Bitcoin Forum

Economy => Speculation => Topic started by: mercilesssuggy on March 07, 2014, 03:30:24 PM



Title: Is the world too dumb for Bitcoins?
Post by: mercilesssuggy on March 07, 2014, 03:30:24 PM
Anyone reading this post has an IQ higher than the average person.

What makes me say that? Well, the average person in England for example reads The Sun which we know due to the popularity of the paper.

Unfortunately, as us intelligent Brits know, The Sun is a sad perspective of news. One of todays top stories:
"70 year old man's escort is son's girlfriend".

Equally, last week, I was at my girlfriends cousins house. He has 4 daughters ranging from 6 to 12 - He's an intelligent investor, very wealthy, but had no idea there were parental controls on the iphones/ipads he's given to his daughters and didn't know about the dangers online *sigh*.

We live in a non technical world where most people aren't technical, but those who are technical tend to be more successful these days...

The bad news, is for BTC to become the type of global currency we want it to be, the world needs to embrace it. In a world where our laws don't embrace international crime over the web, how are people going to ever want to explore something they simply don't understand?

I feel Bitcoin has a major problem and one that can't be solved for a generation or two, and that's to do with intelligence and understanding.

I invested at $1k - As a technical person, I'd been following the rise and can see the long term sustainability and benefits of BTC. If everyone around me non technical who also started hearing about it invested, that price would be $10k+, but I can't see it achieving high limits due to the reasons stated. I now worry we'll see the price lower long term as the world moves away from it..

Thoughts?


Title: Re: Is the world too dumb for Bitcoins?
Post by: FierceRadish on March 07, 2014, 03:32:00 PM
Yes. But they were once too dumb for the internet.


Title: Re: Is the world too dumb for Bitcoins?
Post by: Lloydie on March 07, 2014, 03:35:25 PM
Same thing with the Internet in the early days. Bitcoin will come up with solutions for non tech people within the next 12 to 36 months. One of these innovations will become popular with the masses. In any event there are people already working on the distribution of digital currency issue.


Title: Re: Is the world too dumb for Bitcoins?
Post by: RodeoX on March 07, 2014, 03:39:36 PM
Yes. But they were once too dumb for the internet.
That's exactly what jumped to my mind. People use the Internet every day but have no clue about the TCP/IP protocol. All the Internet code is now hidden under click here buttons. That will happen to bitcoin as well. So, yes I'm too dumb for bitcoin but smart people are making it easier for me all the time.


Title: Re: Is the world too dumb for Bitcoins?
Post by: kkaspar on March 07, 2014, 03:46:11 PM
Anyone reading this post has an IQ higher than the average person.

What makes me say that? Well, the average person in England for example reads The Sun which we know due to the popularity of the paper.

Unfortunately, as us intelligent Brits know, The Sun is a sad perspective of news. One of todays top stories:
"70 year old man's escort is son's girlfriend".

Equally, last week, I was at my girlfriends cousins house. He has 4 daughters ranging from 6 to 12 - He's an intelligent investor, very wealthy, but had no idea there were parental controls on the iphones/ipads he's given to his daughters and didn't know about the dangers online *sigh*.

We live in a non technical world where most people aren't technical, but those who are technical tend to be more successful these days...

The bad news, is for BTC to become the type of global currency we want it to be, the world needs to embrace it. In a world where our laws don't embrace international crime over the web, how are people going to ever want to explore something they simply don't understand?

I feel Bitcoin has a major problem and one that can't be solved for a generation or two, and that's to do with intelligence and understanding.

I invested at $1k - As a technical person, I'd been following the rise and can see the long term sustainability and benefits of BTC. If everyone around me non technical who also started hearing about it invested, that price would be $10k+, but I can't see it achieving high limits due to the reasons stated. I now worry we'll see the price lower long term as the world moves away from it..

Thoughts?

People may miss the technical aspects of bitcoin, but most can see the financial aspects and understand that playing bitcoin is a high risk gamble. It doesn't make people dumb, that they don't like to gamble to fill the pockets of the earlier adopters.


Title: Re: Is the world too dumb for Bitcoins?
Post by: Torque on March 07, 2014, 03:51:54 PM
I think you guys are missing the OP's point entirely.  

IMO it's not about bitcoin being easier to use, it's about the ignorant and stupid masses that seem to want to panic sell every single day/week there is an "OMG, Mt Gox!", "OMG they found Satoshi!", "OMG ancient coins on the move!"

If the gullible masses are so easily to manipulate to dump coins by the mass Media (who works directly for the Corptocracy, who in turn is in bed with the politicians, the banks and the WS sharks), then what makes the future of Bitcoin (or any cryptocurrency) any different than it is today?  It's not like negative Media about bitcoin will just stop in 5 years.


Title: Re: Is the world too dumb for Bitcoins?
Post by: Automatic on March 07, 2014, 03:53:01 PM
Yes. But they were once too dumb for the internet.

They still are, the amount of times people have asked me "What's my password?", "Where's the login page?", or, "Is it a virus?" is insane.


Title: Re: Is the world too dumb for Bitcoins?
Post by: Ekaros on March 07, 2014, 03:55:34 PM

People may miss the technical aspects of bitcoin, but most can see the financial aspects and understand that playing bitcoin is a high risk gamble. It doesn't make people dumb, that they don't like to gamble to fill the pockets of the earlier adopters.

Yes, to gamble to fill pockets of early adopters, or to consider that there could be other games which  probably end up winning...


Title: Re: Is the world too dumb for Bitcoins?
Post by: mercilesssuggy on March 07, 2014, 03:57:38 PM
Yes. But they were once too dumb for the internet.

They still are, the amount of times people have asked me "What's my password?", "Where's the login page?", or, "Is it a virus?" is insane.

My point exactly..

People don't think using the internet is a risk because it doesn't cost them anything, when in reality by not taking security precautions they risk identity theft and all sorts of other frauds.

With Bitcoins, like the internet, people won't understand the risks, but because it requires trading their cash for BTC, why would they ever do it without understanding???

I fear intelligence will be the biggest wall for BTC, and one that can be overcome, but not in this generation :( Our kids will love BTC though!


Title: Re: Is the world too dumb for Bitcoins?
Post by: kkaspar on March 07, 2014, 03:58:11 PM
I think you guys are missing the OP's point entirely.  

IMO it's not about bitcoin being easier to use, it's about the ignorant and stupid masses that seem to want to panic sell every single day/week there is an "OMG, Mt Gox!", "OMG they found Satoshi!", "OMG ancient coins on the move!"

If the gullible masses are so easily to manipulate to dump coins by the mass Media (who works directly for the Corptocracy, who in turn is in bed with the politicians, the banks and the WS sharks), then what makes the future of Bitcoin (or any cryptocurrency) any different than it is today?  It's not like negative Media about bitcoin will just stop in 5 years.

If there are tons of people who buy without any solid reason, then you can be sure, that there are also people who sell without any solid reason. For instance people actually cried "this is the bottom, now we are going back up", after one of the biggest exchanges probably lost all of their customers funds. So, they actually thought that it is positive news that confidence to the entire market system got a painful hit.
The bitcoin market is a gamble most of the time, because people can't comprehend what is important and what is not. The price can actually go up, when it should go down and vice versa.


Title: Re: Is the world too dumb for Bitcoins?
Post by: Ibian on March 07, 2014, 04:01:25 PM
Yes, but they are greedy enough for it.


Title: Re: Is the world too dumb for Bitcoins?
Post by: ibminer on March 07, 2014, 04:01:51 PM
Yes. But they were once too dumb for the internet.

They still are, the amount of times people have asked me "What's my password?", "Where's the login page?", or, "Is it a virus?" is insane.

People are too stupid to use the internet:   Create AOL
... AOL got them online... but they are still too stupid.
make phones smarter... try to improve something they already use... ahh they are still too stupid, create a tablet... give them little icons to push a finger on to get to the internet.

It is a never ending battle to dumb down advanced technologies for everyone, but we're getting closer.

 :D


Title: Re: Is the world too dumb for Bitcoins?
Post by: BitOnyx on March 07, 2014, 04:10:50 PM
Average means 50% to 50%. So half of population is smarter then average and half of population is dumber. Still intelligence is thing difficult to describe. It is main reason why IQ doesn't measure intelligence. IQ tests measure level of ones skill at writing the test. If you even would say average level is rather low, do you determine yourself also lower, or maybe not high enough to rise average higher.

When it comes to The Sun, compare UK population to sells of the Sun. Also being misinformed dean't mean someone is stupid.


Title: Re: Is the world too dumb for Bitcoins?
Post by: Dragonkiller on March 07, 2014, 04:16:42 PM
People are stupid. People are irresponsible. The middleman (banks) will always exist because he provides a service for these people.

The general public will not go and put their life savings on a piece of paper with no recourse even if they understand the technology (which is still a pretty big if). I assume this is what companies like Circle are working on.

The role I see for bitcoin is as an underlying protocol used by banks etc to settle transactions between themselves. It is not designed for use by average consumers directly (at least not without layers built on top of it).

I also see it remaining as an uncorrelated asset among other things. Bitcoin is not really a currency; it is an asset that can be very easily transferred.


Title: Re: Is the world too dumb for Bitcoins?
Post by: mercilesssuggy on March 07, 2014, 04:19:54 PM
When it comes to The Sun, compare UK population to sells of the Sun. Also being misinformed dean't mean someone is stupid.

I agree with that statement, but at the same time, if you saw someone pay money to buy and read The Sun, what would it tell you about that person?

Not many people read both The Sun & The Financial Telegraph for example...

Saying that, even readers of the FT aren't generally that technical as teccies will simply use the web! Hey ho.


Title: Re: Is the world too dumb for Bitcoins?
Post by: piramida on March 07, 2014, 05:01:08 PM
"70 year old man's escort is son's girlfriend".

more details please? :)

As for your question, two things - why did you only invest at 1k if you say you are technical? Sure everybody heard about bitcoin the first time in 2012, just that most people dismissed it as non-practical. Hence stupid, won't understand the brightest idea unless pushed into it forcefully by greed. Did this mistake myself, in 2009. And second - why do you care what the price is? It's amazingly well at 500. One day it will be worth more, but you can build services on bitcoin network regardless of the price. Ignore the price for several years, or end up like all the greedy ones who buy high, sell low, then curse bitcoin for years :)

So yes, people are stupid, all of them.


Title: Re: Is the world too dumb for Bitcoins?
Post by: mercilesssuggy on March 07, 2014, 05:08:40 PM
"70 year old man's escort is son's girlfriend".

more details please? :)

As for your question, two things - why did you only invest at 1k if you say you are technical? Sure everybody heard about bitcoin the first time in 2012, just that most people dismissed it as non-practical. Hence stupid, won't understand the brightest idea unless pushed into it forcefully by greed. Did this mistake myself, in 2009. And second - why do you care what the price is? It's amazingly well at 500. One day it will be worth more, but you can build services on bitcoin network regardless of the price. Ignore the price for several years, or end up like all the greedy ones who buy high, sell low, then curse bitcoin for years :)

So yes, people are stupid, all of them.

1) I actually invested when the price was $100. Unfortunately, the money I used to invest disappeared when transferring to Bitstamp. 6 months later, and after threatening Bitstamp with court action, it finally got recovered. The issue was put down to being lost in the international banking system. I didn't have any other money to use during the investment and in that time, the price sky rocketed. I was VERY angry, very upset, but there was nothing I could do. The choice was either to decide not to invest at $1k or to invest.. I wanted to be part of it so decided to invest. And then all the crap started happening
2) I didn't invest to make a quick buck so don't mind that the price is lower.. though I am started to get concerned it won't even ever recover!
3) http://www.thesun.co.uk/sol/homepage/news/5492825/man-hires-escort-who-turns-out-to-be-sons-girlfriend.html is the original article, but if you don't want to pay to read it (which I haven't), apparently it's now been copied on other media sites:
http://www.independent.co.uk/news/world/europe/italian-pensioner-hires-an-escort-who-turns-out-to-be-his-sons-girlfriend-9176530.html


Title: Re: Is the world too dumb for Bitcoins?
Post by: pioter on March 07, 2014, 05:10:45 PM
Anyone reading this post has an IQ higher than the average person.

danke , u make me smart


Title: Re: Is the world too dumb for Bitcoins?
Post by: BitChick on March 07, 2014, 05:14:00 PM
Who has seen the movie "Idiocracy?"  That movie is funny on so many levels but in a way shows the direction our society is going.

That said, I think that someone can be "dumb" but still be "wise."  Someone can be "brilliant" yet be a "fool."

For example (please don't take offense at this) but a really intelligent person could have seen the value in Bitcoin, mined for coins early on, then let them sit on Mt. Gox without worrying about the fact that there were problems there.

Or, a really "dumb" person could be wise enough to listen to her "smarter" husband and take the small amount of coins off the exchange before it went down (using my own personal story here).

This carries out in other areas of life too.  I see intelligent people make foolish choices in relationships and "dumb" people are loyal and have long lasting relationships and so on.

But all that said, there will need to be simpler ways for Bitcoin to be used for the "normal" world to get involved.  Security measures will need to be built in automatically and ease of use will be a major factor in how widely Bitcoin is adopted by the masses.


Title: Re: Is the world too dumb for Bitcoins?
Post by: philip2000uk on March 07, 2014, 05:15:05 PM
too dumb for anything but what the tv spits out in uk anyway


Title: Re: Is the world too dumb for Bitcoins?
Post by: keithers on March 07, 2014, 05:20:58 PM
Here's the thing...most people are one of the following:

1) book smart
2) street smart
3) both (very rare)
4) all out idiotic


The amount of people that are #3 is pretty rare nowadays...  The same can typically be said about people's social skills.  The majority of people who are very business savvy and successful, lack certain social skills (i.e. the ability to talk to women).


Title: Re: Is the world too dumb for Bitcoins?
Post by: kkaspar on March 07, 2014, 05:24:24 PM
I think when the final demise of bitcoin will start to get closer, then we will hear a lot of this how everyone are stupid for not filling their pockets by buying more expensive coins.


Title: Re: Is the world too dumb for Bitcoins?
Post by: mercilesssuggy on March 07, 2014, 05:26:09 PM


The amount of people that are #3 is pretty rare nowadays...  The same can typically be said about people's social skills.  The majority of people who are very business savvy and successful, lack certain social skills (i.e. the ability to talk to women).

Funny thing - My entire career is based on the fact that I have both, and my employers have always said just that ^^. Which is lucky for me as it means I end up in a great job!!


Title: Re: Is the world too dumb for Bitcoins?
Post by: porcupine87 on March 07, 2014, 05:26:31 PM
Yes. But they were once too dumb for the internet.
+1  :D


Title: Re: Is the world too dumb for Bitcoins?
Post by: piramida on March 07, 2014, 05:31:17 PM
2) I didn't invest to make a quick buck so don't mind that the price is lower.. though I am started to get concerned it won't even ever recover!
3) http://www.thesun.co.uk/sol/homepage/news/5492825/man-hires-escort-who-turns-out-to-be-sons-girlfriend.html is the original article, but if you don't want to pay to read it (which I haven't), apparently it's now been copied on other media sites:
http://www.independent.co.uk/news/world/europe/italian-pensioner-hires-an-escort-who-turns-out-to-be-his-sons-girlfriend-9176530.html

There is no alternative that is surpassing bitcoin, and that is the only real danger. Otherwise, it would recover, in a year or two or five, but I wait it this summer actually.

Thanks for the link but I was joking mostly :)


Title: Re: Is the world too dumb for Bitcoins?
Post by: rohnearner on March 07, 2014, 06:23:28 PM
In Few words if i have to reply then i'll say : " HAVE SOME PATIENCE " we human are too ignorant and not everyone will jump into Bitcoins because I did or You Did...! they will take their time , we can't force them to use it, they have some legit concerns..! but i think things will change in near future just give it some more time...!

PS: thanks for mentioning : Anyone reading this post has an IQ higher than the average person.


Title: Re: Is the world too dumb for Bitcoins?
Post by: kireinaha on March 07, 2014, 07:14:05 PM
Anyone reading this post has an IQ higher than the average person.

What makes me say that? Well, the average person in England for example reads The Sun which we know due to the popularity of the paper.

Unfortunately, as us intelligent Brits know, The Sun is a sad perspective of news. One of todays top stories:
"70 year old man's escort is son's girlfriend".

Equally, last week, I was at my girlfriends cousins house. He has 4 daughters ranging from 6 to 12 - He's an intelligent investor, very wealthy, but had no idea there were parental controls on the iphones/ipads he's given to his daughters and didn't know about the dangers online *sigh*.

We live in a non technical world where most people aren't technical, but those who are technical tend to be more successful these days...

The bad news, is for BTC to become the type of global currency we want it to be, the world needs to embrace it. In a world where our laws don't embrace international crime over the web, how are people going to ever want to explore something they simply don't understand?

I feel Bitcoin has a major problem and one that can't be solved for a generation or two, and that's to do with intelligence and understanding.

I invested at $1k - As a technical person, I'd been following the rise and can see the long term sustainability and benefits of BTC. If everyone around me non technical who also started hearing about it invested, that price would be $10k+, but I can't see it achieving high limits due to the reasons stated. I now worry we'll see the price lower long term as the world moves away from it..

Thoughts?

It seems rather arrogant to me to claim that we're all smarter than average people because we're interested in bitcoin or technical matters in general. Just because someone doesn't know their way around a smartphone doesn't mean that they're stupid, it only means that cell phone technology is not a priority in his or her life. I know many older folks who barely know how to turn on a computer, but who can run circles around me when it comes to other skills.

What I'm saying is, if your whole world revolves around one thing, whether it be a game like chess or restoring antique cars, you'd obviously spend a lot of time around like-minded individuals and it might be easy to label outsiders as stupid since they don't share your passions, but that's not fair. Maybe that's what's going on here a little.

But to the main point, we can't expect people to embrace bitcoin by becoming "smarter". Bitcoin needs to stand on its own. If it offers incentives over our current financial system, then people will naturally embrace it. If it's required to have a PhD in computer security to use it, then it's obviously flawed and is not destined to succeed. Afterall, you don't need to be an expert in electromagnetic theory to use a microwave oven. I doubt scientists met up in the 1940s and said to each other, "you know guys, most of the idiots out there don't understand how magnetic waves work. I'm not sure if this is going to catch on."

Of course it caught on, because it's easy to use. That's what bitcoin needs to be. Maybe it's just not ready yet. Maybe it never will be. But if that's the case, then bitcoin failed the public... not the other way around.



Title: Re: Is the world too dumb for Bitcoins?
Post by: DieJohnny on March 07, 2014, 09:57:31 PM
i am too dumb for bitcoin, tired of hodling, i think i will sell before i lose all my coins to a cracker


Title: Re: Is the world too dumb for Bitcoins?
Post by: BitchicksHusband on March 07, 2014, 10:13:50 PM
Anyone reading this post has an IQ higher than the average person.

I haven't found that to be the case.  There are a LOT of idiots on here.


Title: Re: Is the world too dumb for Bitcoins?
Post by: Lloydie on March 07, 2014, 10:29:39 PM


The amount of people that are #3 is pretty rare nowadays...  The same can typically be said about people's social skills.  The majority of people who are very business savvy and successful, lack certain social skills (i.e. the ability to talk to women).

Funny thing - My entire career is based on the fact that I have both, and my employers have always said just that ^^. Which is lucky for me as it means I end up in a great job!!
Create something  :)


Title: Re: Is the world too dumb for Bitcoins?
Post by: Ibian on March 07, 2014, 10:30:53 PM
Anyone reading this post has an IQ higher than the average person.

What makes me say that? Well, the average person in England for example reads The Sun which we know due to the popularity of the paper.

Unfortunately, as us intelligent Brits know, The Sun is a sad perspective of news. One of todays top stories:
"70 year old man's escort is son's girlfriend".

Equally, last week, I was at my girlfriends cousins house. He has 4 daughters ranging from 6 to 12 - He's an intelligent investor, very wealthy, but had no idea there were parental controls on the iphones/ipads he's given to his daughters and didn't know about the dangers online *sigh*.

We live in a non technical world where most people aren't technical, but those who are technical tend to be more successful these days...

The bad news, is for BTC to become the type of global currency we want it to be, the world needs to embrace it. In a world where our laws don't embrace international crime over the web, how are people going to ever want to explore something they simply don't understand?

I feel Bitcoin has a major problem and one that can't be solved for a generation or two, and that's to do with intelligence and understanding.

I invested at $1k - As a technical person, I'd been following the rise and can see the long term sustainability and benefits of BTC. If everyone around me non technical who also started hearing about it invested, that price would be $10k+, but I can't see it achieving high limits due to the reasons stated. I now worry we'll see the price lower long term as the world moves away from it..

Thoughts?

It seems rather arrogant to me to claim that we're all smarter than average people because we're interested in bitcoin or technical matters in general. Just because someone doesn't know their way around a smartphone doesn't mean that they're stupid, it only means that cell phone technology is not a priority in his or her life. I know many older folks who barely know how to turn on a computer, but who can run circles around me when it comes to other skills.

What I'm saying is, if your whole world revolves around one thing, whether it be a game like chess or restoring antique cars, you'd obviously spend a lot of time around like-minded individuals and it might be easy to label outsiders as stupid since they don't share your passions, but that's not fair. Maybe that's what's going on here a little.

But to the main point, we can't expect people to embrace bitcoin by becoming "smarter". Bitcoin needs to stand on its own. If it offers incentives over our current financial system, then people will naturally embrace it. If it's required to have a PhD in computer security to use it, then it's obviously flawed and is not destined to succeed. Afterall, you don't need to be an expert in electromagnetic theory to use a microwave oven. I doubt scientists met up in the 1940s and said to each other, "you know guys, most of the idiots out there don't understand how magnetic waves work. I'm not sure if this is going to catch on."

Of course it caught on, because it's easy to use. That's what bitcoin needs to be. Maybe it's just not ready yet. Maybe it never will be. But if that's the case, then bitcoin failed the public... not the other way around.


A proper understanding of bitcoin requires at least some basic knowledge of computers and networking, even better if you know a little programming. It also requires knowledge of and understanding of the underlying economic theory, and it helps to know why competing theories are flawed, especially the day to day fiat system we have all lived with our entire lives - which requires being able to step outside the box. Politics and human psychology on a large population scale also helps.

Individually, these are all high-IQ fields. And we employ them all every day in discussion threads. Forget arrogance, we are as a group not only more intelligent than the average person, we are more intelligent than the average intelligent person.

All that said, the only thing required for the average person to invest is just one thing: Greed. Once people believe bitcoin is here to stay the masses will come flocking in.


Title: Re: Is the world too dumb for Bitcoins?
Post by: chessnut on March 08, 2014, 02:55:38 AM
The world is too dumb. period.

enter Darwin - survival of the bitcoin holders.


Title: Re: Is the world too dumb for Bitcoins?
Post by: lemfuture on March 08, 2014, 02:56:13 AM
yes because of flouride


Title: Re: Is the world too dumb for Bitcoins?
Post by: notme on March 08, 2014, 04:58:06 AM
They don't have to understand it.  They just need the people who do to make it easy to use.


Title: Re: Is the world too dumb for Bitcoins?
Post by: Lloydie on March 08, 2014, 05:17:59 AM
yes because of flouride
Not in water supply for teeth that's for sure.


Title: Re: Is the world too dumb for Bitcoins?
Post by: BittBurger on March 08, 2014, 05:25:12 AM
I have always felt that 10% of the population runs the world, because 10% (or less) of the population has an IQ significantly higher than the masses.

Very few people operate on an intellectual level capable of grasping anything but the basics of life.

I truly believe that.

But I rarely say it out loud because it would make me sound like a dick.

-B-


Title: Re: Is the world too dumb for Bitcoins?
Post by: aminorex on March 08, 2014, 07:05:41 AM
There are enough uses for Bitcoin, including a sufficient number of ways in which Bitcoin can add value to existing financial workflows, and an illimitably vast number of potential innovative applications with concommitant opportunities motivating entrepreneurs, so that the probability of Bitcoin losing its value persistently is vanishingly small.  Just as a portfolio of company shares is unlikely to lose a very large part of its valuation, and will almost certainly be lifted by growth in the broader economy, over the long run, similarly, the myriad potential sources of fundamental economic value attribution possessed by Bitcoin make it stupendously unlikely that all will fail, and the observable growing Bitcoin economy will almost certainly lift its market price.

Holding Bitcoin is more volatile than holding mature, liquid and fully capitalized post-IPO shares, but it is much, much less risky, because Bitcoin value appreciation does not depend on a single management to succeed.  It is a portfolio of all of the future innovations which can be implemented on top of a fully built-out infrastructure implementing the blockchain general ledger algorithm, which is very much a new emerging market. It is like holding a broad portfolio of shares in a newly globalizing emerging market.  Those shares will include many ventures which are only useful to a small minority of the population.  

Suppose that the universe of Bitcoin users were limited exclusively to millionares with 3d std. deviation IQ levels.  That's perhaps 40,000 people, with an aggregate property value in the neighborhood of 800bn USD.  If they are 10% liquid and turn over their liquidity at normal velocity, and use just 10% of it in the form of Bitcoin, and there are 16mm BTC floating, then each BTC must be valued 3kUSD at the first moment.  3000 US$, even after eliminating 99.99995% of the human population from the picture.  Now add back the missing 7 billion people, including the other 99.7% of the millionaires.  Did Bitcoin lose any value when you added those people to the picture?  Not one iota.  If 0.000005% adoption is sufficent to quintuple the current value, I think a much higher future valuation is essentially guaranteed.


Title: Re: Is the world too dumb for Bitcoins?
Post by: amencon on March 08, 2014, 07:06:18 AM
I've always maintained that Bitcoin is too complex to experience wide spread adoption, for now.

Most people will never understand how public-key cryptography works, or understand that you never actually have "bitcoins" in your possession but instead possess the ability to access "coins" which are actually just entries in a decentralized ledger.  People will continue to get malware, constantly.  Hoping for education to eradicate insecure computers around the world, while a noble endeavor, is a pipe dream.

The fact is that the world is "too dumb" for most things.  Email, networking, cars, planes and even the current fiat banking system.  I'm "too dumb" (or lazy in many cases) to fully understand lots of technologies I enjoy every day.

The path to main stream adoption is building more and more simplified interfaces to the bitcoin technology.  This will take time but I believe we are making progress month by month.

Hardware wallets will be a necessity I think.  As well as hiding cryptographic keys from the end user.

Bitcoin has to come to the people, because it will never happen the other way around.



Title: Re: Is the world too dumb for Bitcoins?
Post by: b!z on March 08, 2014, 07:08:49 AM
i am too dumb for bitcoin, tired of hodling, i think i will sell before i lose all my coins to a cracker

Use a cold wallet. It's not difficult.


Title: Re: Is the world too dumb for Bitcoins?
Post by: ElectricMucus on March 08, 2014, 01:09:33 PM
Are Bitcoiners too dumb for Bitcoin?


Title: Re: Is the world too dumb for Bitcoins?
Post by: Spaceman_Spiff on March 08, 2014, 01:20:55 PM
Anyone reading this post has an IQ higher than the average person.
Thoughts?
Lurk around the forum a bit longer, and you'll probably want to change that sentence  ;) .

As for your real topic: +1 on all the "internet" references.

Are Bitcoiners too dumb for Bitcoin?
Would EM be EM without a sneering remark to bitcoiners once in a while? ;D


Title: Re: Is the world too dumb for Bitcoins?
Post by: rohnearner on March 08, 2014, 01:47:31 PM
Quote
Anyone reading this post has an IQ higher than the average person.
Thoughts?
Lurk around the forum a bit longer, and you'll probably want to change that sentence  ;) .

Would EM be EM without a sneering remark to bitcoiners once in a while? ;D
He just mentioned Those who are actually reading the topic not everyone on Forum and most of them you are talking about wouldn't even bother to read what exactly he wants to convey..!


Title: Re: Is the world too dumb for Bitcoins?
Post by: TooDumbForBitcoin on March 08, 2014, 09:38:05 PM
You'll be hearing from my lawyer about the title of your thread.


Title: Re: Is the world too dumb for Bitcoins?
Post by: TooDumbForBitcoin on March 08, 2014, 09:39:54 PM
i am too dumb for bitcoin,

Excuse me?


Title: Re: Is the world too dumb for Bitcoins?
Post by: GigaCoin on March 08, 2014, 09:47:55 PM
the world is also too dumb for the internet, however see how user friendly software came up to make up for the stupidity. The same has to happen to bitcoin, as more user friendly apps, wallets and infra pop up the masses will use it and benefit.


Title: Re: Is the world too dumb for Bitcoins?
Post by: ElectricMucus on March 09, 2014, 01:13:23 AM
Are Bitcoiners too dumb for Bitcoin?
Would EM be EM without a sneering remark to bitcoiners once in a while? ;D

I've got it, Bitcoiners are too dumb for this world.


Title: Re: Is the world too dumb for Bitcoins?
Post by: af_newbie on March 09, 2014, 01:49:40 AM
Anyone reading this post has an IQ higher than the average person.

Really?  Why?  

To answer your question:

Adoption takes time.  It is like watching paint dry.  First fiat ATMs were installed in 1969.
How many 80+ yr olds are using them today?  Chances are that your friend will never use bitcoin, his daughters might use them because
their kids will use them. If you are in your late 30s and not using bitcoin today, chances are you'll never trust the technology and will refuse to use
it even if it replaces all fiat cash.  

For the full adoption, you need to have at least one new generation born with that technology.  Look at what happened with the Internet.
If it wasn't for youngsters, Internet and social media would never take off the way it did.   I remember explaining TCP sockets to people in 1990,
they were all looking at me like I was an alien or I have completely lost my mind.  I get the same reception with bitcoin.

Young minds are more malleable.  Once you finish your formal education (aka brain castration), most likely than not, you are brain dead.
You need an open mind to accept new technological breakthrough.  Think "tabula rasa".

So if you want a broader adoption, talk to your kids, explain the technology to them.  I find it is much harder to convince someone in their 30s (or older)
to use bitcoin than it is to convince a teenager.  10 minutes later, teenager will be using bitcoin.  Older folks, well, not so much.  You might get 1 convert out of 30.





Title: Re: Is the world too dumb for Bitcoins?
Post by: Peter R on March 09, 2014, 05:31:45 AM
Are Bitcoiners too dumb for Bitcoin?

What about ex-bitcoiners who sold huge stashes of coins too early and have been trolling the forums ever since?  Are they the dumberest?


Title: Re: Is the world too dumb for Bitcoins?
Post by: Luno on March 09, 2014, 05:39:55 AM
"In fact, USB is a type of connector.".

No the surveyor got it wrong too, USB is a protocol. As in the difference between Bitcoin and bitcoin the protocol.!! LOL

Are people too dumb for money?

This is the old discussion about ANCAP or a regulated capitalism society  in a new disguise.

We have had several iterations here over the years.


Title: Re: Is the world too dumb for Bitcoins?
Post by: mercilesssuggy on March 10, 2014, 09:03:43 AM
You'll be hearing from my lawyer about the title of your thread.

Best comment on the thread hahaha! Sorry man ;) Didn't mean to steal your name to make a point...

But now that you're here... ;)

Some great comments though!! While I agree that just because you don't know what Bitcoins are doesn't mean you have a low IQ, that's not what I was saying and you're twisting words and facts!!! I said that people reading this will most likely have a higher than average IQ, so I'm saying the reverse...

Just because my girlfriend likes Steak doesn't mean she dislikes Pizza.



Title: Re: Is the world too dumb for Bitcoins?
Post by: bgmc on March 15, 2014, 01:24:14 AM
There just needs to be more software that makes BTC handling easier. Kind of like the way "dumb computer users" use Macs over Windows or Linux.


Title: Re: Is the world too dumb for Bitcoins?
Post by: BittBurger on March 15, 2014, 03:47:28 AM
First fiat ATMs were installed in 1969. How many 80+ yr olds are using them today?  
If you are in your late 30s and not using bitcoin today, chances are you'll never trust the technology and will refuse to use it even if it replaces all fiat cash.  

Great insights.   Very well put.  

Quote
Look at what happened with the Internet.

Exactly.   My mother was in her early 40's when the internet kicked in, and right up until she passed away in 2009 at 69, the most she ever really did on the internet was email me.  
Absolutely nothing else.  And that was just "Outlook".  Not really "internet".  Because they required her to use it at work as a secretary. 

Again, great insights.

-B-


Title: Re: Is the world too dumb for Bitcoins?
Post by: Bit_Happy on March 15, 2014, 03:53:04 AM
Anyone reading this post has an IQ higher than the average person.

What makes me say that? Well, the average person in England for example reads The Sun which we know due to the popularity of the paper.

Unfortunately, as us intelligent Brits know, The Sun is a sad perspective of news. One of todays top stories:
"70 year old man's escort is son's girlfriend".

Equally, last week, I was at my girlfriends cousins house. He has 4 daughters ranging from 6 to 12 - He's an intelligent investor, very wealthy, but had no idea there were parental controls on the iphones/ipads he's given to his daughters and didn't know about the dangers online *sigh*.

We live in a non technical world where most people aren't technical, but those who are technical tend to be more successful these days...

The bad news, is for BTC to become the type of global currency we want it to be, the world needs to embrace it. In a world where our laws don't embrace international crime over the web, how are people going to ever want to explore something they simply don't understand?

I feel Bitcoin has a major problem and one that can't be solved for a generation or two, and that's to do with intelligence and understanding.

I invested at $1k - As a technical person, I'd been following the rise and can see the long term sustainability and benefits of BTC. If everyone around me non technical who also started hearing about it invested, that price would be $10k+, but I can't see it achieving high limits due to the reasons stated. I now worry we'll see the price lower long term as the world moves away from it..

Thoughts?

I invested at $1k
Buy more now ASAP.

Is the world too dumb for Bitcoins?
BTC can be used by people who want and need what it offers; If that is only a small % of the people, well.... At least we will not be stuck holding paper money.


Title: Re: Is the world too dumb for Bitcoins?
Post by: merockstar on March 18, 2014, 02:17:48 PM
I have always felt that 10% of the population runs the world, because 10% (or less) of the population has an IQ significantly higher than the masses.

Very few people operate on an intellectual level capable of grasping anything but the basics of life.

I truly believe that.

But I rarely say it out loud because it would make me sound like a dick.

-B-

i agree. what pisses me off is that mobility has fallen. used to be that ten percent could be joined, now its exclusive. much of that ten percent no longer falls into the ruling class. i truly believe that, I truly believe that, I just never say it out loud cause it would make me sound arrogant.


Title: Re: Is the world too dumb for Bitcoins?
Post by: aminorex on March 18, 2014, 03:07:18 PM
In the U.S. there are two principal power nexii:  Money and the deep state. If and when the deep state decides to cut ties with the money power, then SHTF.  Given the hubris of money power, it seems inevitable.


Title: Re: Is the world too dumb for Bitcoins?
Post by: chriswilmer on March 18, 2014, 04:25:10 PM
I wonder about this question seriously when it comes to zerocoin.