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Author Topic: The real lesson the community should learn  (Read 731 times)
kronos1980
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February 28, 2014, 08:45:43 PM
 #1

All the lessons, like to store the btc in cold wallet etc are jokes.
Do these people have ever read the article, "Bitcoin: A Peer-to-Peer Electronic Cash System"?
If they don't, just follow the first several paragraphs.

We try to build a electronic cash system. CASH SYSTEM, Yes. We just buy the btc and store in the cold wallet until the price rise. Do they ever noticed why the BTC will rise in price compared with dollars? 2 reasons:
1 How much BTC involved in as a CASH?
2 the level of trading in such exchange companies like GOX.

What are the factors might influence 1:
BTC's price and liquidity. But what influence these 2?
Exchange Companies!

If BTC wants to develop, Exchange and relevant agencies must be strong and transparent. Strong could be supported by trading and its real economy. But buying btc and store? Such behaviors could hardly help the exchange companies and their liquidity. But are these companies trustworthy? No! Not at all. Who will be next GOX? We have no idea. Because the untrustworthy of those companies, the liquidity and price will be damaged, but BTC are still counting on them to rise the price? This is a logic error. So transparency is important. However, in the BTC logic, it is hard to accomplished. No one should has the power to supervised BTC, or it lost one of the most important properties, anonymous. With explosion of GOX like companies, they are just about to take all the BTC away in their system, are normal citizens who do not search bitcointalk and don't know how to generate wallet, willing to buy BTC? Since the old player already freeze theirs. Will those real economic accept such a cash, that people won't use it but only store it?

P2P is revolutionary, but money is not. BTC is designed as a cash to replace money on the internet. But on the winding road to achieve this, it must be associated with money a lot! Idea is so fascinating, but no one is willing to do so. DO EVIL is a free option during the BTC world, not about trading with drugs, weapons, but those GOX companies, and those smart players frozen the liquidity of BTC.
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February 28, 2014, 10:15:02 PM
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I would be inclined to agree with everything you said, but I simply can't knowing full well that Bitcoin is unfortunately used primarily as a speculative asset rather than a currency. And when you truly think about it, it makes sense. Bitcoin just isn't designed to really be a universal electronic currency. To me it seems as though it's designed to be an experiment into the possibility of have a truly universal electronic currency. 21 million coins even at 8 decimal points just isn't enough for every man, woman and child on this planet (roughly 7 billion people). If it were fairly distributed globally everyone would have just 333.33333333 Bitcoins; which just doesn't seem practical to the layman.

It's even worse when you consider the fact that Bitcoin is actually deflationary as coins can be irreversibly be lost and never used again.
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February 28, 2014, 10:19:07 PM
 #3

I would be inclined to agree with everything you said, but I simply can't knowing full well that Bitcoin is unfortunately used primarily as a speculative asset rather than a currency. And when you truly think about it, it makes sense. Bitcoin just isn't designed to really be a universal electronic currency. To me it seems as though it's designed to be an experiment into the possibility of have a truly universal electronic currency. 21 million coins even at 8 decimal points just isn't enough for every man, woman and child on this planet (roughly 7 billion people). If it were fairly distributed globally everyone would have just 333.33333333 Bitcoins; which just doesn't seem practical to the layman.

It's even worse when you consider the fact that Bitcoin is actually deflationary as coins can be irreversibly be lost and never used again.

It is 300,000 satoshis per human.  More than enough.  There are more satoshi's in the Bitcoin system then there are US pennies in the world.
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February 28, 2014, 10:24:36 PM
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It is 300,000 satoshis per human.  More than enough.  There are more satoshi's in the Bitcoin system then there are US pennies in the world.

That would only be better if the entire world used nothing but pennies, but we don't. In the US alone we use pennies, nickles, dimes, quater, $1 dollars, $5 dollars, $10 dollars, $20 dollars, $100 dollars and that's not accounting for every other currency the world over.
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March 01, 2014, 12:33:34 AM
 #5

By pennies I mean the trillions of dollars used IN pennies.  There are more currency units used in Bitcoin then the entire fiat money supply expressed in pennies.
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March 01, 2014, 12:47:03 AM
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By pennies I mean the trillions of dollars used IN pennies.  There are more currency units used in Bitcoin then the entire fiat money supply expressed in pennies.
120 trillion pennies would easily cover the land area of the earth several feet deep and kill all life. You had me worried a second. Wink

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
Ekaros
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March 01, 2014, 01:13:26 AM
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By pennies I mean the trillions of dollars used IN pennies.  There are more currency units used in Bitcoin then the entire fiat money supply expressed in pennies.
120 trillion pennies would easily cover the land area of the earth several feet deep and kill all life. You had me worried a second. Wink

Nope... Just 10887 km^2, if we are talking about USA pennies and short trillions...

Even larger pre-decimal Irish pennies and long trillions it would only cover earth to depth of about 106.4mm... About 11 cm.

12pA5nZB5AoXZaaEeoxh5bNqUGXwUUp3Uv
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Feel free to help poor student!
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March 01, 2014, 01:57:20 AM
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By pennies I mean the trillions of dollars used IN pennies.  There are more currency units used in Bitcoin then the entire fiat money supply expressed in pennies.

That still brings me back to my point. It is not practical to the layman. The masses are already easily confused using 2 decimal points; and you somehow think that using a currency that has 8 decimal points is something John & Jane Doe are going to be able to use easily?
cbeast
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March 01, 2014, 03:09:24 AM
 #9

By pennies I mean the trillions of dollars used IN pennies.  There are more currency units used in Bitcoin then the entire fiat money supply expressed in pennies.
120 trillion pennies would easily cover the land area of the earth several feet deep and kill all life. You had me worried a second. Wink

Nope... Just 10887 km^2, if we are talking about USA pennies and short trillions...

Even larger pre-decimal Irish pennies and long trillions it would only cover earth to depth of about 106.4mm... About 11 cm.
There's one in every crowd. Thanks for the clarification, Spock.  Wink

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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March 01, 2014, 04:11:24 AM
 #10

By pennies I mean the trillions of dollars used IN pennies.  There are more currency units used in Bitcoin then the entire fiat money supply expressed in pennies.

That still brings me back to my point. It is not practical to the layman. The masses are already easily confused using 2 decimal points; and you somehow think that using a currency that has 8 decimal points is something John & Jane Doe are going to be able to use easily?

You move the decimal place eight points to the right and call them satoshis?

Was that really that hard? Or are you one of the 'masses' you are disparaging?

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