What would it take for you to lose faith in Bitcoin? - page 2.

Rassah

legendary

Activity: 1680

Merit: 1035

Quote from: BTC Economist on June 28, 2011, 04:40:06 PM

If no market for bitcoins develops, would you lose faith? Say the market for bitcoins continues to exist in its current state where there are limited products/services you can buy?

If all that Bitcoin ever has is a healthy exchange market, it will still work as a store of value similar to gold, and will still be ok. Even speculation by itself, in something that retains value and can be easily traded, has "intrinsic" value.

kokjo

legendary

Activity: 1050

Merit: 1000

You are WRONG!

if/when a hacker finds and exploits a flaw in the scripting that does he can empty all accounts. Sad

its done before, but not exploited.

xlcus

legendary

Activity: 966

Merit: 1009

Quote from: Litt on June 28, 2011, 04:50:59 PM

When I am the last node remaining.

This

Serge

legendary

Activity: 1050

Merit: 1000

if BTC Economist takes huge share of all existing Bitcoins

dennis_sweden

jr. member

Activity: 42

Merit: 1

Quote from: elggawf on June 28, 2011, 04:22:02 PM

I have no faith in it to begin with.

I think it could still work as a currency, and I guess to an extent I'm grateful to the people investing in it for giving it an actual "value" people can put on it, but at the end of the day until a functioning economy is born from it that's any significant percentage of the amounts changing hands, it's all just meaningless.

As far as "faith" goes, "faith" to me implies the type of investor who thinks they can just grab a whole fuckton of them while they're cheap, and that they'll somehow magically gain value all on their own without anyone building anything from it. If you came to this conclusion on your own, you're a fool, and if you came to this conclusion because someone else implied it then you got swindled.

I agree with the first part; faith on my part will only exist when there is an actual economy that works in practice. Before then a number of occurences could happen that would render an actual working economy impossible, of which protocol failure and legal problems (which would target the exchanges) are two occurences that spring to mind. "The abolishment of the Federal Reserve and a return to a gold backed dollar" is a wet dream, but not even in a parallel universe is it a possibility.

YoYa

hero member

Activity: 809

Merit: 501

Always verify deals with me through my public key!

Quote from: Litt on June 28, 2011, 04:50:59 PM

When I am the last node remaining.

When they pry the bits from my cold dead hands!

d3wo

member

Activity: 69

Merit: 10

Kupo!

When the congressman and lawmakers at any party who opposes bitcoins without knowing it's white-papers still standing in the next election Cool

relative

newbie

Activity: 56

Merit: 0

Quote from: nazgulnarsil on June 28, 2011, 04:49:28 PM

I think bitcoins represent a major turning point in economic development. If bitcoin fails it will be because humans are worthless, not because bitcoins are.
[/quote

thats my favourite so far

Litt

sr. member

Activity: 350

Merit: 250

When I am the last node remaining.

nazgulnarsil

sr. member

Activity: 672

Merit: 258

https://cryptassist.io

I think bitcoins represent a major turning point in economic development. If bitcoin fails it will be because humans are worthless, not because bitcoins are.

BTC Economist

member

Activity: 112

Merit: 10

Quote from: bitcoin0918 on June 28, 2011, 04:41:30 PM

Quote from: BTC Economist on June 28, 2011, 04:40:06 PM

If no market for bitcoins develops, would you lose faith? Say the market for bitcoins continues to exist in its current state where there are limited products/services you can buy?

That would be a failure of the bitcoin movement to convince the general public, not a failure of bitcoin specifically.

The question is not whether the technology will fail.

bitcoin0918

newbie

Activity: 70

Merit: 0

Quote from: BTC Economist on June 28, 2011, 04:40:06 PM

If no market for bitcoins develops, would you lose faith? Say the market for bitcoins continues to exist in its current state where there are limited products/services you can buy?

That would be a failure of the bitcoin movement to convince the general public, not a failure of bitcoin specifically.

robbie

newbie

Activity: 22

Merit: 0

tradehill database got compromised.

BTC Economist

member

Activity: 112

Merit: 10

If no market for bitcoins develops, would you lose faith? Say the market for bitcoins continues to exist in its current state where there are limited products/services you can buy?

Rassah

legendary

Activity: 1680

Merit: 1035

Actual bitcoin getting hacked without possibility of the hack being patch. Stuff like encryption or protocol problems that allows creating of free bitcoins or stealing other people's coins.

bitcoin0918

newbie

Activity: 70

Merit: 0

Scalability problems - having to wait weeks/months for any confirmations.

Dobrodav

sr. member

Activity: 350

Merit: 250

Bitcoin protocol failure. - Counterfeiting, double spending, bitcoin address match, or in another words - way to find right pairs to public key`s
That kind of stuff.

finnthecelt

full member

Activity: 140

Merit: 100

Nothing. Wait, the Rapture? Yes, the Rapture. I would be forced to put my faith elsewhere.

elggawf

sr. member

Activity: 308

Merit: 250

I have no faith in it to begin with.

I think it could still work as a currency, and I guess to an extent I'm grateful to the people investing in it for giving it an actual "value" people can put on it, but at the end of the day until a functioning economy is born from it that's any significant percentage of the amounts changing hands, it's all just meaningless.

As far as "faith" goes, "faith" to me implies the type of investor who thinks they can just grab a whole fuckton of them while they're cheap, and that they'll somehow magically gain value all on their own without anyone building anything from it. If you came to this conclusion on your own, you're a fool, and if you came to this conclusion because someone else implied it then you got swindled.

relative

newbie

Activity: 56

Merit: 0

Quote from: BTC Economist on June 28, 2011, 04:02:48 PM

Is there anything that would make you lose faith?

you don't understand bitcoin technology!! bitcoin is decentralized!
why don't you read satoshi's paper and you'll see that faith can never be lost.

Topic: What would it take for you to lose faith in Bitcoin? - page 2. (Read 4011 times)