Hey 7 years ago I already thought he's the coolest guy in the universe.

Bitcoin is either a new currency going through a difficult birth or it is the scam of the millenia. Personally I don't think Satoshi intentioned it to be a scam. He had solved the double spend problem and was interested to see how it would evolve. Now whilst Satoshi is a brilliant problem solver and programmer he just didn't take into account human nature. This flaw has turned a fledgling currency into a Frankenstein.

If, at the outset, Satoshi intentioned for all this to happen then he has pulled off a crime of Biblical scale. A new word will enter the English dictionary, and quite possibly many other dictionaries. In years to come we won't just be talking of Pyramid selling, multi-level marketing, boiler rooms and Ponzi's. A Satoshi scam will sit head and shoulders above all other scams. People will ask 'Were you one of the people who got 'Satoshid'?

But out of the bonfire of digital currencies will emerge a new digital currency, one that does take into account the flaws and weaknesses of human nature. It just won't be Bitcoin.

AnonyMint invents problems for Bitcoin that just are not there. The more I have considered the distribution model, the more ingenious it feels. In the beginning I supported a "more equitable" altcoin but then realized that it just cannot be done any other way (or let's say all the proposed alternatives are inferior: the further from Bitcoin, the more inferior). So now I think that:

- Bitcoin is doing just fine
- The alt would not fly anyway.

He has the exact opposite opinion, which I think is unfounded in truth, and that he is actually "butthurt" to have missed the 100x of 2013.

Most people here know even less about economics than me, so quoting marx may be a good idea since they don't understand it at all.

The thread has truly deteriorated to be a socialists' lair. I had high hopes for this altcoin in the beginning, but now it seems so obvious that it is going nowhere.. Is there any way to unsubscribe the thread?  

Mint:  If your arguing that hard money will be rejected by the people and can only be forcefully imposed by government that is indeed a more nuanced position then I had originally though you had.  But I would still disagree.

I believe that individuals DO crave hard money, everyone knows that if they possess a harder form of money then everyone else they will be advantaged.  It's like the classic prisoners-dilemma where you win by betraying your partner, hard money is when everyone is betraying everyone.  This is why people (particularly 'libertarian' types who view other people only as means to their own ends) are attracted to things like BTC, their is a natural greedy response to acquire hard money like a 'sweet tooth' that makes us eat too much sugar, the systemic effects are terrible but most people do not think systemically so we end up stuck in a sub-optimal situation.  Basically I see a logical bottom-up explanation for how we got here so I don't attribute it to a top-down cabal, I always turn to the conspiratorial theories LAST.


Their are certainly instances in history were central authority forces hard money onto the populous (usually by taking away soft-money) but we can see from the rabid BTC zealots that exist that the imposition of hard money will be meet with Cheers and Applause by large swaths of the masses.  Thus is it not JUST a problem of government, and particularly now that so much inertia is built up behind it.  Most people only know our current money system which is harder then it should be (BTC is hyper-hard by comparison).  Given the existence of gold as an easily mined, easily traded commodity it is very easy to see how it became money all over the world, no central authority is necessary to do that.  Most negative government action has been in the form of suppression of alternatives to hard money (or the softening of the money standard ) rather then to create the norm of hard money in the first place.

So with heavy money flow in, and still low spending of bitcoin, it has to go up.

: )

cj

The only problem with all your arguments is that Bitcoin is just a protocol/specification for a crypto-currency. Bitcoin don't make any promise; actually Satoshi only wrote a paper and programmed the first implementation. Everything else is online communities: this forum, reddit, github, freenode and the trollbox. You can see a lot of people there saying any kind of bullshit, but they are not Bitcoin.
Also, even the exchanges warns you about how risky is buying btcs...

You realize how difficult it would be to be a "bitcoin killer"...I'm guessing not.
Any beneficial characteristic that an alt coin has can be added to bitcoin easily.

If it is so "revolutionary and/or beneficial' adding it to the protocol and getting the miners to adopt it would be a piece of cake.

The bitcoin protocol is not written in stone and can be changed by the dev's as fast as they can code...getting the acceptance of that fork is only as easy as everyone understanding why the change is important or beneficial.

It is a "living" protocol and can evolve instead of being obsoleted....it also has the advantage of being the first and the one with the largest global support network.

We have been over this. No. It does not fit the definition.

People who think that are delusional and in most cases, only speak such ridiculous statements to drive people to buy.  There will always be several world currencies, even if they all became crypto-currencies (doubtful in our lifetime) there still would be hundreds of different currencies to service an ever growing world population.

Is the price sustainable?  Sure it is. $1000 is actually low for what Bitcoin really can be worth.  I'd expect to see many corrections and even crashes along the way but Bitcoin has proven very resilient and as long as there is no "super flaw" in the code or something found (not a tech guy) Bitcoin will be at least one of many major players in the future.

This is true, if you hold more cash than you need, this cash simply loose value over time.
Buy gold or land instead if you dont believe in Bitcoin  

They are not actually that strong, but this is just my opinion and your choice indeed. Also he is known for deleting posts (his own and the replies to them) where he had been proven flat-out wrong. I guess that's why he has a high ignore score...

It is not easy to see yourself, but your ignore button has reached its maximum color

Bitcoin is like gold (gold is worth whatever someone pays and also the scarcity of gold makes it worth more)

you're better off buying than mining. if you want to mine something go for Litecoins. as far as the pyramid part, see my sig.

You believe that it's a pyramid and that you 'll burn someone else but you don't worry about yourself getting burned first?
That doesn't make sense.

A pyramid scheme stops when fiat money runs out. It is the same for housing and IT bubble, or even a pension fond

But what will happen to bitcoin when fiat money runs out? People will start to use real goods and services to exchange for bitcoin, thus the appreciation for bitcoin will continue until it exhausted all the available resources on the planet

If you feel that Bitcoin is a pyramid scheme, but that cryptocoins are good in theory, then find an altcoin that you believe in. They are all going to go up for the next few years.