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

[bobdude17]

  (A user requested I repost this here)


        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.





 

[revans]

Panglossian drivel.

[XXthetimeisnowXX]

Panglossian drivel.

your amazing - cheers mate.

[Mike Christ]

Save yourself a trip to the dictionary.

Panglossian:  Excessively optimistic.

My lexicon is now improved, and I now know another word I will never use.  Thanks!

[unk]

Consider who these early adopters are. These speculators include some of the brightest technical and creative minds in the world today,

citation needed.

[gradient vector]

I don't know about you but I'm constantly thinking of ways to make bitcoin better.

[unk]

Don't worry unk, it's not you. Hey, did you ever get over ripping off people for your early mined bitcoins?

yes, and i donated half of the proceeds to charity. you can follow this in my posting history if you're curious, rather than a needlessly insulting troll.

[counter]

REAL TALK +1000

[unk]

Fantastic. I knew you had it in you. 12,000 bitcoins was it? You were shy to sell them at $10 a piece because of how unfair it was.

back then, i was concerned that the influence of this forum had turned bitcoins, functionally speaking, into an investment fraud. more recently, it was at worst a media-backed frenzy. i don't mind profiting from the latter; i've made significant money in other, similar bubbles. i try to avoid profiting directly from fraud.

I'm not insulting you. I've disagreed with just about everything that emanates from your keyboard from the start. You are second only to s as the most wonderful troll ever.

i have always been honestly motivated and have tried to improve people's understanding of bitcoin. if you misinterpreted that as trolling, the problem is with your reading comprehension. i can't help if some people here don't expect nuance and assume that any measured, rational criticism, rather than monotonic promotion of bitcoin under all circumstances, is 'trolling'.

i'm back on the forum because i sold a pile of coins and was curious what the old promoters were saying. the tone and content have not improved over the last two years, but surprisingly they've not declined either. neither has the quality of the 'businesspeople' associated with bitcoin improved, which is disappointing. it is still amateur hour among all the prominent services, including those i specifically warned about two years ago, many of which have turned out to be either dramatic failures or outright scams. at least mt. gox has again attracted people's ire, but i don't expect the community to learn and avoid them any more than they did in 2011.

who were you two years ago, and what motivated you to change identities on the forum?

[Coincrazy]

First of all, Bitcoin is going to make it to the mainstream because of the HUMAN FACTOR - 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

1. All the best minds are NOT into the bitcoin early list. some best minds are into the early list, BUT not all
2. The bitcoin early list is a few hundreds
3. There are lot more aspiring , bright , hungry minds "out there" who are NOT early in the bitcoin train

So yes, you are going to have the best, brightest, and richest working towards a common goal.

there will be 10 times more # of brights working to make the next coin work...

within 4+ years of start and 1 year of frenzy there are competitors out there

who know what will happen in 4 more ?

so .... how do you say common goal ? I see competing goals !!

MY 2 Cents worth

[rampantparanoia]

we are still on track. thx op!

[Chef Ramsay]

Thank the Lord this thread isn't longer or I would've considered this a grave waste of time. Preciate it.