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A Bitcoin Believerís Crisis of Faith
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A Bitcoin Believerís Crisis of Faith

  #1 (permalink)
Market Wizard
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A Bitcoin Believerís Crisis of Faith

NYTimes :- A Bitcoin Believerís Crisis of Faith

A nasty fight has torn apart the core software developers of Bitcoin, exposing fundamental differences about the virtual currency's future direction and raising questions of its long-term viability.

http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html

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SMCJB View Post
NYTimes :- A Bitcoin Believerís Crisis of Faith

A nasty fight has torn apart the core software developers of Bitcoin, exposing fundamental differences about the virtual currency's future direction and raising questions of its long-term viability.

http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html

I read about Bitcoin a bit in the past few years but I haven't been able to form an opinion in terms as to whether it can be seen as a proper currency comparable to established country currencies.

Certainly technical people seem to like it but probably more because of its 'crypto-' and 'cyber-' features than anything else.

@SMCJB what do you think of it?

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Market Wizard
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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.

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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?

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Oh bitcoin.

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.

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The article goes

'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.


TheTradeSlinger View Post
Oh bitcoin.
Pure delusion if you think bitcoin or any other "virtual currency" will ever replace the dollar as so many bitcoiners are rabid about.

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?

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Payments also become virtually free to execute, as opposed the massive fees charged for credit cards and wire transfers.

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SMCJB View Post
Payments also become virtually free to execute,

No such a thing as free lunch. Currently every transaction's cost is like $4 I think. (daily coins created x value / daily transactions)

The question is just who actually pays those costs.

Bitcoin is a failed sociological exercise, but good entertainment.

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The coins are created out of nothing, so the only really cost is dilution.

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Pedro40 View Post
No such a thing as free lunch. Currently every transaction's cost is like $4 I think. (daily coins created x value / daily transactions)

The question is just who actually pays those costs.

The "workers" aka the Bitcoin miners.

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"
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