Post
Topic
Board Bitcoin Discussion
Re: Big Shots in favor of Bitcoin
by
bitCooper
on 03/12/2012, 02:51:38 UTC
The concept of bitcoin is completely revolutionary. When someone has an idea that runs so contrary to the status quo, with regard to central banks, credit card companies, and everything in between, most people will find ways to poke holes in it. Most revolutionary ideas fall flat on their face, like the DeLorean.

I think that prominent public figures will not typically promote such a revolutionary idea unless
a) It aligns with or would further their world view, or
b) It profits them.

Why stick your neck out and risk tarnishing your reputation promoting a concept that will fail?

With eCommerce, most interest is with companies that are working within the status quo. A normal startup would pose the question, "how do I make money working within existing government regulations and partnering with major credit card vendors." I believe bitcoin was built and started by someone for philosophical reasons as an experiment, not as a way to make a quick buck.

So what prominent public figures are aligned with the philosophy of bitcoin? In the realm of modern economics, most of the "great minds" seem focused on central planning: central banks, IMF, World Bank, insolvent banks, etc. It's fun to play God by moving billions or trillions of dollars from one part of the world to another via taxes and public policy. This is the fastest way to change the world, if they can convince enough people to give them the keys.

The only people I would expect to support bitcoin while it is still in its infancy are those who believe that inflation and centralized control of monetary policy is more dangerous than deflation; that freedom of international trade is more valuable than intense regulation. The others will ignore it until it gains serious traction, or spend all their time trying to criticize or change bitcoin to fit their economic leanings, as some members of this forum do.

Honestly, I was not interested in bitcoin until I saw it achieve some level of stability and success. I think that the success encountered thus far is *evidence* that a deflationary currency may work; the next four years will indicate whether a decentralized bitcoin can achieve enough stability to become more mainstream. Bitcoin will live or die by its own merits, not celebrity endorsements.