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Question: How much of a bitcoin believer are you?
200%:  this stuff is going to change the world! - 39 (21.2%)
Totally convinced, it's the best digital currency at present time. - 38 (20.7%)
I have my doubts, but globally I think it worths a shot - 101 (54.9%)
Nah I don't really believe it will ever become real, but it's fun - 5 (2.7%)
It's a joke, but some suckers pay for it, so I mine bitcoins and sell them for real money - 1 (0.5%)
Total Voters: 184

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Author Topic: your confidence in bitcoin  (Read 4784 times)
grondilu
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March 31, 2011, 02:54:56 PM
 #1

I'm curious to see the result of this one

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March 31, 2011, 02:56:58 PM
 #2

Faith? I don't believe in such a concept. I rather just say it's up to the individual will of its users. I will go as far as to argue that probability of success cannot be reasonably determined.
no to the gold cult
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March 31, 2011, 03:02:58 PM
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Faith? I don't believe in such a concept. I rather just say it's up to the individual will of its users. I will go as far as to argue that probability of success cannot be reasonably determined.

Faith, it's certainly an overrated concept. For me 'Faith' is just a fancy word for 'opinion', and that's fair enough.

In my opinion bitcoin will go very far.

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Alex Beckenham
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March 31, 2011, 03:05:52 PM
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I want it to go far, but am sometimes a little afraid that it won't. However I also think that this fear is mostly irrational.

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March 31, 2011, 03:07:11 PM
 #5

I'm no believer in faith either. However it seems to me all you need to create a currency is something hard to counterfeit and a belief in it's value. So, faith is important. After all dollars are just paper, and gold is just a shinny rock. All value beyond that is based on our belief that it will still have value tomorrow.

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gigabytecoin
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March 31, 2011, 06:07:48 PM
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Somehow I doubt anybody on this forum will vote for the last two options. If you do, you shouldn't be here.
Hal
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March 31, 2011, 06:24:44 PM
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From The Simpsons, "Homer at the Bat":

Quote
Hypnotist: You are all very good players
Team: We are all very good players.
Hypnotist: You will beat Shelbyville.
Team: We will beat Shelbyville.
Hypnotist: You will give 110 percent.
Team: That's impossible no one can give more than 100 percent. By definition that's the most any one can give.

Hal Finney
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March 31, 2011, 10:10:32 PM
 #8

Answer #4: People are buying dope with it, at good prices too. It's already real.


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Distribution
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March 31, 2011, 10:42:56 PM
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I think that the existence of Bitcoin has brought about and will continue to bring about good things. It's kind of like when Ron Paul ran for president. I worked hard to get him elected. But when primary day came, we were all severely disappointed at his showing. I knew a couple people who got really depressed. But I was so happy that he ran. I knew that his run had started a fire, that the idea of liberty would start to catch and the establishment would be shaken. The modern tea party movement (despite being hijacked) started with his campaign, auditing the Fed became a mainstream issue because of the support he gathered, and I can certainly say that his run was a significant turning point in my own life. So what do I mean? We may not be using Bitcoin 50 years from now (although we may) but it's certainly revolutionary enough that it may lay the groundwork for a more widely used virtual decentralized anonymous currency.

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Ian Maxwell
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March 31, 2011, 10:56:35 PM
 #10

I feel like "I have my doubts" isn't a great way of putting it---it makes it sound like I don't think Bitcoin is a a solid idea. I actually do think so, in that I think it has as much chance of succeeding as any particular solid idea, which is not that high.

It's rare that you come across free lunches: investments with a high chance of success usually don't have a very high payout for success, and vice versa. Bitcoin is no exception. If it becomes generally accepted, the payout is enormous: not only will we few have dramatically improved the world, but we will all be fabulously wealthy. It would be too much to ask that this was also likely to happen. A 1% chance or so is more than enough, as long as the downside isn't too far down.

I think of it as something like investing in a startup or a high-yield bond.

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April 01, 2011, 01:21:33 AM
 #11

I've purchased some and hold them, as I consider the risk:reward ratio to be one of the safest bets I've ever seen. But only a fool would say this isn't a bet. I also intend to invest my time into providing bitcoin related services, so I suppose I'm going all in really Cheesy
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April 03, 2011, 01:04:20 PM
 #12

There is a paradox here.  In order for your investments in bitcoin to become worth something, it is important to spend some of them.  Currencies function and take on value because they are utilized by a community to exchange value.  If we all just hoard them waiting for them to take on value, we'll be waiting a long, long time.  I encourage everyone who wants bitcoins to take on value to set aside a good amount of your holdings for spending of some sort or another, whether it be donations, gaming, or good old exchange of goods and services.  Gavin is doing a brilliant thing for the community of bitcoin users by offering the bitcoin faucet, and ensuring that the faucet's disbursements go out to as many DIFFERENT people as possible.    This is why I've set up Bitcoin Bonus, I want to be able to get bitcoins out to as many people as possible.
grondilu
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April 03, 2011, 01:38:22 PM
 #13

Don't worry.  Even if everyone hoards bitcoin, at some point they will have a strong incentive to sell them.  And there will be some kind of a competition that will take place.  The less greedy will sell first.   There would be no point in hoarding for ever, unless you want to give your bitcoins to your children after you're dead.


I own a few thousands bitcoins.  I can tell you that if one bitcoin was worth 1,000 euros, I would sell mines for sure, so that I can buy a house or something.   Some people would be less greedy and would sell their bitcoins at 500 EUR/BTC, and some other even less greedy.   When people start selling, they stabilize or even lower the price of bitoin, thus adjusting it to its true value.

I do actually sell bitcoins on regular basis, because I think there are better investments than cash anyway, and because I need national currencies to eat and pay my rent.

But I totally think there is no problem with hoarding whatsoever.
Alex Beckenham
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April 03, 2011, 02:34:53 PM
 #14

I need national currencies to eat

Mmm tasty.

Gavin Andresen
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April 03, 2011, 02:59:42 PM
 #15

I just bought two Boston Red Sox tickets from my friend Baer using bitcoins.  They really do work nicely for grassroots, person-to-person transactions, and the beautiful thing is you don't need a lot of people accepting them in one place to get started.

How often do you get the chance to work on a potentially world-changing project?
grondilu
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April 03, 2011, 03:07:30 PM
 #16

I just bought two Boston Red Sox tickets from my friend Baer using bitcoins.  They really do work nicely for grassroots, person-to-person transactions, and the beautiful thing is you don't need a lot of people accepting them in one place to get started.


Yeah, as I tried to explain here, bitcoin starts to be usefull with only three people.
grondilu
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April 18, 2011, 07:09:56 PM
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up for newbies.  Please vote.
Jaime Frontero
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April 19, 2011, 04:45:46 AM
 #18

interesting factiod:  according to this poll:

http://bitcointalk.org/index.php?topic=4407.0

... i am the oldest person here, at 59.

faith?  nope.

but i'll tell ya, i've missed a few boats in my life (caught some too) - and this Bitcoin thing just has that feel.  it's the kind of thing i don't want to look back on and realize that it was yet another biggie i didn't see coming.

so call it a hunch, if you like.

besides, i'm a geek.  it doesn't take much of an excuse to get me screwing around with hardware and software...
gigabytecoin
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April 19, 2011, 08:28:15 AM
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interesting factiod:  according to this poll:

http://bitcointalk.org/index.php?topic=4407.0

... i am the oldest person here, at 59.

faith?  nope.

but i'll tell ya, i've missed a few boats in my life (caught some too) - and this Bitcoin thing just has that feel.  it's the kind of thing i don't want to look back on and realize that it was yet another biggie i didn't see coming.

so call it a hunch, if you like.

besides, i'm a geek.  it doesn't take much of an excuse to get me screwing around with hardware and software...

I am about half your age.

I have been on "the internet" for about half of my life or basically ever since there were HTML pages to look at.

One thing is for sure, bitcoin definitely has that "winning feel".
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April 19, 2011, 08:39:21 AM
 #20

Voted "I have my doubts, but globally I think it worths a shot" but I'm pretty sure that "it's the best digital currency at present time".
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