I always get the answer "You just dont understand", but I have studied currencies, economics, finance a lot.. And when youre saying that we will be using it 50 years from now I see your total lack of understanding from my subjective view. 50 years from now I think there is a much greater chance that we will be using some kind of money measured in energy. It is portable, durable, fungible, and you can do shit with it. So no I dont think cryptos like Bitcoin, Litecoin will stand much more than 5-10 maximum 15 years. But I could be wrong, but I have a bunch of ideas that would serve a much better purpose as a medium of exchange than Bitcoin.
I also have big issues with the asymmetric distribution of bitcoin. Some entities are sitting on 1 - 10 % of all Bitcoins just for them self, thats even worse than the Fiat distribution, although this is not an argument for that bitcoin is bad and will fail, I just dont like the asymmetric distribution. Read this: http://eprint.iacr.org/2012/584.pdf Check pg 8 and 9 for distribution of the coins.
Energy I can only use it for one thing, to power something. I also have big issues with the asymmetric distribution of bitcoin. Some entities are sitting on 1 - 10 % of all Bitcoins just for them self, thats even worse than the Fiat distribution, although this is not an argument for that bitcoin is bad and will fail, I just dont like the asymmetric distribution. Read this: http://eprint.iacr.org/2012/584.pdf Check pg 8 and 9 for distribution of the coins.
That is the fairest way, early adopters had to have a lot of faith in the system so it is only natural they be rewarded the most.
And yeah bitcoin is mostly based on faith and have only a value as a medium of exchange, you can use dollar, gold, potatos, kittens, stones or energy for that to.
There is nothing that makes bitcoin better than terracoin else than it have more "Belivers".. Actually cryptos kinda remind me of religion and other political views; get enough people to belive in it and value what you offer and you´ll win!
You have big faith in Bitcoin and you will probably go on claiming that it´s the best thing ever like religious and political people. So I dont expect you do change your mind although I like the debate
Bitcoin is based on math, which is not faith it is prove to be the truth. A value of a medium of exchange is what 100% of currencies are. Comparing bitcoin and terracoins is like comparing the Euro and Dollar, the same thing but one of them is stronger. It isn't a religion just cause I am defending it, cause I researched it and believe in math, doesn't mean I am part of a cult where my mind can't be changed. It is just that bitcoin is currently the best currency I think out there and many others do the same. It is cool that you don't we need people like that in the community to keep the debate fresh and keep us on our toes. Who knows maybe you will discover a huge flaw no one saw and bitcoin will be worthless. But until then I put my money into math which can never be wrong.
I want a medium of exchange that I can do something else with than exchange. I also think that the big guns in the cryptosphere gets unfair amount of financial power rather than the users of the currency, kinda like banks and fiat-related issues.
But I explained how you can buy a lot of things with bitcoins, so how is that not more? What more do you want to do with bitcoins you can't do in any other currency? How do people get more power, if you think Gavin is doning something wrong or unethical with the software, you can fork it and if people agree they will join you, cutting the Gavin's version out of the blockchain.
For me to OWN a bitcoin I have to put my faith in it that some other person would value it as much as I did, otherwise I loose. Lets say a bitcoin 2.0 gets online with much better properties making your bitcoin 1.0 worthless. If I own Stored energy, I can USE it to something like powering my computer, TV, cooking plate, powering ASICs performing protein folding, (not useless shit like double SHA-256 hashing
).. Do you still dont get it??