The Totally Missing Link To Understanding Bitcoin

[Bungeebones]

Do you know what "Open Source Software" is? Those that don't will be totally clueless as to how Bitcoin works or how it is better than anything that came before it.

Along similar lines, do you know what a peer to peer network is?

If you don't know the answer to either of those questions you definitely need to Google those terms and get a firm grasp of their meaning BEFORE trying to even start to understand Bitcoin.

Don't be critical of something you know nothing about (like most in the main stream media do ).

[BamaAla]

Voted. Don't know. Confused about bitcoin. Gave up.

[TomKat]

Viva la Btc!! Long live open source!!

[kpitcher]

Voted. Don't know. Confused about bitcoin. Gave up.

If you want to know more I'm sure there are a few of us on here who would be happy to PM / email / skype to answer any of your questions. Anyone on here can feel free to drop me a message and I'll get you up to speed as best as possible.

[Madison320]

Open source is not necessarily a good thing. Since no one is making a profit, there can be less incentive to make it work. The fact that Bitcoin is open source has absolutely nothing to with why I think it's going to fail. I think Bitcoin will fail because it's not a reliable store of value.

[Bungeebones]

Open source is not necessarily a good thing. Since no one is making a profit, there can be less incentive to make it work. The fact that Bitcoin is open source has absolutely nothing to with why I think it's going to fail. I think Bitcoin will fail because it's not a reliable store of value.

> "Open source is not necessarily a good thing". Well you probably should stay off of the Internet because I believe it is somewhere around 90% of web traffic is distributed by Linux Servers and Open Source Software. And be sure never to use Open Source Android phones.

> "Since no one is making a profit, there can be less incentive to make it work". Tell that to Google and all the phone manufactures that use Android. Add to that all the Internet Service Providers, the Fiber Optic carriers etc that all deliver the web data provided by Linux servers

> The fact that Bitcoin is open source has absolutely nothing to with why I think

> "I think Bitcoin will fail because it's not a reliable store of value" Compared to what? It has outperformed every asset class since its launch less than five years ago? It hasn't ever been confiscated by the government (like gold was). It definitely has been better than fiat currency. It is far more transferrable than metals.

But because it was released as Open Source the Bitcoin protocol, like the http and tcp/ip protocols that are the backbone of the Internet, cannot be "bought out" by large money groups which aim to monopolize and keep it from people.

I think you were wrong on all your points which shows little understanding of the effect Open Source software has on our lives.

[kpitcher]

Open source is not necessarily a good thing. Since no one is making a profit, there can be less incentive to make it work. The fact that Bitcoin is open source has absolutely nothing to with why I think it's going to fail. I think Bitcoin will fail because it's not a reliable store of value.

Actually like most major open source projects there are corporate companies paying for developers to work full time on it. These companies have invested millions and want to make sure things work. These paid people usually oversee the main development with direct input from many non-paid volunteers. This is how open source projects like FreeBSD, Linux, Apache, etc have all continued successfully.

[brandon]

Open source is good but sometimes doesn't go far enough. To channel RMS, software needs to be free, and not as in free beer. Free as in freedom.

[Bungeebones]

Actually like most major open source projects there are corporate companies paying for developers to work full time on it. These companies have invested millions and want to make sure things work. These paid people usually oversee the main development with direct input from many non-paid volunteers. This is how open source projects like FreeBSD, Linux, Apache, etc have all continued successfully.

I never thought of it this way before but it is almost as if the open source community comes together for the public good instead looking to government to do. And then when something like Bitcoin comes along they say it needs regulation despite the reason it was developed was to fix the "regulated" but broken financial system/