I don't like the idea of creating something out of encryption. It seems beyond the scope of the common man and nearing borderline high-tech plutocracy. And I know there are lot of mechanisms in place to prevent this like you said, but it still seems vulnerable to eventually being cracked, hacked, or crashed however unlikely. Plus I still don't see anything in a digital code as tangible, just a bunch of 1's and 0's. And if the whole economic system falls apart in an crash, maybe I can't access my Bitcoins anymore, or if I can, how am I going to exchange them for food or whatever. And another reason is that I'm simply afraid that in the end, we will all find that it was worthless. And still rambling but how many real world things are you actually going to be able to purchase with it? I know you make your case but everything I find seems to show a trend of gambling or black market type uses, so again still nothing to show my trust for it, but these things could change with time. And with its lack of legitimacy, someone like me with only marginal computer skills enters naively into this mining market and get scammed or whatever, who does this person go to? And sorry but another thing, can you get a problem with too many speculators holding onto their Bitcoins with the way these prices are going up causing the digital currency to lose its liquidity and come to a standstill, becoming more of a collectible item than an actual fluid market currency. This is a lot, but those are a few of my concerns for now but I will continue to research it and see if I am convinced otherwise.
Want DP delivered to your inbox daily? Subscribe here: