Bitcoin Forum

A "thought" just shot through my mind:
http://store.dreamauthentics.com/dreamstore/pc/catalog/headshot_1780_detail.jpg

Seeing all these "advertisements", I quickly realized that instead of spreading the word about BTC, we should HUSH! and not speak a word about it!

I'd like to quote satoshi here:

Although attraction from unwanted sides is part of the picture, there is an even bigger, more important reason to keep this amongst us, at least as far as possible...

The bigger reason is that a quick spread of word favors the already patronized "early adopters" even more!
But not only that - early adopters are benefiting in a compounding, exponential fashion, widening the gap between the "haves" and the "have-nots" even more. If the reason for this is not instantly obvious, let me explain:
say you own 10 BTC for $15 each, giving you $150. An early adopter owns 1000BTC for $15 each.
Now word spread and noobs start buying into BTC, making the price rise to say $20 for a coin.
This situation massively favours the early guy, making him a profit of $5000 USD, while the "little guy" only earns $50 USD. Since mining and buying is equally costly/difficult for both of them, we can assume that under the condition of both players continuing to mine/buy, time will even the gap.
If both manage to accumulate 1000BTC over the same period of time, the early adopter will have doubled his position (1000->2000 BTC), while the late adopter will have increased his position more than a 100-fold (10->1010 BTC). Therefore the ratios (1:100) will be more approximate (≈1.01:2 ).

If we can manage to hold out for long enough, maybe we could even the playing field at least a bit.

Media attention is the last thing late adopters want!




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So what you're saying is that you want to be an "early adopter" despite only coming into the game now?

I don't think so. The economy should grow, more participants should join, and the word should be spread to anyone who's willing to listen.

(snip the quote)

Agreed. There is no hurry for bitcoin to grow in price. Slow and careful development of the technology will lead to long term profits for anyone willing to invest the time into bitcoin.

Let me add to this:

I understand that there are a lot of people who not only view the Bitcoin as a viable alternative to the established fiat/banking system, but also have a wish to take revenge.
They see the fiat-central-banking system (rightfully) as corrupt, criminal, happiness-destroying and infinitely unjust. These users experience a personal call to "right" what's wrong and their weapon of disposal is the bitcoin. Driven by emotion, they want to destroy the banking system, and they want to do it now.

However, I must point to satoshi again who seems to be one of the few ones to have the foresight to warn against such behavior.
The bitcoin does have the potential to change the world for good, but this must be done slowly, the momentum has to build up over time. Rushing rapidly into unchecked "growth" or making quick decisions without thinking things through, might bear unforeseeable consequences...

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The early adopters deserve their fortune. They took on the risk back when Bitcoin was new and when its future wasn't clear. In this case, their investments (mining hardware and/or money, time) paid off, but it could've gone either way.

You're describing this as if the community decided to publicize Bitcoin rather than the press finding interest in it and blowing it up all over the net.

:D, yep Lulzsects didn't have anything to do with the bubble, nothing at all, never a thought, nope nothing

Yeah?

Build a time machine and tell gold speculators and businessmen in 1800's Klondyke they shouldn't be buying ounces of gold at 70 cents.

They might be worth thousands some day and people would feel jealous.

Of course. Nobody is arguing against that.


Just some recent thread samples:
Bitcoin Ads - 30 second spots - Updated
The Bitcoin Show on OnlyOneTV.com
Bitcoin iPhone App for FREE!!
Nearly 200 people clicked buy!
Imagine when they start to buy up bitcoin...
Bitcoin Fiat Advertising - Earn BTC for every Bitcoin advertising dollar.

And many more. I'm too tired to list them all, but you get the picture.

Now I agree that the spread of word can not be inhibited, neither should it be. What I am proposing to the "community" is to assert at least some control over the pace and not artificially accelerate in a way which could lead to total loss of integrity.

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Sometimes you get in early, sometimes you get in late - If you're that concerned, seems like you should just buy more BTC now since the ratios say the final price will be in the thousands, making you an early adopter by your own standards.

Frankly, this is what the currency is designed to do - go exponential once the tipping point is reached and the buying becomes self reinforcing.   Buy BTC now, while the price is low.

No.
The only reason I found out my bitcoins were worth money now was because of them.
Before that they were in cold storage just chilling taking up space.

Soon I was like: "My preciousssss..." xD

Late adopter? There's six billion people out there who have never heard of Bitcoin. You're an early adopter.

I'm not convinced this will happen. There are no indications for this as far as I can see.


Even if I was an "early adopter", I wouldn't like to see something like this ever again:

http://www.dontpaniconline.com/media/magazine/body/2011-06-20/images/mtgoxchart.jpg

I don't want it!
We've had enough finance/speculation/volatility/crisis/collapses/inequality/etc. for the rest of human history. We should finally leave these behind. I admit I had secretly hoped the Bitcoin could move us in the right direction. But maybe I'm just too philosophical here...

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Well in that case I suggest you sell all your bitcoins, because unless it fails as a currency it has exponential gains in its future.  Frankly though, I don't see what there is to cry about here - If you can't stand the volitility, just buy bitcoins to hold until the market stabilizes.

Or is this because you would like time to accumulate lots of BTC? I'm confused what the rationale for delaying....  Because it would be scary?

Obviously.  ::)

Well, my response to that is cry moar noob - I wish I'd started buying Silver at 3.50 instead of $21, but I'm in it for the long haul and the fundamentals tell the truth.   You're an early adopter in the big picture.

Agreed.

I've told 5 of my friends about this secret, they told their friends as well,
Now a bunch of friend's friend has more BTCs than I do,

Could've been my BTCs ::)

I don't see your point.

Anyway, there's absolutely no reason not to spread Bitcoin all over the place. The sooner we reach the critical mass of people interested in - and using - Bitcoin, the more likely the system is to survive.

No one I mention bitcoins to seems to care.

As long as I get 10ish BTC by Sept, I will be content.

Only cowards hide.  And we aren't "hiding" in case you haven't noticed the CIA and Senate have already taken interest here.

Fight or flight.