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Author Topic: Why do you trust bitcoin in one sentence.  (Read 4328 times)
vssa
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June 26, 2012, 07:36:13 PM
 #1

Why do you trust BTC in one sentence Huh

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enmaku
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June 26, 2012, 07:39:26 PM
 #2

Bitcoin isn't run by people, who can be corrupted, bribed etc - it's run by math.

Tomek
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June 26, 2012, 07:40:40 PM
 #3

Math.
Matthew N. Wright
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June 26, 2012, 07:41:45 PM
 #4

Free competition.

nimda
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June 26, 2012, 07:46:40 PM
 #5

Math.

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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June 26, 2012, 07:47:00 PM
 #6

B00bies.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

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https://bitcointalk.org/index.php?topic=60117.0

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June 26, 2012, 07:53:07 PM
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"Democracy" has been gamed to death, long live the blockchain!

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June 26, 2012, 08:00:46 PM
 #8

Humans are flawed, math is pure.
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June 26, 2012, 08:25:45 PM
 #9

cryptomancy and free market

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June 26, 2012, 08:29:53 PM
 #10

Voluntary decentralized non-human controlled currency backed by people.

It's got everything that fiat-money doesn't have:
*centralized
*mandatory (for taxes)
*human-controlled (central banks, politics)
*backed by decree

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June 26, 2012, 08:31:19 PM
 #11

Not created out of thin air like actual bank currencies.

vssa
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June 26, 2012, 09:55:11 PM
 #12

If we want bitcoin to be popular we need a much wider set of reasons about why you trust bitcoin in one sentence we need the small details map that leading to the main reasons.
So Why do you trust bitcoin in one sentence. Huh

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June 26, 2012, 10:00:39 PM
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I've read the white paper and know how it works.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
edd
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June 26, 2012, 10:04:50 PM
 #14

Not only does Bitcoin have the potential to become a global currency without the backing of any government or organization, it eliminates the need to rely on payment processors for online payments.

Edit: I realize this doesn't quite answer the question but it was an off-the-cuff response. When I have a bit more time, I'll write a more accurate and concise statement.

Still around.
gregwedow
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June 26, 2012, 10:06:29 PM
 #15

Is gaining popularity all about trust?  Trust isn't needed for people to use it. They might use it because it's cheaper, more convenient and safer than alternatives.

Then there are two different levels of trust involved.
 
I trust the transaction system because it is completely open and understandable. No shady things going on. I can watch what's happening.

Do I trust that the value stored in my bitcoins will not evaporate one day? Not really. But I'll still use them because of these earlier mentioned three reasons.
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June 26, 2012, 10:12:22 PM
 #16

Cryptography keeps it secure, decentralized keeps it from corruption, open source keeps it honest, and limited supply keeps it from inflating.

That is why I trust Bitcoin.
paraipan
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June 26, 2012, 10:13:27 PM
 #17

Who would have guessed that all the math we studied in college would lead us to a truly free market.

Can't remember where i saw this quote:

Quote
In bitcoin 2+2 always equals 4, no matter how much guns you point at it

BTCitcoin: An Idea Worth Saving - Q&A with bitcoins on rugatu.com - Check my rep
Stephen Gornick
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June 26, 2012, 10:36:48 PM
 #18

Mass collaboration around an open protocol.

Xenland
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June 26, 2012, 10:39:47 PM
 #19

I can be my own bank with the security of math.
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June 26, 2012, 10:44:27 PM
 #20

Who would have guessed that all the math we studied in college would lead us to a truly free market.

Can't remember where i saw this quote:

Quote
In bitcoin 2+2 always equals 4, no matter how much guns you point at it

by Roger Ver:

"If you point a gun at the rules of mathematics they are not gonna flinch. They don't care if you are pointing a gun at them or not."

https://bitcointalk.org/index.php?topic=52190.msg624861#msg624861

Why do I trust Bitcoin?

Because the keys are f....ing long!


You guys have really come up with somethin'
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