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Topic: The Real Magic of Bitcoin (Read 1659 times)

newbie
Activity: 14
Merit: 0
July 21, 2014, 07:40:34 AM
#22
But if you get in too late you have as much as freedom as being poor in fiat  Cry

we are still on 2nd phase of bitcoin, still not late Grin
many newcomers will become bitcoin adopters in the future Tongue

we still need newly adopted who buy some bitcoin
if there's a lot merchant and bitcoin spender, it will make sell pressure on market

Forget the get-rich-quick stuff (forget what KimNam is selling, and yunkie is buying).

It's a circus.

When a person gains a shitload of cash by stumbling into it more-or-less accidentally (and for nothing), that is not financial freedom. That's dumb luck. Right time, right place, jackpot, good for them.

When a person gains a new useful ability with their finances -- when they're suddenly able to do something with their money that they couldn't do before -- that is financial freedom. And that's not dumb luck. In fact, there's a whitepaper which states exactly the kind of financial freedom Bitcoin is designed to give to people; exactly the kind of financial limitations Bitcoin is designed to overcome.

It's in the very first sentence of the Abstract, and the very first paragraph of the Introduction. Szabotoshi Nickamoto, it would seem, conceived of Bitcoin with the second kind of financial freedom in mind. (See OP for details).
newbie
Activity: 14
Merit: 0
July 20, 2014, 10:48:13 AM
#21
What are everyone's thoughts (or votes) on what to write next?
A solid explanation of wallets/keys makes sense, but after that?

(Edit: the confusion around intrinsic value seems to come up a lot in offline discussion...)
newbie
Activity: 14
Merit: 0
July 20, 2014, 10:09:48 AM
#20
Ah a very Fresh look at it. I liked the "While every bitcoin in existence remains unmoved, bitcoin-ownership moves around as freely (and directly) as a quarter in the street. But there’s a big difference: the transferability of bitcoin-ownership is much better than a quarter in the street." part.  Grin

Well done, I will add this to my "Explain bitcoins to Noobs" Bookmark.  Grin
Good! Thank you. Spread it around!
newbie
Activity: 14
Merit: 0
July 20, 2014, 10:02:51 AM
#19
We need this kind of perspective to see what a paradigm shift this represents.
It just needs a tipping point to be reached in understanding and adoption will soar.
Yes, although I would add this pathway too:
Tipping point in understanding --> Growth in development --> Tipping point in slickness --> Growth in adoption.

Good development follows good understanding (of what we're really developing).
legendary
Activity: 1904
Merit: 1073
July 19, 2014, 04:39:49 PM
#18
Ah a very Fresh look at it. I liked the "While every bitcoin in existence remains unmoved, bitcoin-ownership moves around as freely (and directly) as a quarter in the street. But there’s a big difference: the transferability of bitcoin-ownership is much better than a quarter in the street." part.  Grin

Well done, I will add this to my "Explain bitcoins to Noobs" Bookmark.  Grin

 
newbie
Activity: 17
Merit: 0
July 19, 2014, 03:42:58 PM
#17
Nice guide.

What your guide emphasises is that Bitcoin is not at all like old money but a niftily combined accounting system which anyone with coins can update

We need this kind of perspective to see what a paradigm shift this represents.

It just needs a tipping point to be reached in understanding and adoption will soar.

hero member
Activity: 532
Merit: 500
July 19, 2014, 03:56:51 AM
#16
I enjoy the financial freedom, but Im having trouble eventually getting the bit coins back into my bank account, does anyone have any suggestions?

With more and more merchants accepting bitcoin, we will be able to spend our bitcoin to buy whatever we want (soon hopefully) and won't need to sell them for fiat. Smiley

Until that time has come, I will use localbitcoins if I need to sell my bitcoin. Smiley
we still need newly adopted who buy some bitcoin
if there's a lot merchant and bitcoin spender, it will make sell pressure on market

Well, if bitcoin becomes that popular, those merchants may keep part of the bitcoin payment (rather than selling it right away), and they could pay their employees and pay their bills with bitcoin. Smiley
hero member
Activity: 644
Merit: 500
July 18, 2014, 11:27:12 PM
#15
real magic of bitcoin = financial freedom  Tongue

But if you get in too late you have as much as freedom as being poor in fiat  Cry
we are still on 2nd phase of bitcoin, still not late Grin
many newcomers will become bitcoin adopters in the future Tongue


I enjoy the financial freedom, but Im having trouble eventually getting the bit coins back into my bank account, does anyone have any suggestions?

With more and more merchants accepting bitcoin, we will be able to spend our bitcoin to buy whatever we want (soon hopefully) and won't need to sell them for fiat. Smiley

Until that time has come, I will use localbitcoins if I need to sell my bitcoin. Smiley
we still need newly adopted who buy some bitcoin
if there's a lot merchant and bitcoin spender, it will make sell pressure on market
newbie
Activity: 46
Merit: 0
July 18, 2014, 10:36:39 PM
#14
Previously, everyone was thinking about the cashless payments as magical money, because people can't feel its physical form, but now the times change and cashless payments became mainstream long time ago
hero member
Activity: 532
Merit: 500
July 18, 2014, 07:45:37 PM
#13
I enjoy the financial freedom, but Im having trouble eventually getting the bit coins back into my bank account, does anyone have any suggestions?

With more and more merchants accepting bitcoin, we will be able to spend our bitcoin to buy whatever we want (soon hopefully) and won't need to sell them for fiat. Smiley

Until that time has come, I will use localbitcoins if I need to sell my bitcoin. Smiley
member
Activity: 83
Merit: 10
July 18, 2014, 06:44:59 PM
#12
I enjoy the financial freedom, but Im having trouble eventually getting the bit coins back into my bank account, does anyone have any suggestions?

Yeah, this too, the little bitcoin I have im scared to withdraw some in fiat form because ive heard histories about how the bank account of the person that tried to withdraw got frozen.
full member
Activity: 126
Merit: 100
July 18, 2014, 06:16:24 PM
#11
I enjoy the financial freedom, but Im having trouble eventually getting the bit coins back into my bank account, does anyone have any suggestions?
member
Activity: 83
Merit: 10
July 18, 2014, 06:13:07 PM
#10
real magic of bitcoin = financial freedom  Tongue

But if you get in too late you have as much as freedom as being poor in fiat  Cry
newbie
Activity: 14
Merit: 0
July 18, 2014, 05:54:06 PM
#9
real magic of bitcoin = financial freedom  Tongue
You're not wrong.
sr. member
Activity: 252
Merit: 250
July 18, 2014, 05:45:34 PM
#8
real magic of bitcoin = financial freedom  Tongue
newbie
Activity: 14
Merit: 0
July 18, 2014, 05:41:30 PM
#7
A lot of my friends say its just "magic money" and dont take serious Bitcoin, its hard to explain to computer illiterates it seem  Sad
Ha, they might be right! Wink
Just tell them what the real magic is. Point them to this post and see if it works.

Edit: I think this belongs here...

Quote from: Arthur C. Clarke in 1979
Any sufficiently advanced technology is indistinguishable from magic.
newbie
Activity: 14
Merit: 0
July 18, 2014, 05:34:47 PM
#6
It is interesting approach!  I like it. You should be proud of yourself

I enjoyed this article, good job on writing this.

Good! Thank you.
newbie
Activity: 44
Merit: 0
July 18, 2014, 05:12:03 PM
#5
A lot of my friends say its just "magic money" and dont take serious Bitcoin, its hard to explain to computer illiterates it seem  Sad
There are people who just aren't born to deal with technical stuff, we can't be really mad at them, haha.
member
Activity: 83
Merit: 10
July 18, 2014, 05:10:33 PM
#4
A lot of my friends say its just "magic money" and dont take serious Bitcoin, its hard to explain to computer illiterates it seem  Sad
newbie
Activity: 44
Merit: 0
July 18, 2014, 04:15:42 PM
#3
I enjoyed this article, good job on writing this.
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