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

[shamoons]

Nicely stated.

[jdbtracker]

This is a truly epic response that hits the nail firmly on the head, bashing it to splinters.

The amount of human ingenuity if we bothered to consider Ray Kurzweils estimates; 1 PetaFLOP of general computing power on average/person, there is at least 60 ExaFLOPs of human ingenuity potentially available at any moment to solve any problems the network might have.

We are running on a nearly ExaFLOP SuperComputer that is running the highest grade Cryptography Experiments every ten minutes, all while actually doing something very useful; Transfering your money to where it has to go and monitoring it's own network for efficiency.

Not to mention the effect that this technology is having on real industries; The FPGA sector is getting a boost, their new Vertex 7 2000T design is truly revolutionary... the advancement and refinement of this technology will open the road to more complex processes that can be paralleled. The video card industry too, it is beginning to be affected by this, more adaptable compute units will be needed with higher efficiency.

This system seems to be self optimizing itself with the assistance of all it's members, from the developers to the common folk who just use the system to transfer money at a low cost; We are all testing the system, adapting to it, evolving it, This is forming the foundation for Web 4.0 a leap ahead... of what has been imagined for Web 3.0, the web automating and assimilating aspects of the real world and virtualizing them; it's a leap that may take us eventually to a self optimizing Internet; The internet will be aware of you.

The proof of concept has been established, Bitcoin is the foundation for this new technology, p2p distribution of resources and a motivated work force ready to take it to it's logical conclusion, the automation and distribution of virtualizable Institutions.  

What a hell of a way to take back the 1% and spread it out to the rest of the 99%, truly ingenious.

By the way in it's current form Bitcoin is a Semantic web machine, a web 3.0 device.

Tim Berners-Lee originally expressed the vision of the Semantic Web as follows:

I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which should make this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.

[hrkristian]

This is a truly epic response that hits the nail firmly on the head, bashing it to splinters.

The amount of human ingenuity if we bothered to consider Ray Kurzweils estimates; 1 PetaFLOP of general computing power on average/person, there is at least 60 ExaFLOPs of human ingenuity potentially available at any moment to solve any problems the network might have.

We are running on a nearly ExaFLOP SuperComputer that is running the highest grade Cryptography Experiments every ten minutes, all while actually doing something very useful; Transfering your money to where it has to go and monitoring it's own network for efficiency.

This system seems to be self optimizing itself with the assistance of all it's members, from the developers to the common folk who just use the system to transfer money at a low cost; We are all testing the system, adapting to it, evolving it, This is forming the foundation for Web 4.0 a leap ahead... of what has been imagined for Web 3.0, the web automating and assimilating aspects of the real world and virtualizing them; it's a leap that may take us eventually to a self optimizing Internet; The internet will be aware of you.

The proof of concept has been established, Bitcoin is the foundation for this new technology, p2p distribution of resources and a motivated work force ready to take it to it's logical conclusion, the automation and distribution of virtualizable Institutions.  

What a hell of a way to take back the 1% and spread it out to the rest of the 99%, truly ingenious.

By the way in it's current form Bitcoin is a Semantic web machine, a web 3.0 device.

Tim Berners-Lee originally expressed the vision of the Semantic Web as follows:

I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which should make this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.

Just no. Please stop it with the Web X.0 and all the idological nonsense.

The 1% can crush the bitcoin system in a second between taking a shower and brushing their teeth, they could destroy bitcoins with a smoke signal.

What future do you people really see for the bitcoin? I don't doubt it's usefulness as a currency that surpasses the hoops of the established institutions (instead of making them convert to a simpler internet reality, bitcoin users are going the way of pirates in forcing change by adopting a new, better system that benefits all), but it's anonymous and decentralized, don't anyone see how nations and financial institutions will put a bullet through the proverbial skull of the bitcoin once it becomes a thorn in their sides?

[Wekkel]

You sound very afraid of the 'Big Club'. Why wasn't the Internet killed then (same FUD, different technology)?
The truth is that there is no 1% actively chaining the 99%. It's much more complicated than that.

[Rockford]

great post!

[jdbtracker]

This is a truly epic response that hits the nail firmly on the head, bashing it to splinters.

The amount of human ingenuity if we bothered to consider Ray Kurzweils estimates; 1 PetaFLOP of general computing power on average/person, there is at least 60 ExaFLOPs of human ingenuity potentially available at any moment to solve any problems the network might have.

We are running on a nearly ExaFLOP SuperComputer that is running the highest grade Cryptography Experiments every ten minutes, all while actually doing something very useful; Transfering your money to where it has to go and monitoring it's own network for efficiency.

This system seems to be self optimizing itself with the assistance of all it's members, from the developers to the common folk who just use the system to transfer money at a low cost; We are all testing the system, adapting to it, evolving it, This is forming the foundation for Web 4.0 a leap ahead... of what has been imagined for Web 3.0, the web automating and assimilating aspects of the real world and virtualizing them; it's a leap that may take us eventually to a self optimizing Internet; The internet will be aware of you.

The proof of concept has been established, Bitcoin is the foundation for this new technology, p2p distribution of resources and a motivated work force ready to take it to it's logical conclusion, the automation and distribution of virtualizable Institutions.  

What a hell of a way to take back the 1% and spread it out to the rest of the 99%, truly ingenious.

By the way in it's current form Bitcoin is a Semantic web machine, a web 3.0 device.

Tim Berners-Lee originally expressed the vision of the Semantic Web as follows:

I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which should make this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.

Just no. Please stop it with the Web X.0 and all the idological nonsense.

The 1% can crush the bitcoin system in a second between taking a shower and brushing their teeth, they could destroy bitcoins with a smoke signal.

What future do you people really see for the bitcoin? I don't doubt it's usefulness as a currency that surpasses the hoops of the established institutions (instead of making them convert to a simpler internet reality, bitcoin users are going the way of pirates in forcing change by adopting a new, better system that benefits all), but it's anonymous and decentralized, don't anyone see how nations and financial institutions will put a bullet through the proverbial skull of the bitcoin once it becomes a thorn in their sides?

Well that would be true if Bitcoin was a currency instead of an incredibly complex cryptographic engine.  

the Core of Bitcoin is the secure transfer of data from one point to another... The core Technology is almost indestructible; What has been built on this foundation can be as shaky as it wants when you think that that data can be anything... financial information, computational data, virtualized work loads, the undisputed transfer of data with no errors from one point to another.

the 1% cannot crush bitcoin... because
        1)most of them don't want to, why would you when someone has just solved the problem of securely transferring funds from point A to B. Who are Bitcoins customers? Individuals and institutions with a vested interest in moving capital value, I.E banks can replace part of their system with this and can reliably send their transmissions by including a transaction fee to incentivise only the most powerful Bitcoin miners; they just saved themselves 1 billion dollars, and thats just in the banking sector!
        2)Bitcoin is a program, it can function anywhere, someone just has to keep a copy of it and distribute it, even if things get ugly they can run it behind a p2p Tor network, tunnel through the system, the system remains secure from external attacks because of the distributed nature of the network and the secure distribution network
        3)Bitcoin is nothing more than a new competitor in the financial markets, with thousands of employees with vested interest in seeing the possibly first open source corporation that has ever existed to cater to the financial sector.

[knight22]

Well said! Bravo!

[The Bitcoin Catalog]

+1

OP retweet

[Gordonium]

+1

Great post!

[Lieutenant Dan]

This is a truly epic response that hits the nail firmly on the head, bashing it to splinters.

The amount of human ingenuity if we bothered to consider Ray Kurzweils estimates; 1 PetaFLOP of general computing power on average/person, there is at least 60 ExaFLOPs of human ingenuity potentially available at any moment to solve any problems the network might have.

We are running on a nearly ExaFLOP SuperComputer that is running the highest grade Cryptography Experiments every ten minutes, all while actually doing something very useful; Transfering your money to where it has to go and monitoring it's own network for efficiency.

This system seems to be self optimizing itself with the assistance of all it's members, from the developers to the common folk who just use the system to transfer money at a low cost; We are all testing the system, adapting to it, evolving it, This is forming the foundation for Web 4.0 a leap ahead... of what has been imagined for Web 3.0, the web automating and assimilating aspects of the real world and virtualizing them; it's a leap that may take us eventually to a self optimizing Internet; The internet will be aware of you.

The proof of concept has been established, Bitcoin is the foundation for this new technology, p2p distribution of resources and a motivated work force ready to take it to it's logical conclusion, the automation and distribution of virtualizable Institutions.  

What a hell of a way to take back the 1% and spread it out to the rest of the 99%, truly ingenious.

By the way in it's current form Bitcoin is a Semantic web machine, a web 3.0 device.

Tim Berners-Lee originally expressed the vision of the Semantic Web as follows:

I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which should make this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.

Just no. Please stop it with the Web X.0 and all the idological nonsense.

The 1% can crush the bitcoin system in a second between taking a shower and brushing their teeth, they could destroy bitcoins with a smoke signal.

What future do you people really see for the bitcoin? I don't doubt it's usefulness as a currency that surpasses the hoops of the established institutions (instead of making them convert to a simpler internet reality, bitcoin users are going the way of pirates in forcing change by adopting a new, better system that benefits all), but it's anonymous and decentralized, don't anyone see how nations and financial institutions will put a bullet through the proverbial skull of the bitcoin once it becomes a thorn in their sides?

Well that would be true if Bitcoin was a currency instead of an incredibly complex cryptographic engine.  

the Core of Bitcoin is the secure transfer of data from one point to another... The core Technology is almost indestructible; What has been built on this foundation can be as shaky as it wants when you think that that data can be anything... financial information, computational data, virtualized work loads, the undisputed transfer of data with no errors from one point to another.

the 1% cannot crush bitcoin... because
        1)most of them don't want to, why would you when someone has just solved the problem of securely transferring funds from point A to B. Who is Bitcoins customers? Individuals and institutions with a vested interest in moving capital value, I.E banks can replace part of their system with this and can reliably send their transmissions by including a transaction fee to incentivise only the most powerful Bitcoin miners; they just saved themselves 1 billion dollars, and thats just in the banking sector!
        2)Bitcoin is a program, it can function anywhere, someone just has to keep a copy of it and distribute it, even if things get ugly they can run it behind a p2p Tor network, tunnel through the system, the system remains secure from external attacks because of the distributed nature of the network and the secure distribution network
        3)Bitcoin is nothing more than a new competitor in the financial markets, with thousands of employees with vested interest in seeing the possibly first open source corporation that has ever existed to cater to the financial sector.

Great points! Post more.

[Stephen Gornick]

We already have more "working employees", all incentivized with "stock options", than they EVER will.

Yup, and here's an article by BitPay's Tony G in which he was describing how owning bitcoins is like investing in the whole Bitcoin ecosystem:

The niche bitcoin space is unlike anything in history. It’s not necessary to invest in a Bitcoin startup in order to profit from the space. Many bitcoin companies are self-funded and the capital requirements are low. By simply owning bitcoins, you can profit from the success of every bitcoin company. There’s no need to pick the winners. BTC is the investment that gives you exposure to the currency, to the payment network, and to every business building products and services on top of bitcoin.

How Owning Bitcoin Is Owning An ETF On The Whole Bitcoin Space
 - http://www.pymnts.com/briefing-room/PYMNTS-International/2013/02/How-Owning-Bitcoin-Is-Owning-An-ETF-On-The-Whole-Bitcoin-Space/

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.

Well, this isn't the first time that mass collaboration around an open protocol has changed the world.  You might have heard of things like Wikipedia, or the world wide web itself -- both great examples of this.  Look up Don Tapscott's work for more on this.

What is unique to Bitcoin is the others all were mostly web-based/online.   There will be a growing amount of collaboration with a local impact.  Patronizing a merchant versus that merchant's competitors specifically because that merchant accepts bitcoin is something that will be recognized at the local level.  Here's an example of someone drawing from the global Bitcoin community to provide local help:


 - https://www.smore.com/e36w-sean-s-outpost

What is also unique to Bitcoin is that with other mass collaborations, the contributor generally receives no compensation or receives less compensation than could be obtained through other means.  The mass of collaborators were mostly participating as a labor of love.  Bitcoin could be the first mass collaboration that is financially rewarding to nearly all participants.  Bitcoin could be so rewarding to where the collaborator can justify allocating greater and greater involvement -- including obtaining all income needs as a result of that collaborative work.

Stepping back and looking at this "mass collaboration", it is simply the re-discovery of the concept of free markets.

[bobdude17]

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?

Agreed, they may not have any real belief at all. However, them wanting to turn a huge profit still means that it is in their best interest for Bitcoin to make it to the mainstream, so their goals would still align with and help ours despite their intentions. They and their advisers will be looking to do whatever they can to turn such a risky huge investment into a "sure thing".

Well, this isn't the first time that mass collaboration around an open protocol has changed the world.  You might have heard of things like Wikipedia, or the world wide web itself -- both great examples of this.  Look up Don Tapscott's work for more on this.

I was referring to an Open Source project in which all contributors had direct financial incentive to see the project succeed. This is the first of its kind. As you also said later in your post. Very cool seeing Bitcoins going to charity work! And just the kind of good press Bitcoin needs to balance out the bad publicity lately.




On a sidenote, I wanted to thank the people who tipped me, you unknowingly made my dream come true. I can now scratch "Get paid for writing" off my Bucket List. Thank you so much!


And try and tell me that would have happened without Bitcoin. Like anyone is really going to set up a whole dumbass credit card transaction just to tip someone a lil' somethin over the internet. Maybe now some of the musical artists that we have been downloading discographies of all these years can finally start getting some of the financial support they deserve... It will be the 21st century version of tossing a dollar into the guitar case, except with a LOT more people walking by. Lovin it.

[Stunna]

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

hah I'm with you there

[jdbtracker]

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?

Agreed, they may not have any real belief at all. However, them wanting to turn a huge profit still means that it is in their best interest for Bitcoin to make it to the mainstream, so their goals would still align with and help ours despite their intentions. They and their advisers will be looking to do whatever they can to turn such a risky huge investment into a "sure thing".

Well, this isn't the first time that mass collaboration around an open protocol has changed the world.  You might have heard of things like Wikipedia, or the world wide web itself -- both great examples of this.  Look up Don Tapscott's work for more on this.

I was referring to an Open Source project in which all contributors had direct financial incentive to see the project succeed. This is the first of its kind. As you also said later in your post. Very cool seeing Bitcoins going to charity work! And just the kind of good press Bitcoin needs to balance out the bad publicity lately.




On a sidenote, I wanted to thank the people who tipped me, you unknowingly made my dream come true. I can now scratch "Get paid for writing" off my Bucket List. Thank you so much!


And try and tell me that would have happened without Bitcoin. Like anyone is really going to set up a whole dumbass credit card transaction just to tip someone a lil' somethin over the internet. Maybe now some of the musical artists that we have been downloading discographies of all these years can finally start getting some of the financial support they deserve... It will be the 21st century version of tossing a dollar into the guitar case, except with a LOT more people walking by. Lovin it.

I love the way you think man! feasible micro transactions, I had never thought of that, hell I can send several denomination lower than a penny with this system!

 Jeez now that I think about it, this technology makes it really easy to transfer any amount between any currency... It may act like a buffer between currencies to prevent massive inequalities between buying power among third world countries vs Developed countries.  What if it established a gold standard of value between all currencies?

[Lieutenant_Bob]

Thats epic. Just the thoughts I have been having about BitCoin, only phrased greater than I ever could.

Keep the good news coming!

How about sending this post to a couple of mainstream media?


/Bob

[jdbtracker]

I agree,

I really like this post, seems the people are fighting back against the missinformation.

 http://arstechnica.com/business/2013/04/mining-bitcoins-takes-power-but-is-it-an-environmental-disaster/

there has been a story going around that Bitcoin mining is the same as gold mining, that it uses resources that are destroyed in its creation, (of course not, the miners secure the system, a necessary expense)
People began dismissing it an bringing up the calculations on how much energy was being used, but this article left out the fact that it is in the miners interest to have the most efficient machines possible.

hmmm, your right, someone should do an article about Bitcoin, a nice thick article that is thorough and split-able into different sections so that media outlets with different known positions can take their spin at it and base it all on fact, pure unadulterated fact straight from us.

[psybits]

I agree,

I really like this post, seems the people are fighting back against the missinformation.

 http://arstechnica.com/business/2013/04/mining-bitcoins-takes-power-but-is-it-an-environmental-disaster/

there has been a story going around that Bitcoin mining is the same as gold mining, that it uses resources that are destroyed in its creation, (of course not, the miners secure the system, a necessary expense)
People began dismissing it an bringing up the calculations on how much energy was being used, but this article left out the fact that it is in the miners interest to have the most efficient machines possible.

hmmm, your right, someone should do an article about Bitcoin, a nice thick article that is thorough and split-able into different sections so that media outlets with different known positions can take their spin at it and base it all on fact, pure unadulterated fact straight from us.

We are trying to get the funding for a massive Press Release distribution, spreading the facts about Bitcoin.

Can be seen here: https://bitcoinstarter.com/projects/31

Also we will include that mining is necessary energy expense to maintain the integrity of the Bitcoin network and to make it function at all!

[Ekaros]

I agree,

I really like this post, seems the people are fighting back against the missinformation.

 http://arstechnica.com/business/2013/04/mining-bitcoins-takes-power-but-is-it-an-environmental-disaster/

there has been a story going around that Bitcoin mining is the same as gold mining, that it uses resources that are destroyed in its creation, (of course not, the miners secure the system, a necessary expense)
People began dismissing it an bringing up the calculations on how much energy was being used, but this article left out the fact that it is in the miners interest to have the most efficient machines possible.

hmmm, your right, someone should do an article about Bitcoin, a nice thick article that is thorough and split-able into different sections so that media outlets with different known positions can take their spin at it and base it all on fact, pure unadulterated fact straight from us.

Does the efficiency of the hardware even matter? If the hardware is more efficient the difficulty will rise and thus any gains there will be lost eventually. People are likely to invest as long as they get returns.

And with widespread use. How high will the cost of coin go and as such the amount of energy needed to mine coins. What is expected return for mining? That is price difference between used power and hardware cost and value of gained currency. Likely rather low in sub 10% range would be my guess.

And that is the cost of running network.
 

[mestar]

People began dismissing it an bringing up the calculations on how much energy was being used, but this article left out the fact that it is in the miners interest to have the most efficient machines possible.

They left it out for a reason, and the reason is that it changes nothing.

Miners don't have a hash target they are trying to hit, they have a total profit available to them that they are fighting for. (3600 * price, daily)

Having the most efficient miners raises the total hash rate, yet the running costs, electricity mostly, are the same, and they would be the same even if all the mining was running on CPUs.

[mestar]

Also we will include that mining is necessary energy expense to maintain the integrity of the Bitcoin network and to make it function at all!

Will it also answer the question of who is paying for this expense?