Why Bitcoin Is Going to Succeed: The Reason Nobody Is Talking About

[bobdude17]

        
        First of all, Bitcoin is going to make it to the mainstream because of the HUMAN FACTOR - Incentive. People are always talking about the pitfalls of the current system - the laggy centralized exchanges, the instability, no decentralized exchange, the fiat payment problems etc. All these problems are going to be solved over time. How? Incentive. Consider who these early adopters are. These speculators include some of the brightest technical and creative minds in the world today, all working and helping each other to solve the same problems. They all own Bitcoins, all their potential fortunes are tied to communally solving these dilemmas, they gain nothing from secrecy and competition, and they are not going to fail. See, this is very new.

Before, a startup company may have hired or included the best coders and strategists they could find, perhaps offered them future stock options to provide incentive to work harder. But these projects were not made public because they needed privacy, otherwise ideas and information might be stolen and used by possible competitors. But in doing so they missed out on the input of the world talent pool.

On the other end of the spectrum are open source Internet projects. Everybody come and work as you please. But because these projects were open to the public, there was no central company to fund any of these coders. Sure, they no doubt worked hard, as it was a hobby or a personal cause - but that nowhere near matches the Bitcoin project momentum. An open source project to replace the currency system for the financial benefit of everyone involved, with the brightest minds in the world able to hop on as they please.

So yes, you are going to have the best, brightest, and richest working towards a common goal. All the while little people - like me - cheer them on, doing whatever little things we can to help(advertising), praying that they succeed.
Microsoft, Google, IBM have never been able to match such a workforce.
We already have more "working employees", all incentivized with "stock options", than they EVER will. You must understand, this is the first project of it's kind in human history. All these petty beginning-stage problems will be overcome - why? Simply because because for the first time we all WANT them to be overcome. You must account for the solutions to problems that we don't understand yet - because they are being attacked by a motivated workforce quality we have never seen before. The problems will eventually be solved, and this is why Bitcoin will make it to the mainstream.

Now once Bitcoin does get there(or perhaps just before) we will run into a problem that many people have pointed out. Market instability. Hoarding by the rich investors, the people who have 10's of thousands of Bitcoins. Detractors rightly say that these overly rich early speculators will simply have too much damn money for there to be room for a stable economy. The graphs bounce with every move they make. However, you are still thinking in terms of the archaic currencies we use today. New systems require new ways of thinking. If this problem is obvious to you, do you not think it is obvious to them and their financial advisers as well?

In the present archaic system these activities continue because the government can just print more currency in order to balance or stimulate the economy, and keep these barons in power. Since this is not possible with Bitcoin, the ultra rich will be forced to do it out of their own pocket. No choice. It is now in their best interest - if they want to have a market to spend those billions in. They will have to spend of some of their money to stimulate the economy in order make their wealth usable, and the distribution of wealth will equal out slightly. The market will stabilize. And because there will be no bureaucracy to support these billionaires' financial staying power, finally the little people will have a chance to make their own fortunes out of hard work and ingenuity in a truly free market. The rich will have to maintain their wealth in the same way.
This is an unprecedented turn of history. It is an evolutionary stage of society that cannot be stopped. To you soon-to-be-rich: remember your responsibilities.
We are finally all in this together.



My fellow humans, Welcome to Bitcoin.



 

[FreddyFender]

Well spoken, BobDude17.

+1

(we need bitcointip)

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Exactly. If Satoshi really thought all of this out he is a genius beyond comparison.

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This post made me want to buy a little more BTC.

[bobdude17]

Thank you guys. I've just been getting a little irritated about people downing on the little things and not seeing the long term. People act like the Winklevii twins are going to throw down 11$ million dollars and just sit around and watch the graph go up and down. Trust me, they are busy throwing money at the best Silicon Valley talent they can find to try and work out the same problems that we are concerned about.

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Thank you guys. I've just been getting a little irritated about people downing on the little things and not seeing the long term. People act like the Winklevii twins are going to throw down 11$ million dollars and just sit around and watch the graph go up and down. Trust me, they are busy throwing money at the best Silicon Valley talent they can find to try and work out the same problems the we are concerned about.

That's an important aspect of this bitcoin idea. If big money types are getting in on bitcoin it will be harder for the government to throw its weight against it.

[XXthetimeisnowXX]

love it. put it on other topics!!! put it in the speculation topics....or i will, I want everyone to see this!!!

[Operatr]

Thank you guys. I've just been getting a little irritated about people downing on the little things and not seeing the long term. People act like the Winklevii twins are going to throw down 11$ million dollars and just sit around and watch the graph go up and down. Trust me, they are busy throwing money at the best Silicon Valley talent they can find to try and work out the same problems that we are concerned about.

Exactly. You can tell pretty immediately who's just here for a quick buck and missing the point, like Bitcoin is some kind of scam or elaborate casino (further pushed by those idiotic "its a ponzi scam!" people who have no clue in hell). Those at the technical level understand exactly what this is, and why it is so important, the ones who don't care about the price and never will, its about the technology and making it work.

I think another point, especially when it comes to the current BTC rich, is remember that in the earliest days they mined coins that were fascinating, but ultimately useless in the real world for years. Obviously they probably have a stockpile or two. But as the world begins to accept it, more large merchants get on board, there will be somewhere for their wealth to go, which will only help the economy over time. Until now it was basically like having a million prussian francs in your account. Why call em out though? They were the first to start driving and testing this tech, had they not this wouldn't be possible, I hope they become very rich people in the future economy.

Though it is young, short term it seems like the bets are in, but I also see long term, and this is only the beginning and is anyone's game.

The miners are arming for battle with new ASIC devices and spawning an entirely new growth industry around it, and that is real world impact by creating jobs and new industry, in a world where much of that is crumbling by the day in other markets. So, this is really just Year 0 for Bitcoin going mainstream. I'm very excited to see where it goes from here.

This is the new wild west, and we're all digital cowboys staking our claim in new territory.

[ezetortuga]

Thankyou so much bobdude17
This helps me to understand the FORCE for good that is behind Bitcoin.
Really beautifullly written, I tweeted you... hope many come to read you.

I nominate this to be a sticky post here.

[psybits]

Really enjoyed reading this 

[Wekkel]

Paid a tip 

[onealfa]

What a wonderful post, Bobdude17 !

OP message tweeted, tip sent

[Welsh]

Very detailed and quality post. Something which people don't consider very often. I think you got your point across. I also think you made it clear how everyone else should be thinking; more positive.

[nedievas]

Very possitive!

[luffy]

THANKS!
BTC and other coins surely need this kind of thinking!

[Lieutenant Dan]

Great post!

The interesting factor is definitely there. The more people research the currency the more BTC fever they get, can only be a good thing.

[meowmeowbrowncow]

+1


Though, I have to admit there are some serious flaws re: transaction volume that none of the elite dev's are taking up in a serious way to provide an elegant solution.


The more I hear prominent dev's use concepts such as 'off-chain' transactions or micropayment channels the more I fear for the utility of Bitcoin.

[canada]

As a sidenote, I wonder if the porn industry will adopt bitcoin; one of the biggest challenges they have are chargebacks (i didn't order circle jerk 5, how the hell did that charge show up on my credit card?!). They loose millions because of this. Bitcoin being anonymous - good for the buyer, chargebacks not an option - good for the businesses.

Where would the internet be if it wasn't for porn?

[ThemThereHills]

While I am inspired by your enthusiasm, I think that you are assuming people like the Winklevii twins actually believe in BTC. Even if they claimed to, i still wouldn't know it for a fact. Their economic profile points towards them merely attempting to hoard and turn a huge profit. Even if they did(and others), what does this mean?

Like you, I also believe that the rich nerds of the world, (i.e. silicon valley money and talent) are who is going to truly catapult BTC into the mainstream. People who want to make money, but are self made and worked their way up from the bottom which gives them the unique perspective of knowing what it's like to be outside of the financial inner-cirlce(rich). Not to mention the luck factor, but that is another discussion.
The Winklevii do not have this perspective. They were born rich. Their struggles are derived from a wholly different perspective. Their privilege has enabled them to enjoy the best of everything with out necessarily deserving it. Do you think they were accepted to Harvard on their own merit? If they were poor, they would have went to their local community college.

The main issue is that BTC is a new abstraction and we are still making sense of it.

Anyway, I only attempt to be slightly contrary to your post because a balanced perspective is the key to managing expectations. 

[ThemThereHills]

As a sidenote, I wonder if the porn industry will adopt bitcoin; one of the biggest challenges they have are chargebacks (i didn't order circle jerk 5, how the hell did that charge show up on my credit card?!). They loose millions because of this. Bitcoin being anonymous - good for the buyer, chargebacks not an option - good for the businesses.

Where would the internet be if it wasn't for porn?

I wouldn't be surprised if they already did but the problem is that it would only serve to exacerbate the negative image BTC has as funding the immoral pursuits of the world. Not that I agree with that notion but must always take into account the mindset of the 'mainstream' as that is where BTC aims to be.