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Do you trust Bitcoin?

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Dec 20, 2017 in Banking by TheOtherTink (20,711 points)

This article says Bitcoin came into existence in 2009, when the financial crash led some people to trust computer code more than greedy or foolish human beings.

https://www.nytimes.com/2017/12/18/opinion/bitcoin-boom-technology-trust.html

But just as Stalin is once supposed to have said, "It doesn't matter who votes, what matters is who counts the votes," it can also be said, what matters is who writes the code, and for what purpose.

4 Answers

Rooster Dec 21, 2017

Or, to put it another way: rather than trusting in governments, central banks, or other third-party institutions to secure the value of the currency and guarantee transactions, Bitcoin would place its trust in mathematics.

I think it's the individuals choice to study about them before even trying to understand and trust them but they are the future.

Can You Trust the Idea of Bitcoin? - dummies

Virginia Dec 21, 2017

O'Tink, I first heard of bitcoin just a few weeks ago, I think it was either Korvo or Kninjanin who mentioned it...so that is one of many things I learn about because of Internet friends! I was unable to open your link (*&%[email protected]# - could open NYTimes just a few weeks back), so I do appreciate your précis...I did see just a few days ago that the bitcoin appreciation has been huge! 

As for the Stalin quote, I saw another one recently from one of those dictators; "I don't care who wins the election, as long as I am the one who chooses the candidates." Not sure how that applies to bitcoin, but it prolly does!

Kninjanin Dec 21, 2017

I have never used Bitcoin. I don't know if I can trust Bitcoin.

Marianne Dec 22, 2017
I am afraid that the Bitcoin involves too many risks; no, it has become difficult to trust former and newer economic, political and social structures or systems and institutions - even our own ruling classes, but the Bitcoin seems to be even more vulnerable.

And the big crime organisations are not sleeping ...

http://uproxx.com/technology/is-bitcoin-investing-worth-it-guide/

It is, by far, riskier than the Euro, and I am still thinking that it was not a good idea to dump the national currencies of many European countries for the Euro, instead of keeping them for the domestic use:

https://en.wikipedia.org/wiki/Euro

https://www.forbes.com/sites/timworstall/2016/04/30/the-euros-failure-eurozone-gdp-now-only-just-back-to-2008-levels/#57df5dc733c0


TheOtherTink Marianne Dec 22, 2017

Yes, the Swiss wisely did not give up  their currency, nor did they become a member state in the EU, though they are part of the free trade zone.

Marianne Marianne Dec 23, 2017

Yes, T(h)ink, and our relations with the EU are not always so smooth.

Juncker is particularly aggressive!


See how he treats the U.K.:

https://www.thesun.co.uk/news/3676219/theresa-may-jean-claude-juncker-brexit-divorce-bill/


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