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Author Topic: What is the way forward for bitcoin?  (Read 2922 times)
ElectricMucus
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November 13, 2011, 10:56:30 PM
 #21

Bitcoin's adoption plateau is not because of the technical limitations of the client and the network, but because of the finite supply which makes most people consider it a ponzi scheme. You're going to have a seriously hard time trying to change that.
Well it isn't a ponzi scheme unless people make it one.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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November 14, 2011, 01:02:46 AM
 #22

Bitcoin's adoption plateau is not because of the technical limitations of the client and the network, but because of the finite supply which makes most people consider it a ponzi scheme. You're going to have a seriously hard time trying to change that.

Right, because a digital commodity with an in-finite supply would better hold its price  Roll Eyes

People think it's a ponzi scheme because some people made tons of money quickly on the internet. After Bitcoin is around a while, and people see that holders of coins both lose and make money as in any commodity or business situation, the ponzi stigma will fade away. Suggesting that the "limitation on supply" is the problem is foolish.
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November 14, 2011, 06:49:35 AM
 #23

No U.


I guess I should have known that is the limit of your argument to begin with. You laughing all the way to the bank or not isn't my concern, but you seem to not think beyond your own speculation stake in the market. My statements above had nothing to do with the price of bitcoin. Completely understandable seeing how the entire country is in it's current economic state because of repeating thought process such as yours.

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November 14, 2011, 07:50:05 AM
 #24

The ONLY way forward is for cryptography to become more widely understood.  People will only truly trust Bitcoin once they get comfortable with the idea of keypairs and how message signing works.  Until then, they will be uneasy about it.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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wareen
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November 14, 2011, 09:24:47 AM
 #25

The ONLY way forward is for cryptography to become more widely understood.  People will only truly trust Bitcoin once they get comfortable with the idea of keypairs and how message signing works.  Until then, they will be uneasy about it.
+1

Yesterday at the meeting of our local Bitcoin group we had a guest who more or less said exactly the same: for somebody who doesn't understand much about computers, let alone cryptography, Bitcoin is just as opaque as our current monetary system. To them it boils down to replacing bankers with geeks and that's not something many feel very comfortable about Wink

I think it is time for a follow-up to the "What is Bitcoin" video - maybe a "How does Bitcoin work"...
It should make the basic principles of Bitcoin accessible to the non-technical audience and it should do so in a way that does not oversimplify things. It doesn't hurt if it is a bit longer (~10 minutes), but it should give everybody the feeling that they understand Bitcoin and that they can really trust it.
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November 14, 2011, 10:25:05 AM
 #26

The ONLY way forward is for cryptography to become more widely understood.  People will only truly trust Bitcoin once they get comfortable with the idea of keypairs and how message signing works.  Until then, they will be uneasy about it.
+1

Yesterday at the meeting of our local Bitcoin group we had a guest who more or less said exactly the same: for somebody who doesn't understand much about computers, let alone cryptography, Bitcoin is just as opaque as our current monetary system. To them it boils down to replacing bankers with geeks and that's not something many feel very comfortable about Wink

I think it is time for a follow-up to the "What is Bitcoin" video - maybe a "How does Bitcoin work"...
It should make the basic principles of Bitcoin accessible to the non-technical audience and it should do so in a way that does not oversimplify things. It doesn't hurt if it is a bit longer (~10 minutes), but it should give everybody the feeling that they understand Bitcoin and that they can really trust it.

Someone less lazy than me and with more community trust should start a bounty.  That's how the first one got done.  I would probably put a couple dozen BTC towards such a bounty.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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Gabi
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November 14, 2011, 06:07:38 PM
 #27

Stick a biten apple on bitcoin and ta dah suddenly they will understand and love it
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November 14, 2011, 06:52:14 PM
 #28

Stick a biten apple on bitcoin and ta dah suddenly they will understand and love it
So sad and true Sad
dogisland
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November 14, 2011, 08:15:29 PM
 #29

I'm not sure of the best way forward for Bitcoin but there seem to be lots of opportunities for the currency.

I can see a few startups that are occupying potential Bitcoin niches that could easily be blown away by Bitcoin with some nice marketing.

1. A bitcoin version of flattr http://flattr.com/
2. Micro payments https://www.buysimple.com/

I can see opportunities with the new contracts functionality that's being worked on at the moment especially escrow.

I'd like to see more derivatives (http://en.wikipedia.org/wiki/Derivative_%28finance%29). Bitcoinica is a good start but I wonder if it's possible to implement FX swaps and some more complex financial instruments.

The community is amazing you wouldn't believe how much time people spent helping me to get my projects here up and running.

Personally, I'm working on Bitcoin related projects whenever I can.









notme
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November 14, 2011, 08:31:37 PM
 #30

Right, because a digital commodity with an in-finite supply would better hold its price  Roll Eyes

What makes you think it wouldn't? Have you looked at the GEM and Encoin proposals?

People think it's a ponzi scheme because some people made tons of money quickly on the internet. After Bitcoin is around a while, and people see that holders of coins both lose and make money as in any commodity or business situation, the ponzi stigma will fade away. Suggesting that the "limitation on supply" is the problem is foolish.

Wishful thinking won't get this community anywhere.

The ONLY way forward is for cryptography to become more widely understood.  People will only truly trust Bitcoin once they get comfortable with the idea of keypairs and how message signing works.  Until then, they will be uneasy about it.

Are you serious? The use of cryptography is basically the only aspect of Bitcoin that doesn't get heavily criticized.

Sure it's not criticized, but it's not understood.  75% of the population either doesn't even know what a keypair is.  That's kind of fundamental to understanding how Bitcoins are safely and securely transferred.  The value is determined by trust.  People need to understand something before they trust it.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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jim618
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November 14, 2011, 10:11:10 PM
 #31

It would be great if the majority of the population understood keypairs but  . . .

Numeracy (in the UK - where I am) is just not that great.


I remember just a few months ago I was in a supermarket queue - one person (behind me) was speaking to the other (in front of me):

"I have been cheated - I bought 9 (whatever) at £8 each but have been charged £72.   It should only be £60 something".
She went storming off to customer services to complain.

What surprised me that noone bat an eye (well - I gently commented that she probably thought it was *8* things at £8 = £64).

I think for the large majority adding up prices is as much maths as they need.  So that is all they want to know.


Aldous Huxley: All ignorance is vincible, people do not know because they do not *want* to know.

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