Some people completely miss the point about BITCOIN

[bitrebel]

   People have all kinds of reasons why they got into Bitcoin.
What is yours?

I have my reasons, but if my thought dreams could be seen, they might put my head into a guillotine.
So, you can all voice yours, and we'll see where people are really at.

[Bobbydiggital]

Decentralization, get the power back to people!

[Bobbydiggital]

grinding BTC whil listening to this http://www.youtube.com/watch?v=-Ou0wIUUZ_I   
Take the power back!!! BTC BTC BTC BTC

[Bismarckbkk]

Bitcoin cant replace money. Money is supposed to be spent and not hoarded. Thats why inflation is needed so people go spend their money and create jobs and wealth for society as a whole.

I treat bitcoin as a speculative bubble and the p2p payment/cyrpto network as future growth market.

[Mike Christ]

Bitcoin cant replace money. Money is supposed to be spent and not hoarded. Thats why inflation is needed so people go spend their money and create jobs and wealth for society as a whole.

Why do people believe this?  Where did you first hear it?

[QuestionAuthority]

You don't have all the options. You should include, "Slashdot told me I could buy drugs online at SR only with Bitcoin".

[Bobbydiggital]

Bitcoin cant replace money. Money is supposed to be spent and not hoarded. Thats why inflation is needed so people go spend their money and create jobs and wealth for society as a whole.

Why do people believe this?  Where did you first hear it?

thats what he learnt, midcontrol , just need to think outside the box a bit. Saying that BTC cant replace money is so absurd but the guy probably dont even think its possible to think otherwise and thats how the average joe would think i believe.

[Bismarckbkk]

Bitcoin cant replace money. Money is supposed to be spent and not hoarded. Thats why inflation is needed so people go spend their money and create jobs and wealth for society as a whole.

Why do people believe this?  Where did you first hear it?

This is my personal opinion Everyone gets upset about inflation, its like this bad word.

Money itself is a means of exchange, a substitute for trading actual goods and services. It doesnt need inherent value, it only needs to be accepted by society.

If the growth of money is limited and money over time increased value people are less inclined to spend it. If its going to be 3% worth less next year people will go out and spend it for example for gold.


Now the money beeing controlled and monopolized by a central authority is an entirely different problem.

Check out The Wörgl Experiment for evidence how money circulation creates wealth and not money hoarding/saving. You can save in real estate and commodities but not in money. You can trade in commodities like gold but theyre not good money for society as a whole.

[Bismarckbkk]

Bitcoin cant replace money. Money is supposed to be spent and not hoarded. Thats why inflation is needed so people go spend their money and create jobs and wealth for society as a whole.

Why do people believe this?  Where did you first hear it?

thats what he learnt, midcontrol , just need to think outside the box a bit. Saying that BTC cant replace money is so absurd but the guy probably dont even think its possible to think otherwise and thats how the average joe would think i believe.

Yea thats the standard idiot spouting absolute bs. Mindcontrol Zombie blablabla.

I do not own more fiat then I need to live on for a month and to conduct buisiness. All other fiat I do invest,

I own a large amount silver and iam even more invested into bitcoin. I do have money tied up in a company iam building. I bought 100k worth of gold when it was 1k and sold a 1.5k.

When I get out of bitcoin I will use the fiat to purchase land and solar panels for house. Thats why its good money, it circulates and creates economic activity.

[Mike Christ]

Bitcoin cant replace money. Money is supposed to be spent and not hoarded. Thats why inflation is needed so people go spend their money and create jobs and wealth for society as a whole.

Why do people believe this?  Where did you first hear it?

This is my personal opinion Everyone gets upset about inflation, its like this bad word.

Money itself is a means of exchange, a substitute for trading actual goods and services. It doesnt need inherent value, it only needs to be accepted by society.

If the growth of money is limited and money over time increased value people are less inclined to spend it. If its going to be 3% worth less next year people will go out and spend it for example for gold.


Now the money beeing controlled and monopolized by a central authority is an entirely different problem.

Check out The Wörgl Experiment for evidence how money circulation creates wealth and not money hoarding/saving. You can save in real estate and commodities but not in money. You can trade in commodities like gold but theyre not good money for society as a whole.

If you can easily swap your spending money for saving money, why would you bother and not simply spend the saving money?  The only way to stop people from doing this is to make it very difficult to use the saving money, which, as you mention, is the core point of central banking for further nefarious purposes.  Even if there existed an infinitely inflating cryptocurrency, for example, what would the benefit be to the individual?--naturally, he wants his savings to be savings.

How do you convince people to use the money which does not retain its value?  Aside from coercion of course

[EndTheFed321]

I want to End the Federal Reserve!! and Central Banks

[BitcoinBarrel]

The deflationary nature of Bitcoin will make people save and invest their money more wisely.

[Bismarckbkk]

Money is not a source of wealth but a means of exchange. Its pretty simple.

Money has no value, what has value are services and goods. Money is a utility


You ask why wouldnt you spend your savings money. Again money isnt a commodity of value. Why would you save money and not purchase a plot of land instead?

 There are some commodities that are easy to exchange like silver coins.

But there are others that are much harder or impossible to trade for what you want in exchange.

All money is is an agreed upon utility of exchange that you know will be accepted by everyone.

You could trade in toe nails or wooden sticks if everyone agreed.

Historical example : http://en.wikipedia.org/wiki/Tally_stick

[bitrebel]

Money is not a source of wealth but a means of exchange. Its pretty simple.

Money has no value, what has value are services and goods. Money is a utility


You ask why would you spend your savings money. Again money isnt a commodity of value. There are some commodities that are easy to exchange like silver coins.

But there are others that are much harder or impossible to trade for what you want in exchange.

All money is is an agreed upon utility of exchange that you know will be accepted by everyone.

You could trade in toe nails or wooden sticks if everyone agreed.

Historical example : http://en.wikipedia.org/wiki/Tally_stick


Yes, precisely.
Clearly, many here in the forums do not know the difference between a currency and a commodity.
But the responses to this post are heartening.

[Mike Christ]

Money is not a source of wealth but a means of exchange. Its pretty simple.

Money has no value, what has value are services and goods. Money is a utility


You ask why would you spend your savings money. Again money isnt a commodity of value. There are some commodities that are easy to exchange like silver coins.

But there are others that are much harder or impossible to trade for what you want in exchange.

All money is is an agreed upon utility of exchange that you know will be accepted by everyone.

You could trade in toe nails or wooden sticks if everyone agreed.

Historical example : http://en.wikipedia.org/wiki/Tally_stick

I'll rephrase, because semantics: why wouldn't you spend your savings commodity if it were as easy as spending your "money?"

[frankenmint]

OP Forgot the most important answer of all:

"WHAT?!?  You mean I could setup my PC to just make money for me all day everyday and can just forget about it!?!  FREE?!? Money!?!"

Once I learned that, I knew I had to get in on it.  I picked the speculation because I looked at bitcoin originally as a way to invest that wasn't necessarily stocks/bonds/pinksheets (although it may as well be considered risky like pinksheets)

[Bismarckbkk]

Yes in this case you could say gold the perfect money for spending and saving for an individual but its not good for a society.

If you look back on thousands of years of goldmoney , gold was hoarded and the majority of people were piss poor. It doesnt flow well.

Inflationary money ( not synonymous with central bank criminal monopoly money ) does flow much better. It create constant flow of money and economic activity.

Bitcoin has would be fine money I suppose if they were to spend it and not buy it in the hopes they can later exchange it for more fiat.



Off Topic : Money experiment in early 20th century in austria that gave incentive to spend instead to save and created prosperity in the midst of a depression and subsequently shut down by bankers : http://en.wikipedia.org/wiki/Freigeld .

[Bismarckbkk]

I'll rephrase, because semantics: why wouldn't you spend your savings commodity if it were as easy as spending your "money?"

Are you saying bitcoin is a commodity?

[nioc]

What first made you want to learn about and invest into Bitcoin?

Nothing in your poll.

Poker made me want to learn about btc.
The increasing value of btc made me want to invest in btc.

[Zarathustra]

Bitcoin cant replace money. Money is supposed to be spent and not hoarded. Thats why inflation is needed so people go spend their money and create jobs and wealth for society as a whole.

Nothing like burning as many resources as fast as possible in the name of unsustainable growth! Society is going to love that shit if it comes crashing down at some point in the future.

Hopefully technology can save us.

Technology can't save us.

"Essentially, the economy is an engine that transforms resources into waste." Ugo Bardi

http://www.financialsense.com/contributors/ugo-bardi/2011/07/22/entropy-peak-oil-and-stoic-philosophy-part-2