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    Author Topic: Just an Observation  (Read 1749 times)
    Shinobi (OP)
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    June 19, 2011, 12:37:41 AM
     #1

    What Bitcoin has been:

    1. An incredible, and the most viable, attempt so far, to create an alternative currency (and associated market).
    2. The first iteration of what will eventually prove to be a viable digital currency.



    What Bitcoin isn't and will never be:

    1. A truly viable alternative (much less replacement) to existing currencies.

    What Bitcoin will prove to have been:

    1. A way in which a few early adopters made significant sums of money at the expense of later buy-ins.
    2. An experiment in which more than a few gung-ho anti-establishment types and greedy computer nerds lost a lost of money.
    3. The reason for a glut if video cards on eBay being sold at half-price or lower.


    While this has been fun, i think its become quite clear that this is a geek obsession and nothing else. Those of you who are trying to "get in on the ground" have already missed the boat for the real profit and are only trying to convince yourself of the longevity of this particular attempt. The game is over, and the security holes (unencrypted wallets, Mt. Gox's absurdities) sealed the deal. There was a small window to get public perception on Bitcoin's side, and that has closed.

    Noone real is going to accept Bitcoin, and noone - because of the deflationary promise - is going to spend it either. So continue to enjoy tiny trade volumes and retarded volatility.

    _______
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