Bitcoin Forum

Bitcoin => Press => Topic started by: LiteCoinGuy on July 24, 2014, 12:45:04 PM



Title: [2014-07-24] Medium: Bitcoin’s failed Coup of Wall Street
Post by: LiteCoinGuy on July 24, 2014, 12:45:04 PM
Bitcoin’s failed Coup of Wall Street

https://medium.com/@brettking/bitcoins-failed-coup-of-wall-street-621bd309b18



little bit to pessimistic in my view but shows some problems.


Title: Re: [2014-07-24] Medium: Bitcoin’s failed Coup of Wall Street
Post by: howardb on July 24, 2014, 03:50:23 PM
He seems to just dismiss as at a stroke how far bitcoin has come already. Yes the transaction rate is a worry, but surely it's a case of when it increases rather than if it will increase.

I think 2014-15 are the years where we sort out the app usability side of things with better wallets/apps, and we'll see a use explosion late 2015.


Title: Re: [2014-07-24] Medium: Bitcoin’s failed Coup of Wall Street
Post by: Kprawn on July 24, 2014, 03:58:46 PM
If volatility was the only issue, I for one would be happy. And using the amount of onlines wallets as a guide to what the real adoption
rate is, is flawed. {Some people have 10 or more wallets online}


Title: Re: [2014-07-24] Medium: Bitcoin’s failed Coup of Wall Street
Post by: Ron~Popeil on July 25, 2014, 12:53:01 AM
These things will be addressed as needed. Trustless off chain servers would be a huge help with the transaction issue. There are a lot of incredibly smart people working on this stuff all the time.


Title: Re: [2014-07-24] Medium: Bitcoin’s failed Coup of Wall Street
Post by: ThomasCrowne on July 25, 2014, 12:59:55 AM
Article does raise some interesting questions regarding pure speculators.  If people aren't ultimately spending their bitcoins it will be virtually impossible for the economy to continue this growth rate I suspect.  Hoping not but it seems the only reason people are purchasing any bitcoin nowadays is with the expectation that it will hit >$2000 by the end of the year or something and increasingly doesn't appear to be the case sadly.


Title: Re: [2014-07-24] Medium: Bitcoin’s failed Coup of Wall Street
Post by: meanig on July 25, 2014, 01:22:29 AM
Price stagnates for a bit and everyone is out writing Bitcoin obituaries. It's been like this every since 2011.

All Bitcoin has to do is survive longer than the current private bank credit system and it's widespread adoption will be guaranteed.


Title: Re: [2014-07-24] Medium: Bitcoin’s failed Coup of Wall Street
Post by: gmx95 on July 25, 2014, 02:06:05 AM
I remember a few years ago gold was driven by demand, particularly in India, where middle class was investing into it. Something like that has to happen with bitcoin, wider groups of investors have to come into the market, otherwise I also starting to think that we may not see bitcoin over $1000 or $2000 any time soon.


Title: Re: [2014-07-24] Medium: Bitcoin’s failed Coup of Wall Street
Post by: Bitcopia on July 25, 2014, 05:09:53 AM
Article does raise some interesting questions regarding pure speculators.  If people aren't ultimately spending their bitcoins it will be virtually impossible for the economy to continue this growth rate I suspect.  Hoping not but it seems the only reason people are purchasing any bitcoin nowadays is with the expectation that it will hit >$2000 by the end of the year or something and increasingly doesn't appear to be the case sadly.

That's not entirely accurate. People don't spend gold, they hold it as a speculative hedge against inflation. It, like bitcoin, only has value because people decide it has a certain value. Regardless of what Peter Schiff says, gold's "intrinsic" value is zero, just like everything else. Nothing has a predestined value.

Bitcoin's use as a value transfer system only influences value if people think of holding bitcoins as holding tokens/ shares in a Distributed Autonomous Corporation that supports that value transfer system. I think this will one day be a more important factor in price. But right now, it's mostly speculative, and that's ok. Bitcoin is already more useful and scarce than gold. It's just not physical and doesn't have thousands of years backing it.

Also, you can toss out everything I just said and consider this. Dell and NewEgg are both offering 10% discounts for paying with bitcoin. Overstock is investing 10% of its profits from bitcoin sales into bitcoin development. I see an emerging trend.

Patience.