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To the naysayers- there are 100 potential problems with Bitcoin. All reasons why it can "never" work. Yet, I can also list 100 problems with all sorts of thing

by tibbon 13y ago

To the naysayers- there are 100 potential problems with Bitcoin. All reasons why it can "never" work. Yet, I can also list 100 problems with all sorts of things that we use on a daily basis: cash currency, vehicles, firearms, libraries, etc.... - Cash can be stolen, destroyed, counterfeited. It isn't easy to divide (I need quarters at the laundry machine, but I have a $5 bill). Cash is dirty. Do you know how many people have touched that dollar bill? - People could drive in the wrong lane, drive drunk, ignore all rules of the law. People might get killed! - People could do incredibly stupid things with guns. They might misfire or jam. You can miss and hit the wrong target easily. - People could steal books from libraries. They could burn. They cost money and make no money. Despite these problems- all of these things more or less work. Yes, Bitcoin has problems. Yet, I don't see any of them as being actually bigger than the potential problems with things we use daily anyway.

Nursie 13y ago
Difference is that a bunch of bad economic decisions were built into bitcoin from the word go (IMHO, I know you're going to disagree). It doesn't have potential downsides like the things you list, it has built-in definite downsides.
betterunix 13y ago
Shouldn't the goal be for Bitcoin to have reduced problems compared to the systems it is meant to replace? Why should we go from one problematic system to another equally problematic system?
- tibbon 13y ago
  I think it just has different problems. I don't think there's any way to create a perfect system, which is what many people seem to expect. It does solve several problems that no other currencies have managed to solve, but has cropped up some new potential issues in the meantime. While I think the problems inherent to current currencies are well known, I think some of the problems with Bitcoin still remain theoretical, with at least 50% of them being due to misunderstanding of the system or that its very early and we still lack some infrastructure (enough exchanges, etc)

by tibbon 13y ago

Nursie 13y ago

Difference is that a bunch of bad economic decisions were built into bitcoin from the word go (IMHO, I know you're going to disagree). It doesn't have potential downsides like the things you list, it has built-in definite downsides.

betterunix 13y ago

Shouldn't the goal be for Bitcoin to have reduced problems compared to the systems it is meant to replace? Why should we go from one problematic system to another equally problematic system?

tibbon 13y ago
I think it just has different problems. I don't think there's any way to create a perfect system, which is what many people seem to expect. It does solve several problems that no other currencies have managed to solve, but has cropped up some new potential issues in the meantime. While I think the problems inherent to current currencies are well known, I think some of the problems with Bitcoin still remain theoretical, with at least 50% of them being due to misunderstanding of the system or that its very early and we still lack some infrastructure (enough exchanges, etc)