Comment: That's all fair, until you learn more about it

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That's all fair, until you learn more about it

Once you learn how it works (and I agree that most people will never do so, but they don't know how FRNs work either, right?), you'll find that each of your concerns are kind of moot. Your points:

Who made it? While YOU may not know who made it, the system definitely knows. The system of thousands of computers tracks the progress of its members and awards bitcoins to the winners of a cryptography contest. If you know what you're doing, you can watch this process, but you can't identify that 'winner' with an actual computer for privacy's sake.

Who profits? No one. It's not an investment. It's a medium of exchange that, while in the adoption stage, is ACTING like an investment. If people want to get into them without mining (preceding paragraph), they must purchase them. And while supply is still shorter than demand, that price will rise. So, anyone holding one during a price rise will profit. Should demand fall below supply, the reverse is true.

This boils down to guesstimating what the global market for them is. All 'educated' estimates on this show there's approaching a trillion dollars that could chase this process. Until the rate of growth of bitcoin quantity surpasses the rate of growth of that money entering, the price will rise. And since bitcoin mining is constantly slowing (exponentially), we can be relatively sure this won't happen until the market cap gets close to the trillion mark.

The interesting and oft missed aspect of this is that it cuts the banks out of the financial loop of markets. They currently rob around 40% of each transaction (all told), so taking this away from them deleverages them 100:1 or more. What could be more pro 'end the fed' than that?

"They" can crush it? No, they can't. They can't track, hack or kill it off. It has it's bases covered in that area. To show how, try this. I'll start with a dozen numbers. I'll multiply them against each other and send you the result. Can you ever determine the original numbers? Does it matter how many people see that result? My original numbers are safe, regardless of what you do. What if I give prizes to computers that constantly make this more complicated? Will you ever be able to out-compete them and crack the problem?

AFA shutting it down, you assume it relies on the internet. It doesn't. It works from any communication method where people can send a code to someone else. You could, in theory, even snail-mail a code to a friend and exchange money but that would get tricky until other things become more popular.

I understand the holding physical things aspect but we don't currently have that in anything now. Tell me one thing you can physically hold that you can pay to Amazon, eBay, the power company, the traffic court or McDonald's? It doesn't exist. You're looking for the false security of FRNs which is what has gotten us into this mess.

Upside? This is the very beginning of the bell curve of it's price. If you can for a moment, accept that a bitcoin is going to be worth nearly a million $ each (I like to say "20 brand new, loaded pickup trucks", then you see today's price as just breaking off the zero line. If still not convinced, look at www.bitcoincharts.com and switch the scale to logarithmic. Put any time frame in there you want and you'll see it's virtually always a straight line. It's not a bubble at all. What you're fixated on is that it appears parabolic, exponential or bubble-like. In reality, it's nothing more than constant growth, not unlike fiat paper money's value drops.

Hope this helps.