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1  Bitcoin / Bitcoin Discussion / Re: Lloyd's of London and Bitcoin on: January 10, 2014, 08:54:05 AM


the problem isn't how do we get Bitcoin to be accepted by eg. Lloyds of London.

the problem is how do we bypass LLoyds of London completely.

seems that a much different attitude has taken over the bitcoin world these days.

-bm

So long as the bitcoin community is rife with pirates, scammers, fraudsters, conmen and hackers then there is a role for theft insurance. No one actually thinks air gapping, paper wallets or cold storage are ideal solutions (it's an internet based currency but the only way to protect it is take it off the internet?!  That's crap).

This could eventually lead to fully insured hot wallets which is where we need to be IMHO.


the initial fuel for this movement was an increasing awareness of a systemic bias in our financial system.  So tools were conceived and developed in order to help make a more equitable capital system.  Bitcoin was(presumably) one of these tools.  Sometimes though I wonder if the real story was something else completely.  The system does allow for authorities to track taxibility for instance.  Financial privacy is going to be of increasing importance in the near future, and Bitcoin not only doesn't offer it, it is misleading in that it offers the APPEARANCE of such, which is probably much worse.

Once we have London based insurance on Bitcoin, then we are back to relying on the same systems we were trying to escape.  Why not use PayPal instead of using Bitcoin and buying insurance from Llloyds?  Seems that people on here either 1) cant see the forest for the trees 2) are actively trying to move Bitcoin in this direction.  We even have full time Google employees now sitting in chairs on the 'Bitcoin Foundation'?

This.

Bitcoin infrastructure currently isn't at a level where it can be SOLEY relied upon as a unit of currency. Ideally instead of Llyods bank offering insurance a Bitcoin provider should do so. There's a business idea for you folks. Wink
2  Bitcoin / Bitcoin Discussion / Re: Bitcoin is not the problem its the current users. on: December 23, 2013, 07:29:08 PM
I feel that Bitcoin is currently undergoing a power struggle. Between the speculators and the believers.



I actually see it being more of an image issue.

Majority of people out there have heard that bitcoin is used for lots of illegal activities, if not that, then its loved by the anarchocapitalists and ultra libertarians who want to take down the government.

While these may have been some of the founding principles, like any rebellious teenager, bitcoin will need to, and is stepping into adulthood.
 

I feel that this is a key point. The image of Bitcoin. A lot of people have stated that the Bitcoin with stabilise as it becomes more accepted however if the image is one that shows it as a trading commodity then new people leaning about the Botcoin will probably be attracted to this side of the Bitcoin. Yes an increase in Bitcoins supply will increase stability however if the rate of speculators also increase then it will remain unstable.

Going back to the image point. The possibilities of the Bitcoin are truly endless and the community is formed of an array of intelligence. For the new comers we should glamourise innovation instead of speculation. Because at the moment from a newbies perspective it's probably seems more beneficial to trade your Bitcoins rather than trading your goods.
3  Bitcoin / Bitcoin Discussion / Re: Bitcoin is not the problem its the current users. on: December 23, 2013, 10:32:34 AM
I am not arguing that the speculators are not important or useful to the Bitcoin economy. Yet currently the speculators are probably out weighing the actual users of the currency.

4  Bitcoin / Bitcoin Discussion / Bitcoin is not the problem its the current users. on: December 23, 2013, 08:31:42 AM
I just like most others when first hearing of Bitcoins was excited, confused and intrigued. Now that I know a little bit more  (my knowledge is still minimal respectively to others on this forum) I feel that Bitcoin is currently undergoing a power struggle. Between the speculators and the believers.

My understanding of the Bitcoin was a decentralised currency giving the people the control. A currency which was controlled through the consumers demand and not the governmental supply. I'm sure many others see the Bitcoin in a similar light, yet at the moment the Bitcoin is nothing more than a speculators dream.

It's ironic that statements from a governmental organisation can inflate and deflate the value of the Bitcoin so greatly when the whole point of the Bitcoin is it decentralisation. You see the way I see it, the Bitcoin is nothing more than a traders tool at the moment. It's current purchasing power is fairly weak and it's extremely volatile. Ofcourse this is expected at the current Supply level, yet it's not helped by the speculators not trusting in the technology and vision of the Bitcoin and hoarding there coins away when governments issue statements.

From a businesses point of view how could I accept a currency that could potentially be worth 40% of what it was worth upon accepting it. Currently a lot of people pin the value of the USD to the Bitcoin. However to truly fuel the biteconomy we need to spend the BTC we have and covert them into USD (and yes we need to volatility to settle). 

The way I see it for the coin to succeed we need the right users behind it. Because ultimately it is only worth what we make of it.
5  Other / Beginners & Help / The curse of the noob on: December 23, 2013, 12:39:15 AM
Haha no one likes being a neewbie but the funny thing is the difference between the noob and the newbie. The newbie is simply new yet the noob can be old and still be a troll. Anyhows Im just trying to get out of the newbie forum so am talking nonsense. I have something  "intelligent" to say once I'm free  Roll Eyes

P.S was I the only person that was in the main forum and couldn't find the post features?  Then realised about the newbie rule?

Yeah I'm probably a noob.
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