Topic: why bitcoins are going to succeed, the reason nobody is talking about. (Read 651 times)
April 13, 2013, 09:08:11 PM
I agree with this. It's very interesting to watch how the design of Bitcoin has become so strong. The way the pools and miners came together to solve the split blockchain problem was a testament to the overall design of how Bitcoin will continue to grow and flourish with all the people involved working together to insure it's continued success.
April 13, 2013, 08:42:21 PM
an amazing thread I just wanted to share -
First of all, Bitcoin is going to make it to the mainstream because of the HUMAN FACTOR - Incentive. People are always talking about the pitfalls of the current system - the laggy centralized exchanges, the instability, no decentralized exchange, the fiat payment problems etc. All these problems are going to be solved over time. How? Incentive. Consider who these early adopters are. These speculators include some of the brightest technical and creative minds in the world today, all working and helping each other to solve the same problems. They all own Bitcoins, all their potential fortunes are tied to communally solving these dilemmas, they gain nothing from secrecy and competition, and they are not going to fail. See, this is very new.
Before, a startup company may have hired or included the best coders and strategists they could find, perhaps offered them future stock options to provide incentive to work harder. But these projects were not made public because they needed privacy, otherwise ideas and information might be stolen and used by possible competitors. But in doing so they missed out on the input of the world talent pool.
On the other end of the spectrum are open source Internet projects. Everybody come and work as you please - projects. But because these projects were open to the public, there was no central company to fund any of these coders. Sure, they no doubt worked hard, as it was a hobby or a personal cause - but that nowhere near matches the Bitcoin project momentum. An open source project to replace the currency system for the financial benefit of everyone involved, with the brightest minds in the world able to hop on as they please.
So yes, you are going to have the best, brightest, and richest working towards a common goal. All the while little people - like me - cheer them on, doing whatever little things we can to help(advertising), praying that they succeed.
Microsoft, Google, IBM have never been able to match such a workforce.
We already have more "working employees", all incentivized with "stock options", than they EVER will. You must understand, this is the first project of it's kind in human history. All these petty beginning-stage problems will be overcome - why? Simply because because for the first time we all WANT them to be overcome. You must account for the solutions to problems that we don't understand yet - because they are being attacked by a motivated workforce quality we have never seen before. The problems will eventually be solved, and this is why Bitcoin will make it to the mainstream.
Now once Bitcoin does get there(or perhaps just before) we will run into a problem that many people have pointed out. Market instability. Hoarding by the rich investors, the people who have 10's of thousands of Bitcoins. Detractors rightly say that these overly rich early speculators will simply have too much damn money for there to be room for a stable economy. The graphs bounce with every move they make. However, you are still thinking in terms of the archaic currencies we use today. New systems require new ways of thinking. If this problem is obvious to you, do you not think it is obvious to them and their financial advisers as well?
In the present archaic system these activities continue because the government can just print more currency in order to balance or stimulate the economy, and keep these barons in power. Since this is not possible with Bitcoin, the ultra rich will be forced to do it out of their own pocket. No choice. It is now in their best interest - if they want to have a market to spend those billions in. They will have to spend of some of their money to stimulate the economy in order make their wealth usable, and the distribution of wealth will equal out slightly. The market will stabilize. And because there will be no bureaucracy to support these billionaires' financial staying power, finally the little people will have a chance to make their own fortunes out of hard work and ingenuity in a truly free market. The rich will have to maintain their wealth in the same way.
This is an unprecedented turn of history. It is an evolutionary stage of society that cannot be stopped. To you soon-to-be-rich: remember your responsibilities.
We are finally all in this together.
My fellow humans, Welcome to Bitcoin.
( full disclosure I copied pasted this from bobdude17 and IMO it was just to good to not put where the majority of people go on this forum...or at least i thought more people should see this. just wanted to share it and I hope i do not insult the original post person (bobdude17) but imitation is the best form of flattery, THANK YOU! )
First of all, Bitcoin is going to make it to the mainstream because of the HUMAN FACTOR - Incentive. People are always talking about the pitfalls of the current system - the laggy centralized exchanges, the instability, no decentralized exchange, the fiat payment problems etc. All these problems are going to be solved over time. How? Incentive. Consider who these early adopters are. These speculators include some of the brightest technical and creative minds in the world today, all working and helping each other to solve the same problems. They all own Bitcoins, all their potential fortunes are tied to communally solving these dilemmas, they gain nothing from secrecy and competition, and they are not going to fail. See, this is very new.
Before, a startup company may have hired or included the best coders and strategists they could find, perhaps offered them future stock options to provide incentive to work harder. But these projects were not made public because they needed privacy, otherwise ideas and information might be stolen and used by possible competitors. But in doing so they missed out on the input of the world talent pool.
On the other end of the spectrum are open source Internet projects. Everybody come and work as you please - projects. But because these projects were open to the public, there was no central company to fund any of these coders. Sure, they no doubt worked hard, as it was a hobby or a personal cause - but that nowhere near matches the Bitcoin project momentum. An open source project to replace the currency system for the financial benefit of everyone involved, with the brightest minds in the world able to hop on as they please.
So yes, you are going to have the best, brightest, and richest working towards a common goal. All the while little people - like me - cheer them on, doing whatever little things we can to help(advertising), praying that they succeed.
Microsoft, Google, IBM have never been able to match such a workforce.
We already have more "working employees", all incentivized with "stock options", than they EVER will. You must understand, this is the first project of it's kind in human history. All these petty beginning-stage problems will be overcome - why? Simply because because for the first time we all WANT them to be overcome. You must account for the solutions to problems that we don't understand yet - because they are being attacked by a motivated workforce quality we have never seen before. The problems will eventually be solved, and this is why Bitcoin will make it to the mainstream.
Now once Bitcoin does get there(or perhaps just before) we will run into a problem that many people have pointed out. Market instability. Hoarding by the rich investors, the people who have 10's of thousands of Bitcoins. Detractors rightly say that these overly rich early speculators will simply have too much damn money for there to be room for a stable economy. The graphs bounce with every move they make. However, you are still thinking in terms of the archaic currencies we use today. New systems require new ways of thinking. If this problem is obvious to you, do you not think it is obvious to them and their financial advisers as well?
In the present archaic system these activities continue because the government can just print more currency in order to balance or stimulate the economy, and keep these barons in power. Since this is not possible with Bitcoin, the ultra rich will be forced to do it out of their own pocket. No choice. It is now in their best interest - if they want to have a market to spend those billions in. They will have to spend of some of their money to stimulate the economy in order make their wealth usable, and the distribution of wealth will equal out slightly. The market will stabilize. And because there will be no bureaucracy to support these billionaires' financial staying power, finally the little people will have a chance to make their own fortunes out of hard work and ingenuity in a truly free market. The rich will have to maintain their wealth in the same way.
This is an unprecedented turn of history. It is an evolutionary stage of society that cannot be stopped. To you soon-to-be-rich: remember your responsibilities.
We are finally all in this together.
My fellow humans, Welcome to Bitcoin.
( full disclosure I copied pasted this from bobdude17 and IMO it was just to good to not put where the majority of people go on this forum...or at least i thought more people should see this. just wanted to share it and I hope i do not insult the original post person (bobdude17) but imitation is the best form of flattery, THANK YOU! )
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