What are your favorite Satoshi quotes? Jerry Britto says something similar:. I believe more investors in high-inflation countries are looking at alternative asset classes, things like gold or Bitcoin". I believe worth, Bitcoin is nothing first example, I bitcoins they're going to quotes the world. View All Highest Rated.
But these things are underneath most of the applications they use on a daily basis. But it's unlikely that anybody would give me even a penny for one. We wanted to be at the forefront of that conversation. This helps keep you from turning your coins over rapidly unless you're forcing it by actually turning all your coins over rapidly. Bill Maurer - Professor of anthropology and law at UC Irvine, and dean of social sciences -- source For greater privacy, it's best to use bitcoin addresses only once. Indeed, the prices of products and services being sold for bitcoin online today are denominated in dollars and are converted at the market rate for bitcoin when the transaction happens.
I am waiting to understand quotes better, bitcoins with my brain, but with my experience. Usually this argument is made by gold bugs. Sorry worth be a wet blanket. It is in this context that all monies, Bitcoin included, gain their value. This is where money saves the day. To gain a glimpse into an exciting nothing.
I hope it's obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we're trying a decentralized, non-trust-based system. We're managing pretty well just using the forum. I'm more likely to see bugs posted in the forum, and I think other users are much more likely to help resolve and ask follow up questions here than if they were in a bug tracker. A key step is other users helping resolve the simple stuff that's not really a bug but some misunderstanding or confusion.
I keep a list of all unresolved bugs I've seen on the forum. In some cases, I'm still thinking about the best design for the fix. This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them.
Satoshi on the security of the chosen cryptographic function. SHA is very strong. It can last several decades unless there's some massive breakthrough attack. Proof-of-work has the nice property that it can be relayed through untrusted middlemen. We don't have to worry about a chain of custody of communication. It doesn't matter who tells you a longest chain, the proof-of-work speaks for itself. When you forget a password to your wallet, your Bitcoins are lost forever.
Which makes everyone else a bit richer. Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone. P2P gives people back their freedom. Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years.
Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own. Bitcoin would be convenient for people who don't have a credit card or don't want to use the cards they have, either don't want the spouse to see it on the bill or don't trust giving their number to "porn guys", or afraid of recurring billing. Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating.
In a few decades when the reward gets too small, the transaction fee will become the main compensation for [mining] nodes. I'm sure that in 20 years there will either be very large transaction volume or no volume. You should never delete a wallet. Bitcoin transactions are pseudonymous but if you don't follow this simple rule your identity may be revealed. The possibility to be anonymous or pseudonymous relies on you not revealing any identifying information about yourself in connection with the bitcoin addresses you use.
If you post your bitcoin address on the web, then you're associating that address and any transactions with it with the name you posted under.
If you posted under a handle that you haven't associated with your real identity, then you're still pseudonymous. For greater privacy, it's best to use bitcoin addresses only once.
However, they aren't very safe as they can be easily double-spent , meaning a vendor loses money. As you figured out, the root problem is we shouldn't be counting or spending transactions until they have at least 1 confirmation. The first ones in make a lot of money while the last ones in foot the bill. The return is always too good to be true and the gains for those who actually get gains are exponential. Imagine being able to invest in the concept of email back in when some clever hacker at MIT found a way to use primitive multi-user computer systems to pass messages.
It might have seemed like a silly waste then, but owning even a tiny percentage of the rights to email today would make one wealthy beyond imagining. Technologies follow a known adoption curve, which tends to include a period of exponential rise. Bitcoin is no exception. Ponzis and pyramids both create value for their oldest investors by stealing from the new. Bitcoin creates value for the old investors and the new by splitting a finite currency supply more ways. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Why Bitcoin Has Value January 13, , By David Perry We all have what feels like an intrinsic understanding of value, though it is actually learned as we come to know our world. This article appears in: News Headlines , Bitcoin , Currencies , Technology. More from Bitcoin Magazine. There are far more illegal transactions for cash every day than there are for Bitcoin. Any government bleating that we have to stop this Bitcoin thing because it will be used by criminals to buy drugs and guns, whatever, had better think sharply about getting rid of cash first.
Bitcoin is much more traceable than cash. If I go and knock over an old lady in the street and steal her cash from her wallet and give it to various people there is no trail of those transactions. But it is very easy to do that now digitally using Bitcoin.
The real target for illegal transactions should be cash. Cash is anonymous and private. There is no ledger detailing every transaction with cash. Indeed, it is ridiculous that of all the cash in U. Amit Bhardwaj - Entrepreneur, investor, and dreamer in India, who is paving the way for bitcoin adoption in the country.
I believe more investors in high-inflation countries are looking at alternative asset classes, things like gold or Bitcoin". From security and trust to data access and algorithms, there is a tremendous amount of core technology that can introduce disruption into these industries. In fact, the bitcoin blockchain has operated for seven-plus years with no downtime, a feat no other back-end system operating at this scale can claim. Centralized architecture will soon be over and replaced by a decentralized one, like how the absolute monarchy has been replaced with democracy.
It could transform the role and nature of government. But I am not familiar with the specific product to assert whether it is the best potential setup.
And we need a long time to establish confidence. I only talk from skin-in-the-game. If I had money in Bitcoin, I would have reported it. But I don't yet. I am waiting to understand it better, not with my brain, but with my experience.
Tyler Winklevoss - Entrepreneur "We have elected to put our money and faith in a mathematical framework that is free of politics and human error. I think it could be the same with Bitcoin. You do need some kind of alternative and Bitcoin fits the bill. Velde - Research advisor in the economic research department at the Federal Reserve Bank of Chicago -- source Bitcoin and cryptocurrencies solved this problem of coming to a consensus globally where you don't trust anybody else.
Neither gold nor bonds are needed to back up a currency. And you don't have to ask permission from a bank, a corporation or any government. This sounds like the best payment system in the world! Learn it, challenge it, and use it. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things.
I think it offers possibilities that no other currency allows. The Delusions of Global Capitalism -- source World governments will have to readjust. If enough people come to the same agreement, what they agree upon becomes secondary, whether it be farm animals, gold, diamonds, paper, or simply a code.
History proves all these cases to be true. Who knows what the future is going suggest to us as money, once we see digital currencies as ordinary? Sever - Author of -- source The first currency and money system in the world which has no counter-party risk to hold and to transfer. Neo takes the red pill and begins a period of exploration about humanity, hierarchy, rules, etc.
Bitcoin is a red pill. There will be some bad and awkward moments, but lots of good, useful and powerful things will also ensue. It will reallocate financial strength and power to the people versus keeping it within a few centralized authorities. I am hopeful that Bitcoin prevails. The world needs more red pills. Therein lies the strength and weakness at once.
Instead of Western Union, migrant workers or businesses operating on their behalf could use Bitcoin to send payments from one country to another through email, without worry of fraud or needing to support an elaborate exchange or credit market. It would be real-time, immediate settlement at a fraction of the cost.
In ten years, instead of international drugs, Bitcoin could act as a genuine lingua franca for international work. I believe cryptocurrencies, Bitcoin is the first example, I believe they're going to change the world.
28 Sep Three key reasons why the Bitcoin value versus the U.S. Dollar is of little significance, and may be totally irrelevant both now, and in the future. years of relevance itself. If that doesn't prove the inherent strength of Bitcoin value, nothing will. What else has gained % or more in these market conditions?. 13 Jan Bitcoin is harder to define and understand, and for many beginning Bitcoiners the question of value is one of the most puzzling. So why does Bitcoin have value? To begin, we really need to understand why anything has value. Fans of post- apocalyptic fiction will often point out that in the end, the only things. 18 Sep Behind every bubble is a good idea bursting to get out, and bitcoin kind of looks like a good idea, at least if you squint a bit. A digital currency without borders that governments can't control and that allows secret online transactions? I'm in. Bitcoin itself? Not so much. So is a single bitcoin worth $,