|
The standard S-curve should still apply. Bitcoin is its own worst enemy right now. Bitcoin in its current form acts as a payment protocol and a virtual commodity. This wild speculative pricing is based on it being a commodity. Its qualities as a payment protocol works against the price as you don't need any more than you use to send if you have a better store of value. Bitcoin needs further development through things like colored coins to make it act as a truly valuable negotiable instrument. Then you'll be able to factor in derivatives and competing Bitcoin-based currencies that overwhelms the suppression factor as merely a payment protocol. Then we can begin to see factorial growth.
|
|
|
|
|
Until there is a Trezor style Armory, security will be an issue for most.
|
|
|
|
Says the man holding a bunch of coins bought cheap.
Yeah. He tried to tell me when I was selling BTC at $1000, that I would be crying when I was buying back in at $1300. No attention should be paid to anything this muppet says. Too much respect for the authorities, they can not block facebook ffs, stopping crypto is way beyond what they can hope to achieve. Their power is non-existent, they can impact your life only by your own obedience, because you are taught to live scared of "The Man". Step outside the box and you will see they are just a bunch of senile power-hungry underperforming executives who have no idea what they are doing.
Incase you hadn't noticed, The Man has just indebted your entire nation (wherever you are from) to the tune of 10's of trillions of USD, in order that The Man and his mates get paid back on billions worth of toxic worthless paper wealth that imploded in their faces a few years back. The Man could coerce practically all governments of the world to essential betray the people they are meant to serve because The Man has the power, the people do not. When it really matters, The Man can do what the fk he wants. And you will sit in your attic bitching n whinging about liberty and freedom but ultimately doing fuck all but living the life that circumstances have set for you. The US goverment can turn around tomorrow and say that Bitcoin is the currency of criminals and terrorists, and its finished....sure, it may persist as black market underground unit of exchange, but in such a scenario it would be trading at pennies, not hundreds or even thousands of dollars and your new found wealth would be up in smoke. Oh c'mon. Ebil empires always end up in the history books. |
|
|
|
The government, or "they" refers to the larger system itself, and not directly to the individuals that make up the system. The system takes on a life and personality of its own. Recently I've tried to stop using "the government" in favour of using "government" as a plural noun. Government doesn't realize that their policies will drive the legacy currencies into the ground though endless quantitative easing. I like That turn of the phrase! If you think "Government" is bad, wait until SkyNet gets ahold of your bitcoins.  |
|
|
|
|
Nothing but the name. I would have called it Dogecoin.
|
|
|
|
|
You can sweep the paper wallet with the Mycelium app. It only uses the private key in ram and then deletes it.
|
|
|
|
Paul Krugman has been a strong supporter of foreign exchange controls http://www.cato.org/publications/commentary/siren-song-exchange-controls so it is hardly surprising that he would consider Bitcoin evil. Convertible fiat currencies such as the USD, EUR etc have nothing to fear from Bitcoin, but non convertible fiat currencies such as the INR, VEF or ARS have everything to fear from Bitcoin. A convertible hard virtual currency that can be instantly sent across international borders, without the intervention of a bank, is the death knell of any foreign exchange control regime. This is why Bitcoin has so much potential already: it eliminates capital controls. This is a "killer app" for it. Even the EUR is afflicted as capital controls exist in Cyprus. Colored Coins, Master Coin, Open Transaction currencies, etc. will allow states to introduce Bitcoin derived fiat currencies with limited capital controls. You can create debt based currencies, fractional reserve banking, and inflation while piggybacking on the Bitcoin network. They basically function by multiplying the value of bitcoins by several orders of magnitude if they are processed through centralized servers. Bitcoin will not eliminate these, but will serve to eventually wean states from capital control dependence. |
|
|
|
Only Fiat is safe, USD, RUR, YUAN, CHF, EUR, GBP, all other is shit
 |
|
|
|
Oh dear, Cbeast doesn't understand how open source coding works does he?  It just so happens that I've been thinking about copying a lot of the earlier versions of Bitcoin to my hard drive to redistribute over Bittorrent in the event of a takeover just in case any loyalists or the Bitcoin foundation get any ideas about trying to take over the network with force. Is that how you interpret what I wrote? I didn't say anything about force. If you're implying forking, then you completely misunderstood the point. What you propose is possible, but unreasonable. |
|
|
|
|
Does anything really need anything else? Did you really need to stop breast feeding at 3 months? Do we really need Canadian baseball teams in MLB? Let the "free market" decide.
|
|
|
|
|
You all hate Krugman and list your mostly Libertarian views. Just remember, you don't control Bitcoin development any more than anyone else. Bitcoin has the potential to become a very powerful protocol for supporting fiat currencies. The "free market" Libertarians often reference will then decide how Bitcoin will adapt and become adopted. It will centralize to some degree as major miners act as transaction clearinghouses. It will centralize with layered protocol servers. The one great thing Bitcoin has is an unstoppable blockchain that will give cryptocurrency users a choice in how they will adopt them. Bitcoin has the potential to act as a great reformer rather than destroyer of centralized banking. You can have all the best of both Keynesian and Libertarian worlds.
|
|
|
|
|
He really sets off the Libertarians. I worry when two violently opposed ideologies get overly excited.
|
|
|
|
|
I would like to see Snowden tried publicly, but sadly he will disappear in a cloud of secrecy while protesters are dispersed in a cloud of gas.
|
|
|
|
|
I would like to see an open sourced smartphone app that performs the ability to sweep from one paper wallet to another. If this is already implemented somewhere please post the link. If this is something that would benefit from a bounty, please suggest so.
|
|
|
|
|
I use part of my vanity address 1234Ff3D19v5JPHfUXw9PBimQc9LGfa6iN. It's also my luggage combination.
|
|
|
|
|
I support naming conventions that honor those that sacrificed for humanity's endeavors. I realize that AI research adopted his name, but I am confident that one day Bitcoinia will create something worthy to carry on his name as well.
|
|
|
|
but there's already a moved topic notice after you move a topic.
I meant a PM. Sorry for the confusion. |
|
|
|
|
I'll summarize my take on what Bitcoin is, should, and will be as a currency.
First it is a financial protocol manifested as a PoW network. There are many cryptocurrencies attempting to prove their merit. So far Bitcoin is the most successful. Several unique websites and applications have been released supporting Bitcoin's exotic transaction mechanisms.
Second, it is a virtual commodity currently used to exchange and barter. Bitcoin is reasonably decentralized medium of exchange, which makes it more desirable than centralized objects (like frequent flyer miles). It is highly divisible and relatively fungible. It is also a store of value. Bitcoin has many unique traits that avail an emergent complexity. In this regard, many see this functionality as a currency. Many of them also argue that metals are also currencies. Few however would argue that currencies are also commodities. This gives us room to further define Bitcoin as a third manifestation.
Currencies have something not inherently designed into the Bitcoin protocol. They have the faith of their users as having a value relative to something else. That is to say that it is "backed" by something. Rarely they are backed by commodities, but they are often desirable that way. Currently, fiat currencies are backed by little more than capital control mechanisms such as tax brackets, fees, and other financializations that control how much wealth certain classes of people hold. They also use use legal tender laws, money transmitter laws, and the power of state to enforce these controls. They "insure" your savings against theft by printing more money. These "backing" mechanisms may seem bizarre to a logical person, but they play on deep psychological needs for many people to feel that *someone* is in control of the money, that it will have value tomorrow.
Bitcoin serves as a foundation for future currencies because it has something no other currency has ever had. Bitcoin uses mathematical algorithms to serve as an alternative to some of the state controls such as anti-counterfeiting and inflation. Using the PoW network and protocol as a medium for currency creation gives rise to the possibility to create currencies that not only have the security of cryptography, but can also have all of the psychological properties desired by many. Fiat currencies can be created through overlaying protocols such as ColoredCoin, MasterCoin, and other similar products. They can not only be backed by real commodities if someone is inclined to do so, but they can also act as fiat currencies in that they can be somewhat inflationary. This is the most exciting aspect of Bitcoin development as it satisfies everyone from Keynesians to Mises' Libertarians. One can simply take a nearly worthless amount of BitDust and assign any value you wish to back up.
Of course you can always use Raw Bitcoin as a currency if you care to suffer the slings and arrows of the global markets. Some say that the price will stabilize over time. Perhaps, but the history of gold, silver and energy say otherwise. I will predict that almost everyone will choose to color their spending Bitcoin with something eventually. Over time, Raw Bitcoin days will be destroyed.
tl;dr Bitcoin is first a protocol, second a commodity, and will finally begin to be realized as an acceptable currency.
edited for clarity
|
|
|
|
|
Show Posts
