Both!
I saw a guitarist in New Orleans that used to be a street magician.  He would alternate between using a pick and his fingers incredibly quickly.  Apparently he "stores" the pick between his fingers while fingerpicking, using the same technique he learned "hiding a quarter."  Brilliant.

Slugbaby
Both!
I saw a guitarist in New Orleans that used to be a street magician.  He would alternate between using a pick and his fingers incredibly quickly.  Apparently he "stores" the pick between his fingers while fingerpicking, using the same technique he learned "hiding a quarter."  Brilliant.

I do this also...when certain parts of the song call for "fingerpicking" I fold the pick up into 
my fingers and fingerpick, then, when done, drop it right back into position...

Over time you get to know how long to keep your finger nails so it's not just skin hitting the strings. I get more bite than I did with a pick. Practice gets you where you want to go pick or not. I can play much faster without a pick also. Thumb for down, the naughty finger for up. the first finger gets in on it too but mostly intuitive now. Knopfler showed it can be done, so I just kept at it. For recording strummed acoustic I use a pick. And I'm sure everyone knows this but thin pick gives you more treble and thicker the pick the more bassy it gets. I never really noticed that until long periods of time between pick use.

Guys,
 
Thanks for hard core perspectives on this, and the principle that it doesn't have to be all or none. Learn both.
 
One of my favorite CD's given to me by a late relative was Fingerpicking Styles. Was some kind of contest where they collected one song from the winners and published. Instrumental only. Ground rules were that it had to be an acoustic guitar. No pick allowed. No effects, just an acoustic and a microphone.
 
Some beautiful pieces, and just went to tear down the false concept that girls can't play guitar.
 
John

 
To pick or not to use a pick -that is the question:
Whether 'tis nobler in the mind to suffer
The slings and arrows of outrageous fame and fortune,
By becoming a Rock Star with a low hung Les Paul while shredding with a pick
Or to take arms against a sea of troubles,
By playing the guitar finger-style with out the use of a plectrum  
And, by opposing, end them. To die, to sleep-
No more-and by a sleep to say we end
The heartache and the thousand natural shocks
That flesh is heir to-'tis a consummation
 
^{Flying Fingers Fernandez}

Did my heart love until now?
Forswear it, sight !
For I never saw true beauty
Till this night.

(Pickin' song for Kate)

kennywtelejazz
 
To pick or not to use a pick -that is the question:
Whether 'tis nobler in the mind to suffer
The slings and arrows of outrageous fame and fortune,
By becoming a Rock Star with a low hung Les Paul while shredding with a pick
Or to take arms against a sea of troubles,
By playing the guitar finger-style with out the use of a plectrum  
And, by opposing, end them. To die, to sleep-
No more-and by a sleep to say we end
The heartache and the thousand natural shocks
That flesh is heir to-'tis a consummation
 
^{Flying Fingers Fernandez}

Boy, that Axel Rose can write a lyric can't he!

 

kennywtelejazz
 

That flesh is heir to-'tis a consummation
 
^{Flying Fingers Fernandez}

'Tis a consumption is right! Jerry Reed said you had to eaten' up with it. 

Dammit Guys,
 
Gimme a break...
Have a whole day off full of projects to do, had a whole day anyway...
First you all start into the poetry. Had me all choked up and emotional for several hours. Just about had it back together enough to do house repairs, then Bit puts links to YouTube clips. One song leads to another and another. Before I know it it's 6:30 and nothing got done.
 
Wife glaring at me with the hedge trimmers in one hand, and soon to be my neck in the other.
 
It's all you guys' fault that my front yard still looks like a jungle.
 
John