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Author Topic: Why do you trust bitcoin in one sentence.  (Read 4335 times)
BrightAnarchist
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June 26, 2012, 10:46:23 PM
 #21

'cause Bitcoin is way cool.

Also, it cured my apathy.
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June 26, 2012, 10:47:53 PM
 #22

In cryptography we trust...
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June 26, 2012, 11:19:20 PM
 #23

I don't.
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June 26, 2012, 11:24:26 PM
 #24

Why do I trust it?

Because it's a peer-to-peer system that relies on math, not human behavior, to keep your money and transactions secure.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
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In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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June 27, 2012, 01:21:46 AM
 #25

Why? Security, reliability, ease of use.
Stephen Gornick
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June 27, 2012, 02:19:34 AM
 #26

Open source.

To quite Linus Torvalds: "Given enough eyeballs, all bugs are shallow".

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June 27, 2012, 03:04:12 AM
 #27

You can have no fees, almost instant payments, very good for business, and 1BTC = 6$ Smiley
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June 27, 2012, 03:28:49 AM
 #28

Love the idea & design, on the other hand there hasn't yet emerged any reason why I shouldn't trust.
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June 27, 2012, 05:15:15 AM
 #29

In Blockchain we trust.
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June 27, 2012, 05:32:01 AM
 #30

Trust is not necessary.
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June 27, 2012, 05:42:57 AM
 #31

I'm going to cheat.

I trust bitcoin because I read and understood this: http://www.bitcoin.org/bitcoin.pdf .

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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June 27, 2012, 06:04:50 AM
 #32

I trust it because there is no middle man Smiley

...or at least that's what i hope ;(

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June 27, 2012, 06:32:04 AM
 #33

Because it's the only option for me Cheesy
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June 27, 2012, 08:19:25 AM
 #34

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

Bitrated user: srcg.
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June 27, 2012, 08:45:50 AM
 #35

I don't.
Me neither. I'll trust it when a concrete solution to blockchain expansion is implemented (I know, it's been discussed quite a lot already and theoretical solutions have been proposed, but that's not enough yet IMO). That part on scalability is scary too:
Quote
At very high transaction rates each block can be over a gigabyte in size. These blocks must be stored somewhere. Whilst for speed it'd be ideal to store the block chain entirely in RAM, for cheapness storing only the hot parts in RAM and the rest on disk is the way to go. A 3 terabyte hard disk costs less than $200 today and will be cheaper still in future, so you'd need one such disk for every 21 days of operation (at 1gb per block).
https://en.bitcoin.it/wiki/Scalability#Storage
Buying a new hard drive every 3 weeks is annoying already, but adding it to the computer sounds even much worse... sounds like after a few months of blocks like that you'd need some funky hardware (NAS or whatever) just to store the blockchain. Clearly not an option...
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June 27, 2012, 09:40:13 AM
 #36

Trust is not necessary.

This is the best one; it's the one I'm going to use on friends.

"I trust Bitcoin because it does not require trust."

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June 27, 2012, 09:47:06 AM
 #37

I understand the OP his vision on this.
Why should you trust people that claim you should trust in the math it's build on.
I mean the only way you can confirm this is to take a look at the source code.
But what if you cannot read C++?
Well, then you need to trust the people that claim it's alright.
But those people will also probably have Bitcoin and won't say Bitcoin is a shitty currency since it's at there own intrest to make Bitcoin look good.

Right?

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June 27, 2012, 10:00:55 AM
 #38

I trust in BTC because a wide community trusts in them. I mean: when they went from 30$ to 1$ all of a sudden, many bloggers claimed it was "the end of bitcoin". But it was not, people started to buy it again, and it's back to 6$ now. If it didn't fail that time, it will never.

On top of that, there are objectively some classes of people that need something like bitcoins, and will likely buy them no matter what. Criminals, for one: there is no other way to make big payments almost anomimously.
But also developing countries are a great hope. Right now if an emigrant wants to send money at home, they need to pay up to 25% to a money transfer agency, only to convert it to fiat money that will likely inflate at skyrocketing speed. That whole half of the world (the fastest growing, seen the situation of our "rich" countries) could move almost completely to bitcoin in the coming years, as soon as the price of a cell phone that can hold a bitcoin wallet goes down enough.
(http://techcrunch.com/2012/06/09/feature-phones-are-not-the-future/)
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June 27, 2012, 10:05:41 AM
 #39

Simple: Because it works.
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June 27, 2012, 10:12:34 AM
 #40

Why do you trust BTC in one sentence Huh
Because I understand why it's completely safe, secure, fair, anonymous, and neither dependent on nor owned or controlled by a person or company or institution.

In theory, there's no difference between theory and practice. In practice, there is.
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