New essay seriously questions Bitcoin's future success

raphma

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Quote from: Lagartijo on July 30, 2015, 02:20:39 PM

"For any currency to succeed ultimately, it needs to be accepted by government as good for payment of debt and taxes. Bitcoin is anathema to the bankers, and these financial terrorists will cause pain and death in any country that attempts to adopt it, and blame it on the currency extremists. They don't need governments to kiss and make up."

https://www.reddit.com/r/Bitcoin/comments/3f6947/why_bitcoin_cannot_win_when_states_across_the/

Quote from: foodstamps on July 30, 2015, 02:28:52 PM

I think people need to stop focusing on getting BTC accepted as a national currency. The government will not gain anything from doing this and in fact they will lose the power to control the economy. Why would they allow this to happen?

I feel like people should concentrate more on getting BTC accepted by the people as a "alternate currency". There is a much better chance of this happening.

https://news.bitcoin.com/swiss-town-accepts-bitcoin/
It's gonna happen kids, bitcoin will rule! People always wanted to have more control over their money(transactions) and that will never happen without a system like bitcoin.

And bitcoin might die at some point because of the countless flaws and problems, but another crypto would just take the lead.
Banks will fight, goverment will try, but they just cant do nothing against internet.

fenican

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Quote from: bornil267645 on August 05, 2015, 05:28:01 PM

Bitcoin technology is a very unique and unsettling invention, with endless possibilities. It is free from any centralization, authority or a regulatory system.

Wishful thinking. It is very (80%) centralized in China right now and the authority and regulation system is the voting power of an increasingly small group of increasingly large miners.

Lagartijo

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Quote from: Doms on May 06, 2016, 01:34:13 AM

It's entirely up to us whether we decide to use crypto currency or not. Maybe in the future, if the government thinks that crypto currency is becoming a threat to the regulated fiat, they'd come up rules to combat this. They could ban the use of other forms of currency altogether, but where is the progress in that?

They are not going to ban Bitcoin. Bitcoin will "ban itself" because governments reflect the people and the value of money depends on the majority, as this essay discusses. Thus whatever populist computer code that can compete with Bitcoin as a store of value will be favoured over Bitcoin, and its execution will be coordinated by governments. It is all too sad, but who cares; the freedom and the lesson heralded by Bitcoin is here to stay.

Doms

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It's entirely up to us whether we decide to use crypto currency or not. Maybe in the future, if the government thinks that crypto currency is becoming a threat to the regulated fiat, they'd come up rules to combat this. They could ban the use of other forms of currency altogether, but where is the progress in that?

Lagartijo

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Like his invention, Dr. Craig Wright cannot win:

"I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot. "

Lagartijo

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Banks cannot be Bitcoin, but they can get close enough for the majority of mortals...

http://www.coindesk.com/meet-the-25-banks-working-with-distributed-ledger-startup-r3/

Lagartijo

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Almost three quarters of financial pros think the blockchain can thrive without Bitcoin, because they are just applying their empirical knowledge and common sense in agreement with this essay.

http://www.coindesk.com/73-of-finance-pros-think-the-blockchain-can-thrive-without-bitcoin/

Lagartijo

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Appreciate your corrections, but the "goose that lays the gold eggs" central banks are referring to, which they will allow to live, is Bitcoin.

Once all these "revolutionary" geeks have done the work, put out the software for anyone to use (a la Linux), and got all the developing world dependent on cryptocurrencies, all they have to do is change over and release their proprietary, legal system.

Quote from: Carlton Banks on August 12, 2015, 02:18:50 AM

Quote from: Lagartijo on August 05, 2015, 03:30:33 PM

“Guys this technology has the potential of including all the poor people in the favelas of Brazil into the banking system. When we regulate this with the Central Bank, we should not restrict it but promote it. Let’s not kill the goose that lays the ~~golden eggs~~ steaming logs of excrement.”

http://cointelegraph.com/news/115056/how-3-central-banks-the-financial-elite-embraced-bitcoin-for-one-day?ref=2604&utm_source=twitter&utm_medium=twit&utm_campaign=alx

FTFY

Carlton Banks

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Quote from: Lagartijo on August 05, 2015, 03:30:33 PM

“Guys this technology has the potential of including all the poor people in the favelas of Brazil into the banking system. When we regulate this with the Central Bank, we should not restrict it but promote it. Let’s not kill the goose that lays the ~~golden eggs~~ steaming logs of excrement.”

http://cointelegraph.com/news/115056/how-3-central-banks-the-financial-elite-embraced-bitcoin-for-one-day?ref=2604&utm_source=twitter&utm_medium=twit&utm_campaign=alx

FTFY

Lagartijo

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Quote from: Blawpaw on August 11, 2015, 01:28:10 PM

"The primary requirement for anything to function as money is that of being accepted by people. Bitcoin is designed to avoid relying on central authorities, which increases its function as a store of value. "
That being said, it is perfectly possible for Bitcoin to win. It is the perfect store of value against corrupt Governments trying to snoop around their citizens finances.
I seriously believe this can make the difference...

The essay defines "winning" as being a dominant currency (highest price), while acknowledging Bitcoin's value and function as a substitute currency.

Blawpaw

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"The primary requirement for anything to function as money is that of being accepted by people. Bitcoin is designed to avoid relying on central authorities, which increases its function as a store of value. "
That being said, it is perfectly possible for Bitcoin to win. It is the perfect store of value against corrupt Governments trying to snoop around their citizens finances.
I seriously believe this can make the difference...

manselr

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This is the usual FUD from a not well informed enough individual. If you have a clue on Bitcoin you will already know by now that we will scale up to as big as needed and take over the world. If you aren't on Bitcoin yet then I don't know what you are doing to be honest. Stop worrying about it and start stacking up Bitcoin before its too late.

Lagartijo

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"New York Times technology and finance reporter Nathaniel Popper, author of “Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money,” noted that a permissioned blockchain could be jointly run by the computers of the largest banks and serve as the backbone for a new, instant payment system without a single point of failure. The new blockchain, decentralized but closed, would offer the benefits of the current Bitcoin network without relying on end-users for its operations."

www.coindesk.com/bbva-blockchain-tech-could-replace-centralised-finance-system/

Note that a "permissioned blockchain" is just about what it means to have a Bitcoin protocol and client.

Lagartijo

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"Blockchain technology could be used to bypass today's centralised financial infrastructure entirely, according to a report by BBVA Research US."

www.coindesk.com/bbva-blockchain-tech-could-replace-centralised-finance-system/

And there's a reason they're not worried.

xhoneyael

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www.AntiBitcoinTalk.com

Quote from: Dire on August 09, 2015, 02:40:29 AM

Quote from: Soros Shorts on August 09, 2015, 02:11:03 AM

Quote from: Lagartijo on July 27, 2015, 07:15:49 AM

"For as long as we have states that strong and accepted by people, for better or worse, Bitcoin will remain a substitute currency."

States are not necessarily nations. The Bticoin community could be a nationless state.

Hmm. This is interesting.

https://en.wikipedia.org/wiki/Stateless_nation

'A stateless nation is an ethnic group, religious group, linguistic group or other cohesive group which is not the majority population in any nation state'

'Nations without state are classified as fourth world nations.'

Be interesting to be a fourth world nation that ends up richer than the first, wouldn't it?

'A nation can exist without a state but a state can not without a nation'

Here is a stateless nation check list from wiki:

* Has no own Sovereign State. (ticked)
* Does not form a majority in any Sovereign State. (ticked)
* Autonomist or secessionist movements is known to exist. (ticked)
* Not recognized by any UN members. (certainly ticked)

I think we match the criteria!

So, what's our name?

Bitcoin Nation? The United Nations of Bitcoin? The People's Republic of Bitcoin?

We need a flag though, even the nationless states have a flag on that wiki page.

that a good idea..
i think Bitcoin Nation .. because we are a member of an international organization..
https://en.wikipedia.org/wiki/State
the bitcoin logo is our flag Grin

Dire

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Crypto-Games.net: DICE and SLOT

Quote from: Soros Shorts on August 09, 2015, 02:11:03 AM

Quote from: Lagartijo on July 27, 2015, 07:15:49 AM

"For as long as we have states that strong and accepted by people, for better or worse, Bitcoin will remain a substitute currency."

States are not necessarily nations. The Bticoin community could be a nationless state.

Hmm. This is interesting.

https://en.wikipedia.org/wiki/Stateless_nation

'A stateless nation is an ethnic group, religious group, linguistic group or other cohesive group which is not the majority population in any nation state'

'Nations without state are classified as fourth world nations.'

Be interesting to be a fourth world nation that ends up richer than the first, wouldn't it?

'A nation can exist without a state but a state can not without a nation'

Here is a stateless nation check list from wiki:

* Has no own Sovereign State. (ticked)
* Does not form a majority in any Sovereign State. (ticked)
* Autonomist or secessionist movements is known to exist. (ticked)
* Not recognized by any UN members. (certainly ticked)

I think we match the criteria!

So, what's our name?

Bitcoin Nation? The United Nations of Bitcoin? The People's Republic of Bitcoin?

We need a flag though, even the nationless states have a flag on that wiki page.

LiteCoinGuy

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Activity: 1148

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In Satoshi I Trust

Quote from: jonald_fyookball on July 30, 2015, 03:19:08 PM

the article is saying governments can outcompete Bitcoin by creating their own cryptocurrencies.

like Mintchip Cheesy

?

they can use a sidechain if they wish. please come back in 5 years.

Soros Shorts

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Quote from: Lagartijo on July 27, 2015, 07:15:49 AM

"For as long as we have states that strong and accepted by people, for better or worse, Bitcoin will remain a substitute currency."

States are not necessarily nations. The Bticoin community could be a nationless state.

sidhujag

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Market will always win. Right now central bank inflation control is/was the closest thing to ideal money until Bitcoin came... But in society it takes a generation or so for market to realize that a closer alternative to ideal money exists before it switches. It's an asymptotic process because there is really no ideal money.. I mean every system has a flaw but bitcoins is far better than the fed.. It's fed 2.0

Give it a few years and cryptocurrency will supplant the fiat money system

Lagartijo

newbie

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"The power of the people"? The "needs of the people"... "People want to be free"? "They're coming to take our freedoms"? ... Where have you heard these ones before?

Governments of course are made up of people. You are the state. And that's why Bitcoin isn't changing anything.

Topic: New essay seriously questions Bitcoin's future success (Read 3265 times)