Author is projecting. Replaced "me" with "people" in writing this. Considered himself smart; tried to wrap head around Bitcoin, but lacks math/cs/finance background, and or curiosity to dig below surface level hype or read blockchain-y things beyond what's written by other lazy journalists ...? (now I'm projecting).
Doesn't 'get it'.
Plenty of people understand Bitcoin. Go read the whitepaper.
Not relevant. Mining is no longer profitable for any new entrants without some incredible innovation in computing power or electricity costs. Even the miners are unlikely to make money from mining only from holding their mining gains as investments.
> 99% of the world's population can't understand it.
That's underselling the human population. I would posit 10-20% are probably mentally incapable of understanding the basics of modern finance, therefore have no chance at a new form of currency. For all of the rest, they can understand what they need to know to use it.
BitCoin's entire proposal, including the original paper, the source code, millions of different explanations, and millions of different opinions about it are available for free. It's the most anti-elitist form of currency we have come up with. The costs of fiat currencies are hidden: central banks adjusting the money supply in real time at will, transactions aren't all visible to the globe on a single ledger, etc.
I'm not even very bullish on BitCoin. But I don't find it remarkably elitist -- at least no more than previous currencies.
I have seen the excitement for Bitcoin come about here in Pakistan, mainly from the lower class, to the middle class, I know the founders of one of the Bitcoin exchanges in Pakistan(Urdubit), and the number of people that come from the rural areas to trade or buy bitcoins, would surprise you.
Yes, most people won't read the whitepaper, and many more will read it and won't understand it, but you don't need to understand the inner workings of it fully to take advantage of it.
Yes, right now, creating a paper wallet, or storing your coins in cold storage can be a little bit difficult for most people, and till these things are simplified enough, my mum won't be using it to pay for groceries at the supermarket. But that's with any technology!
I agree the ideological arguments for Bitcoin are silly (as are all arguments that substitute ideology for substance), but there probably are a lot more people who can understand Bitcoin than modern-day monetary policy and banking.
Most people can understand it from the perspective of an end user, just as you and I can swipe a credit card without necessarily understanding all the underlying Chip & PIN and anti-fraud and bank processing technologies and processes.
Very true. Even more so, fiat money is democratic as long as the government controlling it is. With something like bitcoin, it cements the establishment and removes fiscal policy options.
Well, I'm guessing you've never used bitcoin before. Any idiot can understand how to use something like coinbase or an online wallet.
You don't need to know how bitcoin works internally to be able to use it, just as you don't have to read the minix book to be able to use an Operating System.
How is this elitist? Do most people understand the current financial system in any meaningful way?
Do most people understand how their computers work? How their air conditioner works? How about the pressure dynamics that make their toilets flush?
Saying everyone can't mine it is inaccurate, everyone can mine it even with a smartphone. Is it profitable? No, but neither is mining iron ore with a shovel. Those with the knowledge and capital to fully utilize any system will always have an edge over those who don't, in what reality is this not the case?
Plenty of people understand the basics of BitCoin, that it is a currency and how to transact with an exchange that supports it.
You don't need to know the knitty-gritty of SHA256, blockchains, or the game theory associated with Proof of Work to "understand" BitCoin.
If you apply the same standards for "knowledge" of the US Dollar, you also have to require that people understand the intricacies of the US Treasury, the Mint, The Federal Reserve (and it's 12 constituent regional Central Banks), concepts of fiat currency, etc.
Most people don't understand central banking, yet they use the existing monetary system just fine. Mainstream acceptance doesn't require universal knowledge - merely trust.
> Author is projecting. Replaced "me" with "people" in writing this. Considered himself smart; tried to wrap head around Bitcoin, but lacks math/cs/finance background, and or curiosity to dig below surface level hype... Doesn't 'get it'.
Yes, exactly my thoughts.
It's IMPOSSIBLE to understand HOW and WHY Bitcoin works without a baseline understanding of public-key cryptography, cryptographic hashing functions, key ideas of computational complexity, and algorithmic processes in distributed systems, particularly peer-to-peer networks.
In other words, to understand how and why Bitcoin works, one must first understand the key concepts underpinning Satoshi Nakamoto's groundbreaking paper: https://bitcoin.org/bitcoin.pdf
The general public, lacking the necessary education and knowledge to understand these things, has no choice but to use Bitcoin based on faith and experience.
Note that the general public doesn't understand government-issued money either, but they happily use it every day based on faith and experience. The same thing is happening with Bitcoin.
I think the point being conveyed is that, the internet or www was easily accessible to people who could go on to modify things to suit their own end. Yes, you can use bitcoin as is, thanks to a number of available software choices. But it is difficult to do anything else with it.
However, at this point I can only see it as a currency. So I can't say if the second point is even applicable here.
Maybe the reference is to the underlying blockchain, the effort required to understand it, and consequently customize it like people did with the older web technologies.
That's how people think...Creating models and theories via abstraction from personal experience and thoughts. All original ideas are projections in some way, requiring courage to put through into the world.
puranjay|8 years ago
No it won't. It's just a transfer of wealth from educated elite to other educated elite.
99% of the world's population can't understand it. 99.5% can't mine it.
It's so damn elitist that it's not even funny.
thephyber|8 years ago
Not relevant. Mining is no longer profitable for any new entrants without some incredible innovation in computing power or electricity costs. Even the miners are unlikely to make money from mining only from holding their mining gains as investments.
> 99% of the world's population can't understand it.
That's underselling the human population. I would posit 10-20% are probably mentally incapable of understanding the basics of modern finance, therefore have no chance at a new form of currency. For all of the rest, they can understand what they need to know to use it.
BitCoin's entire proposal, including the original paper, the source code, millions of different explanations, and millions of different opinions about it are available for free. It's the most anti-elitist form of currency we have come up with. The costs of fiat currencies are hidden: central banks adjusting the money supply in real time at will, transactions aren't all visible to the globe on a single ledger, etc.
I'm not even very bullish on BitCoin. But I don't find it remarkably elitist -- at least no more than previous currencies.
mdurbar|8 years ago
I have seen the excitement for Bitcoin come about here in Pakistan, mainly from the lower class, to the middle class, I know the founders of one of the Bitcoin exchanges in Pakistan(Urdubit), and the number of people that come from the rural areas to trade or buy bitcoins, would surprise you.
Yes, most people won't read the whitepaper, and many more will read it and won't understand it, but you don't need to understand the inner workings of it fully to take advantage of it.
Yes, right now, creating a paper wallet, or storing your coins in cold storage can be a little bit difficult for most people, and till these things are simplified enough, my mum won't be using it to pay for groceries at the supermarket. But that's with any technology!
atemerev|8 years ago
elmar|8 years ago
http://bitcoinist.com/starving-venezuelans-turn-to-bitcoin-m...
smitherfield|8 years ago
shallot_router|8 years ago
jayd16|8 years ago
pyroinferno|8 years ago
You don't need to know how bitcoin works internally to be able to use it, just as you don't have to read the minix book to be able to use an Operating System.
biggerbistro|8 years ago
Do most people understand how their computers work? How their air conditioner works? How about the pressure dynamics that make their toilets flush?
Saying everyone can't mine it is inaccurate, everyone can mine it even with a smartphone. Is it profitable? No, but neither is mining iron ore with a shovel. Those with the knowledge and capital to fully utilize any system will always have an edge over those who don't, in what reality is this not the case?
dsego|8 years ago
[deleted]
wmf|8 years ago
exogeny|8 years ago
Plenty of people on HN. Maybe. And that's about it.
Mainstream acceptance is far, far away, and having a condescending attitudes towards those who struggle with the concept is not going to help.
thephyber|8 years ago
You don't need to know the knitty-gritty of SHA256, blockchains, or the game theory associated with Proof of Work to "understand" BitCoin.
If you apply the same standards for "knowledge" of the US Dollar, you also have to require that people understand the intricacies of the US Treasury, the Mint, The Federal Reserve (and it's 12 constituent regional Central Banks), concepts of fiat currency, etc.
slededit|8 years ago
cs702|8 years ago
Yes, exactly my thoughts.
It's IMPOSSIBLE to understand HOW and WHY Bitcoin works without a baseline understanding of public-key cryptography, cryptographic hashing functions, key ideas of computational complexity, and algorithmic processes in distributed systems, particularly peer-to-peer networks.
In other words, to understand how and why Bitcoin works, one must first understand the key concepts underpinning Satoshi Nakamoto's groundbreaking paper: https://bitcoin.org/bitcoin.pdf
The general public, lacking the necessary education and knowledge to understand these things, has no choice but to use Bitcoin based on faith and experience.
Note that the general public doesn't understand government-issued money either, but they happily use it every day based on faith and experience. The same thing is happening with Bitcoin.
fellellor|8 years ago
However, at this point I can only see it as a currency. So I can't say if the second point is even applicable here.
Maybe the reference is to the underlying blockchain, the effort required to understand it, and consequently customize it like people did with the older web technologies.
unknown|8 years ago
[deleted]
dlwdlw|8 years ago