Quote from: Weyland Corp on July 24, 2013, 02:57:16 PM

Quote from: J603 on July 24, 2013, 01:17:42 PM

Quote from: marcus_of_augustus on July 23, 2013, 01:08:21 PM

The idiot troll arrives to talk "Economics", demanding explanations, lol. Roll Eyes

.... day late and a dollar short? train left the station without you.

I am a troll? What argument do you have against what I said? It seems like the common argument against anyone who goes against bitcoins is that they are just trolling. And I'm not even against bitcoins. I'm buying as much as I can, and I use them to purchase things. But I also recognize bitcoin's flaws, and I think that until everyone recognizes them bitcoin will never be mainstream. I also think that the currency can't stay stable with this kind of mentality. People want bitcoins to increase in value exponentially, but this type of instability is good for no one but the few people who got in early.

The fact is, no matter what might happen, Bitcoin is nowhere near as successful as any of the supposed "failing" fiat currencies. Maybe in a 100 years it will be just as successful, but none of us are going to live that long. The bitcoin economy isn't as big as a single fiat currency. It also isn't nearly as stable. The value of a bitcoin fluctuates constantly, and prices change to reflect it. What if one day you went to the grocery store and everything was twice as expensive because the price of bitcoins plummeted? The average person will never agree to that kind of system.

It seems you aready one step ahead of us all you seem to know everything.

So now i have a question for you: why did you buy bitcoins Huh

Because I see them as a good investment- not because I believe that it will replace fiat (it won't) but because it will hopefully increase in value, at least for a short period of time. Although seeing as major exchanges are either being discontinued or getting more restrictive (at least to US customers), I'm not so sure.

I don't have anything against bitcoins. I just want to know why pretty much everyone on these forums is so sure that it will replace fiat. There have been people here that have, completely seriously, told me and others to invest everything in bitcoins. That is a very risky maneuver, but it seems as though it's one a lot of people are willing to take.

Like I said before, I also don't think that the rampant fervor for bitcoins is positive. Some people on here are almost religious when it comes to bitcoins. Why are they so great? The main arguments are decentralization and deflation. But I fail to see how bitcoins are decentralized when a small amount of people control the majority of the bitcoins (just like with fiat!). The mining pools also have considerable influence. Deflation is not always positive. Stability is much more beneficial than either inflation or deflation.

I just want to know as much as I can about the bitcoin economy before I make a serious investment. So far, I feel like idealism drives the market quite a bit as opposed to rational thought, and this is worrisome. It seems to cause instability in the market unheard of in any other currency.