Topic: Why Bitcoin Is Going to Succeed: The Reason Nobody Is Talking About (Read 17326 times)

Meh. To you maybe. Several rocket scientists in there demonstrated my point quite nicely.


This, is quite true. Using massive generalizations, this will be the first time people will be able to earn and trade their money without the gov't knowing or being able to tax it. Doing so will likely involve breaking some laws, but we shall see. I look forward to it as well. 8^]

Not really. Very sad and useless thread 


This is not actually a threat to cryptocurrencies or bitcoin success. It is one of the possible untended consequences of a crypto/bitcoin future. Massive disruption of underlying social and economic structures is always messy and often violent.

As this thread OP points out, the crypto future is certainly coming - and seems faster than most of us expected. How we move through this transition and beyond will be an amazing thing to watch. A great historical shift. Utopian, dystopian,  or more likely, some wild combination, it is going to be interesting and the world will look very different because of it in a decade or maybe two.

I haven't read the entire thread yet, but I started one called "Economic Idiocy" that had some interesting posts.

One thing I am interested to see, should it come to pass, is what many of the present supporters of BTC will say once they start to see their beloved gov't programs (guns or butter, public schools or Section 8, either side, it doesn't matter) become threatened?

We have always had those that are for fiscal conservatism or social liberalism or whatever, then they say "but, when it comes to (insert their favoured pet BS gov't program here), we have to...".

THAT is what I find to be the biggest threat to cryptocurrencies. Get the uneducated masses riled, and who knows what will happen.

A very logical post in a bitcoin forum. I really don't understand why there are so many people in bitcoin forums wailing about how its going to crash and burn, like the one now quoting some guy I never heard of who's respected in the finance world saying BTC would be 10 dollars this year? What does he know about BTC really apart from what he's picked up or read? IT's like people wish to fail?

3 months ago no-one I know personally knew much at all about BTC, but when I go for a pint tomorrow in my local I'm sure at some point someone will want to talk about it...normal people, non techies. That's good, more people seeing how it could benefit them in many different ways.

As for companies adopting BTC and that swinging exchange rate, Bitpay helps there and others will pop up. I can''t help thinking that a really large sector could push bitcoins right into the public eye though, one with no reason to worry about the swings. Charities. Quick, no fees, a lot of people with fairly large value stacks of funds they never really expected to have and more of an ethical stance than the average bear to draw on as supporters? It seems ideal for fund raising for charity to me. They have nothing to lose at all, yet the exposure bitcoin would get by being associated with charities..that smells nice to me. Would you run a charity branded USB eruptor to mine for kids in a hospice? I bet a lot of folk would, and I bet the press would like that. A great use for all that old kit.

Bitcoin hasn't even warmed up yet IMO. This time next decade we'll be millionaires Rodney

+100 and "Yup".

It will succeed simply because crap obtained by fear and force of the few upon many, is nothing compared to what is obtained by want and desire of many from the few.

It is the Ohms law... The path of least resistance is where everything flows freely in volume. High resistance is the point of failure, where excessive losses occur. (Restrictions)

It is the law of nature... What is mine, is mine. Go get your own shit. If I wanted help, I would have paid you for it, voluntarily. (Taxes)

It is the law of chaos... The more you attempt to control it, the less control you have on it. The more you allow it to grow without control, the more it controls you. (Freedom)

It is the law of internet... ZOMG, WTF, TYSM, ILU, LOL, STFU, GTFO, TMI, L8R!

Oh, yea, and because there is no board of CEO's draining its value too.

You had "brained" it into the post though ... :-)

This is such a brilliant, concise description of what sets btc apart from other up-and-coming things we've seen.  Thanks for the bump!

I like you broda... 

Excellent thoughts.

Hey - thanks for bumping this. Missed it back in May. A great read, and some very cool links... and yes...still continually mind blowing years later. 

I am so grateful to be on this journey.

I am deliberately giving this a bump. Its originally dated April 2013 and much has happened already (dont forget the Doge  ).
A great read of Tucker from the same period will get the bright minds started again: http://lfb.org/blog/what-if-this-is-happening/

For thoughts about the future, a great summary on emergent networks here: http://greatestinstruments.net/the-rise-of-emergent-networks-part-2-of-2/

A 4 years old idea that is still mind blowing.

I disagree, I tend to think that one or two or three more financial crises like the recent Cyprus boondoogle, paralleled with a rise in volume of trading and price of bitcoin, would firmly establish it as a safe haven.

That's far more powerful than the elite of the nerds.

Ask a simple question:  Can hyperinflation occur in a country if the bitcoin option is available?  If the answer is no, then you have evidence of a major change in outcomes for countries and people under severe financial stress with imminent collapse.

cryptocurrencies will most likely succeed, though bitcoins design lends it to massive volatility and cumbersome user adoption requirements, so eventually it will succumb to a competitor.

Dammit! How did I miss the best thread on the whole forum?! I'm PISSED!!

--

Anyway, this is a great insight in the OP: Bitcoin is the only (or at the least by far the greatest) open-source project where there is a direct incentive to contribute. Someone implied the Winkelvii twins are too rich to care. No no, that misses the whole thrust: when Bitcoin makes them 10 or 100 times richer than they already are, and there's "trouble in paradise" in the Bitcoin ecosystem, as owners of 1% of all bitcoins in existence they are going to want to try to fix it. Whatever kind of rich they are now, they are going to a whole new level, and then a whole new level beyond that if only certain problems would be solved. They are going to care. Not to mention, this is their chance to deliver the sweetest FU to Zuckerberg.

Also, someone wondered how Satoshi was so smart to think of all this. Well that's the great thing about the market. Satoshi understood economics enough to know that setting up a system where the incentives are right will automatically result in the system building itself, scaling just on time, maintaining exponential growth by ways that no one can anticipate because millions of minds are all working on it together and separately. Bitcoin is the market, harnessed. Harnessed more effectively than it's ever been.

Others commented about all the "speculation." Well short-term speculation may be bad, but just because someone is "in it to win it" as a long-term holder in this digital gold rush is not a bad thing; in fact it's a very good thing, a wholly necessary thing. The more strong-hand Bitcoin believers we have - people who understand the revolution-upon-a-revolution that is taking place - the better, because they drive the price higher and only sell small amounts as needed, creating a net deflation, which results in more stability as the price rises and it is harder to push the market around or do a pump-and-dump. So "speculation is the enemy of speculation"...read: long-term speculation solves all the problems now being attributed to short-term speculation.

Finally, Bitcoin is just the beginning. As amazing as the changes we are seeing now and will see in the future thanks to Bitcoin adoption, the things that are built on top of it will be even more revolutionary. It's like the Internet² or even Internet^Internet. Whereas the Internet enabled a zillion more things having to do with easy transfer of information, including Bitcoin, Bitcoin itself will in turn enable a zillion more things having to do with easy transfer of value/claim (smart property, insurance, many other things no one can yet imagine...then many many more things on top of those).

OP is a thought out piece of text. I would instruct the poster to create a new self-moderated thread with the same OP, to make the discussion a more sensible read. I advocate that the OP deletes unworthy stuff as soon as he sees it, and compresses the thread to max 2-8 pages every 24 hours, like I have done with my diary.

House of cards?  Given structures are, yes.  But the human has built in compulsive striving to build, to design and create, and to organize things.  Many a huge city has been flattened in war, then rebuilt better within a decade.

This reality does exist.  Any given structure is of course, temporal.

I believe it will take time, but it can be done. The get-rich-quick types will depart once the bitcoin valuation stabilizes.
If the dumazzes are capable of seeing derivatives for the scams that they are (or they just lose all of their money),
they won't effect the valuation much.

I know! Everyone is trying the get rich quick scheme, but maybe it's a good thing.  
yes I know it's really a bad thing... but the reason they are doing this is cause they think that by pumping up the price and then dumping it they get rich and laugh all the way to the bank. The idiots!! They're still thinking of it like the inflationary fiat currencies! they don't realize Bitcoin scales all the way to 21 million USD/BTC!!

There must be a better way, we have to figure bitcoins nature as soon as possible, and tell these people what they are doing is wrong.

but just to balance it out... at what point in the Bitcoin economy would the inflationary characteristics begin to rear their ugly head? I'm thinking along the lines that at one point the usd may of had the same characteristics of bitcoins when it was being adopted. We would have to do some historical research into the beginnings of currencies and barter exchanges to find out at what point bitcoin will begin acting like a inflationary currency.

Would that point be reached when all people are on Bitcoin and Litecoin? and if so what would control the value of Bitcoins? would it be rock solid stable as soon as people stopped converting their bitcoins to fiat?    !

The only way I see to do this is to make bitcoin speculation unprofitable. That would consist of creating a stable bitcoin economy.
That seems possible. Hopefully people won't be stupid enough to buy Wall Street's speculative instruments, but from the looks of posts in this forum....

Shit my bad, up way too late.

http://www.youtube.com/watch?v=mD4L7xDNCmA