Topic: Why do You Trust Bitcoin - page 2. (Read 2599 times)

What is this "true money" you speak of?

I trust it because of its community and enviroment.
many people have a really high confidence in this technology.
and that is because it is a really good technology
but we need some changes in bitcoin,however there is no hurry to make that changes,they will be coming with time

This.

Fiat is latin for "faith"

I'm an atheist. To me, faith is folly, a tired remnant from the bronze age. I prefer reason and logic; observation and deduction.

"The crash in 2008 initiated a growing gap between rich and poor, and between unreality and reality. The regulated economy ensures illusory stability, predictability and false manifestations of wealth, leveraged against the future. The real economy, accounting for all factors, is a very different thing from the regulated economy, which only acknowledges desired parts of the economic picture. When confidence in the illusion dissolves, an apparatus of political and social control is necessary to keep the system grinding forward in a way that we want it to: it must follow an artificially-propelled arrow of progress, with growth and profit moving ever upwards (well, moving upwards 80 per cent of the time, until another crash hits). The recession jarred that pre-engineered momentum; it dismantled the future many were promised, marketed in mass culture and the popular entertainment industries. The Great Recession told us: no matter how many tales you were told, the future of your dreams will never arrive. The crisis marked a moment, so to speak, of atheism about the future."

http://historiesofthingstocome.blogspot.com/2014/07/bitcoin-economy-of-eternal-now.html

Because only 21 million coins can be created, preventing people from making more coins.

Except that one time.

I like!

your OP message was wrote as if you didnt know that bitcoin was open, checkable, etc.

oh well atleast you know now. and have the answer to your question in the first post

have a good day

I believe I already know the value of bitcoin

if you dont know how bank notes were created what inks were used or all the security features how can you truly trust that a bank note is not fake.

bitcoin is fully open and all possible answers to how its made, who made it, who continues to make it, all the security features, bla bla blah.. all questions can be answered in bitcoin, but not bank notes.

so thats why i left the question. why trust bank notes knowing bank notes have less answered questions?

the answer of course is that once you learn about bitcoin you instantly trust it more than bank notes.
i wasnt trying to troll or poke an argument. i was trying to be subtle about bitcoin being more trusting than banknotes. but only you can learn that by you learning the beauty of bitcoin.

. It's Open Source ( This is the main point for me )

. Blockchain is public

. It follows a form of mathematically based logic

. It actually works

. No personal information is data farmed through the transactions by third parties looking to spy on you

So you trust Bitcoin because you can sell them for fiat?

Surely that can't be right can it?

I trust bitcoin because i can change it for true money when i want.

I have sold like 1.4 Bitcoins now, and at last its true money. That is why you can trust on it.

Because it is open source and decentralized.  Anyone can check it and everyone working together makes it work.  This is why I was worried about Ghash.io getting 51%, 51% may not be armageddon but it would end the decentralization of bitcoin.

Well we know its impossible to counterfeit Bitcoin since no one has been able to do this for ~5 years now. With bank notes/fiat it is easily replicated, they constantly update the "paper" technology in Notes to stay ahead of counterfeits, so we can assume we don't know how much spendable money their is due to counterfeiting. - http://en.wikipedia.org/wiki/Counterfeit_money

We know that their will only ever exist ~21 Million Bitcoin (less because people have sent coins to burn addresses or lost the corresponding private keys that control the coins)

Only way to counterfeit bitcoin is to be able to generate hash collisions for addresses that have coins, this does not really exist (very unlikely to occur), and if we manage too collide one of the hashing algorithms we are left with another hex digest since we chain two different hashing algorithms, this is so we can swap out the weakened hashing algorithm and generate new addresses and send the coins to them.

Additionally Bitcoin addresses are created with 2^256 bits, we can extend this too create a larger key-space in the future if needed: 2^512 or 2^1024 etc which would provide a significantly smaller chance for a hash collision to occur when compared to 2^256

I kinda started ranting about different stuff, hope something I said is real/helpful for you, long day and too much caffeine!!

The main problem Bitcoin solves is it removes a layer of trust you currently have too place in a bank or financial institution. - https://bitcointalk.org/oldSiteFiles/byzantine.html - The Blockchain which Bitcoin uses, solves a problem known as the Byzantine Generals Problem.

You should read the section on Privacy which talks a bit about Trust and Bitcoin
Section 10: Privacy - https://bitcoin.org/bitcoin.pdf

This literally makes no sense.
Wtf do I care what inks, chemical content or patents are used. As long as it's not fake I can use it. what does it matter how many notes are in circulation?
I don't even really care if my local bank closes, there are 1000's more I can withdraw from. If the bank went bankrupt that would cause me concern however.

I wish I had a $million in my account. Unfortunately I will never be that lucky.

Think you already have the answer. It's open source meaning you can audit the codes. Who created it doesn't really matter for now

So spend it. Use it for it's intended purpose.

The whole point is .. its trustless....


Well, technically till someone has over 50% of the network hashrate, then you gotta trust them. =P
Thats probably its largest shortcoming.

It doesnt matter who created it, its self sustaining(long as its being mined), fully open source and takes a true majority of participants to change ANYTHING about the way it works. Not even the devs have ultimate say in how it works. The devs simply propose changes and if over 50% of the network agrees to use the new release, those changes go live.
If it were closed source, then yes there would be major cause for concern.
The motives for its creation are obvious since its open source... After inspecting the source you can see for yourself exactly how it works, see if theres anything 'seeecret' happening behind the scenes. Since its been peer reviewed thousands upon thousands of times, its safe to say bitcoin itself functions as advertised.
Leaving the final motives for its creation: to get rich(at the expense of noone and only if it succeeds) & to provide the world w/ a monetary solution that benefits everyone.

But other than that... it just fucking works, its the only 'everything laid out on the table for all to see' software thats actually never been "hacked" .. well except for its early days when it was freaking alpha and had little / no net worth =P

Hell even "closed source"(everything is behind closed doors) banks / cc systems(modern monetary systems) etc.. cant claim that feat.

When you think about it, its quite fucking monumental.

1.you cannot tell me the machine model numbers of the federal mint
2.you cannot tell me the ALL security features of a bank note
3.you cannot tell me the licence/patent details of the cotton paper or ink
4.you cannot tell me chemical content of the paper and ink
5.you cannot tell me the exact figure of fractional reserve right now
6.you cannot tell me what the total number of bank notes will exist in circulation in 20 years
7.you cannot tell me the name of the artists that drew/designed the latest bank notes.
8.you cannot tell me that if you stored $1million in a bank account. that you would be happy leaving it there (knowing only $250k is insured)
9.you cannot tell me if your local bank will still exist in 20 years.
10.you cannot have a conversation with the inventors and innovators of bank notes.

so why do you trust bank notes??

but with bitcoin

1. avalon, terrahash, etc
2. sha256, eliptic curve, decentralisation, difficulty
3. mit open licence
4. sha256, eliptic curve, asics. (sourcecode is fully open to read every line and detail.)
5. zero
6. 20million
7. satoshi originally, now gavin andressen, jeff garzik, etc
8. if its on a address associated to a privkey only i have, it will be there for as long as only i have it.
9. privkeys dont need banks/online wallet services/exchanges
10. anyone can talk to gavin, jeff and the rest of the bitcoin team.

Name is not the most important thing.
Vision behind this great project, very good business plan and excellent income opportunity really made me very excited about this idea .)