Bitcoin Interest... again

[crazyivan]

Bitcoin has two major issues to overcome. The first is the fraud. People have lost their life savings to places like BTC trader and PB mining et al. All of the ponzi schemes and outright thefts scare people away faster than any media spun story about Isis or child pornography being related to bit coin.

Secondly, we have utterly failed to educate the public on the advantages of bitcoin. We talk about bitcoin technology and how it is the "internet of money" but as a day to day thing people know very little about it and even less about how to actually use it. I place blame primarily on the bitcoin foundation for that. They are supposed to be our voice to the world but all they seem to do is enrich themselves and allow corrupt individuals to create some token credibility by selling them memberships.  

But apparently, what you are talking about the first point is evident to any currency that you can think of all around the globe. If you can give me a currency that is totally fraud-free or crime-free, then it is possible to end all fraudulent activities to all the currency available in this world. But sadly, it doesn't exist.

It s not only fraud he s talking about. It s the ability to prevent and punish fraudsters. With Bitcoin, currently, this is extremely difficult. I consider this to be one of the major BTC weaknesses. WE  NEED CONSUMER PROTECTION.

[1715407575]

1715407575

[1715407575]

1715407575

[1715407575]

1715407575

[1715407575]

1715407575

[neoneros]

Bitcoin has two major issues to overcome. The first is the fraud. People have lost their life savings to places like BTC trader and PB mining et al. All of the ponzi schemes and outright thefts scare people away faster than any media spun story about Isis or child pornography being related to bit coin.

Secondly, we have utterly failed to educate the public on the advantages of bitcoin. We talk about bitcoin technology and how it is the "internet of money" but as a day to day thing people know very little about it and even less about how to actually use it. I place blame primarily on the bitcoin foundation for that. They are supposed to be our voice to the world but all they seem to do is enrich themselves and allow corrupt individuals to create some token credibility by selling them memberships.  

But apparently, what you are talking about the first point is evident to any currency that you can think of all around the globe. If you can give me a currency that is totally fraud-free or crime-free, then it is possible to end all fraudulent activities to all the currency available in this world. But sadly, it doesn't exist.

It s not only fraud he s talking about. It s the ability to prevent and punish fraudsters. With Bitcoin, currently, this is extremely difficult. I consider this to be one of the major BTC weaknesses. WE  NEED CONSUMER PROTECTION.

`

we can only provide consumer protection if the consumer pays, you pay for your creditcard, it is an insurance, so if needed the company can offer you the protection you need. It is putting in back a middleman in the proces, that is not what bitcoin is about. If you want to put your trust in the fallacies of the current fiat, pleas leave the bitcoin community and put your trust in the banks!

[dothebeats]

Bitcoin has two major issues to overcome. The first is the fraud. People have lost their life savings to places like BTC trader and PB mining et al. All of the ponzi schemes and outright thefts scare people away faster than any media spun story about Isis or child pornography being related to bit coin.

Secondly, we have utterly failed to educate the public on the advantages of bitcoin. We talk about bitcoin technology and how it is the "internet of money" but as a day to day thing people know very little about it and even less about how to actually use it. I place blame primarily on the bitcoin foundation for that. They are supposed to be our voice to the world but all they seem to do is enrich themselves and allow corrupt individuals to create some token credibility by selling them memberships.  

But apparently, what you are talking about the first point is evident to any currency that you can think of all around the globe. If you can give me a currency that is totally fraud-free or crime-free, then it is possible to end all fraudulent activities to all the currency available in this world. But sadly, it doesn't exist.

It s not only fraud he s talking about. It s the ability to prevent and punish fraudsters. With Bitcoin, currently, this is extremely difficult. I consider this to be one of the major BTC weaknesses. WE  NEED CONSUMER PROTECTION.

I'm just reiterating the first point so no worries, I know that the fraudulence in the bitcoin ecosystem is very evident, and that is one of the major reasons why newbs aren't that confident in bitcoin. Consumer protection? I think that is already available but not that strong compared to what a central governing body/authority can do. It occurs within us users by warning each and every other user about a possible scam or illegal services.

[luckyluigi]

The media hype from the bubble and Mt Gox is over, yet the interest is stagnant. You'd expect the interest graph to actually show a decrease, if the growth had slown down. People who are experienced with bitcoin rarely google "bitcoin", so this graph is mostly growth. Bitcoin might not be growing as fast as we'd like, but this is far from a bad thing.

[bryant.coleman]

The media hype from the bubble and Mt Gox is over, yet the interest is stagnant. You'd expect the interest graph to actually show a decrease, if the growth had slown down. People who are experienced with bitcoin rarely google "bitcoin", so this graph is mostly growth. Bitcoin might not be growing as fast as we'd like, but this is far from a bad thing.

More people might be searching about Bitcoin. But that doesn't mean that the adoption rate is on the rise. Look at the trade volumes in major exchanges. All of them are showing a steep fall for the past one year or so.

[GenTarkin]

Bitcoin has two major issues to overcome. The first is the fraud. People have lost their life savings to places like BTC trader and PB mining et al. All of the ponzi schemes and outright thefts scare people away faster than any media spun story about Isis or child pornography being related to bit coin.

Secondly, we have utterly failed to educate the public on the advantages of bitcoin. We talk about bitcoin technology and how it is the "internet of money" but as a day to day thing people know very little about it and even less about how to actually use it. I place blame primarily on the bitcoin foundation for that. They are supposed to be our voice to the world but all they seem to do is enrich themselves and allow corrupt individuals to create some token credibility by selling them memberships.  

But apparently, what you are talking about the first point is evident to any currency that you can think of all around the globe. If you can give me a currency that is totally fraud-free or crime-free, then it is possible to end all fraudulent activities to all the currency available in this world. But sadly, it doesn't exist.

It s not only fraud he s talking about. It s the ability to prevent and punish fraudsters. With Bitcoin, currently, this is extremely difficult. I consider this to be one of the major BTC weaknesses. WE  NEED CONSUMER PROTECTION.

Sadly w/ consumer protection comes centralization, comes banking institutions etc etc... everything bitcoin is not meant to be. The only consumer protection is using one's own brain and since there is an evergrowing amount of people in this world that dont want to use their brain... people will continue to shy away from Bitcoin.
Even tho Bitcoin carries many of the responsibilities of transacting similar to using cash, the one thing you cant do w/ bitcoin is beat the shit out of the person who ran away w/ ur bitcoin because u have no idea who that person is.
Bitcoin has many other issues / hurdles to overcome before ever being taken seriously as a world dominant currency. On the supply side of things the chance of a 51% attack needs to be destroyed. As long as the 51% attack is possible Bitcoin is not fully 'trustless', sure its 'trustless' as long as the network of miners plays nice.
Also, the possibility of all the coins being forever lost / unuseable due to user ignorance / retardedness is a huge isssue as well. Just look at the guy who lost 7.5k BTC in the dump/landfill.
The major difference between something like gold vs BTC, sure BTC has many strengths against gold but one of its HUGE weaknesses is all bitcoin can over time become unuseable. Gold is at least always around, it just changes hands / owners.

Another one as of late is, Im getting tired of all these entities being able to scam each other so easily and get away with it, using Bitcoin. The ratio of scams to legit business in Bitcoin GIGANTIC in comparison to fiat scams vs legit business. Its fucking sad =(
AM recently proved that even the most reputable Bitcoin based businesses are fucking scammers n scum right from the get-go. How can Bitcoin ever become dominant if nearly every person involved is a fucking untrustworthy scumbag?!

[jwcastle]

Yes, it does seem that bitcoin has a disproportionally high scam rate compared to fiat. I don't have any solid facts or figures to go on, but it just seems that way.
But even without facts and figures, the general population's perception of bitcoin can lead to its demise. And even many people in this forum tend to think negatively about the Bitcoin Foundation, the one organization that is thought to be the "central authority" in bitcoin.

[romjpn]

Still a money for geeks and nerds and eventually traders.
Ask any Japanese here in Tokyo about Bitcoin : "Huh it has failed no ? Mt.Gox was Bitcoin right ?"

[Q7]

I still believe that again the main driver still goes back to price. Let's just face it we can go on blabbering about how cool the payment system is, the blockchain technology, how the community actually owns the network, but in general most of the people out there are only concerned about things that can net them profit and money making. And that is why growth has more or less slowed down in tandem with the drop. I'm not going to be bothered because eventually as an individual, I'm still playing my part to promote bitcoin.

[SlickMoTwoToe]

I think one of the main drawbacks with Bitcoin is the Bitcoin Core client... it takes half an hour to even get booted up on my computer, whereas the LTC and Doge clients are up within 5 mins easily. The other big drawback I see is the fact that you have to trade in 0.0something amounts of BTC, which, even though you know it's like $10 for instance, it still feels a little condescending. I would just switch to Litecoin but I think Bitcoin is more widely accepted and it's easier to find people who buy in BTC.

If the BTC developers perhaps shifted the decimal a couple of spaces to the right and sped up the Bitcoin client (I hear Electrum has failed a few times so I don't use it), then Bitcoin would become more convenient to use. I don't want to have official USD accounts involved in my online trading for various reasons, and I think a lot of other digital merchants would share this view. If Bitcoin core booted in <1 min and synced quickly it would quickly become easier to use and more acceptable to new users. Bitcoin is already more secure and more anonymous than things like PayPal which need a literal bank account and your email address.

[TYT]

Still a money for geeks and nerds and eventually traders.
Ask any Japanese here in Tokyo about Bitcoin : "Huh it has failed no ? Mt.Gox was Bitcoin right ?"

I think that's a very niave ignorant and misinformed opinion. Maybe the majority of the public may look down upon it but that's because they don't understand it but their opinion will hopefully change over time. They can't remain ignorant for ever and will surely see the benefits of it.