyone is welcome to review the software and see exactly what it does.  Therefore the credibility of the initial publisher doesn't matter.  Bitcoin is a real, viable, and credible alternative, because there is nothing hidden about it.


I'm not sure of the exact number, but you are welcome to own more if you like.  Nobody is stopping you from buying it.


That seems like a rather insulting and insensitive thing to say about Kate Moss.  Regardless, you clearly don't understand how bitcoin mining works.


What?  No.

MtGox doesn't even exist as a solvent company any longer.  Any transactions with them should have been considered very high risk since at least January of 2013.


Yes.  That's speculation.  It might be $10,000 some day.  That day could be tomorrow, or next week, or next month, or next year, or next decade, or never.

It could also drop to less than $0.01 per bitcoin.  That day could be tomorrow, or next week, or next month, or next year, or next decade, or never.

Bitcoin is still in its infancy and is a very volatile experimental system.  You shouldn't be storing your money with something if you dont' understand the risks involved.


Correct.  The blockchain is a very important part of the protocol.  It allows a distributed system of users to arrive at an agreed consensus on the ordering of transactions.


It is very difficult to get an accurate count of nodes.  Nodes don't connect to a central server, therefore any attempt to count them will always miss some of them.


If you can't handle the volatility of the bitcoin exchange rate without experiencing such severe stress, then you really shouldn't have exchange so much of your money for so much bitcoin.
 

Any such number is purely a guess.  There is no way to know exactly how many people are using bitcoins.  You can count unspent outputs, but because there are services that provide users with accounts, it is possible for thousands of people to be sharing a single unspent output.


47 people?  Can you name them?  If not, then how do you know that it is only 47 people?


If your phone is off and your PC is "closed", how are you going to send an email?


Since Nakamoto is long gone and has no influence over bitcoin, why would it matter where he works?


Good riddance.

first few paragraphs
satoshi doesnt need to be known because satishi is not a leader, nor is he advocating anything. he just supplied a tool and WE THE PEOPLE advocate how WE want to use it.

second few paragraphs
it doesnt matter who has how many bitcoins, if you were rich and had hundreds of thousands you wouldnt be shouting the same speach, i understand selfishness of man always wants what others have and that most will complain when they have less.. put simply if you want it, do something. dont bitch and moan.

thirdly
by your comparison of bitcoin to a dollar fiscal value, shows your limited understanding of bitcoin and the fact that your purchase was only in the intention of buying at $1200 to sell at $10k. if you wish to be one of the golden hoarders, the price and fiat value would be meaningless to you and you would be hoarding bitcoins for the multiple other reasons bitcoins exist. never to sell bitcoins on an exchange for fiat profit

fourthly
the 7k node tally is not the world collection of bitcoiners. it is simply the small corner of the globe that has nodes with direct connections to the node listing website. i and atleast 20 other people in my circle of communications are not listed on that list eventhough i/we bitcoin-core. thus that 7k is a useless number in regards to estimating anything.

fifthly
good idea to close our computer, stop selling coins on exchanges and stop looking at the crappy exchanges (i agree they are crap) instead lock your coins away in paper wallets and leave it as your retirement present.

basically if people were allowed to personally withdraw and mess around with their own personal pensions anytime they liked, they would not have anything left by the time they reached retirement age. so do not sell at a loss. you only lose!

Dear OP,
dafuq did I just read? Are they passing around a crack pipe at the OWS rally?

The world has changed. And it has changed even more after the birth of Bitcoin. Undoubtedly, an inspiration to many in the system of on-line transactions. Will it be the element that will change this system? I do not believe so.

Ok, these are strong statements, but I want to try to prove them. Let's go back in time to 2009 when all started with... oh... right... sorry... nobody knows who is Satoshi Nakamoto. This first element helps me in my attempt.

You can not be a real, viable and credible alternative with anonymity. Sorry for that...but it's true!

Would you feel safe if the United States was governed by an unknown stranger who calls himself Ghino di Tacco?

Ok maybe he would have done less damage than George Bush, but that's not the point. Can you imagine the French Revolution without having any idea of who Robespierre was? Let's think of the t-shirts of Che with the question mark ? Regardless of political views, everyone has their own, of course. 

But let's suppose that we can forgive Mr Nakamoto's excessive shyness, who could also be a woman, I would not do biblical errors,  and move on to the bitcoin lover slogan: never again without centralizing, rich and powerful banks.  Lovely, I agree, I then read a report of the bank of England, I swear it has been send to me by accident, I usually do not have such dangerous friendships, and it turns out that only 927 people own more than the 50% of bitcoin in circulation! Led by those two jocks of Winklevoss. The discouragement prevails and I hang the pick of the mining to the nail, almost new, since being able to get Bitcoins with computational power has to date the same probability of going out for dinner together with Kate Moss and making her eat something.

Ok, do you know what's going on? I step to financial speculation and I create an account on some unregulated exchanges, we hate rules and centralization. The major exchanges are on MtGox... ok perfect... five minutes and my account is operating and running! Fantastic! As many minutes after I didn't ever have a mbits left to cry.

No problem, I go on, before I was cautious and I “only” lose 5000 $, but in all revolutions there is always some hitch at the beginning. I go forward, I buy it for 1200$ Ok, some Bitcoin Jesus said 10,000$ there is space enough. To date, in the meanwhile, they have become 360 $ but it is known... that's speculation: no pain gain.

While I am waiting for 10,000$  to sell everything and  retire to private life, Eureka, I have found it! The blockchain is the turning point of everything. The wonderful protocol with which the system will be destroyed. We will unhinge it and we will be all free to use our BTC. I go and see the nodes, from 250,0000 to less than 7,000? My legs are trembling, I am sweating, I am downloading apps on my smartphone to keep myself updated about prices on the exchanges 360$, 400$, and 360$ again, ok  there are only 9600$ missing but we can do it!

I do not want to distract myself, I stay on the blockchain, and then at the end I wonder how many people use bitcoin except rich people? OMG only 500 thousand people! And 47 of them have more than 10Mln $ in BTC.

I close my pc, I switch off my mobile phone and I send an e-mail: Dear Mr. Nakamoto, are you perhaps working at 'Nsa at Cia or in Wall Street? Since this revolution is new born but it seems so old...

Best regards,

A former bitcoin lover.