Just wait, this is coming down the pipe.

[Jessy Kang]

Bitcoin's technology is unstoppable, like p2p filesharing has proven to be unstoppable. But "the Bitcoin Project" could fail in a bunch of different ways.

Oh crypto-currency is here to stay. Best anti-counterfeiting tech to come along in centuries.

PS: the cbsnews interview was with Jeff, not me, and my last name is "Andresen"

Whoops! My apologies.

[Joseph]

It's posts like this opening post that get me completely excited about Bitcoin! You know how sometimes you get some doubts about what you're doing, but things are going to be big!

[flug]

It's posts like this opening post that get me completely excited about Bitcoin! You know how sometimes you get some doubts about what you're doing, but things are going to be big!

+1

[oneforall]

Jessy, I'm not going to quote any of your specific quotes. But i will point out something that may not have occurred to you. Yes, bitcoin may be able to be stopped by a great big government attack, technology wise unlikely, negative publicity more so. However, what you may be failing to realize is the martyr factor - alot of people have had their lives changed by this idea, changed in a way unimaginable. the powers that be know this. these people who have been touched in a deep even spiritual way by the implications of this system will not pack up and go home and just give up. We just had a man set himself on fire and die(in the US) in protest of how unfair fathers are treated in custody battles/child support cases. don't underestimate for a second that the power behind this movement. if bitcoin is squashed, people will just use it as a lesson. we see the holy land and we are headed towards it, obstacles will be circumvented. no amount of negativity by anyone could have stopped the automobile, the internet, or now, free(as in liberated) money.

[flug]

- alot of people have had their lives changed by this idea, changed in a way unimaginable. the powers that be know this. these people who have been touched in a deep even spiritual way by the implications of this system will not pack up and go home and just give up.

+1

"All the forces in the world are not so powerful as an idea whose time has come." - Victor Hugo

It's not so much that I'm wanting to to be militant and subvert the system etc etc. I'm just in AWE of Bitcoin. I'm trying to understand it. I don't think it can be stopped, and I'm interested in the ways that this will pan out, and how we can facilitate its path being as peaceful and beneficial as possible. This might be the biggest Black Swan for a long time, sailing by invisibly under everyone's noses right now.

[TheGer]

Obviously this person didn't read the link posted above.  Here it is again for your viewing pleasure.

http://en.wikipedia.org/wiki/Fractional-reserve_banking

A, banks don't make money out of "thin air" they make it out of the future obligation of the borrower. The problem is that all money is thus an exponential debt, and this is obviously unsustainable.

B, "fiat" is not the central characteristic of debt based money, fiat is just a name for what is acceptable to be paid in taxes. Time was chickens and cows were "fiat", time was gold itself was "fiat". So whining about fiat currency like you've done here doesn't really make sense. It's like saying the Nazi's were evil because they spoke German, or Stalin was bad because he had a big mustache. It's beside the point. One day bitcoin itself might be considered fiat in some country somewhere, who knows. I wouldn't recommend it though.

[datguywhowanders]

Bitcoin's technology is unstoppable, like p2p filesharing has proven to be unstoppable. But "the Bitcoin Project" could fail in a bunch of different ways.

If mainstream people think "Oh, bitcoin is that internet thing used by criminals", that is bad for bitcoin. It might be bad enough to kill the project (note that I said "the project", not "the technology").

If bitcoin really does turn into an internet thing only used by criminals then I'll personally consider it a failed experiment and will find something else to do.


PS: the cbsnews interview was with Jeff, not me, and my last name is "Andresen"

Gavin, it's good to see you pop in and offer your perspective. I think we are all very grateful to have you as a level-headed spokesmen for Bitcoin. Listening to you in the interviews, I've heard you say how you'd be much more comfortable to continue coding and working instead of constantly doing public appearances and talks on it.

I think that proves that you are the person for that role. It has been thrust upon you and not seized or even necessarily wanted by you. We can all argue that Bitcoin is completely unstoppable. We can talk about bringing down the banking system. The truth is that at this stage, we just don't know what the future of Bitcoin holds.

It's a revolutionary idea, and it has the power to change lives. However, it has its weak points. The usability needs to improve for further adoption by the general population. The security needs to improve to be taken seriously by big investors. The biggest hurdle we face right now is playing the game and showing the legitimacy and beneficial nature of Bitcoin to government and politicians.

It is in the best interests of Bitcoin for all of us to play nice with others, or at least pretend to do so.

[Litt]

To me Bitcoin is a what a currency should have been in the first place. I can certainly relate to the martyr argument because I cannot go back to the idea of being happy using a fiat dead currency like USD. I won't give up on Bitcoin because I believe in the core reason for it's creation. At this point there is no going back for me because the way I think about money has changed completely. Not just because of Bitcoin being introduced to me per say, but it's been a long yearning in my mind that finally found an answer to bring change to the current failing system.

Many people here who consider themselves early adapters likely share the same sentiment. Getting rich is one thing, but having the chance to stop the thievery form the Banking industry altogether for the long haul is the real reason why I'm invested in Bitcoin and mining operation. If my investing in Bitcoin proves to be the correct choice, I will surely be rewarded for my faith and support of the currency. I'm confident that I'm correct to bet on Bitcoin here. Even in the worse case scenario, it would have been worth it to be part of the solution in an attempt to fix a broken system that can changes the lives of billions.

[oneforall]

To me Bitcoin is a what a currency should have been in the first place. I can certainly relate to the martyr argument because, I cannot go back to the idea of being happy using a fiat dead currency like USD. I won't give up on Bitcoin because I believe in the core reason for it's creation. At this point there is no going back for me because the way I think about money has changed completely. Not just because of Bitcoin being introduced to me per say, but it's been a long yearning in my mind that finally found an answer to bring change to the current failing system.

Many people here who consider themselves early adapters likely share the same sentiment. Getting rich is one thing, but having the chance to stop the thievery form the Banking industry altogether for the long haul is the real reason why I'm invested in Bitcoin and mining operation. If my investing in Bitcoin proves to be the correct choice, I will surely be rewarded for my faith and support of the currency. I'm confident that I'm correct to bet on Bitcoin here. Even in the worse case scenario, it would have been worth it to be part of the solution in an attempt to fix a broken system that can changes the lives of billions.

I love reading posts that I know could have come from me, there is such a concrete sense of oneness that just flows out from this idea. If a year ago you had told me that I'd be obsessively reading about a new currency AND getting goose bumbs from doing so I would have laughed and said "man, you don't know shit about me. I don't give a damn about economics, currency, or any kind cryptography anything."