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Author Topic: What is good/bad in relation to Bitcoin?  (Read 708 times)
Dan The Man
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October 11, 2011, 03:03:18 AM
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I see a lot of people saying Bitcoin will die or fail or Bitcoin will succeed or price fluxuations are good/bad for the Bitcoin economy. In my mind this is a lot like people that talk about global warming being bad for the environment or the planet. What is the "environment" and why should it care what the ambient temperature is? Really I think what most people mean is that global warming is bad for people. Similarly, what is the Bitcoin economy? Why should it be good for Bitcoin that it is worth more USD or that more people use it? Bitcoin is just some lines of code, a protocol. Why should this Bitcoin entity care about anything? It's like ascribing feelings to a rock or a giant ball of nickel with some green stuff on the surface. Really, what people want is what is good for themselves. They say that they care about the economy, but that's just an abstract way of saying that they want personal profit.

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October 11, 2011, 10:50:49 PM
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For me, first of all, Bitcoin can be considered "sound money" in the same way gold or silver are. You can be assured there will be no more than 21 million BTCs. This maximum supply of money can efficiently protect you from inflation in the long run, which is currently a real risk with fiat money such as dollars, euros or GBP. Take a look at GBPs, for example, their inflation is currently set at 4,4%. That is a lot of value eroded from savers in the long run.

On the other hand, Bitcoin allows you to transfer value to any part of the world for very low or inexistent fees. And of course, Bitcoin is about freedom. If there is a war or political instability in your country, you can always leave to a different part of the world, get your hard earned money and  start a brand new life, even if a dictatorship or an over-interventionist government wants to put their hands on your money.

I would even say that in the long run, if Bitcoin proves successful, lots of citizens will get rid of their jewellry inside their homes and chose to save Bitcoins. It is much safer, because nobody can even suspect that you have it.

So yes, Bitcoin is a new currency-commodity-product with lots of benefits!

A bank-only system is similar to having your Bitcoin wallet confined to your national ID, essentially forfeiting your privacy and handing all private keys to the government
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October 12, 2011, 06:55:14 AM
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Bitcoin will succeed if only more people became aware of it. It is decentralized and and useful for people in all countries.

Jasmine
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October 12, 2011, 02:49:37 PM
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It would be hard for anyone to a make an argument about bitcoin's failure.  I have use it as money many times.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

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