Topic: The ideology of Bitcoin (Read 385 times)
The basic ideology of bitcoin in my opinion is "P2P electronic cash transfer" proposed by satoshi and this ideology is greatly compromised by centralized exchanges. Bitcoin after a decade is still struggling to find its way in mainstream payment method, till date it is mostly seen as an asset of investment.
for bitcoin to crash involves the agreement of both parties even if those in authority decides to place a ban on it, it will take the implementation of both sides to see it's effected in the case where the subjects disagress then it will still be operative but not as a legal entity.
I'm believing this your statement is wrongly imputed or slightly been missing some elements, there is no government that has the ability to crash Bitcoin. They can only regulate their people to stop using Bitcoin within their sovereignty. If it means to constitute fears to crumble the market, the Chinese bans on Miners wasn't so effective. To me, this all sounds like the ideology of a speculator. Not the overall ideology of Bitcoin. When satoshi conceived this, I sincerely doubt their first thought was "how much fiat could people sell this for?"
Greed was an element within satoshi's thought process, because they recognised the incentive to secure the chain would be a vital component. But I don't personally recognise 'gambling on the price of Bitcoin in your preferred national currency' as a crucial part of the formula. Even if you weren't actively buying and selling for fiat profits, I'd still be able to send transactions that cannot be blocked or reversed.
Greed was an element within satoshi's thought process, because they recognised the incentive to secure the chain would be a vital component. But I don't personally recognise 'gambling on the price of Bitcoin in your preferred national currency' as a crucial part of the formula. Even if you weren't actively buying and selling for fiat profits, I'd still be able to send transactions that cannot be blocked or reversed.
Satoshi first created BTC because he wanted to get people's fiat by offering different things and being a solution to the rotten centralized economic system. The intelligence of using blockchain is one of the advantages that until now has bothered financial authorities in every country and finally made their version of the rival, the CBDC. Speculative ideology is one part of it because the function of currency is speculative.
Bitcoin is a decentralized digital currency, without a central bank or one administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. [7] Transactions are verified by network nodes via cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was created in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. [8] The currency came into use in 2009 when its implementation was released as software
To me, this all sounds like the ideology of a speculator. Not the overall ideology of Bitcoin. When satoshi conceived this, I sincerely doubt their first thought was "how much fiat could people sell this for?"
Greed was an element within satoshi's thought process, because they recognised the incentive to secure the chain would be a vital component. But I don't personally recognise 'gambling on the price of Bitcoin in your preferred national currency' as a crucial part of the formula. Even if you weren't actively buying and selling for fiat profits, I'd still be able to send transactions that cannot be blocked or reversed.
Greed was an element within satoshi's thought process, because they recognised the incentive to secure the chain would be a vital component. But I don't personally recognise 'gambling on the price of Bitcoin in your preferred national currency' as a crucial part of the formula. Even if you weren't actively buying and selling for fiat profits, I'd still be able to send transactions that cannot be blocked or reversed.
The first ideology belongs to entrepreneurs who see Bitcoin as a tool and predict the use of Bitcoin applications that will drive adoption. What is clear is that bitcoin gives us freedom in all fields, we cannot deny that the presence of bitcoin makes us more comfortable to store our own assets without any third party. who can manage it..
Really you are making a point, it's very clear to everyone that bitcoin management can't be compare to Fiat management through banking system whereby before you can assess it you most passed through someone as you said initially, bitcoin is a currency that only you have access to penetrate into it when you purchase it or when needful is required, the freedom we exercise via cryptocurrency entrepreneurs is not the same via manual entrepreneurs, because right now and through my observation I'm seeing that bitcoin is becoming the hope of a man. The volatility is the beauty of bitcoin, if bitcoin was not volatile it would have just existed like fiat. The volatility is what create the ability of people to make profit which is the main point of attraction, Though the main ideology was for decentralization of money globally.
In my opinion, you are mistaken. If Bitcoin was not volatile it still isn't the same as fiat. This is because fiat is managed by centralized authorities while one can have their Bitcoin to their self. At least, you are sure that the money will be fully under your own control.
✓ Fiat is controlled by government while Bitcoin is not.
✓ Fiat is stable with tiny movement in price while Bitcoin is versatile.
✓ Fiat can not be used as an asset purposes because it doesn't appreciate in price compared to Bitcoin.
✓ETC.
The government is just a group of leaders who sits in the corridor of power dictecting what happens in economy or not. The government in a democratic society involves both does in authority and it's subjects meaning for bitcoin to crash involves the agreement of both parties even if those in authority decides to place a ban on it, it will take the implementation of both sides to see it's effected in the case where the subjects disagress then it will still be operative but not as a legal entity.
it can be said that the ideology of bitcoin when it first appeared was, wanting to achieve the target of being able to become a digital currency, even to be able to make a currency that can be used to buy our daily needs, in my opinion that is the first ideology of bitcoin, but about investment assets etc., it's just for the side, because people think investing in bitcoin can get more profits, so many people do that..
Well, you could say aproximately the same things about a number of stocks as well. The thing is that the fundamentals should stay the same. The risk of buying Bitcoin would be immense if there wouldn't be an underlying, functional, worldwide and decentralized network that enable us to make payments. Moreover the limited supply is playing a big role here. You see.. if Bitcoin would be flawed nobody would want to own it.
What is described in the OP are basic human emotions, but those are not the only thing that characterize market movement. Professional investors & traders who have access to much deeper pockets than retail traders do (which base their decisions on emotions) have the biggest impact on the market. My point is that rationality is dominating the investment decision process of the pros and not the emotional side of the brain.
What is described in the OP are basic human emotions, but those are not the only thing that characterize market movement. Professional investors & traders who have access to much deeper pockets than retail traders do (which base their decisions on emotions) have the biggest impact on the market. My point is that rationality is dominating the investment decision process of the pros and not the emotional side of the brain.
And one more thing, I love the fact that you called them external forces, what could be labeled as "internal" forces?
Yes, government, natural disaster like covid or something worse I termed external forces. We can consider developers, miners, traders and investors as internal forces.
Humanity is very bad at predicting the future, 100 years ago people imagined today as the world of space colonization, flying cars and robots, but instead we have smartphones and internet. You can't be sure that Bitcoin will survive even 50 years, too many things can change.
I agree with you, humans even with the aid of technology aren't good in predicting the future. Maybe Nature takes it's course. Very many changes could happen in the future, but blockchain technology still has along way to stay with humanity.
I wouldn't really consider the volatility of bitcoin as an advantage. Coming from the perspective that Bitcoin was created to serve as a currency...
It's becoming obviously that the currency purpose of bitcoin will not stand the test of time. Infact, to me I am no longer seeing bitcoin as a currency for routing exchange. It's an asset or a store of value to me for now.
Not everyone is fan of the volatility of the market, this is why we still have many people that are just indecisive when they first bought their coins here in crypto.
And yes, the volatility still comes from the buying and selling, AKA supply and demand, but because Bitcoin is so accessible almost everywhere, everyone in the world could just be whale and cause the price to be manipulated.
Can we also count aliens?
And yes, the volatility still comes from the buying and selling, AKA supply and demand, but because Bitcoin is so accessible almost everywhere, everyone in the world could just be whale and cause the price to be manipulated.
Can we also count aliens?
The ideology you gave is actually on point, though it may sound like a double-edged sword but that's actually the point on why there's a love-hate relationship with Bitcoin and the people, also, volatile may seem to be like a villain and a hero at the same time, too much volatility is indeed scary but we can't control it either can we? The thing is, Bitcoin will be here to stay, more and more people would engage in crypto, but fiat won't go away either, we have options.
In my own idea bitcoin is a tool and people can have different ideologies depending on their situation and their need. The most popular ideology is to remove the governments, third parties, and any other third element from the transactions you make. In other words, people can have economic freedom, the times before bitcoin was invented there was nothing like that and bitcoin gave this to humanity. Bitcoin is a technology and we all know any technology should be adopted over time or get expired and I think due to the demand of bitcoin it will be last long for years and will get adopted.
In my own idea bitcoin is a tool and people can have different ideologies depending on their situation and their need. The most popular ideology is to remove the governments, third parties, and any other third element from the transactions you make. In other words, people can have economic freedom, the times before bitcoin was invented there was nothing like that and bitcoin gave this to humanity. Bitcoin is a technology and we all know any technology should be adopted over time or get expired and I think due to the demand of bitcoin it will be last long for years and will get adopted.
I absolutely agree that Bitcoin is not likely to depreciate any more. There are so many people who really trust this system. We invest in it, we use different projects not only on Bitcoin, but also on other blockchains, so the crypto market enlarges really rapidly. Also I believe that Bitocin is likely to replace fiat money one day, as it is really easier to use it instead of the bank system.
As Bitcoin’s reputation and value continue to grow over the course of its existence, new investors are entering the cryptocurrency market. Not everyone is here for ideological reasons, however, nor should anyone expect them to be. Many Bitcoin users were lured into the market by romantic stories about overnight Bitcoin billionaires and false promises of get-rich-quick schemes. Conversely, many Bitcoin users are individuals out of range of any significant banking institutions or living in countries experiencing inflationary crises.
If the government all over different countries enforce an authoritarian rule, and ban bitcoin from use and heavily penalize those that use them despite the prohibition, I think we will be seeing bitcoin slowly fading out because the punishment is not worth the risk. The ideology for me is that bitcoin is freedom and that anyone should be free to decide how to spend and earn their money.
Adoption and price will likely drop a huge chunk(albeit temporarily), no doubt about that. But it ain't dying. Bitcoin won't cease to exist just like how piracy and drug use still hugely exist even when governments has already illegalized them since forever.
I wouldn't really consider the volatility of bitcoin as an advantage. Coming from the perspective that Bitcoin was created to serve as a currency, volatility seems more of a disadvantage than an advantage. Imagine paying for a product and 3 minutes later, the price pumps and you realized you paid more. Or imagine if you owned a store and you get payment for an item, 3 minutes later, the price dumps and you need to stock up again but you can't because the price dumped and your money has reduced.
Volatility is Bitcoin’s great feature, really? High volatility only attracts greedy people, and nothing good can come out of that. With more risk-takers who only see Bitcoin as an income source, it will eventually become a playground for investors. The “natural selection” will work on the market and, eventually, the strongest (aka the richest) will survive price surges and dumps.
Those who favor volatility so much have no ideology and don’t understand the meaning of cryptocurrencies. Eventually, they will switch to shitcoins with higher volatility and smaller market cap, because they only care for money.
Volatility needs to be reduced!
Those who favor volatility so much have no ideology and don’t understand the meaning of cryptocurrencies. Eventually, they will switch to shitcoins with higher volatility and smaller market cap, because they only care for money.
Volatility needs to be reduced!
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