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Title: Critical mass may have been hit, the sky is the limit Post by: kokojie on November 13, 2013, 08:47:38 PM The difference between past bubbles and this one, is that critical mass may have been hit for Bitcoin to go viral, if this is true, then this bubble truly has no limits, everyone will be panic buying, and the busboy at your favorite restaurant will be soon talking about investing in the "magic internet money" known as Bitcoin.
Title: Re: Critical mass may have been hit, the sky is the limit Post by: Sage on November 13, 2013, 08:49:04 PM How do you come to this conclusion?
Nope... we are far from critical mass. More technology has to be in place for that tipping point to be reached. Title: Re: Critical mass may have been hit, the sky is the limit Post by: billington.mark on November 13, 2013, 08:49:34 PM I just don't know any more... This is f-ing crazy
Title: Re: Critical mass may have been hit, the sky is the limit Post by: Crazy on November 13, 2013, 08:53:10 PM Just don't cry when you see a 50%+ move to the downside. It's like from one bubble to the next everyone catches amnesia.
Title: Re: Critical mass may have been hit, the sky is the limit Post by: MoreFun on November 13, 2013, 08:53:55 PM Yea probably the critical mass was hit last saturday when i told my girlfriend that I am into Bitcoin.
Title: Re: Critical mass may have been hit, the sky is the limit Post by: the_sunship on November 13, 2013, 08:56:17 PM now I know why they call bitcoin the honeybadger of currency
for the few who haven't seen it http://www.youtube.com/watch?v=4r7wHMg5Yjg Title: Re: Critical mass may have been hit, the sky is the limit Post by: kokojie on November 13, 2013, 08:57:50 PM How do you come to this conclusion? Nope... we are far from critical mass. More technology has to be in place for that tipping point to be reached. What technologies were needed for the Tulip mania to come about? technology is not important, we have a revolutionary product, much like the web. When the dotcom bubble happened, the technology were much poorer than today. I'd say such a bubble can only happen in early stage of development, because of the mystery surrounding it and not many people can truly understand it. But not so early that only a few thousand people knew about it. Title: Re: Critical mass may have been hit, the sky is the limit Post by: Idaho on November 13, 2013, 08:59:12 PM You mean we are at the "new paradigm" stage?
Title: Re: Critical mass may have been hit, the sky is the limit Post by: DeathAndTaxes on November 13, 2013, 09:00:27 PM Quote I'd say such a bubble can only happen in early stage of development, because of the mystery surrounding it and not many people can truly understand it. But not so early that only a few thousand people knew about it. So in 2009 was housing not in a bubble or was the concept of housing in the early stage of development with only a few thousand people aware of the "new technology" of using walls and a roof to protect humans from the elements? Sorry man but outside of the standard daily trolls, that has to be the silliest thing I heard today. Title: Re: Critical mass may have been hit, the sky is the limit Post by: Sage on November 13, 2013, 09:00:35 PM How do you come to this conclusion? Nope... we are far from critical mass. More technology has to be in place for that tipping point to be reached. What technologies were needed for the Tulip mania to come about? technology is not important, we have a revolutionary product, much like the web. When the dotcom bubble happened, the technology were much poorer than today. I'd say such a bubble can only happen in early stage of development, because of the mystery surrounding it and not many people can truly understand it. But not so early that only a few thousand people knew about it. You've gotta put yourself in the heads of the average Walmart shopper. Try to get them to use Bitcoin... are you kidding me? Not with current technology. It's only a matter of time before they lose their coins. Not until the technology is in place for the average Walmart shopper to use it effortlessly will Bitcoin hit mass adoption. We are far from it.... which means if you're not stupid enough to buy in the middle of bubble cycles (like now), and buy on the dips only, you'll make out like a bandit for years to come. Title: Re: Critical mass may have been hit, the sky is the limit Post by: the_sunship on November 13, 2013, 09:10:33 PM i think of this more like gold rather than currency (has attributes of both). Currency can be printed indefinitely, but this has limited supply.
bitcoin seems to be a hybrid of technology IPO, Gold, and Currency. It's unique and it's highly in demand because people are recognizing that it's a revolutionary idea. Title: Re: Critical mass may have been hit, the sky is the limit Post by: Mageant on November 13, 2013, 09:22:51 PM I don't see any mass use yet.
A lot of people know about Bitcoin now but are not investing. Title: Re: Critical mass may have been hit, the sky is the limit Post by: MAbtc on November 13, 2013, 09:26:06 PM Critical mass? Viral? Nah, we got a long time to wait for that. This is a speculative frenzy. And it's fucking great. I don't care for new paradigm talk, though.
Title: Re: Critical mass may have been hit, the sky is the limit Post by: Syke on November 13, 2013, 09:29:41 PM You've gotta put yourself in the heads of the average Walmart shopper. Try to get them to use Bitcoin... are you kidding me? Not with current technology. Have you seen the self checkout isles? Those are far harder to use than a smartphone bitcoin wallet. Title: Re: Critical mass may have been hit, the sky is the limit Post by: notthematrix on November 13, 2013, 09:31:10 PM How do you come to this conclusion? Nope... we are far from critical mass. More technology has to be in place for that tipping point to be reached. Wat tech need to be in place???? a wallet on a computer? a wallet on a smartphone? a bitcoin bank machine ? a easy bitcoin vendor system? Its all in place. The local family "nerd" can run the wallet for the indian/african/arabic/chineese family A nice linux distro will do perfectly as wallet server. Title: Re: Critical mass may have been hit, the sky is the limit Post by: Birdy on November 13, 2013, 09:31:13 PM Maybe the ciritical mass on Gox?
Take a look at the trend of the yellow line. http://blockchained.com/depth_mtgox.png Title: Re: Critical mass may have been hit, the sky is the limit Post by: MAbtc on November 13, 2013, 09:32:13 PM You've gotta put yourself in the heads of the average Walmart shopper. Try to get them to use Bitcoin... are you kidding me? Not with current technology. Have you seen the self checkout isles? Those are far harder to use than a smartphone bitcoin wallet. Title: Re: Critical mass may have been hit, the sky is the limit Post by: notthematrix on November 13, 2013, 09:41:36 PM How do you come to this conclusion? Nope... we are far from critical mass. More technology has to be in place for that tipping point to be reached. What technologies were needed for the Tulip mania to come about? technology is not important, we have a revolutionary product, much like the web. When the dotcom bubble happened, the technology were much poorer than today. I'd say such a bubble can only happen in early stage of development, because of the mystery surrounding it and not many people can truly understand it. But not so early that only a few thousand people knew about it. You've gotta put yourself in the heads of the average Walmart shopper. Try to get them to use Bitcoin... are you kidding me? Not with current technology. It's only a matter of time before they lose their coins. Not until the technology is in place for the average Walmart shopper to use it effortlessly will Bitcoin hit mass adoption. We are far from it.... which means if you're not stupid enough to buy in the middle of bubble cycles (like now), and buy on the dips only, you'll make out like a bandit for years to come. http://bitcoinsafety.com/ well Maby theese are not teh first to step in , but what about a ritch indian family who knows the dollar had its lngest time... and yes if you put only a little amount in your phone wallet notting is wrong :) you can loose your normal wallet too. Title: Re: Critical mass may have been hit, the sky is the limit Post by: mvidetto on November 13, 2013, 09:42:01 PM You mean we are at the "new paradigm" stage? I would argue for delusion here, I mean come on... lol Title: Re: Critical mass may have been hit, the sky is the limit Post by: BitchicksHusband on November 13, 2013, 10:04:38 PM Just don't cry when you see a 50%+ move to the downside. It's like from one bubble to the next everyone catches amnesia. Back to $200 coins like...12 days ago? Oh no. I'm so scared. SELL SELL SELL. ::) Title: Re: Critical mass may have been hit, the sky is the limit Post by: notthematrix on November 13, 2013, 10:10:33 PM All oil sheik who hate the US dollar , and will trade oil in btc if it has Enough mass
if they can destroy the US domination by simply supporting a decentralized currency they WILL :) Title: Re: Critical mass may have been hit, the sky is the limit Post by: Sage on November 14, 2013, 12:07:20 AM All oil sheik who hate the US dollar , and will trade oil in btc if it has Enough mass if they can destroy the US domination by simply supporting a decentralized currency they WILL :) And the world will only be better without the petro dollar. Hopefully they take down the Federal Reserve while they are at it. Title: Re: Critical mass may have been hit, the sky is the limit Post by: agath on November 14, 2013, 12:51:26 AM Last week I went to a local bar. Me and a friend of mine were talking about bitcoins. The bartender heard us, and he was happy to receive BTC as payment. I used my android phone to pay. It was a very easy and pleasant transaction and both me and the bartender were happy to use bitcoins.
If a small business like a bar here in Italy (we are far behind than average, on bitcoin adoption) accepted bitcoins for payment it means that it is really going viral! Yay! Title: Re: Critical mass may have been hit, the sky is the limit Post by: snakebit on November 14, 2013, 01:03:12 AM Well, for the first time ever, I overheard a story about Bitcoin, a positive one at that discussing about the cryptocurrency and how a shopkeep sells his items for BTC and how to use it on the CBS 5:00 local news in my area. This is just one step closer toward mainstream interest and adoption.
Title: Re: Critical mass may have been hit, the sky is the limit Post by: seleme on November 14, 2013, 01:04:47 AM It's not even close to critical mass. Still only 1 of 20 people you will talk about bitcoin won't look you as some nutter when you talk about it.
If critical mass would have been hit, the price would be 5k. Title: Re: Critical mass may have been hit, the sky is the limit Post by: mvidetto on November 14, 2013, 01:14:31 AM It's not even close to critical mass. Still only 1 of 20 people you will talk about bitcoin won't look you as some nutter when you talk about it. If critical mass would have been hit, the price would be 5k. I think maybe that number is closer to 1 in 100 for me lol... Title: Re: Critical mass may have been hit, the sky is the limit Post by: rocks on November 14, 2013, 01:37:53 AM You've gotta put yourself in the heads of the average Walmart shopper. Try to get them to use Bitcoin... are you kidding me? Not with current technology. It's only a matter of time before they lose their coins. Not until the technology is in place for the average Walmart shopper to use it effortlessly will Bitcoin hit mass adoption. We are far from it.... which means if you're not stupid enough to buy in the middle of bubble cycles (like now), and buy on the dips only, you'll make out like a bandit for years to come. This is the "is bitcoin a currency or is bitcoin money" arguement. If bitcoin's primary purpose was an alternative currency, then I would agree with you statements above. But if you view bitcoin as an alternative form of money, then you do not need the average Walmart shopper. The average Walmart shopper knows nothing about gold, but central banks are currently fighting over the remaining physical suppies (see the US to Germany delays). The average Walmart shopper knows nothing about bank reserves or bonds but they serve as the backbone of our currency system, which they use everytime the make a purchase from Walmart. The average person never has to get into bitcoin for it to take off. If bitcoin is money it could one day serve as the underlying asset of what the average person uses for currency transactions. Title: Re: Critical mass may have been hit, the sky is the limit Post by: bitboyben on November 14, 2013, 01:57:07 AM Maybe the ciritical mass on Gox? Take a look at the trend of the yellow line. http://blockchained.com/depth_mtgox.png I see that... so everyone is holding! perfect. Title: Re: Critical mass may have been hit, the sky is the limit Post by: notthematrix on November 14, 2013, 02:06:59 AM somebody here ever heart of the 100th monkey effect????
http://en.wikipedia.org/wiki/Hundredth_monkey_effect and http://www.wowzone.com/monkey.htm Check this for the action! :) http://www.youtube.com/watch?v=4KrnKheu6g0 Title: Re: Critical mass may have been hit, the sky is the limit Post by: kokojie on November 14, 2013, 02:34:40 AM Quote I'd say such a bubble can only happen in early stage of development, because of the mystery surrounding it and not many people can truly understand it. But not so early that only a few thousand people knew about it. So in 2009 was housing not in a bubble or was the concept of housing in the early stage of development with only a few thousand people aware of the "new technology" of using walls and a roof to protect humans from the elements? Sorry man but outside of the standard daily trolls, that has to be the silliest thing I heard today. Nope, 2009 was not a housing bubble, 2009 was a financing bubble, banks blindly financed people who have bad credit, and then packaged the mortgage as "AAA" rating CDS security and sold to investors. This securitization of mortgages is a relatively new thing, started from the 1990s, and voila it caused a huge bubble. Now that we have a better understanding of CDS, it can no longer cause a bubble, because now we have proper regulation in place to regulate it. Title: Re: Critical mass may have been hit, the sky is the limit Post by: iCEBREAKER on November 14, 2013, 02:40:44 AM somebody here ever heart of the 100th monkey effect???? http://en.wikipedia.org/wiki/Hundredth_monkey_effect and http://www.wowzone.com/monkey.htm Check this for the action! :) http://www.youtube.com/watch?v=4KrnKheu6g0 Some good science on the 100th monkey was just published. Turns out you only need 10% of a population to be fan(atic)s to achieve permanent meme propagation. Anyway, a friend of mine just told me she saw a "Selling Bitcoins in $my_city" sign on the wall at the local post office! She asked if it was me; I said "no, I'm done selling BTC for anything under one million dollars." :) Title: Re: Critical mass may have been hit, the sky is the limit Post by: BitcoinAshley on November 14, 2013, 03:26:06 AM [...]Now that we have a better understanding of CDS, it can no longer cause a bubble, because now we have proper regulation in place to regulate it. Yes, regulation fixes everything! If something goes wrong in the financial world, we need just make a regulation and it will go away. Good statist monkey. Let me give you some monkey treats. ::) ::) ::) (Also, why is the housing bubble reinflating? If now we can no longer have a bubble because regulation blah blah blah...) Let me guess, you also support quantitative easing, because it "fixes the economy," and keep inflation close to the target of 2%, and let me guess, you also believe that real inflation is actually 1-2% just like Uncle Ben says, and let me guess... nah, I think I've got you allll figured out :D Title: Re: Critical mass may have been hit, the sky is the limit Post by: BitcoinAshley on November 14, 2013, 03:27:25 AM Last week I went to a local bar. Me and a friend of mine were talking about bitcoins. The bartender heard us, and he was happy to receive BTC as payment. I used my android phone to pay. It was a very easy and pleasant transaction and both me and the bartender were happy to use bitcoins. If a small business like a bar here in Italy (we are far behind than average, on bitcoin adoption) accepted bitcoins for payment it means that it is really going viral! Yay! Cool story. You missed the part where you told the bartender he should put up a sign saying "We accept bitcoins" in a visible location. Title: Re: Critical mass may have been hit, the sky is the limit Post by: notthematrix on November 14, 2013, 03:29:08 AM somebody here ever heart of the 100th monkey effect???? http://en.wikipedia.org/wiki/Hundredth_monkey_effect and http://www.wowzone.com/monkey.htm Check this for the action! :) http://www.youtube.com/watch?v=4KrnKheu6g0 Some good science on the 100th monkey was just published. Turns out you only need 10% of a population to be fan(atic)s to achieve permanent meme propagation. Anyway, a friend of mine just told me she saw a "Selling Bitcoins in $my_city" sign on the wall at the local post office! She asked if it was me; I said "no, I'm done selling BTC for anything under one million dollars." :) Helping people to set up secure Wallets ;) , linux distro encrpted LVM etc , and full-wallet only , just as the digital version of the old SAFE :) does help spreading the bitcoin gospel. Title: Re: Critical mass may have been hit, the sky is the limit Post by: kokojie on November 14, 2013, 04:29:23 AM [...]Now that we have a better understanding of CDS, it can no longer cause a bubble, because now we have proper regulation in place to regulate it. Yes, regulation fixes everything! If something goes wrong in the financial world, we need just make a regulation and it will go away. Good statist monkey. Let me give you some monkey treats. ::) ::) ::) (Also, why is the housing bubble reinflating? If now we can no longer have a bubble because regulation blah blah blah...) Let me guess, you also support quantitative easing, because it "fixes the economy," and keep inflation close to the target of 2%, and let me guess, you also believe that real inflation is actually 1-2% just like Uncle Ben says, and let me guess... nah, I think I've got you allll figured out :D There was no bubble in housing, US housing market is still dirt cheap. Like I said, it was a financing bubble, not a housing bubble. If you want to see a housing bubble in action, you need to look at China. I guess it's no a popular opinion around here, but I do believe some regulation is needed. For example, completely unregulated and privatized healthcare would be a disaster. Title: Re: Critical mass may have been hit, the sky is the limit Post by: mb300sd on November 14, 2013, 04:34:21 AM Theres definitely some mass coming in though, the first $32 bubble, my friends were wtf are you talking about, $266, I was like I'm a millionaire, and they were like GTFO now, this time, their all going sell me some!
Title: Re: Critical mass may have been hit, the sky is the limit Post by: Jrock on November 14, 2013, 05:27:14 AM Whenever I see a Bitcoin article outside of this forum that has public comments 95% of the people commenting are people saying Bitcoin isn't money, if they want fake money they'll go into their closet and pull out some monopoly money, or it's a scam, or a ponzi scheme, or insert tons of other stuff people claim Bitcoin to be. The other 5% are "true believers" calling the other people idiots.
I'm no bear, but I am a realist. We are no where near, and I mean NO WHERE near mainstream with Bitcoin. Greed is the only thing leading this train. How far it goes is anyone's guess. Title: Re: Critical mass may have been hit, the sky is the limit Post by: calian on November 14, 2013, 07:07:04 AM Greed is the only thing leading this train. How far it goes is anyone's guess. You could say the same thing for DNA based life I suppose. Title: Re: Critical mass may have been hit, the sky is the limit Post by: goxed on November 14, 2013, 07:30:22 AM "Honey badger don't care!" and "Honey badger don't give a shit! Title: Re: Critical mass may have been hit, the sky is the limit Post by: Operatr on November 14, 2013, 08:16:32 AM This time around is not a bubble. Bitcoin will have mini-bubbles time to time from rapid upward momentum, but the economy is sound enough to support this new price.
April was a combination of rampant speculation followed by Mt.Gox's trade engine buckling under the weight of the sudden volume, causing an equally large panic and collapse to $50, and leveling off at $100. Since then- BTCChina has taken over the top spot in volume, Mt.Gox is no longer the central exchange. Gox again started having issues this rally, but BTCChina held up the price, BTC shrugged and kept going. No flash crash to be seen (aside an expected correction, and from there to new all time highs again) BTC is nearing a $5 Billion cap. April saw $1 Billion after 4 years. We saw it go from $2 Billion (6 months from April) to nearly $5 Billion in 90 days. The chart has gone parabolic, we might see $10 Billion by the end of the year. Payment gateways and ease of use is increasing greatly. Global deployment of local Bitcoin ATMs further diversifying the exchange net Adoption by very large companies, and lots and lots of small ones tired of being gouged by the failing fiat economy. All those that said "Bitcoin is dead!" in April have been 110% silenced. Media exposure this time has been much, much more positive than April. SR shutdown scrubbed Bitcoins filthy image from the public eye (despite it not really mattering as SR replacements, and SR itself, returned ), which BTC barely reacted to price-wise. BTC is becoming a real currency and money to the public. Overall enthusiasm and momentum is increasing rapidly. The mining network has been converted from a bunch of fire-hazard looking GPU and FPGA rigs to professional grade mining gear. It has yet to be seen, but we may be seeing the early days of the exponential rise of Bitcoin. I do see this all to mean a state of critical mass, world adoption is accelerating at a breakneck pace. Nowhere near the end at all to be sure. 2013 was the real Year of Bitcoin, moving from the plaything of tech enthusiasts and hobbyists to serious business and market penetration. And I for one couldn't be happier to be a part of it :D Title: Re: Critical mass may have been hit, the sky is the limit Post by: farfiman on November 14, 2013, 11:01:06 AM I don't see any mass use yet. A lot of people know about Bitcoin now but are not investing. Not critical mass of use yet- but critical mass in the media. EVERYBODY is talking about. Every newspaper, every TV station that talks about economy, every magazine, blog.. you name it Even my 80 yr old father asked me to explain what it is. ( he read about it in Time Magazine in the article about the darknet) We just need the development of hardware/software to catch up and make it EASY to use and keep safely. Title: Re: Critical mass may have been hit, the sky is the limit Post by: Mageant on November 14, 2013, 11:37:02 AM Hm, maybe a critical mass of sorts has been hit after all.
:) Check out this report from in-person bitcoin purchases in Vancouver: http://www.reddit.com/r/Bitcoin/comments/1qlulv/went_to_buy_10k_of_bitcoin_today_lineups/ Title: Re: Critical mass may have been hit, the sky is the limit Post by: Odrec on November 14, 2013, 12:09:02 PM How do you come to this conclusion? Nope... we are far from critical mass. More technology has to be in place for that tipping point to be reached. Yep, the infrastructure surrounding bitcoin is still not robust enough. Title: Re: Critical mass may have been hit, the sky is the limit Post by: calian on November 15, 2013, 09:12:11 AM I heard Vancouver's getting 5 more ATMs. When will the other cities of the world catch up?
Title: Re: Critical mass may have been hit, the sky is the limit Post by: hieroglyph on November 15, 2013, 11:58:09 PM I personally would say this is the beginning stages of critical mass. Not that many people of all age groups acquiring bitcoin IMO. There is still going to be volatile swings in the price but I'm very optimistic of the coming months for sure.
Nice to here others opinion on the topic though lets hope more people adopt BTC and cancel out all the scammers trying to steal them. Title: Re: Critical mass may have been hit, the sky is the limit Post by: kokojie on November 17, 2013, 11:41:45 PM I personally would say this is the beginning stages of critical mass. Not that many people of all age groups acquiring bitcoin IMO. There is still going to be volatile swings in the price but I'm very optimistic of the coming months for sure. Nice to here others opinion on the topic though lets hope more people adopt BTC and cancel out all the scammers trying to steal them. Yes this is what I'm saying, this is the beginning of critical mass. My 60 year old parents in-law has independently heard about Bitcoin, without me ever telling them. They have nearly no technical knowledge, they just read news. They asked me what Bitcoin was, and were very surprised to hear that I was already in Bitcoin for over 2 years. |