Bitcoin: "A Self-Contained Financial System"

[cypherdoc]

i think this is a good way to describe Bitcoin to the world.

[ALPHA.]

I asked my father -- who is behind me -- what he thought of this:

"Sounds Un-American, son."

[cypherdoc]

I asked my father behind me what he thought of this:

"Sounds Un-American, son."

there is no doubt that Americans benefit from USD hegemony being the reserve currency of the world.  what about everyone else?

[Coinabul]

Too many big words for the average American.

[cypherdoc]

the "System" could be overlayed with a variety of industries such as online poker

i know this is obvious but describing these concepts to the avg person needs to be framed appropriately to enhance understanding.

[Coinabul]

Why not an "Independent Financial System"?

[ALPHA.]

"Sovereign Money"

[cypherdoc]

Why not an "Independent Financial System"?

to me the words "Self Contained" and "System" conveys compactness, tightness, and modularity.  my teenagers can be very independent but not always in a good way.

[cypherdoc]

"Sovereign Money"

Sovereign can be a large negative depending on who you ask.

[DeathAndTaxes]

Self Contained is wordy and inaccurate.

No financial system is self contained and Bitcoin is no exception.  Many people wouldn't want to accept or buy Bitcoins if they were self contained.

[2112]

i think this is a good way to describe Bitcoin to the world.

It is as true as: 'Schizophrenic: "A Self-Contained Human Being"'.

One thing that Bitcoin has in common with schizophrenia: seems like nobody had analyzed the implication that the currency exchangers have two streams of income: one in bitcoin and one in fiat. They can use one to cross-subsidize transaction fees in the other.

The whole "mining pools" as a business entities are the proverbial giants on clay legs.

I'm thinking of the future will bring the interesting battles between terahash dinosaurs and the little mice that can survive by scratching both sides of the coins.

[cypherdoc]

Self Contained is wordy and inaccurate.

No financial system is self contained and Bitcoin is no exception.  Many people wouldn't want to accept or buy Bitcoins if they were self contained.

i am thinking about it in the context of an industry like the casinos using Bitcoin to trade like poker chips.  of course ppl would eventually like to get their USD's out of the "system".

but as the economy grows hopefully to the point of independence then indeed Bitcoin would be self contained.

[ElectricMucus]

It could be a way to describe it yes, but there is alot to be done till this term would be accurate enough to describe it.
The necessity to rely on fiat money to give it purchasing power needs to go away first.


In the mean time I would say it's  "A potential Self-Contained Financial System" 

[Portnoy]

{
autonomous;
communal;
egalitarian;
self-governing;
unconstrained;
}


My money; Our Bitcoin. 

[P4man]

"Sounds Un-American, son."

Good. Because so is bitcoin.


As for "selfcontained".. I dont think that describes bitcoin. a financial system that is "selfcontained" isnt one.  Meh, well, okay, maybe its not that bad as a description for now lol.

[adamstgBit]

I asked my father -- who is behind me -- what he thought of this:

"Sounds Un-American, son."

American was founded with principals.  freedom and democracy... "The American Dream"...  bitcoin seeks to revive these lost principals, and freedoms.

the central bank is Un-American, the founding fathers said so... and they fought real hard to no be subject to the central bank.

tell your dad to watch this...
http://www.youtube.com/watch?v=_dmPchuXIXQ

[ElectricMucus]

I think that was supposed to be a sarcastic wink, not a real statement...

[btc_artist]

i think this is a good way to describe Bitcoin to the world.

I think "A secure, decentralized payment system" would be a better way to describe it so the average person (1) understands what it is, and (2) isn't scared off thinking it's some type of subversive, anarchistic movement.

[paraipan]

{
autonomous;
communal;
egalitarian;
self-governing;
unconstrained;
}


My money; Our Bitcoin. 

allright

[DeathAndTaxes]

My money; Our Bitcoin. 

I like that.  Kinda embodies the concept of I am responsible and in control of my funds.  We collectively support the network.  Nice one.