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Author Topic: Bitcoin's biggest problem is the language we use to describe it  (Read 1351 times)
turvarya
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January 08, 2015, 08:35:00 AM
 #21

I think another problem about Bitcoin is, that it is quite complex to understand why it is better than fiat.

While I agree with the central thesis of the OP, I disagree that it is complex to explain why it is better than fiat. The problem is that by and large, the populace has absolutely no idea what fiat really is.

If anyone understands fiat
, you can tell them the most important reason that Bitcoin is better in one sentence:

Unlike fiat, Bitcoin is not at its core a system designed to slowly steal the entirety of real wealth of the populace at large, and put it in the pockets of international bankers, through the hidden tax called 'inflation'.
So, you describe the problem your self. When people don't know the problem you first have to explain the problem before you can explain the solution. It is a quite complex problem.

https://forum.bitcoin.com/
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Carsiden
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January 08, 2015, 10:10:00 AM
 #22

When your valuables are stolen we report it to the police, we have a legal system to investigate the crime and an enforcement system to correct unlawful behavior by criminals. Through this system we can reclaim the lost property from the thieves if they are tried and found guilty.

This is a basic function of a judicial system.

Bitcoin is so infuriating because we can follow the stolen money but not reclaim it. THAT is the biggest threat to Bitcoin. Humans hate loosing their property/valuables more than anything. There are ample evidence for this in studies of risk management. Any system where thieves can't be stopped will be abandoned. It's easy to forget the main reason banks were invented was to safe keep peoples savings. The loans etc which our economy is based upon today is a secondary invention by a banker who realized all that stored money could be working for himself.

If there was a cryptocurrency that was different from bitcoin, decentralized but nonanonomous, where the sender and receiver were publicly known or at least could be identified, where if someone stole your coins you could both identify the thief and reclaim your funds, people would choose that currency over BTC every time. Anarchy and total anonymousness is not the preferred lifestyle of the majority of the population is my guess. To be able to secure your property is more important. 
turvarya
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January 08, 2015, 10:33:23 AM
 #23

When your valuables are stolen we report it to the police, we have a legal system to investigate the crime and an enforcement system to correct unlawful behavior by criminals. Through this system we can reclaim the lost property from the thieves if they are tried and found guilty.

This is a basic function of a judicial system.

Bitcoin is so infuriating because we can follow the stolen money but not reclaim it. THAT is the biggest threat to Bitcoin. Humans hate loosing their property/valuables more than anything. There are ample evidence for this in studies of risk management. Any system where thieves can't be stopped will be abandoned. It's easy to forget the main reason banks were invented was to safe keep peoples savings. The loans etc which our economy is based upon today is a secondary invention by a banker who realized all that stored money could be working for himself.

If there was a cryptocurrency that was different from bitcoin, decentralized but nonanonomous, where the sender and receiver were publicly known or at least could be identified, where if someone stole your coins you could both identify the thief and reclaim your funds, people would choose that currency over BTC every time. Anarchy and total anonymousness is not the preferred lifestyle of the majority of the population is my guess. To be able to secure your property is more important. 
That is just wrong. Ask anybody:
Do you want that everybody can look at all your transactions you have ever made? Most people will say no.
Do you want that the government/courts can look at all your transactions you have ever made? There might be slightly less people, who say no.

I just had that discussion yesterday and the guy who proposed this complete transparency told us, that nearly everyone he talked to about this, disagreed with him.

https://forum.bitcoin.com/
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Carsiden
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January 08, 2015, 02:01:34 PM
 #24

Preferences are different. If you ask the whole population I bet most would prefer to feel their money is safe rather than their transactions completely anonymous. I know I do and I'm quite ordinary Smiley It's a choice and compromise between two incompatible needs.
okbit
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January 08, 2015, 02:13:26 PM
 #25

I don't think wallet security for the individual is the problem. Simply by encrypting and backing up a personal wallet, it becomes very safe. Hacks like That on Bitstamp are because it is a big target. An individual PC is not a big target and much less likely to be hacked.
HeroCat
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January 08, 2015, 04:36:17 PM
 #26

BTC mining is very simple word, everyone can understand the meaning  Grin
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