Topic: What I'm starting to feel about BTC (Read 735 times)

BTC will evolve at a fast pace, making it more and more viable for mass use every day. Digging deep it will always feel daunting, but as time goes on the end user will see less and less of the machinery behind the money.

You make some very good points.  There are numerous benefits to Bitcoin with a few drawbacks (mostly when it comes to accountability/insurance).  I believe we will see more widespread adopting in the upcoming years, although I must admit I knew about Bitcoin in 2009 and more or less dismissed it entirely after trying out the base client and reading about the system for a few minutes.  There have been incredible improvements made in recent years by very intelligent people, and with the support of people that are tech minded, as well as well-funded (both of which the Bitcoin community has), mass appeal + acceptance can be gained in time.

I think it is reasonable to have a basic working understanding of anything that might affect you, especially financially. I wouldn't put money on a game I didn't know the rules to, I mean, I learned Rummolli that way but it cost me a LOT of quarters.
I must admit the learning curve is part of the attraction to BTC for me, and I see growth for sure in the software and hardware development that will have to follow BTC if it is to become truly ubiquitous. Sure people don't understand plenty of the tech and systems they interact with every day, but if they can't operate their bank account, they probably aren't in a position to to be allowed to control their finances, if they even any.
I would really like to see BTC in widespread use, I think we all would, but for Johnny Six-Pack to start using it it would have to at least look like a fool-proof and simple device. Fool proof; pretty close...simple to use; not quite there yet
I guess I'm thinking about PR and promotion here. BTC is an exciting proposal, and people are catching the buzz. But buzz can either fizzle and fade, or be harnessed and directed into more sustainable motivators. If I talk about investing in silver to , say, my mom; she can understand the concepts and grasp the realities, if I decided to start proselytizing the virtues of BTC shed get upset and try to change the subject. BTC community should think about that sort of public image branding, much the same way advertizes and promotional people deal with whatever they may be trying to seduce the public into adopting. IDK, someone is going to come up with the perfect sales pitch, and they are going to make us all a lot of BTC. Haha, since I've started this thread I have gone from totally down on BTC future to absolutely optimistic, back to negative and now seeing it all rosey again. I definitely will have some of it in my portfolio, but not more than I can afford to lose. Its mostly just interesting to watch, and who knows? could be the skys the limit.

If you want to run a simple example of this on your computer you can download the vanitygen application, type in your address and it can give you some figures on how long it could take (the thing with vanitygen, is since it basically works using brute-force there is a luck factor involved, which would apply to the kind of computation you are talking about).

Thanks for PMing your address you should be getting coin soon.

Just wait till MultiBit gets deterministic wallets or you play with Armory and its paper backups.

MultiBit's what I use for most things and it is the client I introduce my fellow liberal arts graduate friends to when they want to get into betting with bitcoin. Mostly because it is because we are silly 20-somethings who like to bet on sports and Pope-ing.

I'll admit that a move back to the $10/BTC range is not unlikely, but a tapering to zero just probably isn't happening. A lot of the value that supports it to the $10 dollar range is dead simple gray-market online gambling from the United States as well as other uses that current payment systems are inadequate for.

There's also quite a bit of a learning curve to the software, but honestly if you managed to back up and restore your wallet, then for most people you've gone through what would be the worst of it. The next hurdle is keeping malware off your computer.

You also might was well post a BTC address in your signature and see what happens. It's hard to get excited about something when you have to measure what you have down to the third decimal place. I didn't really start caring about it till I had amounts I could reasonably count in whole numbers (except for when I mined about 150 in 2009 and was like fuck this shit).

The main thing that keeps me so intrigued with BTC is its very experimentality
My background is in the arts, and you hear plenty of people who claim what they're doing is experimental, while its just the same old bullshit in a different package.
Now as I understand it, BTC is an experiment in economics and computer science, but it seems to have "legs" so to speak. Also it does have viability in that fiat appears to be collapsing before our eyes.
these things make for wild speculation; novelty, frustration with old outdated systems, rapid growth. I'm trying to think of a historical precident... get rich quick schemes in the great depression? The gold rush of the 1890s? BTC presents this new frontier type idea that can be very attractive to desperate and frightened speculators. We are seeing that right now. 26$!!!
I see a wisdom in having BTC, and I do not see any wisdom in purchasing BTC with cash (I hoard metals) also I like the decentralized aspect, a kind of anarcho-currency (lol) I just don't see how it can retain its value if it is not widely usable. If everyone hoards it is one thing, also it is fragile, like any type of digital thing. What happens when Homeland Security decides its in our best interests to shut off the internet? or they figure out magnetic weapons for warfare (erase everybodiy's hardware) like, is that even a thing. But I digress.
anyways, I offer to accept BTC in trade for my services that I preform in person, just nobody I've encountered yet uses or even knows what they are, and when I explain it to them they don't often seem to feel very comfortable with the idea.
It would be great to have known of BTC when it first arrived and was easy to mine, now I'm guessing it will become too inflated and only be in the hands of the geeks who got in first, so normal folk will shun it. That ain't experimental mathematics, that's just the way of the world. People generally get excited about revolutionary things for a bit then fall back on their old habits, because they are lazy, and stupid, and don't know how to change.
Also we have been conditioned to avoid any sort of reliance on trust. So I guess what I'm saying is BTC will succeed, its just humanity that always fails. 

You seem to be under the impression of Bitcoin being intended for end-user use. It is not. What it is is an experiment and a proof of concept for the viability of a cryptocurrency in the first place. That's an error easily made however and in fact lots of users here and so called "Bitcoin businesses" make the same error.

Someone did the calculation some time ago:

The worlds combined computing power for 21 Billion years to find a valid key with money in the wallet.

You are correct in that it's theoretically possible to generate an address and corresponding private key that is already in use, however the odds are ridiculously small, like not enough energy in the solar system small.

Someone who knows the code better can probably show you some numbers behind the total number of addresses along with the probability. Prepare to use scientific notation 

I exported my private keys. saved as multibit.key file. deleted wallet. uninstalled multibit. ccleaner and bleachbit. restart computer. re-installed multibit and imported multibit.key. all the money is still there 
my question is... couldn't i make multibit keys with randomly generated private keys and hope some of them were actual accounts and then empty them? or are the .key files more complex than that?
I am not even sure I am I even correctly backing up my multibit? I only have 0.0024 in it, but if I cant figure out how to secure and back up the thing, 0.0024 is all I plan to lose on this sketchy interface. Bitcoin seems like a really good idea, but people who don't necessarily have post graduate levels of proficiency in scripting have got to be able to use it too. unless its more meant to be a kind of exclusive programmer's "thing"
I mean, the export/import thing I did seemed to work, but I have no clue how or why, which leaves space for doubt in my mind; "what else don't I understand about how this thing operates?"
Over the last week I have gone from only having a passing familiarity with BTC to cramming as much info as I can find about it for as long as I am awake.
Mostly my issue with BTC is its "inaccessibility" meaning the ease of use and ability to understand and preform basic commands within the various interfaces.
like, this kind of answer does not help a guy like me  ---

#!/usr/bin/env bash

GPGU="My GPG User"

TS=$(date "+%Y%m%d-%H-%M")

WALLET=/tmp/wallet${TS}
WALLET_E=/tmp/wallet${TS}.crypt

~/bin/bitcoind backupwallet $WALLET
/usr/bin/gpg -r "$GPGU" --output $WALLET_E --encrypt $WALLET
~/bin/s3cmd put $WALLET_E s3://NAME_OF_MY_S3_BUCKET
rm $WALLET $WALLET_E

THAT is GREEK to me. Basically the future of BTC, in my eyes, is either the user interface is simplified by you guys and BTC becomes the gold standard of cryptocurrency, or it remains this scripter's-only thing and dies slowly whilst a larger concern with better backing and a PR department cherry-picks what worked and eliminates what didnt, usurping the market by appealing to regular non-geeks with an easier to use interface. BTC is an experiment, and it is not only the early adopters who are watching now.
I'm rambling, I know, but that is why I have decided to not invest in BTC. In all likelyhood the price will adjust to under 10$ USD and then gradually taper off to nothing as enthusiasm wanes and easier to use models are ushered out by banks willing to provide it for the escrow alone. The market that is core to BTC up this point are tech types. It is a big sector but it is only so big, and honestly, any tech guy worth his salt could make a hella lot more the old fashioned way (skilled labor and hard work) The rest of us haven't got time for this shit.
Still fascinating to watch though.