Bitcoin is Honest, So Should You

[alastantiger]

It hit me some days ago, that bitcoin is honest

• 1btc = 1btc
• Bitcoin transactions have no hidden charges
• There can never be more than 21 million bitcoins
• .. and many more

There are a lot of people who are not honest with bitcoin. They come in sitting on the fence. They have the shitcoin mentality to take profits and disappear. That is why most of them "weak hands" were the first to be shaken off during this persistent bear market.

Be honest with bitcoin. If you are investing for the long term, invest and hodl. Please, do not listen to the rumor mongers. If your intention is to be a futures trader stay true to it. Do not be neither here nor there.

The summary is that bitcoin is never going to lie to you, so you should lie to yourself about your intentions with it because if you do, you will end up getting hurt.

Mr Tiger

[mk4]

Advantages of a fully open-source project and asset — you can pretty much check everything on the blockchain or on the codebase (assuming you know what you're doing of course).

[Welsh]

I personally don't see a problem with users sitting on the fence. I mean, this is a new technology, which almost everyone when they come into Bitcoin doesn't fully understand, minus a few exceptions. The vast majority will learn more about Bitcoin as they go on, and therefore their opinion of it will change.

When I got into Bitcoin first of all, I didn't think it was going to change my life. I was just looking for an alternative, and it bare no more weight than that. Now, I'm probably what you'd consider a long term holder or at the very least someone who will likely be using Bitcoin for as long as it exists, just so I don't have to use banks, and let them dictate to you what you can purchase with your money or the chance of them going bankrupt in the future, and you only getting back what the government will guarantee, which varies on country.

So, I don't think you need to be absolutely sure why you're into Bitcoin right now. If it serves a purpose now, it doesn't mean it forever will, and visa versa.

[CryptoHeadlineNews]

Bitcoin is not a human entity, to be honest, and likewise, me trying to understand this your concept of "Bitcoin is honest and so should you" and it's kind of getting me confused, because as a digital currency Bitcoin has been working base on its volatile pre-designed protocols right from day one and hasn't changed, likewise US dollar and British pounds. So if people start taking advantage of its volatile nature for profit making either short or long term, that doesn't mean they are unhonest people. Because everybodys reasons to owning Bitcoin is to make a decent profit over time, of which others make theirs daily or weekly through the help of "Dollar Cost Averaging", so if you can't make yours that way, you probably just hodl and stop seeing others as unhonest.

[hatshepsut93]

Advantages of a fully open-source project and asset — you can pretty much check everything on the blockchain or on the codebase (assuming you know what you're doing of course).

How many people in this world are able to fully review an open source project the size of Bitcoin Core and be certain that there's no backdoors? A backdoor can be as small as a few characters, and it can even be hidden outside of the project itself, in some dependency of the project.

I trust Bitcoin because I trust that the community reviews the code. It's still better than trusting closed-source systems, hoping that the developers are moral people and won't do anything malicious.

[boyptc]

Bitcoin is transparent because it has a fixed supply unlike those altcoins that have been made as a centralized project, there's a likely that owners of it can tweak some things about it.

If your intention is to be a futures trader stay true to it. Do not be neither here nor there.

I know that this is just an example but those that are eager to be a futures trader, there's always a choice for you to just get away from it and stay in the spot trading.

[Lucius]

Bitcoin is not a human entity, to be honest, and likewise, me trying to understand this your concept of "Bitcoin is honest and so should you" and it's kind of getting me confused, because as a digital currency Bitcoin has been working base on its volatile pre-designed protocols right from day one and hasn't changed, likewise US dollar and British pounds.
~snip~

Maybe it would have been better if the OP had used the term "transparent" and not "honest", but everyone is entitled to their own opinions in terms of how they will look at something. I've noticed (and I'm sure some others have too) that mostly some new members have a similar attitude towards Bitcoin because, like the OP, at one point comparing Bitcoin with fiat currencies and the banking system, they realize how much honesty they can find in Bitcoin.

As @Welsh wrote, this perception can change over time, because Bitcoin is something new and fascinating to everyone at one point in time. For some, that time lasts longer, for others shorter, which does not mean that I look at Bitcoin much differently today than when I first became seriously interested in it.

[Accardo]

Being honest with Bitcoin is, not lying over owning a certain amount of Bitcoin for clout just like this guy https://www.reddit.com/r/Money/comments/z705in/9_million/ one of the funniest bitcoin Reddit posts I've read. Hence, hate speech on Bitcoin is another form of dishonesty as nobody is under a serious obligation to invest in bitcoin. Discouraging others from investing into bitcoin is regarded as not being honest to the technology because such a person don't want it to prosper. Every honest, in OP's term, bitcoin user will one way or another benefit through Bitcoin.

[Obari]

Well, the attribute of been honest shouldn't be attributed with Bitcoin on the bases that Bitcoin is just a digital currency which can also be referred to as an asset as well.
One thing very common with Bitcoin holders and investors is that fact that everyone wants to make profit no matter we do that.
Some times, people make profit from shorting and some also do so by longing and some also hold and whatever the case may be , we all want to make profit and trying to milk an opportunity when it comes doesn't mean one is dishonest and beside Bitcoin has been programmed to be volatile and seizing an opportunity from it isn't wrong.

[Husires]

Blind faith is the cause of problems, let your mind be open and accept all the options presented, otherwise you will turn into just another person who believes in something and will be shocked if his faith in this thing increases.

I will give examples of false faith:

• A lot of people believed in the Bitcoin S2F model, which meant the price would be around $100k a year ago.
• Many people believed that the previous peak represented a bottom that could not be broken, and therefore the price would not fall below $19,000.
• Many people believe that one Bitcoin is equal to one, but in reality, one Bitcoin can buy you a house, after a few months a car, and then a golden watch.

Links:

https://www.lookintobitcoin.com/charts/stock-to-flow-model/
https://cointelegraph.com/trading-for-beginners/a-beginners-guide-to-the-bitcoin-stock-to-flow-model
https://cointelegraph.com/news/this-classic-trading-pattern-signaled-that-bitcoin-price-had-hit-a-top

[Doan9269]

One thing i would say i like about bitcoin is it transparency when it comes to transactions, there's nothing hidden or fetchy when it comes to plainness with bitcoin and the blockchain has always make the simple best out of it, this is also one of the benefits it gives which is different from the ones centralized currencies could offer, many have assumed bitcoin for other cryptos since they believe there's price manipulation but bitcoin has nothing of such, those investors probably fails due to their wrong timing and personal mistakes from their end and not from bitcoin.

[Renampun]

one thing that I really like about bitcoin is its price which cannot be controlled or manipulated, the price that is currently formed is purely due to the volume of transactions that occur in the market, and the technology behind bitcoin itself is the best for transparency nowadays.
personally, Bitcoin has changed my life by 180%, it is a blessing for me. I will not turn away from bitcoin, even though the value of the bitcoin I currently hold has decreased by more than 50%.

[KingsDen]

Trying to understand the essence of honesty in your post got me a little bit confused. I then concluded that you meant faithfulness. It could be that you're telling us to be faithful with bitcoin that is to stick to only bitcoin without going to shitcoins.
But whatever or however you might see it, bitcoin doesn't need our faithfulness or honesty to exist.
Whether we sit on the fence or we embrace it, bitcoin will continue to exist. As you sit on the fence, other people in other parts of the world are jumping in. As you are jumping out orders are jumping in, that is Bitcoin for you.

• There can never be more than 21 million bitcoins

So confident as if you see the future. Who knows if the developers will vote to change the protocol if the 21million is exhausted? You never can tell.

[sheenshane]

It's not a human being that you called "honest".  
It's rather than called "transparent".

That's the purpose of Bitcoin, it has a transparent transaction that can be publicly verified.  It was created for peer-to-peer transactions as the Whitepaper said.  But now, it's commonly known as storing value, storing in a long term, and aiming for profit.

[Darker45]

Are those who prefer to buy low and sell high their coins dishonest? I don't think so. Bitcoin has become more than what it was strictly defined in the whitepaper nowadays. Bitcoin's attachment to its USD price is not to be discounted. While 1BTC is always equal to 1BTC, it is never the same when 1BTC=$50,000 and then when on to 1BTC=$16,000. So it's not dishonest if somebody who HODLed finally sell his Bitcoin at $60,000 and bought it back at $20,000. There's no dishonesty there.

The same is true when a trader shifts to HODLing when trading is already becoming both unprofitable and stressful.

About rumors and news and anything that affects Bitcoin's price, it is often advised to buy the rumor, sell the news. Even with FUDs and fake news, big decisions could be made without necessarily believing in them. There's no dishonesty here as well.

[mk4]

How many people in this world are able to fully review an open source project the size of Bitcoin Core and be certain that there's no backdoors? A backdoor can be as small as a few characters, and it can even be hidden outside of the project itself, in some dependency of the project.

I trust Bitcoin because I trust that the community reviews the code. It's still better than trusting closed-source systems, hoping that the developers are moral people and won't do anything malicious.

While it's great to be able to check the code yourself, I don't think it's absolutely necessary. What matters more is the fact that hundreds and thousands of people capable of coding can see the codebase and evaluate it themselves. And if they ever find an exploit, they either contact devs, or propose changes themselves.

[JoyMarsha]

We are designed to accept or reject how other people do things because we are human. It is not dishonest to oneself to follow through with a plan today or to change it tomorrow. Everyone has an opinion about what they would like to do or not. Not everyone in the cryptocurrency industry will follow through with their plan to buy bitcoin for a long-term purpose, even if they have that ambition. The purpose of investing in bitcoin is to make money, so if someone makes an investment today with the expectation of making a lot of money tomorrow, they may decide to sell it. That does not imply that he has been truthful with himself.

[jrrsparkles]

When someone consider bitcoin as an investment and they have their own strategies to make profits which can be either long or short term and they have no reason to be honest with bitcoin when they see profits they just sell and cash out. Whereas most people don't really know how investment works so they invest small and expecting it to grow 10x or 100x in months but in reality this is not possible which frustrates the weak hands and make them to sell.

And also there are people who consider 1BTC = 1BTC so they don't mind about the price movements especially the trend changes in short term.

[2stout]

Decentralization also keeps things honest because not one entity can make a decision in their own best interest- one of the pitfalls of centralization.  So yes, Bitcoin keeps it real.

[Jon_Hodl]

Agreed. Bitcoin is truth in a society of lies. It's like a lighthouse. 

It's literally the only thing that gives me any sort of hope for a better future.

The only chance I have at one day owning a house is to keep stacking sats any way that I honestly can and hope that one day when the housing market comes crashing down that my stack is big enough to be able to make a purchase.