I think the technology, especially the block chain concept, is revolutionary and will be the base of many new things to come in the new future.
Unfortunately specific to Bitcoin, I don't see how it can be viable with the self-imposed 21 million Bitcoin cap. If Bitcoin were to take off as a currency, that cap would mean that the value of Bitcoin would soar, purely due to lack of supply, not due to an increase in value. As such I tend to think the currency itself is a little ponzi-ish in that the first people in profit as it gets more popular.
The following 2 users say Thank You to SMCJB for this post:
I see, thanks. Clearly we're not talking about a fungible good here, especially given it's definitely not the only method of payment out there, so would that mean that scarcity shouldn't really affect its value at fundamental level, unlike, say, commodities?
I feel bad for the suckers that got caught up/are still caught up in that mess.
Pure delusion if you think bitcoin or any other "virtual currency" will ever replace the dollar as so many bitcoiners are rabid about.
The technology might be great, might be useful for various applications, but as for bitcoin becoming a real currency? Let alone millions of dollars per bitcoin as so many would have you believe?
Forget about it.
Also, I consider myself pretty tech literate, I'd call myself a tech guy. If I have trouble acquiring and using bitcoins, bet your bottom dollar few people will take the time to learn how to acquire/use them.
That being said, some services like Coinbase are making it easier to get/spend bitcoins.
'Part of the basic appeal of Bitcoin has been its promise to provide a more reliable and trustworthy alternative to existing currencies and financial networks. Unlike the Federal Reserve and Wall Street, institutions that are managed by humans, Bitcoin was supposed to rest on the infallible logic of math and computer code.'
Well you can't consider it trustworthy when security loopholes allowed the theft of $350m in value, can you.
I don't see any cryptocurrency replacing currencies any time soon. In order for that to happen we'd need a fundamental shift in how the global economy works I think.
The only advantage that I can see so far is that payments have a moderate ability to be untraceable. But except to people doing shady deal, who benefits?
The following user says Thank You to xplorer for this post:
Does anyone in this thread actually know anything about Bitcoin?
"Free markets work because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or incentives for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can"