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Offline bytemaster

What is Bitcoin and why does it have value?
« on: January 12, 2015, 10:24:59 PM »

There is a vast difference between what something is and what it is used for. Money or currency is an attribute of how something can be used, but does not give us a clear understanding of what something is. Anything can be used as money provided it is sufficiently durable, divisible, fungible, transportable, and resistant to counterfeit. Cigarettes are a commodity but can be used as money. Gold and Silver are metals (also a commodity) that have been used as money. So what is Bitcoin when it is not used as money and why does it have value?

http://bytemaster.bitshares.org/article/2015/01/12/What-is-Bitcoin-and-why-does-it-have-value/
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Offline speedy

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Re: What is Bitcoin and why does it have value?
« Reply #1 on: January 12, 2015, 10:57:08 PM »
Agree with all your logical points here, but this reminds me of what Max says by "reputation problem":

Quote
I have left the Bitcoin blockchain to start BitShares because I want to remain true to the founding principles of Bitcoin.

Arent we meant to be marketing BitShares as the best exchange to trade Bitcoin on?

Maybe phrase that nicer "I am trying to demonstrate how efficient the Bitcoin blockchain could be."
« Last Edit: January 12, 2015, 10:59:23 PM by speedy »

Offline bytemaster

Re: What is Bitcoin and why does it have value?
« Reply #2 on: January 12, 2015, 11:02:08 PM »
Agree with all your logical points here, but this reminds me of what Max says by "reputation problem":

Quote
I have left the Bitcoin blockchain to start BitShares because I want to remain true to the founding principles of Bitcoin.

Arent we meant to be marketing BitShares as the best exchange to trade Bitcoin on?

Maybe phrase that nicer "I am trying to demonstrate how efficient the Bitcoin blockchain could be."

I tried to clean it up some.   My goal was to praise the principles behind Bitcoin and those that support it.  To cause the reader to disassociate the technology from the ideals and to refocus on what matters.   
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Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline starspirit

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Re: What is Bitcoin and why does it have value?
« Reply #3 on: January 13, 2015, 12:46:23 AM »
Wouldn't we expect the value people see in Bitcoin shift as it gains adoption? It may have started with a band of freedom-seeking visionaries, but if it is to one day become a global money, it can't remain limited to that, and surely it would have to have volatility, speculation, booms and busts along the way? How else would such a transition from its free-market origins to global acceptance as currency be possible? Not saying it will get there, it just seems to me some of these things are in fact inevitable features of such a pathway.


Offline Empirical1.1

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Re: What is Bitcoin and why does it have value?
« Reply #4 on: January 13, 2015, 12:48:07 AM »
It comes across as maybe too Bitcoin negative imo.

It potrays Bitcoin as a valueless and speculative social status symbol & BitShares as the bastion of the principles on which it was originally founded.

Which is too harsh on them and too generous to BitShares imo.

Bitcoin does have some value as the market leader with the most liquidity, onramps and utility & is still currently the most likely to gain widespread adoption in the event of a financial crisis.
It's also hard to say they're focused on money and greed fuelled speculation while BitShares is somehow above that.

Edit: If the goal is to focus people on the principles, I would praise Bitcoin without criticising Bitcoiners too much but rather the technology & I wouldn't focus on it's value. I would say something more like the original ideals & pronciples of Bitcoin were fantastic but in practice as the first iteration of a new technology it has not been able to live up to some of them in that there is a lot of centralization, waste and an inability to adapt. BitShares attempts to carry that torch and further those original ideals by...



« Last Edit: January 13, 2015, 08:58:11 AM by Empirical1.1 »


Offline Empirical1.1

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Re: What is Bitcoin and why does it have value?
« Reply #6 on: January 13, 2015, 08:36:24 AM »
Bitcoin bounty from back in 2010, https://bitcointalk.org/index.php?topic=697.msg7370

Pullrequested with some corrections and a few cushions on the BTC vitriol.  :P

 +5% This is pretty cool

Offline svk

Re: What is Bitcoin and why does it have value?
« Reply #7 on: January 13, 2015, 08:52:44 AM »
Bitcoin bounty from back in 2010, https://bitcointalk.org/index.php?topic=697.msg7370

Pullrequested with some corrections and a few cushions on the BTC vitriol.  :P

 +5% This is pretty cool

Wow, the current value of all those bitcoin being offered for that bounty is pretty crazy :)
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Offline Empirical1.1

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Re: What is Bitcoin and why does it have value?
« Reply #8 on: January 13, 2015, 08:59:15 AM »
Bitcoin bounty from back in 2010, https://bitcointalk.org/index.php?topic=697.msg7370

Pullrequested with some corrections and a few cushions on the BTC vitriol.  :P

 +5% This is pretty cool

Wow, the current value of all those bitcoin being offered for that bounty is pretty crazy :)

Hopefully they'll look back at our BTS tips and bounties in the same way in a few years :)

 

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