Bitcoin Forum

There will be no mass adoption.  The average person cannot even create a new text file on a computer.  BTC will become like magic cards and only be used by geeks like us.. :S.

Perhaps in the future this could change but most people are super lazy and don't like to figure shit out.


Like a true bag holder I have zero intention of selling my crypto stash I just feel it will become nothing but the toys of geeks..  Blinded by the rose coloured glasses we are.


Without the ability to buy BTC easily and use it easily I cannot see it working out.. People just have to jump through to many hoops and do to many dances to even have the ability to easily buy BTC.. the gov has killed it.  The idea everything must be monitored to prevent "terrorism" has utterly destroyed our freedom and will destroy anything that requires freedom to use.

Despair

Alas the entire community must be in dispare to truely be a dispare phase.  Still way to many bulls.

People not using bitcoin doesn't bring the price down, speculators thinking average joe wants to use bitcoin and coming to a realization that bitcoin isn't ready for that is what brings the price down.

People that have bitcoin control the price of bitcoin, not the other way around.

If I used Magic cards and could play with them with friends, why would I care if the whole world also plays with them?

I can use bitcoins for about 90% of my spending. The rest I can sell bitcoins for cash. I see no problem if we continue with our current adoption and services. Though I know more services are coming.

This is why I think that if bitcoin is to succeed, it will be decades from now, and actually, bitcoin is way way overpriced as compared to its current fundamentals.  My idea of the speculative price was concerning a projection of a chance of success and mass adoption, maybe 20 years from now.  Computers were difficult to handle in the 80-ies too, and only a toy for geeks.  This can change over time.  Decades.

I don't think it was intended to be adopted so fast, if the bitcoin creation is spread over 140 years.

As I pointed out elsewhere, general adoption in the first 10 years would be an ecological disaster.  The mining reward has to go down down down much before general adoption can even be reasonable.

The rise, and fall of bitcoin will make a totally random re-distribution of the coins in such a way that there is almost no relationship anymore with "first adopters" who will have stepped out mostly since a long time.  Only then it will be a much more "honest" wealth distribution if it rises up again.

Your average Joe does not buy gold as a store of value to speculate on. Maybe as brand new jewelry from a shop, but he would only get a small fraction of what he paid if selling for scrap or secondhand. However, gold still holds value.

Gold is still a multi trillion dollar market despite us coming off the gold standard in 1971.

Most countries still buy and hold gold.  The world did not agree with the idea of leaving the gold standard..  Many people still think we are on it.
If the world was educated on what money is.. shit would get crazy with PM's and cryptos as well.  The odds of this happening are almost 0.

Falling wasn't right. He just liked to troll with fud. Lets see how right he is in the longterm. People are smarter than you think but you dont need to be a computer whizz to use bitcoin. If you can operate a smart phone and do online banking or use Paypal then you can use bitcoin.

btw this is the longest despair phase? in 2011 i don't remenber being that long

Although Nixon officially released the gold standard, it was de facto already lost since 1933 no ?

http://pricedingold.com/us-dollar/

What is the "honest" distribution? Anyway, more than 90% of bitcoins will be created by 2024. I have no idea what you are talking about re ecological disaster.
Mining equipment gets more and more energy efficient.

fallling was right, you're just in denial. It's incredible the mental gymnastics people are capable of performing when it comes to rationalizing poor decisions.

You bit-tards live in complete denial and refuse to accept the following fact because you're emotionally invested in bitcoin's success. But here it is: nobody aside from a small minority of geeks with dreams of getting rich fast have any interest in bitcoin, because it holds zero advantages to them compared with government issued fiat. They've heard about it and they know about it. And they still want no part.

That.

More and more people have phones with NFC, way to mass adoption is opening. Don't expect things to be adopted in one day. Internet did not explode in one day, it was relatively slow process. My 3,5 year old daughter can operate tablet and smartphone quiet easily. I think when she will be seven installing a wallet on that tablet will be very easy for her.

When you set up a paypal account online, you have to provide them with fuckloads of annoying information, wait for shit to clear, and then when you actually use it you they can freeze your accounts at will.
When you buy stocks and shit online, you have to submit fuckloads of annoying information, verify transaction amounts, and wait an eternity for your money to clear (if you do a bank transfer, or longer I guess if you mail a check, i've never done that.)  It is also a hell of a lot more complex than buying bitcoin, even if your doing shorts and crap on bitfinex or something.
Hell when you buy auto insurance online you have to do annoying crap.

Would you say that paypal and online stock brokers are not successful?
Would you say that people have "figured out" how to do those things?

I agree with you 100 percent that the buying options for bitcoin are atrocious, but that has nothing to do with an individuals computer knowledge.  It has to do with all the crappy sketchy exchanges.  




Edit- The same troll posted 4 times in this thread, supporting himself, by quoting himself.  Now that is some good trolling  ;)

This graph should be a meme or some shit. During every single last fucking dip since 2011 people post that exact graph, its hilarious!

Here you go, a blast from the past when Bitcoin was $3.20

Dang, don't remind me all the time.
I should have saved my childhood magic cards.

http://www.geek.com/games/black-lotus-magic-the-gatherings-most-famous-card-sells-for-27302-1577939/

Actually, I'm more optimistic than ever. Price is meaningless to me. Price in a highly speculative market is just a bunch of guesses about future prices. As is normal, the speculators drove the price int silly numbers, far beyond a sensible price. Now we are correcting to discover a logical price that reflects bitcoins growth and utility.

Now adoption means something. There have never been more businesses on board or more places to use bitcoin. There is no indication of anything standing in the way of far more growth. These are the best times bitcoin has enjoyed to date.

If the concern is that you are not getting rich... Well bitcoin does not love you. It is a math program that has no interest in our wishes.

"Daddy, where did all my bitcoins go?"

how do i create a text file?

a coin needs to be able to store value to be taken serious. What's a coin worth that can't hold its drink? Who would want to own it?

Stop looking at the price shifts every hour or every single time you check your phone or
every time you wake up ;)

An essentially random one :-)


That doesn't matter.  What matters is the inflation rate as compared to the market cap: it gives you the amount of resources that will be spend grossly on mining equipment and electricity consumption.

If bitcoin takes over all of fiat, say, in 2024, after 2 more block halvings, inflation rate will still be 2.5% or so.
That means that 2.5% of the world economy will be spend on mining equipment and electricity in principle.

All of world economy (all of M2 fiat) is about 55 trillion $.  2.5% of that is about 1 trillion $.
If half of that is spend on electricity, mining will spend 500 billion $ on electricity.  At a price of 0.1$ / KWhr, that's 5 trillion KWhr or a power consumption of about 570 GW.  Now, that's about a fourth of all of the world's electricity production today.

So one fourth of all electricity production would go into mining if by 2024 all of fiat was taken over by bitcoin.
No matter what "efficient hardware" is running.

Of course these are ballpark estimates, and factors of 2 or 3 easily off.

If this happens 12 years later, in 2036, we would be 3 block halvings later, so everything would be down by a factor of 8.  That starts to be more reasonable.

People that are born with smartphones (millennials) will have no problems operating with crypto technology. They'll exchange coins in the MaidSafe network, independent from ISP and free to access, and Paypal will be a thing of the past.
Unfortunately tho, we'll probably be pretty damn old by then. Let's hope it happens sooner than later.

It's such a small time scale! He may be right until now, that we have gone down quite a bit, but that doesn't say anything about the future adoption. Hey, we were going down after a big bubble, it's no wonder we're going down. It was pretty easy for him to predict that.

No easier for him than for everyone who bought/held since the top.  Credit where credit's due.

Permabulls:  

"$800 is the bottom, you beartrolls are fucking idiots hahahah"
"$700 is the bottom, you beartrolls are fucking idiots hahahah"
"$600 is the bottom, you beartrolls are fucking idiots hahahah"
"$500 is the bottom, you beartrolls are fucking idiots hahahah"
"$400 is the bottom, you beartrolls are fucking idiots hahahah"
"$300 is the bottom, you beartrolls are fucking idiots hahahah"


*Price crashes to $255*
-"Of course we crashed, it was easy to predict that".

"...and you beartrolls are still fucking idiots", btw ;) your banned prophet promised single digits and much earlier than 2015. he was not a single bit more accurate than bulltrolls who promise $10k tomorrow then come back when we are at 10k in 2020 and say "told you".

'The poster who urged everyone to sell because the market would continue down toward final capitulation is no more accurate than the retards who have claimed that we'd be at $10,000 by now.'

You must be really far down the bitcoin rabbit hole if that logic makes any sense to you.

http://www.reactiongifs.com/r/nsh.gif

He was banned?? That seems extreme. What about the bulltrolls?