first read about it in an anandtech forum thread in 2011, sounded interesting. read up on it more and decided it was a pretty good experiment in how money could be created, held and transferred. so i started mining on an ATI HD4850.
once i verified how the whole process from mining to fiat worked (create wallet/mine at slush/send to mtgox/dwolla/deposit to bank account as USD), i was hooked on the tech and the idea behind it. i wanted to be part of the Grand Experiment: a way to create and transfer value that needed no trust in any third party and could not be counterfeited or double spent, and was publicly verifiable.
the thought that it would gain in value was there too but certainly not to the current levels. i figured its value might go up 5 or 10 percent a year, and could be treated as another savings account, so to speak. glad i was wrong on that part lol.
took me years before i appreciated just how powerful and verifiable the tech itself was. i never thought it would become as big or important as it has this fast. glad to have been wrong on that too.
it certainly wont go away, it solves too many of the problems that the current fiat system has. i figure fiat and bitcoin will coexist for a long time.
Topic: Question for the early members here of the forum (Read 225 times)
1. Bitcoin has always been and will always be primarily a censorship-resistant medium of exchange. A person that says that Bitcoin's primary role is a store of value is short-sighted. If Bitcoin is a store of value, then what is the value that it stores? It is the value of being a censorship-resistant medium of exchange. There is no doubt that Bitcoin can be a store of value like any good money, but let's get the priorities right.
2. Some people have succeeded in making huge short-term gains in crypto, but most have not. Consider that most people bought most of their bitcoins when the price was much higher than it is now. That's what drove the price up in the first place. Now, they will have to wait a long time (years, maybe) before their investment will break even. In order to successfully invest in Bitcoin (or anything, really), you must have a long-term view.
3. Despite all the optimism and hype about Bitcoin, there are many good reasons for being pessimistic, and I believe that there is still a good chance that it will ultimately just fade away. I am a big believer, but I give it only a 70% chance of sustained low-level adoption, and only 10% chance of wide adoption. That has changed from my odds a few years ago: 50% chance of any long-term adoption at all.
2. Some people have succeeded in making huge short-term gains in crypto, but most have not. Consider that most people bought most of their bitcoins when the price was much higher than it is now. That's what drove the price up in the first place. Now, they will have to wait a long time (years, maybe) before their investment will break even. In order to successfully invest in Bitcoin (or anything, really), you must have a long-term view.
3. Despite all the optimism and hype about Bitcoin, there are many good reasons for being pessimistic, and I believe that there is still a good chance that it will ultimately just fade away. I am a big believer, but I give it only a 70% chance of sustained low-level adoption, and only 10% chance of wide adoption. That has changed from my odds a few years ago: 50% chance of any long-term adoption at all.
Very interesting points, @odolvlobo!
Interesting to focus on the "censorship-resistance medium of exchange" for the true use of Bitcoin, and you're right. I guess because of the mass talking about cryptocurrencies, people are only seeing Bitcoin (and I kind of include myself in this) as another currency, or the "father" of all crypto, but the intrinsic meaning of Bitcoin is not that.
Thanks for pointing that out, it does indeed make you see Bitcoin through a different prism.
Regarding your view about Bitcoin fading away, can I ask you, are you talking specifically about Bitcoin only, or crypto in general?
And you mentioned that there are "many good reasons for being pessimistic".
Can I ask you what those reasons are?
Thanks again!
I consider myself new in Bitcoin, even though I saw it in 2010, I did not give it any attention (too bad) and last year I delved into studying its potential and applications. If we read the everyday news since then we can see by and large a trend toward the adoption of the technology in many ways. It´s just like the internet at the beginning when I had dialed-up connections and UOL chat room and all that, a lot of companies thought useless being online. Everyone agrees now that if you can´t be found in google you´re losing money.
It may take a few years for the technology be widespread and the adoption be commonplace but is a no return trip, it will only move forward. I don´t believe that every project will be successful but a lot of them for sure will be and will pave the way for mass adoption.
It may take a few years for the technology be widespread and the adoption be commonplace but is a no return trip, it will only move forward. I don´t believe that every project will be successful but a lot of them for sure will be and will pave the way for mass adoption.
1. Bitcoin has always been and will always be primarily a censorship-resistant medium of exchange. A person that says that Bitcoin's primary role is a store of value is short-sighted. If Bitcoin is a store of value, then what is the value that it stores? It is the value of being a censorship-resistant medium of exchange. There is no doubt that Bitcoin can be a store of value like any good money, but let's get the priorities right.
2. Some people have succeeded in making huge short-term gains in crypto, but most have not. Consider that most people bought most of their bitcoins when the price was much higher than it is now. That's what drove the price up in the first place. Now, they will have to wait a long time (years, maybe) before their investment will break even. In order to successfully invest in Bitcoin (or anything, really), you must have a long-term view.
3. Despite all the optimism and hype about Bitcoin, there are many good reasons for being pessimistic, and I believe that there is still a good chance that it will ultimately just fade away. I am a big believer, but I give it only a 70% chance of sustained low-level adoption, and only 10% chance of wide adoption. That has changed from my odds a few years ago: 50% chance of any long-term adoption at all.
2. Some people have succeeded in making huge short-term gains in crypto, but most have not. Consider that most people bought most of their bitcoins when the price was much higher than it is now. That's what drove the price up in the first place. Now, they will have to wait a long time (years, maybe) before their investment will break even. In order to successfully invest in Bitcoin (or anything, really), you must have a long-term view.
3. Despite all the optimism and hype about Bitcoin, there are many good reasons for being pessimistic, and I believe that there is still a good chance that it will ultimately just fade away. I am a big believer, but I give it only a 70% chance of sustained low-level adoption, and only 10% chance of wide adoption. That has changed from my odds a few years ago: 50% chance of any long-term adoption at all.
well, I'm following this forum from 2012 I think I can be considered an older member.
I can tell you, when you really believe in cryptocurrencies you just don't look at prices, you believe into an incoming economic revolution.
I can tell you, when you really believe in cryptocurrencies you just don't look at prices, you believe into an incoming economic revolution.
Hey guys,
I have a question especifically for the early members here of the forum.
Since this is a Bitcoin related forum, and you guys have been here much earlier than the majority of us, I wanted to ask you what is your general sentiment over Bitcoin (and crypto) for the future.
Whoever is new in the crypto world (let's say, less than 2 years) have a much more biased view of the whole thing... since the mass media started to focus on the cryptocurrencies, exploring more and more deeply and getting out of the spectrum of "cryptocurrencies are used only on the deep web to buy drugs !!11!one!"...
Our opinions about the cryptocurrencies and Bitcoin are shaped much more following the hype and the boom from the last year or so.
But, for the early adopters, what's your opinion about all of this?
You guys saw Bitcoin reaching for the stars since it came out of its little shell, saw its movements down and up over the years... and if you're still here, it's because you probably still believe in it.
What is your overall opinion of the present situation, and a near future? Cryptocurrencies never had this level of adoption, or attention from the mass media. Do you guys think this will affect the crypto world for good?
Do you see it slowly ruining? Or just something temporary?
Thanks guys, looking forward to read some nice answers
I have a question especifically for the early members here of the forum.
Since this is a Bitcoin related forum, and you guys have been here much earlier than the majority of us, I wanted to ask you what is your general sentiment over Bitcoin (and crypto) for the future.
Whoever is new in the crypto world (let's say, less than 2 years) have a much more biased view of the whole thing... since the mass media started to focus on the cryptocurrencies, exploring more and more deeply and getting out of the spectrum of "cryptocurrencies are used only on the deep web to buy drugs !!11!one!"...
Our opinions about the cryptocurrencies and Bitcoin are shaped much more following the hype and the boom from the last year or so.
But, for the early adopters, what's your opinion about all of this?
You guys saw Bitcoin reaching for the stars since it came out of its little shell, saw its movements down and up over the years... and if you're still here, it's because you probably still believe in it.
What is your overall opinion of the present situation, and a near future? Cryptocurrencies never had this level of adoption, or attention from the mass media. Do you guys think this will affect the crypto world for good?
Do you see it slowly ruining? Or just something temporary?
Thanks guys, looking forward to read some nice answers
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