The Legitimization and Inevitability of Bitcoin

[ahbritto]

The Legitimization and Inevitability of Bitcoin :
http://bitcoin-trader.blogspot.com/2011/09/legitimization-and-inevitability-of_10.html

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[cypherdoc]

it IS inevitable.  just like whats happening with Linux, Firefox, BitTorrent, email, Apache, Skype, Android, OpenOffice, Wikipedia.

[dooglus]

What on earth is Skype doing on that list?

[cypherdoc]

What on earth is Skype doing on that list?

it should be there as far as i'm concerned since it is a P2P technology that is putting pressure on the telecom industry.

[Shinobi]

Cryptocurrency is an inevitability. Not Bitcoin.

it IS inevitable.  just like whats happening with Linux, Firefox, BitTorrent, email, Apache, Skype, Android, OpenOffice, Wikipedia.

[cypherdoc]

Cryptocurrency is an inevitability. Not Bitcoin.

it IS inevitable.  just like whats happening with Linux, Firefox, BitTorrent, email, Apache, Skype, Android, OpenOffice, Wikipedia.

it will evolve with the markets being the first of its kind.  its already beaten off the alt chains convincingly.

[Shinobi]

I think that's debatable, but even so, it is only because the Alternatives didn't provide any meaningful changes apart from a chance to be an early adopter. At some point, one of the corporate deep pockets - perhaps a consortium of sorts - will come along and release a version of the system with a polished UI, customer support, and nicely done branding. When given the choice between a well-crafted venture with deep backing versus an initiative with so much negative baggage surrounding it, the layman will choose the former. Despite the libertarian dream Bitcoin fed into, I truly believe the only real adoption of cryptocurrency will come at the hand of a more controlled and regulated initiative.

Cryptocurrency is an inevitability. Not Bitcoin.

it IS inevitable.  just like whats happening with Linux, Firefox, BitTorrent, email, Apache, Skype, Android, OpenOffice, Wikipedia.

it will evolve with the markets being the first of its kind.  its already beaten off the alt chains convincingly.

[Surawit]

OK, let's suppose that interest in your internet funbux doesn't die off and becomes quite popular. Maybe it even starts to be a competitive alternative to conventional banking.

What's to stop the conventional banks replicating it? They could have their own blockchain set up in minutes, and they have the clout and customer base to make it instantly more popular, stable and useful than the original. With a single software update they could put their version in every ATM and payment machine in the world. This beats a bunch of nerds selling slimjims out of their garages.
Sorry, do you think the banks are just going to roll over and let a new system (in which you guys are the new major wealthholders) supercede them?

The whole bitcoin thing is blinded by greed. You desperately want to be rich and powerful, and so ignore reality to construct a vision in which that happens. Your bitcoins are not going to be thousands and thousands of dollars, sorry

[cypherdoc]

I think that's debatable, but even so, it is only because the Alternatives didn't provide any meaningful changes apart from a chance to be an early adopter. At some point, one of the corporate deep pockets - perhaps a consortium of sorts - will come along and release a version of the system with a polished UI, customer support, and nicely done branding. When given the choice between a well-crafted venture with deep backing versus an initiative with so much negative baggage surrounding it, the layman will choose the former. Despite the libertarian dream Bitcoin fed into, I truly believe the only real adoption of cryptocurrency will come at the hand of a more controlled and regulated initiative.

then you really don't understand Bitcoin.  the whole pt behind its success is the uncontrolled unregulated initiatives behind its creation.  the mindless USD printing to save its constituent banks is what the masses hate.  

the only negative baggage surrounds the peripheral aspects of Bitcoin.  do you really think Bruce Wagner means anything to the source code?  or the various hacks of the exchanges that just allow trading of Bitcoins?  come on.  be real.  

corporate deep pocket control of Bitcoin would be a disaster.  the UI is great as far as i'm concerned.  easy to use, simple.  sure it needs encryption and a few additional tweaks for the advanced users like being able to choose the keys from which coins get sent or received.  but it WORKS and is stable and hasn't lost anyone any coins yet.  

the alts failed  miserably in measuring up to Bitcoin.  this should really make you sit up and appreciate the virtues of what it is.

you would be smart to shed your handlers and buy Bitcoin as it will pay you way more in profits and stored value than what they are paying you.

[Surawit]

then you really don't understand Bitcoin.  the whole pt behind its success is the uncontrolled unregulated initiatives behind its creation.  the mindless USD printing to save its constituent banks is what the masses hate.  

No, idealist libertarian nutters hate USD printing and regulations and that sortof thing.

The "masses" either don't care or like money printing, because hey, free money

[cypherdoc]

OK, let's suppose that interest in your internet funbux doesn't die off and becomes quite popular. Maybe it even starts to be a competitive alternative to conventional banking.

What's to stop the conventional banks replicating it? They could have their own blockchain set up in minutes, and they have the clout and customer base to make it instantly more popular, stable and useful than the original. With a single software update they could put their version in every ATM and payment machine in the world. This beats a bunch of nerds selling slimjims out of their garages.
Sorry, do you think the banks are just going to roll over and let a new system (in which you guys are the new major wealthholders) supercede them?

The whole bitcoin thing is blinded by greed. You desperately want to be rich and powerful, and so ignore reality to construct a vision in which that happens. Your bitcoins are not going to be thousands and thousands of dollars, sorry

b/c they will never be able to create a superior product and the mere fact that they would want to control and profit off an alt chain goes against the very concept of a decentralized, P2P, fixed amount of currency.  you clearly have a vested interest in not understanding what you don't want to understand.

[cypherdoc]

The "masses" either don't care or like money printing, because hey, free money

if they don't care or like money printing then you have nothing to worry about and shouldn't be wasting your valuable time here, right?

[Surawit]

if they don't care or like money printing then you have nothing to worry about and shouldn't be wasting your valuable time here, right?

You object to "mindless USD printing". Isn't that what bitcoin printing/mining is by design? It's unalterable, there is no human input at all, it is literally mindless. In contrast a great deal of thought goes into how much USD to print each month... You may disagree with the reasoning they use, but it's stupid to call it "mindless".

I'm not as naysaying as some, who think bitcoin is totally worthless. I think bitcoin does have a medium-term future, as a niche currency for internet pedophiles, libertarians and drug dealers... also vested interest? You're the one that has spent actual cash on monopoly money. Clearly you have a vested interest in convincing others your monopoly money is worth something. I am, on the other hand, free of such conflicts.

b/c they will never be able to create a superior product and the mere fact that they would want to control and profit off an alt chain goes against the very concept of a decentralized, P2P, fixed amount of currency.  you clearly have a vested interest in not understanding what you don't want to understand.

OK, even if you are right (you're not)... Whats to stop them making a decentralized, P2P, fixed amount of currency bankcoin? They could alter the protocol so (say) instead of all 50btc or whatever going to miners for each block mined, a percentage of it would go straight to their accounts. Functionally identical to bitcoin for end users, with the exception that conventional banks are holding most of the reserves instead of nerds

[cypherdoc]

In contrast a great deal of thought goes into how much USD to print each month... You may disagree with the reasoning they use, but it's stupid to call it "mindless".

99.99% of the population that isn'a banker disagrees with mindless printing of USD's which bankers get first access to at 0% interest.  if you or i go to the bank for a mortgage we get to pay 6-7%.  the system as it is rapes taxpayers at the expense of banker bonuses and the game is rigged. you know better.

OK, even if you are right (you're not)... Whats to stop them making a decentralized, P2P, fixed amount of currency bankcoin? They could alter the protocol so (say) instead of all 50btc or whatever going to miners for each block mined, a percentage of it would go straight to their accounts. Functionally identical to bitcoin for end users, with the exception that conventional banks are holding most of the reserves instead of nerds

b/c the majority of computing nodes and power is not owned by bankers and they will NOT go along with enriching banks.  their block chain won't get off the mark.  the gig is up Man.  get used to it.  the power of the internet is going to take down your handlers once and for all.  

btw, its happening as we speak as the Greeks are going to f*ck all the banker debt they owe.

[evoorhees]

You object to "mindless USD printing". Isn't that what bitcoin printing/mining is by design? It's unalterable, there is no human input at all, it is literally mindless. In contrast a great deal of thought goes into how much USD to print each month... You may disagree with the reasoning they use, but it's stupid to call it "mindless".

Just as Americans were supposed to have "a nation of laws and not men," Bitcoin is in fact a currency of laws and not men. Bitcoin is at the whim of no person or group, and while this makes early adoption difficult, strange, and awkward, it is in fact the greatest strength of the system.

And indeed, what would be the point of a central group creating a decentralized money system? If the transaction ledger is centralized, then it possesses none of those benefits so crucial to Bitcoin. If the transaction ledger is decentralized, then why would a central group benefit from creating it, for once created it would be beyond their control.

Look, if you don't like Bitcoin, then don't touch it. But I'd prefer not to touch USD or other fiat currencies. Unfortunately, I'm not given this freedom.

[Synaptic]

You object to "mindless USD printing". Isn't that what bitcoin printing/mining is by design? It's unalterable, there is no human input at all, it is literally mindless. In contrast a great deal of thought goes into how much USD to print each month... You may disagree with the reasoning they use, but it's stupid to call it "mindless".

Just as Americans were supposed to have "a nation of laws and not men," Bitcoin is in fact a currency of laws and not men. Bitcoin is at the whim of no person or group, and while this makes early adoption difficult, strange, and awkward, it is in fact the greatest strength of the system.

And indeed, what would be the point of a central group creating a decentralized money system? If the transaction ledger is centralized, then it possesses none of those benefits so crucial to Bitcoin. If the transaction ledger is decentralized, then why would a central group benefit from creating it, for once created it would be beyond their control.

Look, if you don't like Bitcoin, then don't touch it. But I'd prefer not to touch USD or other fiat currencies. Unfortunately, I'm not given this freedom.

Bitcoin is a fiat currency, if you want to pretend it's a currency.

[evoorhees]

Bitcoin is a fiat currency, if you want to pretend it's a currency.

From Dictionary.com (bold added):

fi·at   [fee-aht, -at; fahy-uht, -at]  Show IPA
noun
1.
an authoritative decree, sanction, or order: a royal fiat. Synonyms: authorization, directive, ruling, mandate, diktat, ukase.
2.
a fixed form of words containing the word fiat,  by which a person in authority gives sanction, or authorization.
3.
an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it: The king ruled by fiat.

[Surawit]

From Dictionary.com (bold added):

fi·at   [fee-aht, -at; fahy-uht, -at]  Show IPA
noun
1.
an authoritative decree, sanction, or order: a royal fiat. Synonyms: authorization, directive, ruling, mandate, diktat, ukase.
2.
a fixed form of words containing the word fiat,  by which a person in authority gives sanction, or authorization.
3.
an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it: The king ruled by fiat.

From Wikipedia.org (bold added):

FIAT, an acronym for Fabbrica Italiana Automobili Torino^[2] (English: Italian Automobile Factory of Turin), is an Italian automobile manufacturer, engine manufacturer, financial and industrial group based in Turin in the region of Piedmont. Fiat was founded in 1899 by a group of investors including Giovanni Agnelli. During its more than century long history, Fiat has also manufactured railway engines and carriages, military vehicles and aircraft. As of 2009, Fiat (not including Chrysler) was the world's ninth largest carmaker and the largest in Italy.^[3]

[cypherdoc]

From Dictionary.com (bold added):

fi·at   [fee-aht, -at; fahy-uht, -at]  Show IPA
noun
1.
an authoritative decree, sanction, or order: a royal fiat. Synonyms: authorization, directive, ruling, mandate, diktat, ukase.
2.
a fixed form of words containing the word fiat,  by which a person in authority gives sanction, or authorization.
3.
an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it: The king ruled by fiat.

From Wikipedia.org (bold added):

FIAT, an acronym for Fabbrica Italiana Automobili Torino^[2] (English: Italian Automobile Factory of Turin), is an Italian automobile manufacturer, engine manufacturer, financial and industrial group based in Turin in the region of Piedmont. Fiat was founded in 1899 by a group of investors including Giovanni Agnelli. During its more than century long history, Fiat has also manufactured railway engines and carriages, military vehicles and aircraft. As of 2009, Fiat (not including Chrysler) was the world's ninth largest carmaker and the largest in Italy.^[3]

when one can't address the merits of the argument, distract.

[Surawit]

Sorry, I thought we were playing the quote-websites-with-the-word-fiat-in-them-to-show-bitcoin-is-not-fiat game