Value of Bitcoin Conference Digital - Bitcoin, the money ...
This is the true value of bitcoin : Bitcoin
Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
BSoV: The first mine-able, deflationary, open sourced, decentralized cryptocurrency Hedge to act as a Store of Value against the monetary inflation of fiat currency. BSoV is mined using a simple Keccak256 (Sha3) algorithm. There is No ICO, No Pre-mine, and No Governance. This allows for BSoV to be completely decentralized and fairly distributed. With each transfer of BSoV tokens, 1% of the total transaction is burned forever.
What?! BTC can be used in ways other than investing?! Let's give some more value to BTC, LTC, FTC, etc. by exchanging goods and services with other redditors! Got a skill? Put it to use for some BTC! Item for sale? Sell it here for some LTC! Need something? Spend your FTC! YOU pick which crypto-currency you want to get/spend and redditors from this sub will respond!
The true value of Bitcoin: Undeniable proof of payment.
This post is for the inquisitive amongst you and for your family, friends, coworkers and other people who might ask why Bitcoin is useful or even what it is "backed by". For the first time in human history we have a system that allows worldwide undeniable proof of payment. This is what makes Bitcoin truly unique. Think about how revolutionary that is. In other words we could say that the Bitcoin network is the first worldwide decentralized, distributed, unforgeable ledger. This means that all Bitcoin transactions are final and the payee can be 100% confident that the payment was made and he now owns the money. The most similar thing we've had until Bitcoin arrived was either cash or gold, but both had their problems which Bitcoin managed to solve. First of all cash can be counterfeited. If you accept cash as means of payment you can't be 100% certain that you've received a valid payment. There are indeed methods to verify that the accepted bills or coins are genuine, but even in that case the obvious drawback is that you can't securely send cash over great distances in a short amount of time as you can with Bitcoin. Furthermore, cash can be manipulated by a central authority such as the government. For many this is a further disadvantage, although to be fair I should point out that other people believe this to be an advantage. Anyways, this leaves us with gold, which historically has been another popular medium of exchange. It is indeed true that gold cannot be manipulated by a central authority but it still suffers severly from the same drawbacks as cash: It can be counterfeited (actually it's much easier to verify the authenticity of fiat currency) and, furthermore, it's very expensive and risky to send gold over great distances in a short amount of time. Bitcoin on the other hand offers undoubtable proof of payment over large distances in a short period of time. This is ideal for the age of Internet. If we compare this to current systems such as credit cards and other means of digital payment we'll quickly see that none of these share the properties of Bitcoin. With credit cards, Paypal, Centralized digital currencies or even Bank wires, there is always a central authority involved and no way to guarantee that the payment you received is legit, will not be reversed or frozen. With Bitcoin on the other hand, once you've got the bitcoins (and confirmations) you can be certain that the money is yours and that the other party has fulfilled its promise of payment. Think about this properties, and think about how important they are for a currency to be trustable and useful. The next time someone asks you what Bitcoin is "backed" by, you can certainly tell them that it's backed by the Bitcoin Network which guarantees undeniable proof of payment over long distances in a very short amount of time. Cheers!
I've seen a lot of posts and comments to the effect of, "bitcoin is working fine, no absolute need to make changes right now." I think this reflects a fundamental misunderstanding of pricing and where the true value of bitcoin comes from. Bitcoin has real value based on its utility to preform secure, fast, cheap, pseudonymous transactions (among other things). Bitcoin's true value makes it worth owning and gives legitimate backing to its price (of course, nobody knows the exact true value of bitcoin so the price may always bounce around, but no real problem there--a little volatility never hurt anyone). Here's what some people don't seems to get, bitcoin needs real value to maintain its price, and bitcoin needs users to sustain real value. The price won't magically keep rising forever. I'm concerned that stake holders (miners, exchange owners, devs) are ignoring the fact that the current price of bitcoin is predicated on the belief that steps will be taken to scale the transaction volume. Bitcoin needs users--lots of them. If you shit on users/merchants, they will go away. You may say, "fine, we don't need them." Eventually, the value will drop and the price will follow. Bitcoin is a brilliant open source decentralized technology, but that means nothing without users/exchanges/merchants/etc. There is no guarantee that the status quo (1MB blocks, no SegWit) will maintain ~$1000/BTC. In fact, I would argue that the current price will significantly drop if the expected network capacity increase is not realized soon. What is the vision for bitcoin? From Satoshi's white paper: "Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments...The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible...These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party..." If we throw out one of the primary motivations for the existence of bitcoin--small, fast, low cost transactions--we lose lots of users, and therefore reduce the underlying value of bitcoin. Is bitcoin a real currency, or just an academic exercise in cryptography? This should be of major concern to miners, unless they think they can maintain operations at $80/BTC or wherever the price settles after it becomes clear that the expected scaling isn't going to happen. I realize how silly I sound considering the current exchange rate, but ask yourself, What is fundamentally holding the price up? Can speculation maintain high prices forever? Remember that in 2011 $31.91/BTC was considered a speculative bubble. Without a large, growing user base bitcoin is nothing. Essentially, this comes down to the economics of the situation. We have lots of technical savvy in the community, but people need to think about the economics too. I contend, 1) The status quo (failure to scale) is going to yield a steady decrease in the true value and utility of bitcoin. 2) I have no idea if the price will go up or down in the next 24 months, but a continued increase in price without network scaling will indicate we have a price bubble which will eventually burst. 3) Scaling of the network can lead to increased usemerchant adoption and new bitcoin based tech. This would create value to back the current price of bitcoin so we can see actual price growth reflecting value instead of just speculation. tl;dr Much of bitcoin's real value comes from its widespread use and from people creating bitcoin based technology. The current exchange rate of $1000/BTC prices in expected future growth of the user base. Continued failure to scale the network will result in a significant price correction to adjust to reduced underlying value of the currency. This will be problematic for miners, investors, and businesses, and should be concerning to anyone excited about the future of bitcoin.
The true value of Bitcoin isn't the currency. The idea of the blockchain has the potential to run the institutions of an entire society...
I am not the best writer and I'm afraid this probably isn't the best tone, elaboration, or written for the proper audience, but this idea is taking a life of its own and I know that it has to be shared and developed by this community. I haven't included the specific examples of what an implementation of this might look like so I can see what others come up with. Here is part 1: I’d like to try to explain a vision for the true potential of Bitcoin. The value is not simply in currency, but rather the concept of the blockchain. Keep in mind that this is akin to trying to explain the internet to someone just ten years ago in terms that they would understand, and attempt to give them a true idea of the scale of social, economic, political, and cultural changes made feasible by such a technology. The blockchain is essentially a platform whereby information can be gathered, stored, and manipulated in a distributed manner where everything is as transparent or as anonymous as agreed by the nodes that decide to run a particular protocol. The difference in what bitcoin is now compared to what it can be is simply the operations and usefulness of the data architecture and logical functions computed by the nodes. So far, the uses are limited to mostly computing for the sake of computing, using massive amounts of processing just to run a simple function such as limiting the number of bitcoins generated. Though it may seem far-fetched at this point, the inevitable result of blockchain-based distributed information processing will be entire cultural foundations with protocols that democratically and transparently provide the foundation of currency, laws and regulation, politics, media, communication, and the most novel and efficient forms of these aspects of society. The next segment will elaborate specific examples of how these systems might be implemented. Imagine a blockchain structure that inherently acts like a computer. In its simplest form it begins with a system for updating the protocol, the ability to gather and store data in nodes, permissions for storing, viewing, and manipulated data from nodes. If such a system will ever function as the basis for a governing system, the operating system is essentially a constitution with each node (person) in agreement with the underlying architecture. Nodes will no longer be generalized into “miners” but rather there will be a distinction between nodes that distinguishes individual people from the “miners” or computational workhorses of the system. As new iterations and functions are implemented, the decisions for changes to the blockchain protocol will be made by people rather than the computers that provide the raw computational capacity. Trust and transparency in the system is of the greatest importance for the platform to run efficiently and drive the kind of innovation that is theoretically possible. History has shown us that the breakdown of our current social and economic systems is due to the lack of trust and balance between the interests of the greater good and the institutions that we implemented to handle the transfer of value and resources. There must be an assumption that the vast majority of humans are inherently good and will make the best decision based on their knowledge, with all confounding factors aside. Many of our cultural institutions are depersonalized and no longer represent the interests of those governed by them. The confounding factors in our society today are institutions that no longer serve their original purpose and are like viruses that are difficult to change due to their self perpetuating habitual nature.
It doesn't bear resembles with other investment instruments which bring cash flow base on that, you can evaluate the intrinsic value. However, just like the gold or stamp, the value judgement is very subjective & speculative. so how do you know the price of Bitcoin can be too far way from the fundamental value?
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