Bitcoin Forum

I need some good arguments for bitcoin, or at least links to the best articles you know of.  My parents, as well as many other people I try to explain the whole system to are very skeptical and refer to it as my "fake" money. I try to tell them and show that you can buy most anything with it and that it has a true use in real-life; yet they qute Warren Buffet for saying he has no money in it, among other investors.

What do you say to someone who wont accept the facts of the system? They just shoot down the "mining" process and say nothing is backing bitcoin so you can easily loose all your money, etc.

Any help would be great, or at least a reference to another thread. Thanks!

Bitcoin is an experiment in irreversible digital value transfer and storage.  It is not ready for the world.  That said, it is usable and there is a lot of potential upside if it is able to sustain itself until it is ready.

Right, but saying that to them just gets a reply of "exactly" its a scam and you'll loose your money, etc. Im just trying to show how it makes sense and can eventually be a valid, widy used currency, not "monopoly money"

Show them the white paper.  The only other thing they need to know is that the supply is capped at 21 million.  If they still don't get it, we aren't ready for them yet.

http://www.bitcoin.org/bitcoin.pdf

What is the need in convincing them?

http://i1.kym-cdn.com/photos/images/newsfeed/000/140/872/charles%20Bennett%20haters%20gonna%20hate.jpg

Have you put a physical bitcoin into their hands and then explained it to them? I think if you do it that way and explain how the private key works etc they might see the light.

The need is the individuals are my parents, and they dont want me to have ANY money in it, and are about to force me to withdraw everything ive put into it, delete accounts etc.

Well, in that case put it all in a brainwallet.  Leave a little bit to withdraw.  If they know how much you put in, reluctantly admit you made a mistake.

Ask them what backs their government issued FIAT, its one private corporation. With Bitcoin it is collectively backed by the miners and you would rather trust something that has a real democracy behind it that is not at the mercy of the greed of a select few individuals. Offer them a challenge, Keep 100 dollars worth of Bitcoin (at the current rate) and a 100 dollar bill for 10 years then see which has the most purchasing power after the 10 years has passed. If they don't want to take the challenge they clearly don't believe in practicing what they preach.

Havent tried that one yet! Minus saying more individuals back bitcoin than USD and too many people have jobs based on bit coin dev, mining, invested etc, for it to suddenly crash to $0 in a day like it could a few months ago, albeit it still can, more people would resist the price drop and it would surge in price again if that DID happen.

It is too much to explain just direct him to bitcoin.org where there are some explanations and youtubes.

Bitcoin is now bigger than 20 or so national currencies. The way I see Bitcoin being backed by the miners is that should one stop mining another person or two or three will replace them. Just like if a company stopped mining for gold another would soon replace it. Look at Bitcoin over a 10 year period and not a 10 week or month period. The future is brighter for more than others and I know where I am laying my bets. You should watch Tuur's speech at the Bitcoin conference http://www.youtube.com/watch?v=K7LQu-eIOO0 I had a Skype chat with him a few days ago and he is very knowledgeable and looks at the bigger picture (Just how I wish everyone would)

You will never convince skeptics. They are emotionally invested in not accepting bitcoins. You are wasting your time.

There are plenty of people however that want or plan to use bitcoin but haven't done yet. Those are the people that need helping / answering questions.

What was that poll that just came out that said of the people that had heard of bitcoin (30% of Americans I believe), 10% planned to use it but only 0.6% had done to date. I've probably got the figures wrong but you can see that is a huge market - people want to use bitcoin but for whatever reason haven't done so to date. Concentrate on these guys.

Leave the dinosaurs (no offence) in Jurassic Park. Backward thinkers tend to 'come around' in the future very quietly when they think nobody is watching.

Of course Warren Buffet isn't invested yet. Its way too small for his portfolio  ;D

I saw a video on this and it confused the heck out of me.

1) You are promoting the use of a virtual i.e. entirely electronic currency, by using a physical coin as an example?
2) And then you say "private key" - the average citizen doesn't know a private key from a public key from a bar of soap, nor should they need to. They will run a mile.

The world doesn't need physical bitcoins. The average person seeing a physical bitcoin will now say, "how do I send it to my friend and not get stolen by the post office" etc.

Forget physical representations of bitcoins, forget private keys. Just tell people they can send money round the world from a wallet on their computer or smartphone using "addresses".

If you are relying on explaining cryptography to "joe public" you are condemning bitcoins to the "geek fraternity". This isn't desirable or at all necessary.

They are right on that point.  It is experimental, and extremely risky.  It could be worth $10,000 per bitcoin (or more) someday, but it could also be worth $0 per bitcoin tomorrow.  You should not have anything in bitcoin that would be devastating to lose.


If you are an adult, then tell them that you've made your decision and you're ready to live with the consequences.  Let them know that, while you appreciate their advice, you feel strongly about your decision to own some bitcoin, and won't be getting rid of it.

If you are a child, then you are probably going to have to do as they say.

Awesome.

Tell them to try.

Then tell them, the government would have just as difficult of a time doing so as well.

Tell them you wont talk to them about Bitcoins again until they can explain to you what Nixon did to the dollar and why you should keep your money in dollar after it devalued 98% since 1971.

Yeah im not technically an adult, but I do not feel losing the amount I put in would hurt me, that much. It always sucks to loose money but Id be okay. They were ok with it at first, when I bought in at $30 a coin, but recently ive been spending more and more time researching the whole code and spending time on the forums, so they are beginning to dislike it, especially because Ill need to pay for college in a year.

Ha! Yes, I'm going to do that, I should have thought of that... (AP United States History student)

Tell that it will likely be worth more than the current price so you can more easily pay your tuition then. ;D

BTW it sucks that your (helicopter) parents don't trust your good judgement at an age where you are nearly an adult.

They probably search your room for drugs every day even when you have never used any and never gave them a suspicion and snoop on your Facebook and Twitter accounts and follow you to school to see you don't hang out with the "wrong sort".  >:(

I having a very difficult time coming up with an example of con-artists/hackers spending resources to steal fake money, ergo Bitcoin has value.

tell them a few examples of money waste.

EG 4 years ago car fuel cost $X per gallon/litre.. now it costs more
4 years ago a loaf of bread cost $X.. now it costs more
4 years ago milk.....
4 years ago car insurance.....


now tell them bitcoins..
4 years ago 1 pizza cost 5000 btc. now under 0.2btc
1 years ago filling up your car would cost 20BTC (20 gallon tank) now it costs 1BTC
add more examples

then tell them about banks giving just a couple % interest on savings per year which does not cover cost-of-living inflation. yet bitcoin potentially gives you back more fiat after a year.

yes it is a risk. but the next thing to say is.

"ok mom and dad, instead of buying me these $100 nike footwear, how about i buy a $20 pair of footware and use the $80 in bitcoin.. seeing as its thn not classed as a loss, due to the money having been spent otherwise. what is there to lose"

then find other examples. EG walmarts own brand foods instead of brand named food and use th savings towards bitcoin

loose
/lo͞os/
Verb
Set free; release: "the hounds have been loosed".

I'd say you're pretty much guaranteed to "loose" your money with Bitcoin. That's what makes it revolutionary.  ;)

If you go that route, at least get your facts straight.  The dollar has devalued 98% since the Federal Reserve system was put in place in 1913.  It has devalued 82% since the gold backing was severed in 1971.

Wouldnt the huge increase in price indicate a bubble?

Explaining Bitcoin to a non believer is like arguing religion with a religious person, its not going to get anywhere.

Also make them watch Tuur Demeester's presentation at the Bitcoin Conference its very  informative and well thought out.

Most of my friends who I've told about bitcoin constantly spend most of their time regretting not listening I've found.

Now I just open with "Not buying at least 5 of these might be the biggest mistake you'll ever make".