A Quote by Brian Armstrong
If you're someone in the business of verifying transactions on a proprietary network, the invention of Bitcoin cannot be safely ignored. It will change or disrupt the providers of most proprietary payment networks in the coming years.
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Unlike Bitcoin or email, our financial institutions and payment systems today are proprietary. This limits the ability for consumers to easily switch between payment providers and creates less competition for services.
Proprietary software tends to have malicious features. The point is with a proprietary program, when the users don't have the source code, we can never tell. So you must consider every proprietary program as potential malware.
Proprietary software tends to have malicious features. The point is with a proprietary program, when the users dont have the source code, we can never tell. So you must consider every proprietary program as potential malware.
Bitcoin is valuable as a currency because of the economic efficiencies the bitcoin network is already creating as transactions flow over it. As with the Internet, more applications will flourish which will make the bitcoin network, and thus bitcoin as a currency, valuable.
BitCoin is actually an exploit against network complexity. Not financial networks, or computer networks, or social networks. Networks themselves.
Proprietary software keeps users divided and helpless. Divided because each user is forbidden to redistribute it to others, and helpless because the users can't change it since they don't have the source code. They can't study what it really does. So the proprietary program is a system of unjust power.
Now, if someone tries to monopolize the Web, for example pushes proprietary variations on network protocols, then that would make me unhappy.
Blockchain assets derive value from their usefulness. Bitcoin has value because people value the payment network. BTC is required to use the network, so people demand it. If Bitcoin continues to be useful, it will continue to have value.
Within the coming years, disrupting the Bitcoin network will become increasingly more difficult as Bitcoin wallet software and the protocol become more mature and resilient.
Bitcoin offers one service: securely time-stamped, scripted transactions. Everything else is built on the edge-devices as an application. Bitcoin allows any application to be developed independently, without permission, on the edge of the network.
Payment systems are critically important for overall market stability. On a typical business day, U.S. payment and settlement systems settle transactions valued at over $13 trillion.
We really think of Bitcoin as a global, interoperable payment network instead of a store of value.
One reason you should not use web applications to do your computing is that you lose control. It's just as bad as using a proprietary program. Do your own computing on your own computer with your copy of a freedom-respecting program. If you use a proprietary program or somebody else's web server, you're defenceless.
Ignorance and credulous hope make the market for most proprietary remedies.
In the earliest days, this was a project I worked on with great passion because I wanted to solve the Defense Department's problem: it did not want proprietary networking and it didn't want to be confined to a single network technology.
Bitcoin is a currency, bitcoin is a network, bitcoin is a technology and you can't separate these things. A consensus network that bases its value on the currency does not work without the currency.
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