Bitcoin - Some thoughts from a nobody!

[Jucole]

Hi,  Since being introduced to Bitcoin only last week the whole Bitcoin concept has seriously made my head spin trying to make sense of it all.  The concept is so radical that I've had real problems sleeping - for real!

I'm not convinced though that Bitcoin will be the de-facto standard in everyday crypto currency because it's so badly flawed.  But what I can see is a newer crypto currency around the corner which will surpass and out-shadow even Bitcoin!    also when I say "newer" I'm not referring to all the Bitcoin clones I read about in the "alternate currency" topic section.

Whatever happens to Bitcoin isn't important; the important thing is you guys have proved you can change the rules!


Watch this space! ;-)

[1714101100]

1714101100

[DeathAndTaxes]

It is possible that Bitcoin will not be the dominant crypto currency in the future.  If someone builds something SUBSTANTIALLY superior the free market should adopt that.  Understand however Bitcoin does have a significant network effect.  An "almost as good" or "slightly better in a technical sense that the vast majority could give to craps about" is unlikely sufficient to overcome the network effect.

Ebay was flawed even early on.  No technically superior competitor unseated it though.  This is because for consumers despite the flaws ebay's network effect increased its value more than the flaws reduced it.  As ebay grew the network effect only grew stronger and today it remains the primary auction portal in the world.

[Jucole]

Hi,  thanks for taking the time to read my post;   One of the many flawed aspects of Bitcoin I find hard to understand is if the concept for Bitcoin is decentralization why do the major exchange/s ultimately hold the purse strings and how will that evolve over time,  surely it goes against the very nature of the concept of decentralization?    Also I don't think you can make a link between Bitcoin and Ebay in the sense you describe as Bitcoin is not a selling platform site it's a service,  Bitcoin might better be considered more like a Paypal type service.  Paypal to me has had it's day!  hence the gap in the market and the massive interest in Bitcoin.  Although I do like Bitcoin, again as mentioned it's only backed by centralized investors.

If Bitcoin does succeed what can it ultimately achieve other than a short gain transfer of wealth coupled with a novelty factor of frictionless money transfer?

I sense a transition past Bitcoin because I feel Bitcoin will either be the pixel-millionaire of the stock exchange or just an immature investment market attracting the exploitation and manipulation by the very same people it was conceptually designed not to be.

For all the above reasons and more will go against Bitcoin now and in the future, but the seed has already been sown - only time will tell!




ps. I believe my opinion although probably naive is quite unique in that I hold no affinity to any vested interest, so in that sense I like to think my thoughts are based on pure neutrality!

[FreddyFender]

When I discovered Bitcoin in April 2010 it was due to an investigation for large C changing memes in the arena of Financial Banking Regulation. The markets were stymied by centuries-old policies that had created a bottleneck on innovation. We had previously seen these bottlenecks fall for other industries, and Brick and Mortars to fast-paced, networked, world-changing technologies.
Bitcoin did not disappoint, in fact, it has surpassed and challenged my theories. This will lead to even more dramatic shifts in the meme-space, forever altering our ways of doing business.

FF