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Author Topic: Nostalgia already: "...Bitcoin...is worth nearly a dollar..."  (Read 1535 times)
buyanycoin
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February 03, 2016, 03:50:44 AM
 #1

http://www.theatlantic.com/business/archive/2011/04/how-to-start-your-own-private-currency/73327/

"Architects of private currencies face a chicken-egg challenge. To make a new currency popular among users, you have to sign up retailers. To make it popular among retailers, you have to sign up users."

"The most interesting currency facing this existential crisis is BitCoin, a computer-generated currency that is famously traded among a couple hundred computer geeks and merchants. 'The only thing valuable about BitCoin is that there are other nerdy internet denizens that will accept it for payment for things,' Blanchard said."

"BitCoin is backed by neither metals nor man-hours, yet each coin is worth nearly a dollar due to demand for the scarce BitCoins that have been released among the network of users. BitCoin is currently legal and active. But some worry it could face a fate like E-Gold, the bullion-backed online currency that quickly became a favorite of global crooks and money launderers. Its founder was sentenced to house arrest."


This was four years ago; I'm wondering what 'long enough' is for any currency to be legitimized for the masses.
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February 03, 2016, 03:58:18 AM
 #2

Yeah back in the day many people were capitalizing the "C" in BitCoin. That's nostalgia.

Even the stickied thread on the top of this page was titled: New to BitCoin? Start here!
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February 03, 2016, 04:25:18 AM
 #3

Yeah now we're in 2016 and still facing the same chicken-egg challenge.
But bitcoin is not only a currency, it's also a store of value and an investment. So the so-called chicken-egg challenge isn't really one: users must come first, as investors, and then more and more retailers can join in as bitcoin becomes a more and more attractive mean of payment.
In other words we know which comes first, between the bitcoin-egg and the bitcoin-chicken  Smiley

Now the real challenges are different: (1) the blocksize issue (2) regulation that might come, supported by masses for whom it's innocent geeks who use bitcoin anymore but terrorists.
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February 03, 2016, 04:41:54 AM
 #4

Yeah, this is very interesting.  2011 seems like so long ago in so many ways, and it's hard to believe it was only 5 years ago.  Crazy.  Would have been nice had I bought some way back then instead of chasing the precious metals like everyone was doing then.  Gold & silver were going nuts, but I do remember at least reading about bitcoin in 2011.  It took at least until 2014 before I realized that it wasn't a scam and wasn't going away.  Good times.



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February 03, 2016, 06:04:47 AM
 #5

BitCoin has come a long way since then, and I would like to hear what the author of that article would say, if we look at the growth it has seen, since then. BitCoin has changed the financial industry in such a major way, that it cannot be compared with E-Gold or any other cheap attempt at creating a digital currency.

The Geeks and Nerds are now the millionaires of Bitcoin. < Spot the correct spelling now > ^smile^

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February 03, 2016, 06:15:53 AM
 #6

Maybe we can replace the Bitcoin with ETH or any other strong alt coin out there and this can still be applied now.

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February 03, 2016, 06:21:24 AM
 #7

Those were great times to be here, but I was a Bit too late having arrived when BitCoin was surging past $2.5/btc. I sure wish I still had all the ones sold at $7 ...

We Can Be Happy!
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February 03, 2016, 06:29:28 AM
 #8

How fast 4 years can go and how fast the price can move in that time.

I think there has been a lot of growth from the claimed hundreds of internet geeks that were mentioned in the article. We are now millions already, which is kind of linear compared to the price growth!


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February 03, 2016, 06:39:56 AM
 #9

I am sure after the blocksize debate and the reward halving, we will be back on track.
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February 03, 2016, 08:10:48 AM
 #10

In few years we could be asking yourself same question if bitcoin jump to 4k?
But also we must be prepared for worst case scenario back to 1$?



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February 03, 2016, 08:23:48 AM
 #11

I`ll look back in 20 years after BTC gets to 1,000,000$ and see how stupid people were who though that bitcoin is dead now.

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February 03, 2016, 11:52:51 AM
 #12

I think bitcoin will not face that chicken egg chalange like e-gold as bitcoin founder is anonymous and also they can't shutdown all the nodes worlwide. LOL to government

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February 04, 2016, 05:29:25 AM
 #13

http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html

"According to a study of 775 fiat currencies by DollarDaze.org, there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes."

"The average life expectancy for a fiat currency is 27 years, with the shortest life span being one month. Founded in 1694, the British pound Sterling is the oldest fiat currency in existence. At a ripe old age of 317 years it must be considered a highly successful fiat currency. However, success is relative. The British pound was defined as 12 ounces of silver, so it's worth less than 1/200 or 0.5% of its original value. In other words, the most successful long standing currency in existence has lost 99.5% of its value."

"Given the undeniable track record of currencies, it is clear that on a long enough timeline the survival rate of all fiat currencies drops to zero."


This is so interesting; almost feels like a crystal ball.   Cheesy
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February 04, 2016, 07:33:31 PM
 #14

Ah, the days when one could even mine whole Bitcoins in minutes with a potato. First time I heard about mining Bitcoin (2011) I thought it had something to do with Minecraft. Btw, I'm surprised to see that already in 2011 prices rose above $20. It took roughly 20 months for BTC to reach this value again ..

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February 05, 2016, 08:29:07 AM
 #15

To me there's only one issue and that's that Bitcoin hasn't been able to generate actual demand from the mainstream. The technical aspects can all be sorted out eventually really if the developers come to an agreement or adopt new ideas from new projects. But common people won't use Bitcoin in a million of years if it doesn't present in a different and more accessible way.
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February 05, 2016, 08:45:03 AM
 #16

To me there's only one issue and that's that Bitcoin hasn't been able to generate actual demand from the mainstream. The technical aspects can all be sorted out eventually really if the developers come to an agreement or adopt new ideas from new projects. But common people won't use Bitcoin in a million of years if it doesn't present in a different and more accessible way.

It has to solve a problem a lot of people has, to go mainstream. The people in the western world do not have any reason to switch. < It is not a faster payment method and the process to acquire it is cumbersome and complicated > The only reason they might accept it on a merchant level, would be because of the < No Charge back > feature.

The area where it solves a problem is with remittance in the 3rd world countries. The potential for growth in that sector is phenomenal and untapped at the moment, but then you have to stay away from fiat conversion.

We still had remarkable growth with all the challenges we were faced with. <Mt Gox | Silkroad | Crypsy | Blocksize differences etc. > ^smile^

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February 05, 2016, 09:45:59 AM
 #17

Looooooooooool

That seems rather incredible now for sure xD

I was not even aware of the existence of bitcoin at that time...
What I find crazy is... How did it work back then? I mean now it's easy cause high internet debit everywhere and dozens of wallets/sites/exchanges. But at that time?

Even if I was aware of btc existence I don't think I would have been able to adopt it ^^
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February 05, 2016, 11:47:14 PM
 #18

Those were great times to be here, but I was a Bit too late having arrived when BitCoin was surging past $2.5/btc. I sure wish I still had all the ones sold at $7 ...

Yeah, should have kept every bit of 'dust' we mined. What we consider dust in those days adds up to some serious $ these days.

Still remember selling a small chunk of mined coins at the $30 peak tho.  Grin
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February 06, 2016, 01:02:36 AM
 #19

The first poster's question is a very interesting one. What would it take to silence the little voice in the back of your head preaching doom? I'm not sure myself but it still feels fragile to me. It'll be a while before I'm fully confident.

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February 06, 2016, 01:28:32 AM
 #20

Might as well still be worth that, since there's not a single person in the US who wants to buy any of my (currently) worth of stuff.

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