deuteros: I read the first few post and it is silly to say the least. I urge you to spend some time on your own research and investigate further. The technology is amazing and it won't hurt you to acquire some knowledge about it. So you will be able to make your own decision instead of repeating others'.
I am not asking anybody to invest or anything like that. In fact back in the 90' I urged my friend to check this new technology called internet. I lend him my modem and I was so sure that he will be very glad I helped him. What could go wrong?!
After a month he (and I) was in trouble because he got a huge bill to pay (for newbies: internet back then was billed for the amount of time spent online). So the bottom line here is that it was difficult to connect to internet back then and he was not prepared and there were consequences.
If you find the Bitcoin difficult to grasp just don't touch it yet. But be aware that it is a huge thing.
To answer SarahAustin post, you clearly have the least amount of knowledge in here. And you clearly know less than John Snow which is nothing.
Cheers :)
Darvond: I did my research. It's a reverse funnel. Turn it upside-down.
You'll see. The people who developed this and their circle of friends got the lions share, there's a hilarious amount of loss that occurs if a server is raided, is shut down, or is otherwise taken offline, if your wallet vanishes, your two bits vanish with it, and the entire currency is based on wasted electricity and mathematical hashes; power which could better be suited towards protein folding or discovering a way to make better solar arrays, and somehow this magic snake currency is deflationary based on the limited nature, even though a quantum computer could break the currency in half, even though that'd be a complete WOMBAT like bitcoin itself is.
What if your research is simply wrong? Can it be the case? If i told you are wrong would you mind trying again?
The very first explanation of yours can't be more incorrect. There is no "server" to take down. In order to take down Bitcoin network you are required to disable every single Bitcoin node around the globe and make sure it won't start from the place it left off. Good luck doing that.
This decentralization is the key component of the network. If you don't grasp that very first thing about Bitcoin you know nothing.
As for wasting electricity argument I would like to point you out to good article here:
https://hackernoon.com/bitcoin-doesnt-waste-electricity-649694ea3605 Calling it a waste is just another proof on not getting the decentralized concept right, so sort out that first, please.
If you think that for example fiat system runs without resource waste, please think again :)
There are numerous institutional buildings full of people, computers, cars and and equipment required to keep fiat currency run as best as possible, but still far from flawless.
The last part of your three-part reasoning is kind of cryptic. Quantum computers, as far as researchers know, are unable to hurt Bitcoin. Yet you are stating with confidence that they can "cut Bitcoin in half". Don't know what you mean exactly by that statement, but I think it is just pure FUD at its finest form :)
The "snake currency" and WOMBAT comments I will leave alone. I think it is just frustration and sign that you exhausted your knowledge on the subject :)
I think you are smart, but unaware in what we are dealing with here.
zeogold: Wait, wait, wait...I admittedly don't know much about this topic and can't really join the debate due to that, but I do have to note something interesting:
What's with all these folks saying that bitcoin is bad to have because X people use it for illegal things? Aren't we the same community who laughs at the Steam forums where they say how easy it is to pirate things with DRM-free and thus GOG must be a website for pirates? Maybe I'm reading into something wrong here, but it feels a little hypocritical. o_O
Excellent point and perfect analogy.
You are getting things right!