Topic: Why do you trust bitcoin in one sentence. - page 2. (Read 4899 times)

One currency rule them all

+1

Math math math math math
Bitcoin doesn't require trust
math math math math math

Well said.

I'd add: a community of people who also believe in it.

I find one sentance too short.

How about some Haiku?

I might trust bitcoin
Other bitcoiners do too
That's ok for now

Or a limerick:

There once was a bitcoiner named Dave
With fiat cash felt like a slave
In Bitcoin he trust
If it never will go bust
He'll have enough coins to save

Because of this guy named pirateat40 who makes everyone rich for free

Because there is no one to trust, so trust is irrelevant.

better than paypal

Independent

Same here. *points to sword* this, this you can trust.

because it began on the internet. and i don't really care for government controlled currencies

I think that if the math Bitcoin was built on was flawed, there'd be even one person who would point it out. While the client's source is a bit above my head, I can go so far as to verify that it matches the whitepaper (minus merkle-tree pruning). And I can read the whitepaper, and it sounds good to me...

So if you can't verify Bitcoin's math, find me one person who has verified that it doesn't work. Bitcoin's userbase is large enough that it encompasses enough people who are competent in C++.

Because the growing list of notables espousing BTCitcoin can't all be wrong.

That, and there's a monthly physical magazine out that I'll seen, held, and read with my own person, created by a guy who...wait for it...eats dog.

~Bruno~

Max block size is currently 1mb and most blocks are far from full.  So at the moment you looking at 21,000 days before you need a new drive.  By the time this limit has to be raised (probably doubled), hard drive density will have quadrupled at least.

Indeed there's still room for improvement on this. I think it will be much better already when the client allows users to choose which address to send from when performing a transaction (I think I read in some other thread that this feature was coming maybe in 0.7?).

The ability to be "completely" (yes we could discuss this for days) anonymous. I hate knowing that some suit could be looking through my bank transactions at any time.

Free market and no FED.

I don't.

But give me time 

You're right to a degree; you do need a certain amount of trust in someone.  The beauty of bitcoin is that the Satoshi client is not all there is; plus there are customised versions of the client; plus there are those that can read C++ and do look.  You have to believe in a truly massive conspiracy to think that there is a maliciously inserted back door in Bitcoin.  Every single person involved in the conspiracy would need to have an incentive from it; and since that would include miners, and new miners can always joins, that is not a fixed pool.  That means the conspirators would have to be constantly recruiting, and recruiting in secret.

You're right then that we need to trust that the above isn't happening.  It's not an easy leap to make though.

Even given all that though; there is nothing to stop you sitting with the protocol specification, and a hex dump of whatever transactions you thought were dodgy and verifying them by hand.  I'm not suggesting you do; but it's not outside the realms of possibility.  That possibility adds to the unlikelihood of the conspiracy.


If they're holding bitcoin they have an incentive to ensure there is no back door; and that what they're holding really is secure.  If they discovered it was not; then they could sell their holdings then reveal the insecurity.  There would be no advantage to keeping it secret, since someone else might discover it as well and invalidate their holdings before they can sell them.

In short: bitcoin holder's biggest incentive is not to try to prop up a bad currency; but to ensure that what they do hold really is secure.

Because I understand why it's completely safe, secure, fair, anonymous, and neither dependent on nor owned or controlled by a person or company or institution.