your confidence in bitcoin

[gigabytecoin]

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".

Then why did you vote for the former?

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[fetokun]

Because I have my doubts since bitcoin's success is not depending solely on being the best digital currency.

[TiagoTiago]

I might have overstated my confidence a tad with my vote, but Bitcoin kinda works like the placebo effect, the more you believe in it the more it  actually works, so i'll keep my positive thinking.

[Distribution]

I might have overstated my confidence a tad with my vote, but Bitcoin kinda works like the placebo effect, the more you believe in it the more it works, so i'll keep my positive thinking.

Kind of like Federal Reserve notes. I'm pretty happy with what I've been able to do with it so far, now I'm just saving up to buy Atlas's dog.

[grondilu]

up for newbies

[RyNinDaCleM]

Well... I'm a newb, and I voted "I have my doubts", But I also have done the F@H thing, and at least this potentially pays out for the work done, and wear/tear on my hardware.

[phillipsjk]

None of the poll options really express how I feel about bitcoin. I feel it will become very successful, then fail in the medium term. Converting all of my USD (I live in Canada) to bitcoin is about all I want to do with it at the moment. I would not be comfortable keeping my retirement savings in Bitcions.

IMO, BitCoin will fail under the following conditions:

• Wide-spread computer compromise; making wallets non-secret.
• Severe government repression.
• The latency limitations of the protocol become a problem.

I have reason to believe that all 3 may happen in my lifetime.

• Most computers are made in one country (China) and include chips from one company (Intel). Computers are now so complex that nobody knows them from top-to-bottom. The only way to get secure computers is to either simplify the design or prove each  abstraction layer correct. The latter will take about 6 generations.
• We have already seen this with attempts to curb copyright infringement. Domains have been seized, Europe and Australia are working to set up their own firewall modeled loosely on China's great firewall. If you read the Terms Of Service for your residential Internet connection, you will see you actually only get half an Internet connection. Though, as things stabilize, only about 2192 52596 hosts entities will be mining and processing transactions anyway (expect transaction fees when this happens).
  
• Severely isolated groups of people can not process transactions. Similarly, these groups can not check with the network to prevent double-spending. The TCP time-out is about 2 minutes. As long as the protocol relies on IRC, your latency must be lower than 2 minutes (round trip time). This means that any Mars colony can not use Bitcoin. Down here on Earth, it means that the protocol can not take advantage of couriers moving data across borders. Only wallets can move across borders using a physical medium.

[Basiley]

nice idea, but insecure, by EC-usage.
not so much computing resources saved, but timing and mathematically questionable security of EC- signatures/cipher.

[grondilu]

nice idea, but insecure, by EC-usage.
not so much computing resources saved, but timing and mathematically questionable security of EC- signatures/cipher.

What? Is ECDSA weak?

[Basiley]

nice idea, but insecure, by EC-usage.
not so much computing resources saved, but timing and mathematically questionable security of EC- signatures/cipher.

What? Is ECDSA weak?

we're talking in "faith" -related topic.
so, yes, i had NO faith in ECDSA and rest EC-related things. Absolutely.
talking about scientists opinion , prognosis and field practice impact, read crypto papers/newpapers/etc.

[FreeMoney]

nice idea, but insecure, by EC-usage.
not so much computing resources saved, but timing and mathematically questionable security of EC- signatures/cipher.

Lol, how are you going to do a timing attack?

[frozen]

Faith is a rejection of reason and evidence. Bitcoin as money is logically sound, and the evidence so far suggests it will succeed.

These are not guarantees, but so far I haven't seen anything to suggest that it will fail. Unlike fiat currency which is backed by the violence of the government, bitcoin is backed by the cooperative competition of the internet.

[Basiley]

nice idea, but insecure, by EC-usage.
not so much computing resources saved, but timing and mathematically questionable security of EC- signatures/cipher.

Lol, how are you going to do a timing attack?

why you limit patterns of attack to "timing attack"-approach?
EC cause mathematical concerns about safety at least.
and talking about exploiting of implementations, timing attack isn't only one.

Faith is a rejection of reason and evidence. Bitcoin as money is logically sound, and the evidence so far suggests it will succeed.

These are not guarantees, but so far I haven't seen anything to suggest that it will fail. Unlike fiat currency which is backed by the violence of the government, bitcoin is backed by the cooperative competition of the internet.

"so far" isn't enough in that case.
actually, talking about money[of ANY kind]/valuables is SERIOUS business. usually.
"i haven't seen it !!" (c) from carhit pedestrian explanation.
note: 90% of security activity is not dealing with problems, but eleminating them BEFORE they outbreak into catastrophe !
ie, evading crisis is best way to deal with it as best way to win war is w/o right war.

[liberty]

What this poll tells us is that no one would get out of the game.

[frozen]

Faith is a rejection of reason and evidence. Bitcoin as money is logically sound, and the evidence so far suggests it will succeed.

These are not guarantees, but so far I haven't seen anything to suggest that it will fail. Unlike fiat currency which is backed by the violence of the government, bitcoin is backed by the cooperative competition of the internet.

"so far" isn't enough in that case.
actually, talking about money[of ANY kind]/valuables is SERIOUS business. usually.
"i haven't seen it !!" (c) from carhit pedestrian explanation.
note: 90% of security activity is not dealing with problems, but eleminating them BEFORE they outbreak into catastrophe !
ie, evading crisis is best way to deal with it as best way to win war is w/o right war.

Evidence that doesn't exist is irrelevant. "So far" acknowledges the uncertainty, the potential, that evidence might surface to change my mind and declare bitcoin a failure. This has not happened. With that said, I am not selling any of my gold or silver holdings in exchange for btc.

Sure - it would be nice if reward or success of any new venture could be guaranteed and thus the risk eliminated. You need to decide for yourself what your risk tolerance is. If you think you can walk on the sidewalk without getting hit by a car, then by all means. But if you're worried about the car, then do what you need to do to mitigate that risk. If you're walking on the sidewalk, you are probably not concerned about getting hit by an airplane, even though it has a probability > 0.

If the risk of the plane or the car are too much for you, get off the sidewalk.

[grondilu]

The word "faith" seems way more connoted than I thought.  So I replaced it with "confidence".

[Frozenlock]

Almost same characteristics as gold.
In addition:
-You can have backup. (Good luck finding a lost gold coin)
-It's waaaaaay more easy to make a transaction with anyone on the planet

This thing will change the world! 

[billyjoeallen]

If you could buy lottery tickets for a penny, how many would you buy?
if something has a 1% chance at returning 10,000 times your bet, is it a good bet? Hell yeah it is!!!!

[billyjoeallen]

if you could buy lottery tickets for a penny, how many would you buy?
If you had a 1% chance at winning 10,000 times your bet, is it a good bet?
Hell yeah, it is!