Monday, December 30, 2013

Bitcoin conversations

The other day a friend of mine said to me "When your grandchildren ask you about how you made it you can tell them you made it with a thing called bitcoin"
"Woah woah woah" I said "Why would I not suppose they use bitcoin? Why would I not just say I saved my first BTC and it has appreciated by virtue of saving and I worked hard not to need to spend it?"
"Touché" was her response.

Another friend told me BTC was in a bubble and when it pops he will buy some. I asked "what makes you think everyone isn't thinking the same thing? Making the "pop" last only seconds. I hope you have money on a trading platform somewhere because in bitcoins case what goes down must go up"

And finally I was simply asked to explain in the shortest terms possible why a friend should accept it. Instead of reeling off technicals and price quotes I simply reversed the current standard. Why did he accept dollars? What was the intrinsic value of the dollar? Ink, paper, war machines? Who controlled that value? Military? Definitely governments, politicians and corporations. Why not support a people supported currency without these intrusions and manipulations? "Fiat is a recurring method for payment designed pre-internet that has failed time and time again. There is no reason, especially now, that it should or even can survive in its current capacity." Like others I too believe the real bubble is in the dollar, its value much more than its worth. I like to ask friends if we were using a system like BTC; transparent, secure, non-inflationary, cheap, accountable, fast, mathematical, de-centralized and precise. Would they switch to a centralized non governmental private company that prints ink on paper as fast as they can without end or transparency? Which pays for bombs and spying on its own citizens? Which can not be audited by the people but can destroy the people through manipulation? Would they change to that currency or would they keep the simple yet robust BTC protocol?

Just a few conversations everyone has and will have.

One more day in 2013 to get yours before it really goes boom.  Good luck.