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eks
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May 02, 2011, 07:25:20 AM
 #1

Hi,

I got lost on the internet tonight and I discovered bitcoin! I understand the concept and how wonderful it is from an economic and no middleman/free market stand point. I can see the huge potential in ROI if this ever took off. What I am not so good with is the computer side of it. Has there been other cryptocurrencys? Why have they failed? Is the current financial/political system to big to ever let this seriously take off? or is it inevitable as people become more educated about computers? I have so many questions but I absolutely love the concept and it is incredibly inspiring knowing that there is options in the future for monetary options and a truly free market system is amazing.


I just get sad when I try and tell someone a concept like this and they look at me like I'm crazy.
So this will be my getaway.
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Stephen Gornick
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May 02, 2011, 08:42:02 AM
 #2

Hi,

I got lost on the internet tonight and I discovered bitcoin! I understand the concept and how wonderful it is from an economic and no middleman/free market stand point. I can see the huge potential in ROI if this ever took off. What I am not so good with is the computer side of it. Has there been other cryptocurrencys? Why have they failed? Is the current financial/political system to big to ever let this seriously take off? or is it inevitable as people become more educated about computers? I have so many questions but I absolutely love the concept and it is incredibly inspiring knowing that there is options in the future for monetary options and a truly free market system is amazing.


I just get sad when I try and tell someone a concept like this and they look at me like I'm crazy.
So this will be my getaway.

I'll take a stab at answering the first one:

Has there been other cryptocurrencys? Why have they failed?
Yes, there have been several.  DigiCash failed in 1998: http://en.wikipedia.org/wiki/DigiCash
   Here's a good description of what happened: http://www.jya.com/digicrash.htm
  and others which I don't know much about: http://www.clearbit.com/technology_cashdiscs.htm
  http://themonetaryfuture.blogspot.com/2009/10/new-cryptography-behind-anonymous.html

There have been and still are other digital currencies, Liberty Reserve, and Pecunix, for example, but those are centralized currencies with other differences.


I have so many questions
There are some fantastic articles and other materials that help to explain Bitcoin:

 - http://www.cbc.ca/spark/2011/02/spark-139-february-27-march-2-2011 (Canadian radio program SPARK)
 - http://omegataupodcast.net/2011/03/59-bitcoin-a-digital-decentralized-currency (Omega Tau Podcast)
 - http://www.youtube.com/watch?v=RCzsCmhkjMM  (Security Now Video)

And feel free to participate in the Bitcoin community:
  - https://en.bitcoin.it/wiki/Bitcoin:Community_portal

sdmaxx
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January 03, 2018, 06:44:24 AM
 #3

Wow. IN 2011 !!! See how many times BTC got multiplied by the price of BTC at that time of posting.. And BTC still keep climbing new heights day by today.. It has high momentum to go up and up and the target is 1 M USD in 2020 !  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes
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