Bitcoin Forum

Netease released a bitcoin story Monday. Founded in 1997, NetEase is one of the most influential online portal in China and renowned for its dynamic “comment culture”. So far 439 comments with 8,422 votes have been generated around the topic. These arguments certainly reflect the mainstream mindset. But the comments from viewers are not so friendly. The top 3 comments with most upvotes reads:

1. I have developed a MarsCoin after years of effort. It’s estimated to rise to 100,000 USD in 10 years. Martians may get free coins by upvote me.


2. The 2nd post raised a series of questions:
http://news.8btc.com/wp-content/uploads/2017/01/netease-2.jpg
What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth? Is fiats equivalent of paper? Can the elderly use them? What if another algorithm replace bitcoin in the future? Is the holder vulnerable to hacking? Do we need general acceptance if I want to use bitcoin? Why can’t we just use fiat if just for payment? Can we guarantee the storage of value via bitcoin?
The answer to the above questions is mocking bitcoin as human excrement.

3. The 3rd one gives two suggestions:1. If you have sufficient funds, take your chance. 2. If you want to lose everything, take your chance.


http://news.8btc.com/bitcoin-story-by-netease-stirs-up-negative-comments-among-chinese

The comments actually show how clueless these people in the conversation is. This is not only a Chinese thing... Bitcoin gets mocked on other

platforms too, but in the end... Bitcoin shows them how wrong they can be, by being the Best performing commodity & currencies of all the

commodities and currencies being traded.  ;) ....Mock away, while we grab all the bitcoins... when they realize their mistake, they will have

to buy it at 100 times the value at what we bought it at.  ;D

I'm not a Terrorist, I don't help any organization build bombs, but my country being sanctioned I can not use paypal or creditcards(I can but will have to pay insane fees) now bitcoin presented a golden opportunity for me, however I can't use it widely as fiat but I'm here to help bitcoin so it can help me in the near future.

Yes anyone holding the majority of bitcoins will be the richest, so stop the hesitation and buy as much as you can to be a rich individual 30 years from now :).

I'm not sure that Bitcoin will ever be mainstream because fiat will always be domoinamtnt. However acceptance is increasing although maybe not in speed we would all like to. And in some parts of the world Bitcoin is still not known enough or maybe even banned which makes the acceptance slower and harder. But greate progress is visible from the begininig, Bitcoin has done a lot.

reasons bitcoin is not ready for mainstream

1. public keys are worse then remembering a car number plate or someones email address, even QR codes are not 100% the solution
2. decimal values, which needs you to look on another service/site to find your local currencies 'rate'
3. tx fee is more than an hours labour in a dozen developing countries (the same countries that could need bitcoin much.. but are priced out of using)
4. the code is not preventing spam and is left for 'economics' to sort.
5. the 'economics' of avoiding spam actually hurts genuine ethical users more than spammers.
6. the solution to spam is to get everyone locked into permissioned contracts, which funnily spammers will avoid as their intention is not contracted payments, but to spam.

until bitcoin is as straight forward to just buy something by simply swiping an NFC chip (https://bitcointalk.org/index.php?topic=1597923.msg17354410#msg17354410). thus not needing an old granny to have a brain bleed trying to fumble around.. .. bitcoin is not ready

until devs stop pretending we are all on dialup 56k internet, and actually stop halting mainnet progress.. bitcoin is not ready

For me the problem is that for spending, we need 0 confirmations to be accepted, or Bitcoin is way way too slow.

I don't think a global currency is really suitable, if you look at the euro, they pinned a few countries together and it made it very difficult for them to control inflation etc.  If Liberia and USA have the same currency, one will suffer badly, whereas the other will prosper.

The number of transactions that can be processed is also far too low.

"What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth?"
Well, you dont have buy a whole coin. Im sure the value of bitcoin will surely increase when all bitcoins were mined. Every fragments of bitcoin is more valuable because we have limited supply of bitcoin. Maybe we can reach the $1 per satatoshi or even more. So dont worry.

It surprises me that most people still think like that, especially in the 3rd example you gave.

It should be pretty clear by now that Bitcoin is here to stay since it didn't go bust after the Mt. Gox fiasco. I wonder what those people will think when Bitcoin prices go above, say, $2000...

This is just one more prove that it is still a long way to go. Bitcoin was the first and big, maybe even the hardest step we needed to make in order to once get a mainstream cryptocurrency. I do not know if it will be Bitcoin, but it will take some more time.

The thing is there are a number of alts that solve your problem

For example Steem solves #1 as you coins send using a username, #2 in that there is a lot of Steem, so people deal in whole numbers and #3 in that there is no transaction fee and it5 confirms very quickly.

Doge solves #2 and #3

There are lots of innovative coins out there but most of the merchant apps etc only cater for bitcoin. When they start adding alts, we might see a solution where one alt makes it big.

Don't worry about the Chinese. A fat French guy is selling stolen coins to them currently. When they find out about it they will realize they hold the worlds record for fastest money laundering operation in recorded history.

http://www.yzgeneration.com/wp-content/uploads/2015/08/Mark-Karpeles-Arnaque-Japon-0.jpg

Look how far it has come though. I remember when there were no companies at all with venture capital and now they are everywhere.  If bitcoin can come this far it can keep going and reach mainstream. We are all just impatient.

What happened after the 21 million coins are mined?
Nothing. Life will go on and so will Bitcoin.

If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins?
Exactly like in the fiat world, the richest hold the most paper bills.

How much will it be if 21 million coins are to split for the 7 billion people on earth?
Each person will hold 0,003 BTC

Is fiats equivalent of paper?
No, there's much more fiat in circulation than the paper notes representing it.

Can the elderly use them?
Yes, as long as they know how to use a credit/debit card.

What if another algorithm replace bitcoin in the future?
It can happen, but Bitcoin can be upgraded as time passes, so there shouldn't be a need for total replacement.

Is the holder vulnerable to hacking?
No, if he's careful. The most vulnerable are exchanges not your personal wallets. Remember that banks, ATMs and your mobile phone are also vulnerable to hacking.

Do we need general acceptance if I want to use bitcoin?
No, you can start using Bitcoin right now. There's a large list of online stores and companies that accept Bitcoin.
 
Why can’t we just use fiat if just for payment?
You can use whatever you like.

Can we guarantee the storage of value via bitcoin?
Nobody can guarantee that anything, used as money storage, will retain its value.
Gold, diamonds, real estate and stocks can also lose value.

It seems that the person who wrote the third question, bought Bitcoin at $3000+  ;D

so your saying bitcoins problem is that users are not using an altcoin...
much like: a cars problem is that people are not using a train..

see the logic problem of your statement.

if we want to strengthen bitcoin we dont suggest people should use some a different network thats not permissionless nor immutable, and where this other network allows coins to be refunded(csv) even after settlement confirmation simply because they have not matured(cltv) for the weeks maturity

These people who commented are extremely naive and seem to be following some sort of media manipulation through propaganda (either that, or they tried to use bitcoin previously and couldn't work out how it worked).

How do they know there are 21 million bitcoins if they didn't read the article or search it (clearly they have some interest in it). After the 21 million coins are released, the block earnings will be so low that the transaction fees will be high enough to cover them (I think) - and we'll probably not be alive until then anyway.


We need to tagret young people before old people.

Also, I don't remember there being a Fiat currency you can spend in the EU, China, Australia, North America and many other countries.

Finally, 7 billion people won't have to split it. Less than half of the world's population currently have an internet connection - so... And also, altcoins can be used to cover that (a transfer of BTC to LTC for spending as LTC are a reasonable value).

Bitcoin definitely has a long life ahead of it, but I just don't think that it is powerful enough to overtake fiat. Although, the first step to doing that is going mainstream. Which can't even happen because of the long transaction times. There are definitely still a lot of problems with Bitcoin that need to be solved before it goes mainstream.

Seriously though why people make it complicated? if I had $5 billion I'd buy bitcoins and deposit them in hundreds of addresses and kept a few back up for safety, this is it people bitcoin is our solution, for how long are you going to put your head under the sands?

@franky1, are you referring to spam transactions? because I've seen fake transaction generators that I think are a plague to slow down the network, how can we stop them?

At this stage, the industry will have to consider the interests of government agencies and users, because in order to Bitcoin has become mainstream, the interest of state agencies must continue to grow.

Most of the comments spawn from lack of knowledge or ignorance of bitcoin. If they just take some time to know what bitcoin really is, I think they will change their minds. This is not 2013 anymore where there are very few information that can be dug about bitcoin. I was just like them in 2013. All I can research from the internet back then are that bitcoin is a scam. But a lot has changed since then. Now, there are more people using it and it is way easier to get, store and spend bitcoins. It is not limited to underground transactions anymore.

All we need is more information dissemination so that others can better understand and appreciate bitcoin and its technology. I think this can silent most negative comments and can give way to acceptance.

I'm not sure there would be anything that could be done to stop these. Most of these sam transactions are probably done through networs like tor making it practically impossible to stop them: you can't blacklisst IPs if they change, you can't blacklist addresses because they also change...


Even in 2013 sites like coindesk were functioning to help bitcoin work.
We do definitely need more places for reasearch and leanrining about the coin. Although this can only be done if there is somewhere where all of the information about the basics of bitcoin can be located in one site (I'm not sure if we have this). When I started, back in 2015, there was much more information readily avaliable to me in order to help me decide whether I wanted to participate in Bitcoin or not (I decided to tread lightly and didn't even make an account here until I'd set up loads of other accounts - like coinbase, faucets, ponzi schemes (sadly) and cloud mining (just hashnest.com initially).

i was talking more about someone spending real funds repeatedly onchain(confirmed). every block.

what your describing is a malicious party trying to DDos your node with random data.

Looks like the recent traffic jam spice up the transaction fee collected by Miners. 

Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.

May I ask where are you based.

point 1 miners will mine for fee which will be way higher and need to be readjusted and i hope the block limit is solved by that time otherwise you have a big problem

point 2 and 3 doesn't make sense because if the first is true the other will be false, you can't have 0.003 btc per people and someone still holding 10k coins

the point about switching to another algorithm is not that easy, miners will need to buy their huge farm again(this require years to setup...), because you know asic can't mine eanything else, which expose the network to an attack--->not feasible

I am from India where the population of the country is more than 1.30 Billion and the actual active bitcoin users are less than 100K (I read that somewhere, no concrete data available). I see a very good picture for cryptocurrency in near future as majority of the population is less than 35 years old and aggressive steps are being taken to improve connectivity.

I read an article last night that said that they believed we are still in the early adopter phase, and that early mainstream adoption will be in the next 5 years.  ;)

Lord, I'm so tempted to translate the response cause that's the most hilarious thing I've seen all day. But it's getting late where I am, I'll check back tomz to see of anyone else has translated it, if not I'll do it myself.

Bitcoin has many problems to solve obviously and the most urgent to handle is unconfirmed transaction which refers to block size on blockchain and miners, but of course the devs team has part to get it done. The most important thing to get more adopters and mainstream acceptance from people in worldwide but we still stuck on this situation every single day. How could we develop if someone has been waiting for hours just to get a single successful transaction.

Bitcoin can be successful without that target audience.
If Bitcoin would be used as an universal remittance solution for across-border transactions, then we would have a pretty large user base and I would consider it already a mainstream success.
For that purpose, Bitcoin-based semi-centralized solutions with lower fees than WU already exist in many countries. They can be the "starter drug" for people to know more about BTC and use it in a decentralized way.

In my opinion. Most of those comments were just normal. Even I a bitcoin enthusiast still somehow doubt the things that bitcoin provide. How much more to those who are not yet part of the community.Tho bitcoin still manage to grow over the years and as technology goes up bitcoin starts to be on the mainstream

Full translation of the 3rd one:
My shit's rare, shit is common but that is my shit (probs referring to alt-coins). Let's say I shit once per day, in one year I'll only have 365 shits. Now let's distribute that between the 7 billion people on earth and calculate how valuable the shit is based on its rarity. Say I promise not to shit anymore so you can trade a limited amount of my shit, now does that sound like a sound financial investment? Don't miss this chance boys, it's physical and it's shit, dry it to preserve it for tens of thousand of years, or even better, embroider my shit so historians in the future can dig up its fossils and wonder why people of our time traded literal shit. (so the guy basically went full sarcastic and called Bitcoin shit)

I'm a westerner. Bitcoin was invented in the west and propagated all over the world from the west. Bitcoin finally landed in China where almost all the volume is right now. So basically, he and his people are having a great time playing with my shit. LOL

Chinese need more knowledge to learn new financial technology, you know they are too naive to post such hilarious comments. Maybe they hate bitcoin because PBOC announced bitcoin is negative in 2013.

Its still not any near of mainstream acceptance and those who knows about it will be looking for its long term future. As bitcoin hold its top position still and have a successful past. It seems there is less chance of any other algorithm or altcoin to pass over it. And its already getting a lot of users daily. Mining those 21 millions coin can't be done in near future. And if most of it gets mined the price will change in a huge amount.
Anybody can use bitcoin it's not that complicated to understand. And it has more advantages than carrying fiat. It has easy transaction system and strong security and privacy.
Anyone knows properly about will definitely go for investing in bitcoin and trade for future. You just need to understand the market

Yes that is one of the disadvantage of it that most of the people who are not aware of internet or online shopping or online earning or investment, they ont really trust in such type of currency or online wallet but I think in future it will be a different case.

The only hope against these types of people, would be investment opportunity of bitcoins, because I made 2 of my friends to adopt bitcoin bys showing its price levels. Mass adoption is the only way to achieve main stream acceptance.

Mass adoption and main stream acceptance is like the chicken and the egg, what needs the other first or maybe they are even the same.
Nevertheless the journey will be a long one, especially for most of the older people (say about 50+). They do not care if it is a good investment, since the are not looking to invest. They do not care if you can pay online with it, as long as they still can pay with their good old fiat, if they ever shop online. To get those people on board will take ages, if they are not forced, because you will only be able to pay in Bitcoin for certain things. This also opens up the question, if we want or need that support and acceptance from them or if we can do it without?   

We need Mass adoption than Mainstream acceptance. Actually, we don't need Mainstream acceptance for Bitcoins, because it will make the things worse. Some people don't understand what it is and it is hard to make them realize when they don't want to. Will hold our Bitcoins for a better future and it will be.

You're wrong. Mainstream acceptance is what brings mass adoption and both are important things. When things getting mainstream, people will automatically learn what is it because of their curiosity and therefore they will understand it and there's nothing such as "Some people don't understand what it is and it is hard to make them realize when they don't want to".
You can't force people to know bitcoin while they're having no interests. Just make this getting viral or any other things that can bring the whole cryptocurrencies world including bitcoin become mainstream.

I agree with you. We are far away from main stream acceptance.
But we should also see the initiation time of bitcoin. It emerged in the year 2008
And now it is soo successful within this short span of time.
There is no doubt that it would be accepted by mostly all firms soon.
Let it go the way it is and it would reach great heights.
We can even say that the hard-working is not going waste.
Steam , g2a and Starbucks ( might be more) are accepting bitcoin , which is great.
So slowly slowly it would be accepted by more and one day will be accepted by all

What does mainstream acceptance hurt us with? Reading titles in news like "Join Bitcoin, the great anonymous currency" would make many interested in it and would bring mass adoption to BTC. I don't think it would hurt the price or any of us..

the issue is not just telling people to come "join bitcoin" the issue is to tell them to come and then what?
the mainstream adoption needs capability to handle that size of transaction per second. right now it is impossible to do so because of the block size limits.
and also there is not enough merchants and services accepting bitcoin so it continues being just an investment.

We are lucky in that case as the average age of the population of my country is less than 35 years and the overall population is around 1.30 Billion. This population with the average age of less than 35 years is a very good sign for the future. I am sure with technological advancements and mass awareness would bring the whole new generation in cryptocurrency.

I agree bitcoin still in the early step toward better future, for now there are a lot of people hesitate to used bitcoin because of the negative rumors, and bitcoin will never be over fiat because fiat is the country's economic foundation, to be able to go mainstream we need a lot of user, shop and other company to accepting bitcoin when that happened maybe bitcoin can go mainstream

There will be no better future if bitcoin doesn't go mainstream or demand for it doesn't get increased over time. Also i don't think there is anything wrong with going mainstream and bitcoin have already got acceptance by big corporates along with small local merchants all over the world. So bitcoin is already in its way to mainstream acceptance..

Bitcoin is on the way to be mainstream. An example of such a bitcoin usage is the acceptance in several corporates and other advancement. One of the travel partner Airbnb has come with a we accept slogan for the goodness of bitcoin's mainstream acceptance.

This is another good news and another step for bitcoin towards the mainstream. Though bitcoin is not yet on the mainstream but there are merchants, local shops, schools, taxis, etc that has started to accept bitcoin. If this continues and other business will accept bitcoin then mainstream is much closer than what we expect. But for today let us keep promoting bitcoin until big business owners will accept bitcoin due to its large market.

the adoption rate is always slow and it will never reach 100% or even a high percentage above 50%. many believe that the adoption will always be around 10 to 20% of the world and there is enough coins for this amount.
also the richest guy in the world who hold a lot of coins is only rich if he sells them and if he sells them it means these coins are being distributed among the rest of the world and if he holds them it means he is just holding something valuable and the supply is low and price will go up.
and besides people always forget that there are 8 decimal places in bitcoin which makes the number of coins available a 10^8 times more.

They are of course great concerns to solve, but these people are low-educated ones. What we need to focus on is to get as most people we can onboard. Then they will get us another people onboard, and when some of their friends will use Bitcoin those low-educated people will join us as they are easily influenced.

Perfect plan but its implementation looks challenging. We definitely need to get a lot of people onboard but how? Nobody's willing to commit to this cause as I have said time and time again on this forum that there need to be a wide spread of the Bitcoin news but nobody seems to be totally concerned so that makes me think it will be difficult getting people onboard unless we all make it a duty.

We are not willing to mention bitcoin unless we are being asked.

yeah that is one of the disadvantage of it that most of the people who are not aware of internet or online shopping or earning or investment. they don't really trust in such type of currency or online wallet but i think in future it will be overcomed.

I agree we still far behind, specially now that BLOCKCHAIN have too much backlog, i have many transaction still in queue, too much delay now. What happened to BITCOINS promises of speedy transaction, and beside TRANSACTION fee are looming up another broken promise of low transfee? I have calculated transfee of 80K satoshi(medium speed) and converted it into our currency PHP, its around 150 php it is too much if you intend to send say some 900k satoshi. But if u send large amount of BTC 80K satoshi is cheap. Do ordinary people send large BTC on the NET? What happen if things keep goin on, will we ever go mainstream with this trend?