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grondilu
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January 11, 2013, 04:17:38 AM |
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Why are there so many bitcoin haters on slashdot? I don't understand. |
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fcmatt
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January 11, 2013, 04:35:07 AM |
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Why are there so many bitcoin haters on slashdot? I don't understand. Probably because they see it as a greater fool type setup. As long as there us a greater fool out there willing to buy your bitcoins the scheme continues. They tend to think this will eventually end. And honestly... Their opinion is pretty darn valid. It has a significant chance to happen. If steady progress is not made bitcoin will end up being a niche use case for what we see today. Gambling and drugs and speculation. With a tiny use case of products and services from techy type folks. |
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grondilu
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January 11, 2013, 04:47:32 AM |
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Why are there so many bitcoin haters on slashdot? I don't understand. Probably because they see it as a greater fool type setup. As long as there us a greater fool out there willing to buy your bitcoins the scheme continues. They tend to think this will eventually end. There will always be people like me who will always be reluctant to accept any currency for which we don't even know what is the total amount in existence. The greater fool is the one who accepts to keep such a currency for any significative amount of time. So unless you are poor and thus have no savings whatsoever, you want to keep stuff that are not constantly devaluated. Bitcoin is undoubtly one of these stuff. |
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Explodicle
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January 11, 2013, 05:15:08 AM |
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Why are there so many bitcoin haters on slashdot? I don't understand. Based on the comments, it's volatility and lack of adoption. Meaning they're still right if Bitcoin ever becomes widespread, since the problems they pointed out have been addressed. Bear in mind that for all the armchair economists on Slashdot... they still use that insane groupthink-o-matic comment karma system. |
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grondilu
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January 11, 2013, 05:20:12 AM |
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they still use that insane groupthink-o-matic comment karma system.
Makes me think of a word I learned today, in the last Vsauce vid: cyberbalkanization. Though I understand the need to avoid being overwhelmed by insignificant or silly comments, the karma system really sucks as it only makes you talk with people who think more or less like you. Kind of miss the point of talking with people. |
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fcmatt
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Activity: 2072
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January 11, 2013, 05:26:44 AM |
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Why are there so many bitcoin haters on slashdot? I don't understand. Probably because they see it as a greater fool type setup. As long as there us a greater fool out there willing to buy your bitcoins the scheme continues. They tend to think this will eventually end. There will always be people like me who will always be reluctant to accept any currency for which we don't even know what is the total amount in existence. The greater fool is the one who accepts to keep such a currency for any significative amount of time. So unless you are poor and thus have no savings whatsoever, you want to keep stuff that are not constantly devaluated. Bitcoin is undoubtly one of these stuff. What you are saying borders on the far fringe. It is quite dramatic. The us dollar will be around a lot longer then we will be alive. Anyone with money invests it and hopes to exceed the inflation rate. Say 10% per year as a fine goal. They diversify also. There are hedges one can use besides bitcoin that are many times more trusted. Gold, property, desirable objects, etc.. Bitcoin being one of them has yet to be proven. Time has to pass to show if that is true. For now it is rampant speculation. To consider it anything else just demonstrates you have blinders on, very naive, or have drank the koolaid from jamestown. I am here.. So i also see something in bitcoin. I just do not preach the gospel according to satoshi. It has possibilities but it has a very very long ways to go. |
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grondilu
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January 11, 2013, 05:56:17 AM |
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There will always be people like me who will always be reluctant to accept any currency for which we don't even know what is the total amount in existence.
The greater fool is the one who accepts to keep such a currency for any significative amount of time. So unless you are poor and thus have no savings whatsoever, you want to keep stuff that are not constantly devaluated. Bitcoin is undoubtly one of these stuff.
What you are saying borders on the far fringe. It is quite dramatic. The us dollar will be around a lot longer then we will be alive. Anyone with money invests it and hopes to exceed the inflation rate. Say 10% per year as a fine goal. They diversify also. There are hedges one can use besides bitcoin that are many times more trusted. Gold, property, desirable objects, etc.. Bitcoin being one of them has yet to be proven. Time has to pass to show if that is true. For now it is rampant speculation. To consider it anything else just demonstrates you have blinders on, very naive, or have drank the koolaid from jamestown. I am here.. So i also see something in bitcoin. I just do not preach the gospel according to satoshi. It has possibilities but it has a very very long ways to go. Before bitcoin, I bought some gold because I did not trust the national currency for holding any value. It was not just because of the long history of gold as a storage for value (after all, it's easy to notice how the price of gold had a slow but very real decrease from the 80s to the end of the 90s). If I bought some gold, it's because I knew that at least, it's not something central banks can print like crazy. For bitcoin, it's the same. Indeed no-one can know if bitcoin will hold its economic value in the long term. You are totally right about that. But I don't need such an empiric argument. All I need is to run a version of the bitcoin software where the total amount of bitcoins is written in the code. One bitcoin will always be a twenty-one millionth of the total amount of bitcoins. That's what I mean when I say it can not be devaluated. It's a fact written in the code. It does not need the proof of time to be considered true. |
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FreeMoney
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Strength in numbers
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January 11, 2013, 06:24:02 AM |
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Why are there so many bitcoin haters on slashdot? I don't understand. Probably because they see it as a greater fool type setup. As long as there us a greater fool out there willing to buy your bitcoins the scheme continues. They tend to think this will eventually end. There will always be people like me who will always be reluctant to accept any currency for which we don't even know what is the total amount in existence. The greater fool is the one who accepts to keep such a currency for any significative amount of time. So unless you are poor and thus have no savings whatsoever, you want to keep stuff that are not constantly devaluated. Bitcoin is undoubtly one of these stuff. What you are saying borders on the far fringe. It is quite dramatic. The us dollar will be around a lot longer then we will be alive. Anyone with money invests it and hopes to exceed the inflation rate. Say 10% per year as a fine goal. They diversify also. What in a museum? There was a thread just yesterday I think about "How many bitcoins do you have invested?" which makes no sense but belies the same fallacy as this snippet. You don't 'invest' dollars when you invest, you get rid of them for something better. Everyone smart is always looking to get rid of their dollars because they are shit value. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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fcmatt
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Activity: 2072
Merit: 1001
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January 11, 2013, 06:56:05 AM |
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There will always be people like me who will always be reluctant to accept any currency for which we don't even know what is the total amount in existence.
The greater fool is the one who accepts to keep such a currency for any significative amount of time. So unless you are poor and thus have no savings whatsoever, you want to keep stuff that are not constantly devaluated. Bitcoin is undoubtly one of these stuff.
What you are saying borders on the far fringe. It is quite dramatic. The us dollar will be around a lot longer then we will be alive. Anyone with money invests it and hopes to exceed the inflation rate. Say 10% per year as a fine goal. They diversify also. There are hedges one can use besides bitcoin that are many times more trusted. Gold, property, desirable objects, etc.. Bitcoin being one of them has yet to be proven. Time has to pass to show if that is true. For now it is rampant speculation. To consider it anything else just demonstrates you have blinders on, very naive, or have drank the koolaid from jamestown. I am here.. So i also see something in bitcoin. I just do not preach the gospel according to satoshi. It has possibilities but it has a very very long ways to go. Before bitcoin, I bought some gold because I did not trust the national currency for holding any value. It was not just because of the long history of gold as a storage for value (after all, it's easy to notice how the price of gold had a slow but very real decrease from the 80s to the end of the 90s). If I bought some gold, it's because I knew that at least, it's not something central banks can print like crazy. For bitcoin, it's the same. Indeed no-one can know if bitcoin will hold its economic value in the long term. You are totally right about that. But I don't need such an empiric argument. All I need is to run a version of the bitcoin software where the total amount of bitcoins is written in the code. One bitcoin will always be a twenty-one millionth of the total amount of bitcoins. That's what I mean when I say it can not be devaluated. It's a fact written in the code. It does not need the proof of time to be considered true. I see what you mean now. You like that quality about bitcoin. |
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fcmatt
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January 11, 2013, 07:05:37 AM |
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Why are there so many bitcoin haters on slashdot? I don't understand. Probably because they see it as a greater fool type setup. As long as there us a greater fool out there willing to buy your bitcoins the scheme continues. They tend to think this will eventually end. There will always be people like me who will always be reluctant to accept any currency for which we don't even know what is the total amount in existence. The greater fool is the one who accepts to keep such a currency for any significative amount of time. So unless you are poor and thus have no savings whatsoever, you want to keep stuff that are not constantly devaluated. Bitcoin is undoubtly one of these stuff. What you are saying borders on the far fringe. It is quite dramatic. The us dollar will be around a lot longer then we will be alive. Anyone with money invests it and hopes to exceed the inflation rate. Say 10% per year as a fine goal. They diversify also. What in a museum? There was a thread just yesterday I think about "How many bitcoins do you have invested?" which makes no sense but belies the same fallacy as this snippet. You don't 'invest' dollars when you invest, you get rid of them for something better. Everyone smart is always looking to get rid of their dollars because they are shit value. I know what you are trying to say. You say get rid.. i say invest. To me that demonstrates you and i differ when it comes to the status quo. When you say the dollar sucks, omg, buy bitcoin, most people just roll their eyes. It really does not help when most people realize we will all be dead and the US dollar will still be the goto currency for the world in overall trust and when crap hits the fan. I know you disagree with me but i think my opinion is not in the minority while yours is. |
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grondilu
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January 11, 2013, 07:16:14 AM |
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You say get rid.. i say invest.
Whenever you invest into something that is not FED notes or USD-denominated bonds, you get rid of your dollars. It's as simple as that and it is not just rhetoric. |
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fcmatt
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January 11, 2013, 07:31:10 AM |
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You say get rid.. i say invest.
Whenever you invest into something that is not FED notes or USD-denominated bonds, you get rid of your dollars. It's as simple as that and it is not just rhetoric. Using rid in this case is your way of being derogatory. Saying invest implies the same thing except one has an expectation of a result or a profit. I got rid of my dollars to buy a dividend paying stock that each year the company gets rid of their excess dollars and pays me a certain amount per share. Seriously? Who talks that way? |
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grondilu
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January 11, 2013, 07:37:59 AM |
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You say get rid.. i say invest.
Whenever you invest into something that is not FED notes or USD-denominated bonds, you get rid of your dollars. It's as simple as that and it is not just rhetoric. Using rid in this case is your way of being derogatory. Saying invest implies the same thing except one has an expectation of a result or a profit. I got rid of my dollars to buy a dividend paying stock that each year the company gets rid of their excess dollars and pays me a certain amount per share. Seriously? Who talks that way? I do. I buy stocks to get rid of my euros. Seriously. Also, honestly I'm not a native English speaker and I just don't know how to say "get rid of" with a more neutral tone. But I see your point and it is valid. |
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n8rwJeTt8TrrLKPa55eU
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January 11, 2013, 01:41:42 PM |
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I do. I buy stocks to get rid of my euros. Seriously.
I feel the same way. Seeing nontrivial cash balances at my bank or brokerage makes me uncomfortable in the extreme with idiots/crooks like Draghi or Bernanke at the helm. I quickly try to find somewhere else to put them. In the past that might have been precious metals, but nowadays... Bitcoin is proving extremely useful as a "parking space". As its stability and liquidity have drastically improved over the past year, it's rapidly becoming my favorite way of holding idle cash. |
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DeathAndTaxes
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Gerald Davis
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January 11, 2013, 02:04:00 PM |
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Why are there so many bitcoin haters on slashdot? I don't understand.
My guess ...  My alternate theory is that the percentage of intelligent people on slashdot is actually very low. For a while this was hidden because the few true experts outshined the mobs of non thinkers. Some time ago slashdot hit that tipping point where it kinda became pointless. |
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Atruk
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January 11, 2013, 02:32:06 PM |
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Why are there so many bitcoin haters on slashdot? I don't understand.
My guess ... My alternate theory is that the percentage of intelligent people on slashdot is actually very low. For a while this was hidden because the few true experts outshined the mobs of non thinkers. Some time ago slashdot hit that tipping point where it kinda became pointless. If you browse the comments on that post with a threshold of 4 or 5 instead of reading everything, it is mostly bitcoin love. Browsing at 0, 1, or 2 on Slashdot any more most comments on nearly all posts are going to be FUD, Schilling, or fanboism. I try not to let my reading threshold drop below 4 unless I have mod points. |
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thoughtfan
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January 11, 2013, 03:34:21 PM |
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...no-one can know if bitcoin will hold its economic value in the long term. You are totally right about that. But I don't need such an empiric argument. All I need is to run a version of the bitcoin software where the total amount of bitcoins is written in the code.
One bitcoin will always be a twenty-one millionth of the total amount of bitcoins. That's what I mean when I say it can not be devaluated. It's a fact written in the code. It does not need the proof of time to be considered true.
There are no facts written above with which I was not already very familiar - and have even explained to others quite a lot. Yet for me a penny dropped with what you just said in the last two sentences. I do believe Bitcoin has vulnerabilities that leaves it open to an immense technological attack (51% or co-ordinated internet-disrupting etc.) but assuming that doesn't happen I now understand that time, competing crypto-currencies, rising value against USD/EUR/GBP really do not matter providing you and I (and a few others) value the fact of its inbuilt-invariable scarcity - and that we have the means of verifiably transfering it to one another. The increasing in network hashing power, increasingly distributed mining, more full nodes running, increased 'legitimate' use including in developing nations (increasing the political cost of attacking it) etc. will with time both decrease the odds of a technological attack and increase its value relative to gov't issued currencies but I have as of this moment, thanks to your post, a renewed appreciation of the value of Bitcoin today, right now, irrespective of everything else. Greatly appreciated  |
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TraderTimm
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January 11, 2013, 03:56:42 PM |
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This criticism from Slashdot is ironic, since they're the same collection of future-thinking geniuses that panned the first iPod.
I'm not particularly worried that they don't "get" bitcoin right now. Some do, and you can tell who they are. The rest, they'll keep crapping on the idea until it is at their doorstep, knocking to be allowed in.
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fortitudinem multis - catenum regit omnia
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kokojie
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January 11, 2013, 04:24:55 PM |
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Why are there so many bitcoin haters on slashdot? I don't understand. Probably because they see it as a greater fool type setup. As long as there us a greater fool out there willing to buy your bitcoins the scheme continues. They tend to think this will eventually end. And honestly... Their opinion is pretty darn valid. It has a significant chance to happen. If steady progress is not made bitcoin will end up being a niche use case for what we see today. Gambling and drugs and speculation. With a tiny use case of products and services from techy type folks. Actually Bitcoin would be wildly successful if it were able to capture the entire gambling + drug market, worldwide. That's a 100B+ annual revenue market. Bitcoin would be able to compete pretty much head on with minor currencies such as JPY/AUD/CAD. |
btc: 15sFnThw58hiGHYXyUAasgfauifTEB1ZF6
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