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Author Topic: Bitcoin: A wonder drug or snake oil?  (Read 2453 times)
cbeast
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Let's talk governance, lipstick, and pigs.


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March 08, 2012, 04:33:15 PM
 #1

Contains Radium Bitcoin to cure all economic ills.
Are we on the verge of discovering the equivalent of nuclear power for finance or is this just a hack that will fizzle?



Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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triplehelix
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March 15, 2012, 04:03:50 AM
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as with most things, the reality is most likely somewhere in between the two extremes.
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March 16, 2012, 10:00:01 PM
 #3

Bitcoin's are the first electronic currency that while not regulated are algorithmically limited so I dare say we're onto something more than just snake oil. In my opinion anything that has scarcity can hold value. Probably the biggest thing that holds Bitcoin back in the commerce world is it's anonymity. It's hard to trust a trading platform or see real foreign exchange traders getting involved while there's a chance the market they trade on could go under because of unscrupulous participants and/or criminals laundering money.

This is something I and a few of my associates intend to try and change, wish us luck!

Stu
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March 17, 2012, 04:20:26 AM
 #4

It does not claim to be a wonder drug, or any miraculous money-making scheme.

If you perceive it as such, you do not fully understand how the technology works.

OTC-WoT: 1BWF66DuVqBCSFksUgkLtdYmHucpBgPmVm
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March 17, 2012, 04:29:32 AM
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It does not claim to be a wonder drug, or any miraculous money-making scheme.

If you perceive it as such, you do not fully understand how the technology works.

What if the OP meant "wonder drug" in the sense that it will cure all of your traditional established banking institution ills?  Grin

It doesn't claim to do that either. Satoshi's goals were much more modest than that.

OTC-WoT: 1BWF66DuVqBCSFksUgkLtdYmHucpBgPmVm
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March 17, 2012, 04:40:22 AM
 #6

It does not claim to be a wonder drug, or any miraculous money-making scheme.

If you perceive it as such, you do not fully understand how the technology works.

What if the OP meant "wonder drug" in the sense that it will cure all of your traditional established banking institution ills?  Grin

It doesn't claim to do that either. Satoshi's goals were much more modest than that.

Oh? Perhaps I'm misinterpreting the message in the genesis block. 

I'm thinking of this:
Quote
Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years.

OTC-WoT: 1BWF66DuVqBCSFksUgkLtdYmHucpBgPmVm
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March 29, 2012, 10:36:16 AM
 #7

 Roll Eyes Both extremes are FUD and have little in common with reality. Nice effort with the photos though. Did you do all that for free?
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March 30, 2012, 06:34:20 PM
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..and I always thought snake oil IS a wonder drug...  Huh  Grin

Seriously I think bitcoin has tremendous transformational potential. However potential alone is not sufficient for "success".

So lets just wait and see what happens...

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April 09, 2012, 04:17:40 AM
 #9

only if Bitcoin can replace all fiat currency and be widely accepted will it be a true success. i dont see that happening anytime in the near future. it costs quite a bit of money to exchange Bitcoins back into USD which is what i use to make my car payment, rent etc.   when we can start doing this sort of payment with bitcoin, then we'll have something.  the problem is that banks and corporations are so corruptively intertwined to allow this to happen.

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Pasta


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April 11, 2012, 01:06:22 PM
 #10

Both.
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