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81  Other / Off-topic / Re: Why do you have Bitcoin? on: May 04, 2016, 10:32:45 AM
I'm more of a fan of blockchain technology than I am of any particular digital currency

Triple entry bookkeeping is a game changer.

Trustless transactions have changed the game of commerce.

Smart contracts have opened the door to an entirely new dimension of self governance.

Autonomous corporations are now possible.

... heck, graphics cards are now being used to MINE THE INTERNET itself for digital assets that can be converted into any fiat currency.

Humans are now employed by a piece of software (bitcoin) and paid by this piece of software to secure it's network (mining reward)

Simply.. I use bitcoin because it allows us to interact with the blockchain, and do alot of things that were literally impossible 20 years ago.
82  Bitcoin / Bitcoin Discussion / Re: what happens to Bitcoin if internet goes down? on: May 04, 2016, 10:22:17 AM
If the internet goes down many things are likely to happen with Bitcoin... at least pricewise.

If you look at all the other major financial bubbles, disrupted access initially causes lower prices as everyone begins to assume that they have "lost everything..." This always leads to increased speculation due to the lower price caused by 'perceived' loss of value. But lower prices in a highly sought after asset class ALWAYS sparks a HUGE bubble

So, if the internet were to go down. Zero access to the blockchain would cause bitcoins perceived value to fall initially... Then people would realise how impossible it is for the internet to be 'permanently' shut down, due to the fact that large segments of our economy exist solely online. 

Thus, everyone would rush to buy physical representation of bitcoins... Casascius physical bitcoins.. sparking a bubble, which would lead to exorbitantly inflated, sky high prices for casascius physical coins

Then.. once the internet is restored, smart money will instantly sell and take their profits.. which will bring the price of BTC crashing back down to the level it was at before the "entire internet" went down
83  Bitcoin / Bitcoin Discussion / Re: In 2010/2011 Bitcoin was really exciting! on: May 04, 2016, 10:15:55 AM
People used to talk about "losing sleep thinking about BTC all the time", and it wasn't just about money.
We wanted to set people free.

In 2010/2011 Bitcoin was really exciting!
Are you excited now about the Bitcoin project/economy?
Why or why not?

If people were exited in 2010, then they have even more reason to be exited in 2016

6 whole years have passed and Bitcoin is still dominating conversation when it comes to the disruption of this archaic financial system that has literally turned "money" into debt.

6 years ago, if you were to mention anything Bitcoin related to anyone in the financial sector, you would have been ostracized and made the butt of everyone else's jokes. 6 years later Bitcoin is finally being taken seriously. Bank, after Bank has publicly expressed their concern that bitcoin may one day by the catalyst of the extinction of the current financial system.

Senators have come out and delivered hours of speech about bitcoin. George Osborne, Britain's Chancellor of the Exchequer publicly gave Bitcoin his vote of confidence by creating a £10m cryptocurrency research initiative in 2015

So i think bitcoin is far more exiting today than it ever was in 2010, because today in 2016 Bitcoin is not looked at as some co-op science project.. it's being looked at as the solution to the current issues that have been caused by the world's central banks
84  Other / Off-topic / Re: Do you still believe in bitcoin on: May 04, 2016, 10:09:23 AM
It's not the "belief" in bitcoin that matters. It's the use case... and bitcoin is VERY important when it comes to "the other 3 billion" of the worlds unbanked population. Bitcoin is the bridge that brings these 3 billion people to the great financial chess board known as the global market. The connotations of this are HUGE.

That aside, bitcoin and blockchain technology as a whole also allows the financial inclusion of MACHINES into the global economy. Ethereum has made machine to machine payments possible, and when you consider the fact that for every 1 person there are at least two "smart" devices (phone, laptop etc) then you are looking at a potential future global economy with 14 billion+ participants.

So there are some very interesting times ahead indeed.

With the current financial system imploding and caving in on itself, crypto technology with it's triple entry bookkeeping is slowly being ushered in and, in 20 years time, the entire financial industry will rely VERY heavily on blockchain tech
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