Topic: Your first reaction to the concept of Bitcoin? (Read 1120 times)

What about stupid p2p torrents being here, and centralized megaupload taken down

Decentralized p2p network will be always safer in my opinion

My first reaction was disapointment that it's main advocates are Libertarians and Anarcho-Capitalists. I feel that their loudness and dominance in the community is actually a small factor in why it wasn't adopted further. Ideologues certainly make me distrustful of concepts. I now don't see bitcoin itself as particuarly useful as a currency largely due to a long list of limitations that prevent widespread currency use in the daily lives of millions, but I have drafted some fixes for it based on equating coins per block to difficulty and throwing in a bit of moore's law.

The mathematics of it would be something I would be discussing were it not for this newbie time.

Limitations for those who haven't learned of them yet:

• Excessive rewards to early adopters looks like a pump and dump (and some will accuse it of actually being a pump and dump)
• Deflation rate is so large that spending effectively halts
• Above two factors mean people are treating it as an investment, not a currency
• The huge network currently existing can barely handle more than 10 transactions per second

There is of course more, but really these are the main issues between Bitcoin and becoming a widespread currency.

But there are only 21 million coins. Now imagine how many dollars are there and more printing every day!

Haven't really heard about it until this year. I was pretty shocked to learn that there was a digital currency worth almost $1,000 USD per coin.

I feelt like I was unfortunate to discovering Bitcoin so late after I read about the main features

i was like wow! what a great idea! too bad i didn't think of it...

My first reaction: FUCK! FUCK! FUCK!  I missed it, where the hell I lived around in 2009-2012...get to it, I better get to it fast.

And i wished back in time like 4 years ago but too bad, i like the concept .

my first reaction.   why the hell would i use a currency who's base unit is less than teh US cent? ( back in early 09)

Of course I have a personal bank account which I use coinbase to send money to, but do you know how hard it is to get a business bank account? And if you do get one they can shut it down for no reason at all. Which is why services like pay for bills in bitcoin and bitinstant are down and out. Also fraudly chargebacks, is another issue, that bitcoin solves.

I could not understand it for about 2 hours.

My first reaction?
(i was with a friend of mine, i briefly described what i just read to him):
It's amazing, it's gonna change everything! Too bad that it's already at 1$ each, it makes no sense to invest at this point...

I was actually moving along pretty far to the right when I first heard of bitcoin around March or April.  I didn't know anything about it other than they were on the computer and you could use them to order cheap drugs if you were so inclined.  I remember going to buy and research bitcoin when on my Facebook feed the Mises Institute had post on it.  This is what drove me off bitcoins and had me completely forget about it instead getting caught up in an awful daily grind at a job I hated.

The FB post by Mises was proclaiming what sages they were for predicting bitcoins downfall.  They linked to the article posted yesterday which I read that gives a very poor and inaccurate theoretical application to Carl Menger's Theory of Money.  http://mises.org/daily/6401/  

I then also missed the Canadian Austrian Scholars Seminar which I had been looking forward to since the beginning of the year because, again they somehow couldn't give me time off at work.  Cody Wilson, a huge influence in my personal development since I first saw an hour long talk he did on philosophy and 3D printing guns 1 year ago on the /r/anarchocapitalism was supposed to be there and I'm sure promoting Dark Wallet and bitcoin yet it was something I missed.

The point of my little rant is so far the capabilities and freedom of bitcoin is not being communicated.  If I would of known all about bitcoin from the beginning I would of much sooner be at the stage where I think of everything in bitcoin and will be converting all my paychecks into bitcoin.

What started top really get my attention was this quick transfers and low fees since I had been using Paypal for my Steam trades which was turning out to be expensive for little transfers.  Also getting paid in Canadian I have high incentive to move that while it falls in value to USD from almost on par earlier this year and bank of Canada predicting under 90 cents by 2015 as well as the Canadian government's wild policy on inflation.

When you need to buy some food, how are you going to do that without a bank account or 3rd party service (assuming localbitcoins as one)?

stop your fiat love affair this INSTANT!  your under the spell of ObamaCare

I don't know if there are so few of us out there. but my first reaction was that it might be a scam, then I thought it was a good idea that would go away soon. I fell in love simply because of the idea that it could take power away from the bad guys.

Very first reaction: Nonsense 
After studying the details: Brilliant 

First Reaction: "Bitcoin Virtual Currency Offering a Fantastic Opportunity to Lose Money "

 

I find bitcoin unsuitable for serious business, other than black market stuff.

I fell in love with it when I converted my mined btc into fiat.

The beginning of a new era of human！