What is Bitcoin?

[BIT-Sharon]

What is Bitcoin? Essentially, like HTTP or Bittorrent, it is a protocol based on Internet and an invention of genius, which makes unthinkable things possible.
In real life, it is said to be a government-free utopia, and also a big revolution in human history of economy; besides, it is regarded as the technological creation of genius and an open-source software with many defections; furthermore, it is used to be a tool of investment or speculation, and be regarded as the untouchable rat poison as well.
Due to different background and views of problem, each one has different understanding of Bitcoin. Gates said it was a technological work, while Munger said it was an untouchable rat poison. In some way, what they speak about can be justified. My only hope is that everyone won’t say Bitcoin a fraud. Don’t you think it illiterate to say so?

[TinaK]

do you think rat poison stronger than fraud?


BTW, Bitcoin is seen as a technological fraud in China, sad

[BIT-Sharon]

Do you think money is more important than life?

[bluemountain]

The thing about bitcoin is that it is "backed" by the security of the network which is something that is very new to the "financial community" and it is very hard to quantify the value of this security

[lihuajkl]

You can go to the official website bitcoin.org, which explains bitcoin from different angle in detail.

[fiddelingones]

You summed it up nicely. Bitcoin haters preffer saying ponzi instead of fraud though

[Etanllah]

I don't get how some people can think Bitcoin is a fraud when it's becoming more and more accepted every day. Look at all the companies that are accepting Bitcoin....they are accepting it for a reason.

[Meuh6879]

Gov. is not for the MONEY ... they must ask the people to do change.
Actually, Gov. control MONEY ... and they don"t ask to the people ... they kill the people with debt.

https://www.youtube.com/watch?v=joITmEr4SjY

[Beliathon]

Bitcoin is the foundation upon which we will build a bankster-free future.

[NeuroticFish]

Bitcoin is a technological wow. As simple as that.

Yes, it is also a coin, which has a value (which is not clear yet how big or small it is because of insufficient use). Yes, it is associated with scams, fraud and illegal activities because it is still new and there are no regulations for it.

But it is a technology which will be used in a lot of fields soon - directly as it is, or somewhat adapted.