Topic: Why Bitcoin Is Going to Succeed: The Reason Nobody Is Talking About - page 4. (Read 17326 times)

Well said! Bravo!

Well that would be true if Bitcoin was a currency instead of an incredibly complex cryptographic engine.  

the Core of Bitcoin is the secure transfer of data from one point to another... The core Technology is almost indestructible; What has been built on this foundation can be as shaky as it wants when you think that that data can be anything... financial information, computational data, virtualized work loads, the undisputed transfer of data with no errors from one point to another.

the 1% cannot crush bitcoin... because
        1)most of them don't want to, why would you when someone has just solved the problem of securely transferring funds from point A to B. Who are Bitcoins customers? Individuals and institutions with a vested interest in moving capital value, I.E banks can replace part of their system with this and can reliably send their transmissions by including a transaction fee to incentivise only the most powerful Bitcoin miners; they just saved themselves 1 billion dollars, and thats just in the banking sector!
        2)Bitcoin is a program, it can function anywhere, someone just has to keep a copy of it and distribute it, even if things get ugly they can run it behind a p2p Tor network, tunnel through the system, the system remains secure from external attacks because of the distributed nature of the network and the secure distribution network
        3)Bitcoin is nothing more than a new competitor in the financial markets, with thousands of employees with vested interest in seeing the possibly first open source corporation that has ever existed to cater to the financial sector.

great post!

You sound very afraid of the 'Big Club'. Why wasn't the Internet killed then (same FUD, different technology)?
The truth is that there is no 1% actively chaining the 99%. It's much more complicated than that.

Just no. Please stop it with the Web X.0 and all the idological nonsense.

The 1% can crush the bitcoin system in a second between taking a shower and brushing their teeth, they could destroy bitcoins with a smoke signal.

What future do you people really see for the bitcoin? I don't doubt it's usefulness as a currency that surpasses the hoops of the established institutions (instead of making them convert to a simpler internet reality, bitcoin users are going the way of pirates in forcing change by adopting a new, better system that benefits all), but it's anonymous and decentralized, don't anyone see how nations and financial institutions will put a bullet through the proverbial skull of the bitcoin once it becomes a thorn in their sides?

This is a truly epic response that hits the nail firmly on the head, bashing it to splinters.

The amount of human ingenuity if we bothered to consider Ray Kurzweils estimates; 1 PetaFLOP of general computing power on average/person, there is at least 60 ExaFLOPs of human ingenuity potentially available at any moment to solve any problems the network might have.

We are running on a nearly ExaFLOP SuperComputer that is running the highest grade Cryptography Experiments every ten minutes, all while actually doing something very useful; Transfering your money to where it has to go and monitoring it's own network for efficiency.

Not to mention the effect that this technology is having on real industries; The FPGA sector is getting a boost, their new Vertex 7 2000T design is truly revolutionary... the advancement and refinement of this technology will open the road to more complex processes that can be paralleled. The video card industry too, it is beginning to be affected by this, more adaptable compute units will be needed with higher efficiency.

This system seems to be self optimizing itself with the assistance of all it's members, from the developers to the common folk who just use the system to transfer money at a low cost; We are all testing the system, adapting to it, evolving it, This is forming the foundation for Web 4.0 a leap ahead... of what has been imagined for Web 3.0, the web automating and assimilating aspects of the real world and virtualizing them; it's a leap that may take us eventually to a self optimizing Internet; The internet will be aware of you.

The proof of concept has been established, Bitcoin is the foundation for this new technology, p2p distribution of resources and a motivated work force ready to take it to it's logical conclusion, the automation and distribution of virtualizable Institutions.  

What a hell of a way to take back the 1% and spread it out to the rest of the 99%, truly ingenious.

By the way in it's current form Bitcoin is a Semantic web machine, a web 3.0 device.

Tim Berners-Lee originally expressed the vision of the Semantic Web as follows:

I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which should make this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.

Nicely stated.

I wouldn't be surprised if they already did but the problem is that it would only serve to exacerbate the negative image BTC has as funding the immoral pursuits of the world. Not that I agree with that notion but must always take into account the mindset of the 'mainstream' as that is where BTC aims to be.

While I am inspired by your enthusiasm, I think that you are assuming people like the Winklevii twins actually believe in BTC. Even if they claimed to, i still wouldn't know it for a fact. Their economic profile points towards them merely attempting to hoard and turn a huge profit. Even if they did(and others), what does this mean?

Like you, I also believe that the rich nerds of the world, (i.e. silicon valley money and talent) are who is going to truly catapult BTC into the mainstream. People who want to make money, but are self made and worked their way up from the bottom which gives them the unique perspective of knowing what it's like to be outside of the financial inner-cirlce(rich). Not to mention the luck factor, but that is another discussion.
The Winklevii do not have this perspective. They were born rich. Their struggles are derived from a wholly different perspective. Their privilege has enabled them to enjoy the best of everything with out necessarily deserving it. Do you think they were accepted to Harvard on their own merit? If they were poor, they would have went to their local community college.

The main issue is that BTC is a new abstraction and we are still making sense of it.

Anyway, I only attempt to be slightly contrary to your post because a balanced perspective is the key to managing expectations. 

As a sidenote, I wonder if the porn industry will adopt bitcoin; one of the biggest challenges they have are chargebacks (i didn't order circle jerk 5, how the hell did that charge show up on my credit card?!). They loose millions because of this. Bitcoin being anonymous - good for the buyer, chargebacks not an option - good for the businesses.

Where would the internet be if it wasn't for porn?

+1


Though, I have to admit there are some serious flaws re: transaction volume that none of the elite dev's are taking up in a serious way to provide an elegant solution.


The more I hear prominent dev's use concepts such as 'off-chain' transactions or micropayment channels the more I fear for the utility of Bitcoin.

Great post!

The interesting factor is definitely there. The more people research the currency the more BTC fever they get, can only be a good thing.

THANKS!
BTC and other coins surely need this kind of thinking!

Very possitive!

Very detailed and quality post. Something which people don't consider very often. I think you got your point across. I also think you made it clear how everyone else should be thinking; more positive.

What a wonderful post, Bobdude17 !

OP message tweeted, tip sent

Paid a tip 

Really enjoyed reading this 

Thankyou so much bobdude17
This helps me to understand the FORCE for good that is behind Bitcoin.
Really beautifullly written, I tweeted you... hope many come to read you.

I nominate this to be a sticky post here.

Exactly. You can tell pretty immediately who's just here for a quick buck and missing the point, like Bitcoin is some kind of scam or elaborate casino (further pushed by those idiotic "its a ponzi scam!" people who have no clue in hell). Those at the technical level understand exactly what this is, and why it is so important, the ones who don't care about the price and never will, its about the technology and making it work.

I think another point, especially when it comes to the current BTC rich, is remember that in the earliest days they mined coins that were fascinating, but ultimately useless in the real world for years. Obviously they probably have a stockpile or two. But as the world begins to accept it, more large merchants get on board, there will be somewhere for their wealth to go, which will only help the economy over time. Until now it was basically like having a million prussian francs in your account. Why call em out though? They were the first to start driving and testing this tech, had they not this wouldn't be possible, I hope they become very rich people in the future economy.

Though it is young, short term it seems like the bets are in, but I also see long term, and this is only the beginning and is anyone's game.

The miners are arming for battle with new ASIC devices and spawning an entirely new growth industry around it, and that is real world impact by creating jobs and new industry, in a world where much of that is crumbling by the day in other markets. So, this is really just Year 0 for Bitcoin going mainstream. I'm very excited to see where it goes from here.

This is the new wild west, and we're all digital cowboys staking our claim in new territory.