Bitcoin in 15 Words for Laymen

[ribuck]

eight orders of magnitude divisibility.

I don't think laymen know what an "order of magnitude" is.

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[lumos]

do you hear that sound
the drop of the pound
the dollar declines
these are the signs
we don't want the free beer
FOR AT LAST BITCOIN IS HERE <3

[jtimon]

Bitcoin = online currency that you can store, with no central bank to devalue it.

Bitcoin = online, inflation-resistant and secure currency with no server for your government to shut down.

Bitcoin = online, inflation-resistant and secure currency with no server for your government to mess with.

Bitcoin = digital currency that central bankers and governments can't touch/fuck.

And as slogans (directed mainly to precious metals bugs and anarchists/libertarians):

Own the digits in your account, own Bitcoins.

Don't trust the printing press: trade with Bitcoins.

Bitcoin = the online/digital currency that you can store like gold.

Bitcoin = the online/digital currency you can hold.

Get the government out of your pockets, accept and trade with Bitcoins .

Stop financing the government, it can't touch your bitcoins.

Crash the Fed, trade with bitcoins (instead of buying silver to crash JP Morgan).

[chaord]

Bitcoin is digital cash for people who embrace technology yet prefer not to trust bankers and politicians.

[we6jbo]

Bitcoin allows converted funds to Bitcoin money to be transferred securely to other Bitcoin users.

[kroptofer]

 A currency fueled by raw anarchistic rage



http://i1097.photobucket.com/albums/g352/kroptofer/bitcoinAnarchy5.jpg
     Above: the exact moment I realized this.

[Ryland R. Taylor-Almanza]

"All your bitcoin are belong to you"

-MarkM-

Yes.

[caveden]

It is not impossible to tax bitcoins. The fact that they are traceable will make them taxable, unfortunately.

[ribuck]

A currency fueled by raw anarchistic rage

Although Satoshi normally chooses his words very carefully, he did once or twice let his raw anarchistic rage show through, like when he wrote that with Bitcoin, "we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of a centrally controlled network like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own."

That comment earned him a rebuke from the list moderator:

A bunch of people seem anxious to branch the discussion of cryptographic cash protocols off into a discussion of the politics of money. I'm a rabid libertarian myself, but this isn't the rabid libertarian mailing list. Please stick to discussing either the protocols themselves or their direct practicality, and not the perils of fiat money, taxation, your aunt Mildred's gold coin collection, etc.

That suggests this version of Bitcoin in 15 words or less for laymen:

Bitcoin: gives rabid libertarians a new territory of freedom for several years.

[hazek]

BitCoins is a new unique digital commodity voluntarily and openly created by completely decentralized mass CPU power that is of a fixed limited supply, practically impossible to dupe and very easy and potentially anonymously to trade.


p.s.: I think it's a slight mistake to call it a currency and it could be of greatly benefit if we'd all call it a commodity instead.

[kiba]

p.s.: I think it's a slight mistake to call it a currency and it could be of greatly benefit if we'd all call it a commodity instead.

I think we beat that topic to death.

[hazek]

I think we beat that topic to death.
[/quote]

Sorry I'm new, would you mind pointing me in that direction so I can learn why I'm wrong?

[kiba]

Sorry I'm new, would you mind pointing me in that direction so I can learn why I'm wrong?

There's a search button on the top of the forum.

[ribuck]

There's a search button on the top of the forum.

It's unintuitive that the search button only searches the current sub-forum. A search for "Commodity" from the box above this article won't find the discussion.

Some discussion is here:
Definition of a Commodity & Are Bitcoins a Commodity?

[heisenberg0000]

Bitcoin is the future, The future is bitcoin. Dont be left out. Its like the internet all over again.