Please Read!! Help Stop This Madness.

[johnyj]

In modern economy theory, value comes from demand, as long as there is a demand for bitcoin, it will have value

Those who question the value of bitcoin typically do not have a demand for bitcoin (they have not realized its potential), and those who are purchasing lots of bitcoins have a demand, it is very simple

One of the demand is very clear: Store of value. Fiat money can not fulfill this demand due to endless QE and 0 to negative interest rate policy

Someday if central banks stopped their money printing, fiat money will be as good as bitcoin in this regards, but it seems the QE and the national debt is running out of control right now

[johnyj]

OP, in order to enlighten your professors, just ask them: Who get the ownership of the newly created fiat base money? And what have they done in order to get that ownership?

If they can figure out the answer to these 2 questions, they will understand why bitcoin is much better

[niothor]

Stop looking at bitcoin as just a currency or even a payment system, even though that is what we are seeing it being used as today, that is not nearly what can be done with it.

Bitcoin is a P2P, Decentralized, Global, Open Source, Proof of Ownership system.

P2P? Decentralized?
Well, unless it really gets used. Then you are gonna need centralized servers for the full block chain and prune the blockchain on normal clients and nodes.

The value that a transaction on the block-chain via colored coins or other mechanism can literally be anything, from stocks, bonds, smart property, a voting system, wills, deeds, proof of invention, a pdf, an mp3, as well as a system to allow for off-chain micro transactions, etc. etc. etc.

Yeah, sure. You could layer on top of it. Question remains if that really makes sense or rather develop a custom solution directly on top of tcp.
And there are dozens of bitcoin clones around. Why choose bitcoin when you can use an identical cheap altcoin instead?

Nope , the blockchain can be compressed or it can be implemented a new change , erasing older transaction that are no longer needed.
No need to panic.

[glub0x]

Your "professor" just missed what has already been the most profitable investment in mankind history.
Maybe you should be his teacher.

[GigaCoin]

I'm going to make this as straight forward as possible.

About Me:

Noel Arteaga
Illinois State University
Managerial Economics/ Business Administration

Graduate Dec 14, 2013


I am currently finishing up my undergraduate degree in Managerial Economics.

I have a week and a half to go (WHOOP).

I have focused my studies this past year on Bitcoin.

My senior project is on Bitcoin.

The whole economics department knows me as a Bitcoin fanatic.







Here is the problem:

The entire economics department refuses to accept that bitcoin has any credibility.

The professor who is overseeing my senior project is constantly discrediting it via corrections on my work in progress.

I have gone to entire economics department to talk about the economics of bitcoin and the outcome is always the same:

 They see bitcoin as a fad with no credibility.




The department keeps arguing against bitcoin with these points.

1) Bitcoin is deflationary and it will cause it to fail. (facepalm)

2) Bitcoin is doomed to fail because people hoard it instead of spending it. No Economy exist.(facepalm x2)

3) Nobody uses Bitcoin for anything (Not Mainstream=Not real???) (Facepalm x 1,000,000)


My Goal: Raise Awareness about Bitcoin. Starting with the economics department and then expanding to the whole campus then the whole town.

I will presenting my senior project next week with the hopes of raising awareness.

I have also been putting up flyers with websites that inform people about bitcoin. The feedback from the student body has been overwhelming! I get roughly 20 emails a week from people that see the flyers and wish to learn more! Currently working on a twitter feed and facebook page.

My biggest piece of evidence: I have established an online wallet and provided the address to whole economics department and information on how to check it.

I hope to raise awareness by getting people to send donations with messages supporting Bitcoin, messages that help dis-spell the BS people that "know economics" think about Bitcoin.

 It not about the amount of donation its about the messages that can be attached to the transaction!

I want to shove it in their face (in a passive way) that not only is Bitcoin alive but growing and growing fast. I want to show the world the power of bitcoin!



Bitcoin/Message Address: 1Sk9iEy1UN1q5TkzmX71ayxy2kQEmkb84  

Please Keep the messages clean, I want bitcoin to seem as credible as possible.






This is my attempt to prove who I am. If you have any questions please PM me!

http://[img=http://s10.postimg.org/dvaxnjgid/Classes.jpg]
http://[img=http://s9.postimg.org/6sdjgbjyz/image.jpg]

easy, just don't bother explaining it further to them, let them lose out.

[An amorous cow-herder]

Your "professor" just missed what has already been the most profitable investment in mankind history.
Maybe you should be his teacher.

Geez guys, i just rolled 2 "6"s with my dice, math cant be true.

[An amorous cow-herder]

P2P? Decentralized?
Well, unless it really gets used. Then you are gonna need centralized servers for the full block chain and prune the blockchain on normal clients and nodes.

Nope , the blockchain can be compressed or it can be implemented a new change , erasing older transaction that are no longer needed.
No need to panic.

Ah right, luckily the normal person using this stuff aint gonna need the whole block chain, luckily.
Btw, du you know what the word "prune" means?

[cAPSLOCK]

Ah right, luckily the normal person using this stuff aint gonna need the whole block chain, luckily.
Btw, du you know what the word "prune" means?

I bet you do you sweet wrinkly little fella, you.

[niothor]

P2P? Decentralized?
Well, unless it really gets used. Then you are gonna need centralized servers for the full block chain and prune the blockchain on normal clients and nodes.

Nope , the blockchain can be compressed or it can be implemented a new change , erasing older transaction that are no longer needed.
No need to panic.

Ah right, luckily the normal person using this stuff aint gonna need the whole block chain, luckily.
Btw, du you know what the word "prune" means?

What part of the " pruning " you don't get?
That's the whole point of reducing the blockchain , so normal users can still run a node.
There won't be a need for datacenters.

[readerbtc]

And there are dozens of bitcoin clones around. Why choose bitcoin when you can use an identical cheap altcoin instead?

Because of bitcoin far superior hash difficulty making it the most secure alternative.

[laowai80]

Because of bitcoin far superior hash difficulty making it the most secure alternative.

I heard that a lion's share of hashing power in Bitcoin network is concentrated in 3-4 major pools, which is not a good thing, as it makes mining more centralized and monopolized than it should be. In Litecoin, for example, you have a more distributed mining network. So, what's more secure can be debated.

[Ibian]

Because of bitcoin far superior hash difficulty making it the most secure alternative.

I heard that a lion's share of hashing power in Bitcoin network is concentrated in 3-4 major pools, which is not a good thing, as it makes mining more centralized and monopolized than it should be. In Litecoin, for example, you have a more distributed mining network. So, what's more secure can be debated.

That's because litecoin is tiny. Same thing will eventually happen there if it ever becomes big enough. In the meanwhile, merchants around the world accept bitcoin and just bitcoin. That makes all the others pure speculation. If bitcoin falls so will the rest. Which means if you want altcoins to succeed, support bitcoin.

[laowai80]

That's because litecoin is tiny. Same thing will eventually happen there if it ever becomes big enough. In the meanwhile, merchants around the world accept bitcoin and just bitcoin. That makes all the others pure speculation. If bitcoin falls so will the rest. Which means if you want altcoins to succeed, support bitcoin.

Depends on what reason bitcoin falls.

If it falls due to hacking of the sha-256 algorithm, then alt-coins relying on a different algo, especially those that rely on multiple algos, like Quarkcoin will likely survive and even prosper.

If bitcoin falls for some other reason not specific to bitcoin's features (internet is shut down for example), then other alt-coins will naturally fall with it.

Oh, I support bitcoin, don't worry about it, I am just trying to stay objective and rational here and to see proper value in other coins.

[readerbtc]

Because of bitcoin far superior hash difficulty making it the most secure alternative.

I heard that a lion's share of hashing power in Bitcoin network is concentrated in 3-4 major pools, which is not a good thing, as it makes mining more centralized and monopolized than it should be.

It's not a good thing but it's not as bad as a 51% attack.

Edited: Network effect. Things that are more valuable as more people use. Bitcoin is the most used.

[laowai80]

It's not a good thing but it's not as bad as a 51% attack.

Yes, exactly what I was driving at.

Theoretically, operators of 3-4 big pools can more easily get together to pull off a 51% attack on bitcoin network, than many small pools and solo miners that exist in litecoin network. Bitcoin mining network is an oligopoly now, whereas litecoin network is still a free market.

[darkmule]

As Upton Sinclair noted:  "It is difficult to get a man to understand something when his salary depends upon his not understanding it."

[rpietila]

If you still want to support your donation address, how about sending a good sum of money to yourself through intermediaries?

[Raoul Duke]

If you still want to support your donation address, how about sending a good sum of money to yourself through intermediaries?

Fake it 'til you make it?

[readerbtc]

Theoretically, operators of 3-4 big pools can more easily get together to pull off a 51% attack on bitcoin network, than many small pools and solo miners that exist in litecoin network. Bitcoin mining network is an oligopoly now, whereas litecoin network is still a free market.

Mining pool operators can't force people to contribute to pools. If a pool starts to behave badly like this, people will leave for other pools. Or do solo. Still a free market.

[niothor]

That's because litecoin is tiny. Same thing will eventually happen there if it ever becomes big enough. In the meanwhile, merchants around the world accept bitcoin and just bitcoin. That makes all the others pure speculation. If bitcoin falls so will the rest. Which means if you want altcoins to succeed, support bitcoin.

Depends on what reason bitcoin falls.

If it falls due to hacking of the sha-256 algorithm, then alt-coins relying on a different algo, especially those that rely on multiple algos, like Quarkcoin will likely survive and even prosper.

If bitcoin falls for some other reason not specific to bitcoin's features (internet is shut down for example), then other alt-coins will naturally fall with it.

Oh, I support bitcoin, don't worry about it, I am just trying to stay objective and rational here and to see proper value in other coins.

What you see is potential value , but that is just a dream. Alt coins price is now driven by the media madness around bitcoin and people who can't get into bitcoin mining and turn to alts hoping to get rich. Alt coins have no use right now , you can't do anything with them , just trade them to BTC.