Comment · Wed, November 20, 2013
What most investors don't get about Bitcoin as a currency
Original post in this thread
BCLaraby · 96 points
Is that we're on the edge of creating a truly single global currency backed by the full faith of the world.
Now, I'm admittedly simplifying here but think about it. The USD is supported by all that America has to offer, the full force of the promise of the United States. Its workers, its output (GDP), Exports, you name it. It's all just a promise, an IOU, but a promise backed by real econonmic might.
Same with the UK, with China. Same with India. And Australia and Canada.
All these nations singular currencies are representative of the work put into them by us, the people, who build and maintain the economy.
Now Imagine all of the people of the world willingly trading in their own currencies for Bitcoin, voluntarily creating a single universal currency backed by the full faith of the world's economies. Essentially creating a Net that allows for a stable, instantly transferrable currency no matter where you are or how much you need.
Some guy in China wants to do business with someone in Australia? Done. Instantly. No exchange rates or time wasted or middlemen. Just done. Its the Internet of Money.
The long and short of it?
In Bitcoin we've created the real-life Sci-Fi…
What they were answering
ferretinjapan · 6 points
I recommend you try to at least understand Bitcoin a little better before you outright dismiss it. To even weigh in on the subject and claiming you have absolutely no interest in Bitcoin voids any perspective you have anyway.
I bet you don't even realise that the very design of Bitcoin solves a long standing communications problem (long thought impossible to solve) called the byzantine generals problem. This allows Bitcoin to be completely decentralised, and it's system of fees and coin distribution allows it to be a self-sustaining network and gives it the ability to grow as demand increases. Something unheard of.
Inventing a good currency is impossible. Existing currencies are proof of that. Bitcoin has more qualities that make it money than real money has, but it is hands off regarding distribution, and price discovery. This is where the free market comes in, as the Bitcoin Economy grows, these price shocks will lessen in frequency and intensity as there is better liquidity and the coins become more distributed over time.
No-one is pointing a gun to your head saying you MUST use bitcoin (you ARE being forced to accept USD though, try asking to get paid in gold or silver, or try paying your taxes in euros), so you are free to ignore, or avoid Bitcoin as much as you like.
But if you are going to criticize it, at least be inf…
u/MisterYouAreSoDumb
Bitcoin is where it is at right now because it was the first. What makes people put their stake in it long term, when there are alternatives like Litecoin and Peercoin? What prevents someone from taking the Bitcoin algorithm, improving it and streamlining it? What is preventing Bitcoin from becoming Myspace, where another currency will become Facebook?
I see a lot of people making arguments for the sustainability of Bitcoin, by applying benefits the come with any crytographic currency. That would be like arguing that Altavista is going to be the biggest thing in the world, because search engines are revolutionary. Well Altavista is no more, and Google dominates. So what makes Bitcoin Google, and not Altavista?