Bitcoin Forum

Even if it fails (which I don't think it will), I'll still be able to walk away with some very basic knowledge economics, trading and cryptography.

What have you learned from Bitcoin?

I learned greed is basic characteristic of social people.

That money does not need to grow on trees in the future  ;D

In addition, I've thoroughly enjoyed seeing everyone's views on different areas of society such as education as well as how an economy is tied together.

If it fails, I'd say back to the drawing board. Now that we know the few things that make Bitcoin unappealing (mostly marketing related) and have some experience with how the system fairs in the real world, I think the next iteration (in the unlikely event of a failure) could be much improved.

Very true, and after all it was just an experiment. I'd say it's been pretty successful so far.

I learnt that those couple of dollars can become a hundred a year later  :'(

If Bitcoin fails catastrophically but there is a small fix that can make it work perfectly again in like a month with the same private keys controlling the same amounts of coins, the new Bitcoin would probably be adopted by 100,000 people in a snap.

Bitcoin boosted my interest in cryptography and p2p :D

A lessons learned list to make a technically superior bitcoin.  The reason for Bitcoin's potential future failure can be added to that list too.

However brilliant the idea the practical usage off something on a wide scale needs substantial infrastructure.  And unless it is for illegal purposes serious compliance issues need to be resolve, in the developed world at least.

If Bitcoin fails, another cryptocoin will take its marketshare in 2 seconds.

What, do you seriously think people are going to put the shackles back on (return to fiat) after catching a glimpse of the light at the end of the tunnel?

Moses led his people out of slavery in Egypt, the underground railroad led the African people out of slavery in America, and Bitcoin will lead its people out of financial fiat/debt slavery all throughout Planet Earth  8)

There's no such thing as Bitcoin "failing." It could fork, or there could be a protocol bug that certain alt-coins are immune to, which can then take marketshare and development would resume either on the new fork or the new coin reference implementation. But the idea of bitcoin is forever, just like bittorrent.

As was said by a very smart man - releasing technology on the internet is like taking a dump. No matter how hard you try, you won't be able to get it all back in, but you will get very dirty trying.

FPGA design :)

Bitcoin fails? Blasphemy!

Woah.  I'm going to stick with inability-to-put-the-genie-back-in-the-bottle analogy!

There needs to be a market place with reduced middle men =/

It's hard as hell to get your hand on a coin without mining or paying someone a fee.

If Bitcoin fails, I will be glad to have been part of an amazing technology and community that had a noticeable impact on the world.  Whether or not Bitcoin or some new incarnation down the road is the ultimate mass adopter, we are part of something transformative.

if bitcoin fails i'll consider killing myself

i believe this is our salvation, btc must succeed

When to be bearish, when to be bullish, never put all your eggs in one basket (economics), elementary cryptography and plenty of gold and silver!

There have been many attempts in the past at making digital currencies. Bitcoin has a very different validation/double spending prevention/redemption model than anything before it. While I don't think Bitcoin will fail, I do think future modifications to the protocol will determine how likely it is to be widely adopted.

Bitcoin has been a resounding success.  Why else the negative press?  Why else government attempt at manipulation?  When people have the ability to vote with their money (by using bitcoin), all sorts of wonderful things can happen. 

I learned that I need to start following people with Japanese names more often in crypto related forums and threads in order to get in on the next big thing before it cost over $100 to buy in

not sure what do do if it fails completely?

choices 1) go amish (give up all tech work hard sunshine hot amish fit women prob not no balls)

           2) make a shrine to my past bitcoin failure as a life lesson ..(yeah thats the ticket)

some history from me on just how low it can go...(and my foray into alt coin with a knc titan don't ya know ouch)
so those of you just in bitcoin it could be worse....anyway where I'm at below

well for me it has to drop to around for the 50 coin i've made off the Jupiter (not counting elec use) at $7,500 usd (with psu and other misl) to $150 usd btc for me to be under $$$ waves
vs BTC holdings

as to LTC for an example with the Titan 1st batch ...well alt coins you can make the point i puked on this Titan no roi no refund titan the LTC price will have to recover to exactly 10.14 usd.
the price of the Titan was $10,131.80 with shipping (not counting the psu in this case and again not counting elec costs) LTC price would have to go from the current $2.15 LTC price to the price of $10.14 usd assuming I can get it to a point of running 1000 LTC out of this Titan (iffy been almost 8 weeks and I show I've made 376 or so LTC on www.litecoinpool.org (current rate says 5.95 btc a day) so iffy at best just saying..probably can run the hamster wheel in the Titan that long....

so the BTC Juptier Hardware I have a ways to go to be under so to speak $$$ wise ....the no refund no roi Titan in order for me to make ROI i need an act of god ...er probably more then one
act of god actually ...would need a group of miracles

as a side note have held all the BTC I've ever mined or bought and the same with LTC so far...gonna ride this under the waves if it all goes beanie baby to BTC and/or LTC equals 0.



this alt coin biz either works or I go down with the ship ..if it does not work and goes beanie baby and tanks to 0 I DO have a lame fall back plan!

so to wrap this up if bitcoin fails (and as a result i assume all the alt coins too boot like my LTC i'm a hording now)


I plan to make a nice shelf ...decorated with tulips and with paper wallet wall paper behind the shelf......i will contact the nice people who bronze baby shoes and send my Titan and Jupiter
to them perhaps (if not too spendy) and thus will have an "ego limiting" shrine to me being stupid ...to reflect on.....ah memories....

what the hell ..either I'm gonna lament my foray into alt coins (btc/scrypt) or I'm gonna brag about it when they park me in the nursing home someday..good to have goals!

anyway my plans as of now but they change on a whim!


but yeah should probably just go Amish....communal living is the way to go.....give up all tech  except the high end care of mules.......
just renounce i say renounce all technology before the 20th century

probably won't do above ....but I'm sure if BTC and ALTs go away I will do something equally stupid in the future

again good to have goals (off to look at where to place my shelf to my dashed bitcoin dreams perhaps?)

 

i learned 99% are greedy, selfish, toxic people and to trust nobody

... and some trading aswell which is the good part.

If BTC fails don't worry, NXT is ready to take its place.
Just be sure you already hold some before SHTF.

not only that one actually

good alts will be BOOMING in general!

I actually don't worry at all ... i think all the bitcoin-fascism is annoying as hell.

More diversity won't hurt - quite the opposite

and after it has failed we will enter a stage where you can make money all year long - not only in 2 weeks every 4 years.

I for one welcome the fail with open arms.

And a lot of good memes will come from it too.

Yep, Peercoin is also in line, the original POS  ;).

I've learned that threads like these bring out the fail in people. /thread

That could be Ethereum.

However, the biggest problem right now, is conversion from fiat (fuck the regulators) and scammers (fuck them scammers) and those will not go away with any crypto.

Acceptance would have to become much better and getting into crypto much easier.

haha NXT is going nowhere fast like all the other alts 

nah.  I learned 90% of people are super friendly, willing to share and cooperate.  the rest are greedy fucks who ruin it for everyone. 

keep selling please, I want it cheaper

My thoughts exactly, but obviously these bagholders have their own agenda and need to pump up their coins and spread fud in times of bitcoin instability.

If Bitcoin fails now it's because the system isn't ready for the idea. No alternative will take it's place in "2 seconds" as someone said...maybe in a long time from now but not immediately. It'll take a lot of time for the system, people, to become comfortable with the idea of alternative currency. And there's always the chance that Governments will put an end to it, potentially by driving the price down to make it appear worthless.

If Bitcoin may hit a very low bottom in value (with regard to the $), I don't think it has failed though.

It brought me a lot of knowledge, and it showed what trust can do for a currency. (Think about this with the Euro, the Dollar etc..). It also brought the importance of decentralization to the light. It's going to be a start for a lot of new technologies for sure! But let's hope it won't be just that, let's hope the coin will be a true currency the following years too!

the reason bitcoin could fail is that only nerds and drug dealers use it .. the mom and pops around the world don't give a fuck

even young people I talk to could care less about bitcoin .. they love their paypal and credit cards .. stupid little shits

You are on to something. Bitcoin will only succeed if there is adoption by society. Right now, people seem satisfied with debit/credit cards, paypal, etc. People don't see why they should change what they are currently using and move to Bitcoin, especially since Bitcoin continues to fall in value.

In theory, this would seem to be the case.  But in reality, the bigger corporate adoption = a shitload more coins being dumped into the market daily from companies instantly cashing in their btc's and not wanting to risk losing their ass from price volatility.

In essence, bitcoin is flawed and doomed because of this.  It's a catch 22, really.  Bitcoin was a novel idea with great 'idealistic' virtues which would work perfectly in a PERFECT world.  Unfortunately, some things just work out better on paper than in practice.

Bitcoin is now really only a haven for neckbeards, fraudsters, and investors/shorters/flippers.  And usually when you see a forum reply, you know who falls into which of the above categories.

Shorter?

Now it is too early to discuss, but it's the price of a bad situation.

It's already succeeded. Cryptocurrency is here to stay.

That if I'm going to invest in risk ventures it should be in low % of my basket and in very early stages. :P

I learned investing principle and economics knowledge. :-\

I have learned that patience is a virtue.  ;D

i have learned that sharing is the best policy from bitcoin :)

And that is going to help you if Bitcoin fails?

nah i just learned this !!

To take even more profits at the 100x point next time.

I learned that reality, facts and proof have little to do with personal beliefs. Actually, christianity taught me that. Bitcoin just reinforced it.

i have learned not to buy into an inflationary currency - particularly not into a hyped and inflationary one because hype and inflation don't go so well together.

I have learned from myself that sometimes FUD can weaken my strength of conviction until I zoom out.

BTC will not fail, BTC have world wide expanding

I dont think bitcoin will fail. If I look at where we stand today with bitcoin, could the market ever have hoped for better?

This is reality and it is not too bad at all. In fact, the market matured a lot in a very short time, and all troubling issues have been addressed or are being addressed.

The main thing I have learned is that there are much more greedy, dishonest idiots than there are honest, intelligent people who believe in a great idea. Sad really.

Emotion will lose you money.

But Bitcoin is less private than cash in your hand. If I pay someone in person with a stack of 100s that transaction isn't broadcast all over the world for anyone to analyze. If I go to localbitcoins and trade in person I'm trading with everyone on the planet. Governments should love it's money tracking potential. I'm surprised the U.S. government isn't sponsoring a Bitcoin float in the Thanksgiving day parade.

This may sound mean, but i've learned through the last 2.5 years that the vast majority of human beings are not intelligent.

Primarily through reading countless ignorant comments under Bitcoin news articles, friends, family, etc.

-B-

If Bitcoin fails, I'll have no choice but to go back to the ancient dark days of fiat money...

http://tctechcrunch2011.files.wordpress.com/2014/03/ng6myft.jpg?w=400

I don't want to, but if it's there's no choice, then I must do what I must to survive.   :(

Bitcoin is based on technology built over decades of technological advancement by thousands of people. Bitcoin isn't simply Satoshi and the Devs. Bitcoin is the whole dedicated system of electronics, computers, telecommunications, the electrical grid, and everything else that upholds the "system," including the need and greed of the people.

All nations fall. All systems crash. Bitcoin will fail, but it won't happen easily.

:)

You sure that the govt (U.S.) have not done practically this?  The response in the U.S. has been vastly more friendly than a lot of us (including myself) had predicted, and the same goes for the mainstream media who are for all intents and purposes appendages of corp/gov by this time.  Since 2013-ish, firms who play ball are allowed to operate seemingly with no friction.  To top it off, we peons in the space get the same kind of favorable tax treatment afforded to rich people in the fairly low long term capital gains rates.  About the only time to govt does anything remotely negative about Bitcoin is when someone makes it practically impossible for them to do otherwise (Dumbshit Pirate Roberts, Shrem, etc.)

No, I'm not sure they haven't done this. That's why I earnestly read about advancements in anonymity coins like Darkcoin.

The U.S. government didn't invent Bitcoin. They don't have the knowledge of how to hack or corrupt it. At least not in the coding. The thing that they excel at is using Bitcoin. Bitcoin provides a perfect means for some in government to covertly move funds all over the world with reasonable anonymity. They love Bitcoin. They wouldn't destroy it even if they could.

:)

I agree that there is a reasonable level of anonymity against individuals but not against governments.

Governments are made up of people, often who are notoriously ungoverned. Government people can use the anonymity offered by Bitcoin even better than the individual can.

:)

Yeah, let's make it happen. We'll all be making money on mining alts! No one will have to work ever no more! Just fun and games all year-round.

Sounds entirely feasible

Puzzled. Capital gains are capital gains. How else would you expect it to be treated?

Back when I worked for a living, I paid about 30% or something to the feds (and whatever to the state.)  Now I pay %15 to the feds.  (IIRC...I've a CPA do this shit so I don't have to fill my brain with such things.)  Now I know what it feels like to be a trust-fund brat.

Notwithstanding the fact that it was not perfectly clear how Bitcoin profits would be taxed (here in the U.S.) until the code came out, my point is that people who make money by having money get a break compared to those who show up for work.  Apparently GW Bush had things rigged up pretty nicely where long term capital gains rate was a whopping 0% but that fuckin' Obama nixed it the very same year it would have done me some good.  Oh well...I'll survive I think.

Bitcoin is an experiment of worldwide community. Maybe the first one.

bitcoin had already his moment of glory..we're waiting for the next world wide miracle

I sure hope this experiment succeeds, at least on a small scale.

Accountability over all else.

Lol!! Nice answer!! cracked me up good! :)

lesson learned to never get in to these shit again. ;)

Largely, that you probably can't trust most people when it comes to money/cryptos. There are some honest people, but most of the time if it looks too good to be true, it probably isn't. There isn't anything that is guranteed to give you a 1000% ROI in 4 weeks, it just doesn't happen, yet people believe these things when it comes to cryptos.

coming to a close with the hardfork

Which one? The one from August 2010? Or the one from March 2013?

I don't learn much. But in conversation the other day I ws able to say:

"No, it's not a Mac, its a Hackintosh. And I built it from parts purchased with bitcoin."
"How did you get the bitcoin?"
"I mined the bitcoin."

If that was the only thing I've gotten out of Bitcoin, I can say that that is fulfilling enough for me.

I don,t think so Bitcoin will fail.... :)

I do not think that Bitcoin fail. But I know that I learned new interesting things like new ASCI HW, some of the Linux and some trading skills.
I have a different view of encryption and security now.
All thank`s Bitcoin and people around  ;D

I've definitely learned a lot about economics and also a few trading tricks that I might use when on the stock exchange.

Yes, I've learned that money does not grow on trees. It grows in computers.

this made me lol. the sad truth is funny sometimes :o

The part about Bitcoin failing is more of a thought experiment though.  The OP is pretty much asking what you've got out of your Bitcoin experience, which is a pretty interesting premise.  I guess I'll go with the generic response and say that I got an enthusiasm in investing, but I would never really want an investment job on Wallstreet.

Bitcoin is a recent phenomenon in which the funds are converted from one currency to another currency, and distributed via the internet. A virtual bank, its popularity has increased because there is no physical location where the funds can be entangled in a complicated affair, and there is no way for people to browse the tax funds easily. On the other hand, the money will be virtual (virtual), thereby disappeared with the internet.

bitcoin is a money, you can buy with bitcoin, so you dont affraid if you have much bitcoin because you can use it an any country :/

its 2 damn big to fail now :D
theres too much at stake

its already bigger than that .......these pissy  day traders spreading fud will be pushed out soon and market manipulation for the small timers will be a thing of the past ....does gold or silver or anything else  ever fail  just because people are always buying or selling it in the hope of making a profit ?

thats not to say it wont still happen .......but it will take huge amounts of wealth to swing  the price in any direction

the bitcoin network is already the most powerful computer network on the planet ......thats pretty amazing when most people still dont even  know what a bitcoin is

early days yet friend ..........we are strong and getting stronger

That peer to peer is almost always superior to central systems

Bitcoin will never fail... :)

Bitcoin is a cryptocurrency, the first. In some countries, Bitcoin are illegal.
More info: https://en.wikipedia.org/wiki/Legality_of_Bitcoin_by_country (https://en.wikipedia.org/wiki/Legality_of_Bitcoin_by_country)

IF bitcoin fails i'll wait for Crypto 2.0 8)
And bitcoin make me learn about economic, trading & cryptography

Bitcoin will not fail. We are on TV. The Winklevis and old money is coming. Brace yourselves.

There is no reasons to it's fail but if it's fail (i don't think so) don't worry.At least learned about movement of basic trading and cryptography from bitcoin.

I will also be proud of being part of greatest monetary experiment.

Bitcoin failed. Bitcoin value fell close to zero. Can you imagine this scenario? This scenario may seem unlikely, but it's likely that we have to consider it. A plausible reason for this to happen would be a mistake in the Bitcoin protocol or current cryptographic failure in the future. Of course, in this sad scenario 1 milliBTC is $ 0.

I learned market investments can be crucial :/

...it will be because at some point, the innovation stopped or otherwise became impossible.

Since, we're still 200+ points above zero, hundreds of millions of money continuously poured in by angel and VC investors, support by the NYSE, new regulated exchanges popping up...

Yea, if Bitcoin fails, it won't be in 2015, that's for sure.  Would take something truly catastrophic.

the credit card was invented in the 1950's
65 years later we still have them in our pockets :)

i think btc has plenty of innovation and future yet lol :D
this is just the tip of the iceberg......

Those were charge cards. Actual credit cards began in the 60's and didn't gain much traction until the 70's. I tend to think of Bitcoin 2.0 as the next generation of credit cards. Credit is suffering because of security. Bitcoin is a steroid injection for security.

american express was not the  first and they launched theirs in 1958 but whether it was the 50's or 60's makes no differnce
well over half a century later the idea of buying with a plastic card is still realistic

its unimaginable where btc will be in another 50-60+ years and the things you might be able to do with it
the future is bright :) ,ignore the FUD spreaders ,theyre only being greedy now because of short positions

Credit cards were first mentioned in a sci-if ish novel written in the late 1800s.  The structure of we all carry in our wallets first appeared in the 1920s.  The first card that could be used with multiple merchants was the Diner's Club.  It is an interesting story that drove the development of that first consolidation.  Like so many things in this world, it took an itch, some passion, and some ingenuity (probably in descending order).  Bitcoin was born of all three of those too but I think the ingenuity part is greater in the Bitcoin story.

goodbye, BitCoin

there were business where billions were invested and they collapse. yes, bitcoin may fail. remember that the whole BTC is based on few fishy exchangers and black market :)

you should go tell microsoft and dell and newegg and overstock and richard brandson  this amazing discovery you have made  :D

Indeed.  Perhaps tell Paypal and Expedia and Mozilla and Wikimedia and NYSE and BBVA and DoCoMo that their acceptance and investments were all for not.

Bitcoin's dead fellas, and it's not coming back.   :(

I like this interview. See from 1:35.  it is for you   hehe

http://www.bloomberg.com/news/videos/2015-01-16/bitcoin-battered-fortune-reversed-in-74-decline

I like this one better, maybe you should hold some BTC dust just in case.  hehe

http://money.cnn.com/2015/01/27/investing/bitcoin-winklevoss-twins-gold/

$400 Million of investment is going to come online this year in a swath of new platforms and apps. No chance in hell Bitcoin is just going to go away quietly now.

Microsoft doesn't get involved unless they see something there. The Winklevii don't buy a large stake of BTC, build an ETF, or their own exchange because they think Bitcoin is going nowhere. VCs don't throw millions of Dollars at something unless they believe it will be successful.

Don't worry. This is like the beginning of the Internet itself. Right now we're at about 1995, which was a time of great developments which became what we have today. The Internet is in realty 50 year old project, and Bitcoin is another evolution on this path in giving the Internet a custom built transaction protocol, as well as a tectonic shift in cloud computing and decentralized networking. This stuff takes time, just be patient.

 Look how far Bitcoin came in just one year. If anyone said Microsoft would be accepting Bitcoin for x-box live time this time last year, people would have said you were insane.

If Bitcoin fails WW3 is coming

Hi Bitcoin.

That might happen, only if Greece adopts bitcoin as its currency.

That corruption and dishonesty and crooks exist as much (more?) in the consumer world than in the regulator world.  

-B-

Bitcoin has survived from 0 value to this far and you're expecting it to fail -_-

Yeah, I don't get why people think that bitcoin will ever fail; it all started with 0$ value!
I don't think it'll ever go to zero. It may get close, but never exactly 0.

We'll go back to 1000 dollar proving bitcoin's resilience, this will make anything possible.

We can't say anything about if it will go 1000 or not
Though i think it will go even higher given the exchange don't go down so much

gov is fail, corrupt ... and, at the end, not guilty by the actual law.  ::)
the true is ... they don't help any people on earth.
they destroy the work of all intelligentes persons.

in the future, i don't be surprise to see a bitcoin governement system (vote and adopt law and decision with decentralised vote with blockchain).

it's very easy to do, now.

The powers that be are not going to give up their power to let people vote like that.

Not unless they are taken out by force and even taht doesnt guarantee living in a better world.

Bitcoin is the first ever digital currency. I've learned so much from this amazing invention. Now everyone is trying to copy bitcoin to make their own money. Bitcoin had made me money, it has gave me a new experience to the modern economy. Bitcoin will not fail as long as there are sellers and consumers.

I've learnt the power, and the importance of trust.

And the precious skill of looking for scammers.

no. i don't think bitcoin would be fails
i just believe bitcoin will continue like this and many people will know bitcoin and start looking for bitcoin

Bitcoin is the first peer-to-peer currency largely accepted in the world, there are another "electronic currency" before it (bit-gold, for example).

If it will not succeed, the blockchain will rest for sure and the people will create another form of currency. Because everyone has the right to issue his money.