what I've learned so far...

[paulie_w]

some illuminating points:

- silicon valley is afraid of and will demonize any awesome tech that they cannot fully control
- economists are afraid of and will demonize any awesome idea that they cannot fully comprehend

and of course, I've learned by following twitter: that everyone is an 'expert'.

my hope is that bitcoin destroys and reboots *4* things:

- traditional views on money
- the central banking system
- our ideas about countries and trade
- and as bill hicks would say, all those fucking fevered egos running around (in other words, you look like an ass if you talk like you know about something, when you don't, rather than our present situation of 'anyone who talks with high-level language about complex subjects is subject to no scrutiny at all')

beautiful, really. if this is the unfathomable future, bring it swiftly.

[PseudoCode]

What Ive *re-learned* from Bitcoin so far..

The less people understand about a subject, the more likely they are to shoot their mouths off authoritatively about that subject.   (no, Im not referring to you, just your thread suited it )

The amount of Expert wanna-be Economists, Bankers and Joe Averages with opinions on "Why X wont work" leads to me wonder if there is so much expertise out there that knows what doesn't work, then how come we have been suffering the ravages of economic booms and busts for so long ?

Surely all of these experts would have known how to stop all the other failed credit crunches, bubbles, collapses and so on if they knew so much ?

So from this, I conclude that practically everyone with a loud opinion on "Whats wrong with Bitcoin" is more likely to be an ignorant idiot than those who quietly say "I dont know"

What I do know is that Bitcoin is something new and different to anything that has been tried before (as far as I know), and it looks worth a punt on to me.. 

It can hardly do *worse* than the track-record of the current and preceeding systems, despite the naysayers and doom criers.

It should be a fun ride

[paulie_w]

well said.

what about the silicon valley point? do you also get the impression that they can't really stand when things come 'out of nowhere' like this?

[jerfelix]

my hope is that bitcoin destroys and reboots *4* things:

- traditional views on money
- the central banking system
- our ideas about countries and trade
- and as bill hicks would say, all those fucking fevered egos running around (in other words, you look like an ass if you talk like you know about something, when you don't, rather than our present situation of 'anyone who talks with high-level language about complex subjects is subject to no scrutiny at all')

What's interesting to me is to think of what is going to happen when Wall Street Investors start rushing in to "get a piece of the action".
I think this is barely starting to happen now, but will go strong for the next few months.


Throwing ten grand at a high-risk idea is nothing to some of these guys.  Especially if it's a hedge against all other things that they are invested in (like the traditional money, currency, and the banking system in general).


The irony here is that these same "bankers and investors" could totally drive the price of Bitcoins up.  You will be rejoicing at the rise in value as they join the Bitcoin party.  People hope that Bitcoin destroys "them" (or their ways), yet celebrate when they buy in.  That just feels odd to me.

[jerfelix]

What Ive *re-learned* from Bitcoin so far..

The less people understand about a subject, the more likely they are to shoot their mouths off authoritatively about that subject.   (no, Im not referring to you, just your thread suited it )

The amount of Expert wanna-be Economists, Bankers and Joe Averages with opinions on "Why X wont work" leads to me wonder if there is so much expertise out there that knows what doesn't work, then how come we have been suffering the ravages of economic booms and busts for so long ?

Surely all of these experts would have known how to stop all the other failed credit crunches, bubbles, collapses and so on if they knew so much ?

So from this, I conclude that practically everyone with a loud opinion on "Whats wrong with Bitcoin" is more likely to be an ignorant idiot than those who quietly say "I dont know"

What I do know is that Bitcoin is something new and different to anything that has been tried before (as far as I know), and it looks worth a punt on to me.. 

It can hardly do *worse* than the track-record of the current and preceeding systems, despite the naysayers and doom criers.

It should be a fun ride

Yeah, the guy who claimed Bitcoin was a scam and doomed to fail will be bragging about how right he was, and saying "see, I told ya so!", when the price of bitcoins "plummets" from $160 per BTC to $147/BTC.

[paulie_w]

What's interesting to me is to think of what is going to happen when Wall Street Investors start rushing in to "get a piece of the action".
I think this is barely starting to happen now, but will go strong for the next few months.

Throwing ten grand at a high-risk idea is nothing to some of these guys.  Especially if it's a hedge against all other things that they are invested in (like the traditional money, currency, and the banking system in general).

The irony here is that these same "bankers and investors" could totally drive the price of Bitcoins up.  You will be rejoicing at the rise in value as they join the Bitcoin party.  People hope that Bitcoin destroys "them" (or their ways), yet celebrate when they buy in.  That just feels odd to me.

you sir have a great point.

[PseudoCode]

Bankers and Investors arent the problem with the current system.. 
They are just trying to earn a buck out of "The way things are"

If they think Bitcoin is worth "investing in", more power to them, they will help drive its adoption and uptake.   

They might cause some wobbles if some of them get cold feet and jump out again, or "take their profits" back into their previous systems, causing trade-value fluctuations..  but I think Bitcoin will survive a fair bit of lily-livered short term focussed traders trying to earn a quick xx$.

Nothing will stop the fact that it is the first un-manipulatable, unstoppable way for anyone in the world to send digital value to anyone else they want with no middle men or moral guardians deciding you're not allowed to do so because they dont like what you are doing with your money.   

This alone will ensure its long term success in my opinion.  It is real *free trade*.  And about time too.

The people I'm rah-ing at are all the economic experts claiming that they know why it wont work.    Right guys, if you're opinions are so right and you know so much better,  what the hell are you doing logging onto some tiny internet forum and blowing hot-air about ?   

Surely there is some investment bank that needs your infallible expertise much more than we do ?   

[goatpig]

What I've learned so far:

- Stay out of the economic forums, loon fest Bitcoin hater den
- Stay out of the mining forums, idiocy contest between cpu miners and Deepbit fanboys led on a river of hurr durr gpu won't work.

and of course, I've learned by following twitter: that everyone is an 'expert'.

As well as being millionaires and having gigantic schlongs. Welcome to the internet!