How to save Bitcoin

[johnyj]

If you really want to save BitCoin and keep the bankers/forex traders from having such an effect on BTC's value? Quit comparing it to USD. Take only BTC/LTC/devcoin/etc. and ignore these other fiat currencies. As long as cryptocurreny values are compared to fiat currencies and we do not set (and stick with) what we feel the value to be, then we'll continue giving the Big Banks and forex traders all the power they need to destabilize our nascent economy.

Will never happen.  Fiat is Bitcoin's only link to reality, to real economy.  Just like the rest of fiat currencies, Bitcoin is created by fiat.  Unlike other currencies, Bitcoin's worth is not backed by political clout, military might, or an economy -- it's backed by nothing.

inb4 but minerz: Real currency isn't backed by the nice men who make the plates and run the presses that print the bills -- that's just how money is printed.  Bitcoin is similarly not backed by the nice miners who run their rigs 24/7 -- that's just how bitcoins are made.

Fiat is backed by a consensus which is mostly ensured by the government's law enforcement. But bitcoin is a totally virtual thing in internet, it is also a consensus, but only backed by mathematics. It is an abstraction layer above the physical world, which currently is out of reach of most of the people's imagination, it takes time for people to reach a consensus about its value

[jnagyjr]

If you really want to save BitCoin and keep the bankers/forex traders from having such an effect on BTC's value? Quit comparing it to USD. Take only BTC/LTC/devcoin/etc. and ignore these other fiat currencies. As long as cryptocurreny values are compared to fiat currencies and we do not set (and stick with) what we feel the value to be, then we'll continue giving the Big Banks and forex traders all the power they need to destabilize our nascent economy.

Will never happen.  Fiat is Bitcoin's only link to reality, to real economy.  Just like the rest of fiat currencies, Bitcoin is created by fiat.  Unlike other currencies, Bitcoin's worth is not backed by political clout, military might, or an economy -- it's backed by nothing.

And who cares? If you hold 1BTC to be worth something you've created, whether it be digital or physical, goods or services then that is the worth of a BitCoin. Do you think people all of a sudden said, "Well, this gold is worth 1,000 chickens, so unless I get that I won't sell." No, worth and valuation came as people began trading with gold. Some people got more for the same amount of gold, others less. Prices weren't really fixed though merchants who could go long distances knew how to play the markets enough to make a real killing (but even that didn't come around until later). The value of some amount of gold was 1,000 chickens for some people, and for others it was 20 horses (which might be worth 1500 chickens to someone else).

The point is BitCoins (and other cryptocurrencies) will only have value so long as it is used by those willing to accept a certain amount of Satoshis for whatever goods or services they offer. The same was true of fiat currencies before they were fiat. Their worth was determined on how people bartered with them. When governments stepped in to regulate their worth, it pretty much spelled their doom due to future inflation.

[Ira H. Fuchs]

If you really want to save BitCoin and keep the bankers/forex traders from having such an effect on BTC's value? Quit comparing it to USD. Take only BTC/LTC/devcoin/etc. and ignore these other fiat currencies. As long as cryptocurreny values are compared to fiat currencies and we do not set (and stick with) what we feel the value to be, then we'll continue giving the Big Banks and forex traders all the power they need to destabilize our nascent economy.

good day my group works to help people all around the world everyone needs to get involved to make this work...Ira

[jnagyjr]

If you really want to save BitCoin and keep the bankers/forex traders from having such an effect on BTC's value? Quit comparing it to USD. Take only BTC/LTC/devcoin/etc. and ignore these other fiat currencies. As long as cryptocurreny values are compared to fiat currencies and we do not set (and stick with) what we feel the value to be, then we'll continue giving the Big Banks and forex traders all the power they need to destabilize our nascent economy.

good day my group works to help people all around the world everyone needs to get involved to make this work...Ira

I agree, to a point. BitCoin and cryptocurrency in general is made for anonymous transactions and to get money out of the hands of government and bankers. Taking BTC or LTC or whatever to Wall Street is not the solution for any cryptocurrency, it's just recreating the nightmare we already have.

[LightRider]

I suggest a secure wallet, with multiple secure backups.

[crumbs]

If you really want to save BitCoin and keep the bankers/forex traders from having such an effect on BTC's value? Quit comparing it to USD. Take only BTC/LTC/devcoin/etc. and ignore these other fiat currencies. As long as cryptocurreny values are compared to fiat currencies and we do not set (and stick with) what we feel the value to be, then we'll continue giving the Big Banks and forex traders all the power they need to destabilize our nascent economy.

Will never happen.  Fiat is Bitcoin's only link to reality, to real economy.  Just like the rest of fiat currencies, Bitcoin is created by fiat.  Unlike other currencies, Bitcoin's worth is not backed by political clout, military might, or an economy -- it's backed by nothing.

And who cares? If you hold 1BTC to be worth something you've created, whether it be digital or physical, goods or services then that is the worth of a BitCoin. Do you think people all of a sudden said, "Well, this gold is worth 1,000 chickens, so unless I get that I won't sell." No, worth and valuation came as people began trading with gold. Some people got more for the same amount of gold, others less. Prices weren't really fixed though merchants who could go long distances knew how to play the markets enough to make a real killing (but even that didn't come around until later). The value of some amount of gold was 1,000 chickens for some people, and for others it was 20 horses (which might be worth 1500 chickens to someone else).

The point is BitCoins (and other cryptocurrencies) will only have value so long as it is used by those willing to accept a certain amount of Satoshis for whatever goods or services they offer. The same was true of fiat currencies before they were fiat. Their worth was determined on how people bartered with them. When governments stepped in to regulate their worth, it pretty much spelled their doom due to future inflation.

"If you hold 1BTC to be worth something you've created ... that is the worth of a BitCoin"
If you only knew how many problems plague that short phrase.  The first problem's obvious:  Looking at MtGox charts, even people familiar with Bitcoin can't decide what Bitcoin's worth.  Lack of regulations makes it extremely attractive.  It also guaranties the problems (which lead to financial regulations in the first place) will cause instability & price manipulation of Bitcoin.

The other obvious problem is an attempt at begging the question:  your premise already contains your conclusion.  If you hold a bubble gum wrapper to be worth one cow, no matter how vehemently & for how long, it's pretty unlikely anyone else ever will.  

TL;DR: "If you hold 1BTC to be worth something you've created ... that is the worth of a BitCoin" to YOU.  To everyone else, it remains  

[Kaiji]

Bitcoins are first and foremost an internet currency. We should push for more bitcoin use over cc online. It will be difficult since some online companies live off unwanted credit card repeat charges. I am sure many large companies are wary over using BTC but the first company to corner this market will get in on the ground level.

Second, making online purchasing of bitcoins easy is a priority. Normal people would be put off by all the hoops they have to jump though just to buy BTC. Surely it can't be that hard for an online company to sell maybe "tokens", that are verifiable by credit companies, that can be redeemed for BTC. The first company to do this will monopolize the BTC sale market. Its unfortunate that paypal has decided to fight against BTC sales because of fraud instead of working on ways to verify BTC sales. They threw away a large market.

[Driice]

I love Bitcoin. I believe it's part of the future. I believe in the blockchain and the idea founded by Nakomato.

Now with that being said, I would rather use my cc for most transactions today. Why? Because there's a 10 dollar difference between the high and low price of bitcoin today on MTGox! You can say Bitcoin doesn't rely on Gox, but remember what happened when Gox's engine started failing?

I did pay for my VPN and other things with BTC because the anonymity behind it is genius, but until the price settles down I'm not buying anything with my bitcoins.