Bitcoin, 10 years ago

[wormbog]

The idea of a worldwide internet currency has been around for quite a while. In 1998, the management team from Beenz managed to raise over $100 million to create a new digital currency to challenge the world's major currencies. Despite well-funded marketing, technical, and legal teams, Beenz was defunct by 2001.

http://en.wikipedia.org/wiki/Beenz.com

Why will bitcoin succeed when Beenz failed?

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[Mike Christ]

Beenz.com was a web site that allowed consumers to earn beenz, a type of online currency, for performing activities such as visiting a web site, shopping online, or logging on through an Internet service provider.

They had the wrong perspective; this isn't a currency, it's reward points.

Also it was centralized

Also

It had a silly name.

[Gyrsur]

it was not swarm-driven.

[RodeoX]

Beenz.com was a web site that allowed consumers to earn beenz, a type of online currency, for performing activities such as visiting a web site, shopping online, or logging on through an Internet service provider.

They had the wrong perspective; this isn't a currency, it's reward points.

Also it was centralized

Also

It had a silly name.

I will +1 this.

Beenze were about as much like bitcoin as frequent flier miles. They were centralized, closed source, and open to any manipulation the authority wanted. They were not currency. They were crappy coupons.

[DiamondCardz]

It was like swagbucks. Comparing swagbucks to Bitcoin is extremely daft.

"global money that would challenge the world’s major currencies"
"beenz management and its legal teams had to meet with finance ministers across Europe to assure them that Beenz would be categorized as virtual points"

Ridiculous.

[Mike Christ]

See also

Internet currency
InternetCash.com
Bitcoin
Flooz.com

What the fuck is this.

[Gyrsur]

See also

Internet currency
InternetCash.com
Bitcoin
Flooz.com

What the fuck is this.

The end??

[wormbog]

It was like swagbucks. Comparing swagbucks to Bitcoin is extremely daft.

"global money that would challenge the world’s major currencies"
"beenz management and its legal teams had to meet with finance ministers across Europe to assure them that Beenz would be categorized as virtual points"

Ridiculous.

The centralization of Beenz is what killed it. They had to bend over backwards to try to keep the banks and governments happy. And while the banks initially seemed to be on board, mainly to keep from being called anti-competitive, they would never allow a system like Beenz to grow big enough to  challenge their monopoly on money.

From this history I predict:

Banks and their allies will eventually declare war on Bitcoin, but it will not be an open declaration.

With no central organization to attack, the war will rely on propaganda and ever-tightening regulation designed to stifle legitimate use.

Bitcoin will enjoy varying levels of legality depending on the country it's used in.

Eventually the population will reach critical mass of acceptance and vote to deregulate.

OMG. Bitcoin isn't digital gold. Bitcoin is digital pot.

[Lauda]

No wonder why it was Defunct   2001. The whole concept is crap.

[leoragraves666]

It was centralized and in 2001, it was too early for a digital currency.

[qwertyGuy]

With no central organization to attack, the war will rely on propaganda and ever-tightening regulation designed to stifle legitimate use.

The attack already started with "science" papers describing "flaws" in Bitcoin like

Bitcoin flaw could let group take control of currency
http://money.cnn.com/2013/11/04/technology/bitcoin-flaw/

Researchers Say 'Bitcoin Is Broken' And Could Collapse
 http://www.businessinsider.com/researchers-say-bitcoin-is-broken-and-could-collapse-2013-11

[Mike Christ]

With no central organization to attack, the war will rely on propaganda and ever-tightening regulation designed to stifle legitimate use.

The attack already started with "science" papers describing "flaws" in Bitcoin like

Bitcoin flaw could let group take control of currency
http://money.cnn.com/2013/11/04/technology/bitcoin-flaw/

Researchers Say 'Bitcoin Is Broken' And Could Collapse
 http://www.businessinsider.com/researchers-say-bitcoin-is-broken-and-could-collapse-2013-11

It's never as effective as cutting off the head

[Wardrick]

10 years ago people would of been like "Wtf is Bitcoin". 10 years ago people wouldn't of traded a piece of dust for a bitcoin.

[jerelimZ]

Peer to peer file sharing technology also know as BitTorrent was here already in 2001:
http://en.wikipedia.org/wiki/BitTorrent

So there was chance for Bitcoin to start sonner, no doubt

[Lauda]

10 years ago people would of been like "Wtf is Bitcoin". 10 years ago people wouldn't of traded a piece of dust for a bitcoin.

In 2023 you can look back at this thread.

[Wardrick]

10 years ago people would of been like "Wtf is Bitcoin". 10 years ago people wouldn't of traded a piece of dust for a bitcoin.

In 2023 you can look back at this thread.

BTC will either be in the $1000's by then, or it'll be worthless most likely.

[Lauda]

BTC will either be in the $1000's by then, or it'll be worthless most likely.

It will either be worth $100 000 then, or $50 000.

[Sythyn]

We need a better cryto currency... too many hacker going around Bitcoin, inputs......

[mrhelpful]

I would of said, your out of your mind. But you might be onto something lol.

[BTC_GHD]

I would say it being centralized was the problem