why we should all be bulls in the longer term

[pleaseexplain]

I believe that the long term future is bright because bitcoin and the case to be made for it in terms of cheap way to remit funds has not even begun to be heard by the vast majority.

For example here in New Zealand we have about 4 million people. We have a website called 'stuff' which is the  website for the largest and very dominant newspaper organisation in the country.

if you search the site for bitcoin you get just 500 results and none of the top 10 items the search throws up really talks about bitcoins benefits. (its all drugs, price collapse from $1000 etc).

Yet remittances for example to the Pacific Islands from expats working here is big business.

And the savings from using bitcoin can be substantial.

eg Currently transferring NZ$500 by the banking system after all fees means in fact on average only $451 of actual value is transferred.

Keep calm and carry on.
  

[pa]

I believe that the long term future is bright because bitcoin and the case to be made for it in terms of cheap way to remit funds has not even begun to be heard by the vast majority.

For example here in New Zealand we have about 4 million people. We have a website called 'stuff' which is the  website for the largest and very dominant newspaper organisation in the country.

if you search the site for bitcoin you get just 500 results and none of the top 10 items the search throws up really talks about bitcoins benefits. (its all drugs, price collapse from $1000 etc).

Yet remittances for example to the Pacific Islands from expats working here is big business.

And the savings from using bitcoin can be substantial.

eg Currently transferring NZ$500 by the banking system after all fees means in fact on average only $451 of actual value is transferred.

Keep calm and carry on.
  

It's hard to keep in perspective how early it is in the evolution of crypto-currency and the development of its potential applications. Thanks for the reminder.

[gentlemand]

I think the phrase 'longer term' is what is driving much of the angst on here.

It gets harder by the day to deny that Bitcoin is going to end up finding some type of place in the wider world.

It's also rapidly dawning that that's something which'll take many years of slog to achieve.

An awful lot of people piled in expecting super early adopter-style gains. That type of explosion is easy to pull off from zero. To go from here to enormity requires real work, real time and the provision of real utility.

Someone getting in now might still end up with a significant gain in buying power. If that takes 10-20 years to achieve it suddenly sounds a lot less sexy.

[umairsaleem]

Yes, bull, we always mention in Bitcoin investment, but think about it, when we at the 1000$, we said this is the last chance to get in the rocket, when at the 500$, we said no worry, long-term prospects is good, just hold, and when 200$, we said this is the bottom, it's the time make a hard buy....Now you said long-term bull again, But I'm not that confident about that anymore...

[Asrael999]

I believe that the long term future is bright because bitcoin and the case to be made for it in terms of cheap way to remit funds has not even begun to be heard by the vast majority.

For example here in New Zealand we have about 4 million people. We have a website called 'stuff' which is the  website for the largest and very dominant newspaper organisation in the country.

if you search the site for bitcoin you get just 500 results and none of the top 10 items the search throws up really talks about bitcoins benefits. (its all drugs, price collapse from $1000 etc).

Yet remittances for example to the Pacific Islands from expats working here is big business.

And the savings from using bitcoin can be substantial.

eg Currently transferring NZ$500 by the banking system after all fees means in fact on average only $451 of actual value is transferred.

Keep calm and carry on.
  

if you think the existing financial system is not developing their own blockchain to make international transfers competitive with bitcoin you are delusional.

[Asrael999]

https://ripple.com/blog/european-banking-authority-emphasizes-promise-of-distributed-ledgers/

http://www.esma.europa.eu/system/files/2015-532_call_for_evidence_on_virtual_currency_investment.pdf

[Asrael999]

and not forgetting
https://www.abe-eba.eu/downloads/knowledge-and-research/EBA_20150511_EBA_Cryptotechnologies_a_major_IT_innovation_v1.0.pdf

[Darude Sandstorm]

The remittance market is a huge industry and would be massive if they adopted bitcoin on a widescale, but the question is will they? I'm a big believer in the potential of bitcoin and it would be a big benefit to the remittance market but my only concern is it'll just never catch on.

[gentlemand]

The remittance market is a huge industry and would be massive if they adopted bitcoin on a widescale, but the question is will they? I'm a big believer in the potential of bitcoin and it would be a big benefit to the remittance market but my only concern is it'll just never catch on.

There are already quite a few fledgling crypto remittance services. I would've thought part of the insane cost of services like Western Union is the onerous regulation involved and I don't know whether any of these services have had to deal with that yet.

You've also got the problem of dealing with differing government attitudes towards Bitcoin in every country. It's probably one of the most complex areas of usage these companies could get involved in.

[jaredboice]

I believe that the long term future is bright because bitcoin and the case to be made for it in terms of cheap way to remit funds has not even begun to be heard by the vast majority.

For example here in New Zealand we have about 4 million people. We have a website called 'stuff' which is the  website for the largest and very dominant newspaper organisation in the country.

if you search the site for bitcoin you get just 500 results and none of the top 10 items the search throws up really talks about bitcoins benefits. (its all drugs, price collapse from $1000 etc).

Yet remittances for example to the Pacific Islands from expats working here is big business.

And the savings from using bitcoin can be substantial.

eg Currently transferring NZ$500 by the banking system after all fees means in fact on average only $451 of actual value is transferred.

Keep calm and carry on.
  

if you think the existing financial system is not developing their own blockchain to make international transfers competitive with bitcoin you are delusional.

Alternative Currency Blockchains will have to compete with the Bitcoin protocol (including the reward system which needs to be attributed value by the free market) as well as compete with the Bitcoin network, which already has more computing power than all the worlds super computers combined.  If you think that is an easy feat to accomplish, YOU are being delusional. 

[Kupsi]

Look to Argentina. They need and use Bitcoin.

http://www.nytimes.com/2015/05/03/magazine/how-bitcoin-is-disrupting-argentinas-economy.html?_r=0

[NorrisK]

I think the phrase 'longer term' is what is driving much of the angst on here.

It gets harder by the day to deny that Bitcoin is going to end up finding some type of place in the wider world.

It's also rapidly dawning that that's something which'll take many years of slog to achieve.

An awful lot of people piled in expecting super early adopter-style gains. That type of explosion is easy to pull off from zero. To go from here to enormity requires real work, real time and the provision of real utility.

Someone getting in now might still end up with a significant gain in buying power. If that takes 10-20 years to achieve it suddenly sounds a lot less sexy.

5x the value in 10 years? That's 500% return if you buy now, where else can you potentially gain this amount? People should stop expecting 500% monthly and get realistic.

[futureofbitcoin]

5x the value in 10 years? That's 500% return if you buy now, where else can you potentially gain this amount? People should stop expecting 500% monthly and get realistic.

I can't predict the future, but just in the last 10-15 years, A LOT of things made a 5x return in a 10-year period; many made A LOT MORE than 5x. Even relatively "normal" things like google and apple stock. Even property in most major cities in China or in dubai has made much more gains within a 10 year period.

For the amount of risk bitcoin still has, 5x in 10 years is not attractive at all.

[1Referee]

I think the phrase 'longer term' is what is driving much of the angst on here.

It gets harder by the day to deny that Bitcoin is going to end up finding some type of place in the wider world.

It's also rapidly dawning that that's something which'll take many years of slog to achieve.

An awful lot of people piled in expecting super early adopter-style gains. That type of explosion is easy to pull off from zero. To go from here to enormity requires real work, real time and the provision of real utility.

Someone getting in now might still end up with a significant gain in buying power. If that takes 10-20 years to achieve it suddenly sounds a lot less sexy.

5x the value in 10 years? That's 500% return if you buy now, where else can you potentially gain this amount? People should stop expecting 500% monthly and get realistic.

Nowadays with all the ponzi's and scamcoins certain people are used to 100% gains in a week. Everything below that is a waste of time for them.

Serious investors are more than happy with a 10% gain per year. Just wait and have patience. Holding Bitcoin is the best option.

[mrhelpful]

I see more less of a transaction wire transfer play then anything else.

It doesnt seem practice based on the core after its all mined, and transactions could take up to more then 3 days if that double spending is still a threat to bitcoisn value.

Then again, we can always have improved sizes and wallets so maybe.

As for scams and ponzis these are still here to stay lol. Everything that we see now are always the constant in the future as well, its just a matter of less people participating in those events.

[tabnloz]

The remittance market will only explode when bitcoin is easy to acquire, which at the moment it isn't.

You have to be pretty savvy and up to speed to do it at the moment, but if there is one thing people should be willing to 'upskill' to do, it's to learn this system in order to save money.

(While transfer from NZ > Cooks saves say 10% percentage wise, that $49 worth is stable, but from the US to the Philippines that 10% (or $49) is a fair amount of purchasing power.)

I think that is why the M-Pesa model works so well - it is piggy backed on to a tech that most already understand.

[farting_shot]

LMAO

You haven't learned anything from the last 17 months, have you?

Bitcoin is a declining currency, it's been the most devalued currency compared to ANY OTHER FIAT currencies in the world.

You should all be bears in the longer term. Bitcoin is going to Zero, all the way, suckers!

[Amph]

LMAO

You haven't learned anything from the last 17 months, have you?

Bitcoin is a declining currency, it's been the most devalued currency compared to ANY OTHER FIAT currencies in the world.

You should all be bears in the longer term. Bitcoin is going to Zero, all the way, suckers!

last 17 months are just a price correction phase form the big fake pump

bitcoin can't compare to fiat for now, its market is too tiny for that, that comparison is not fair

zero is no sense, we are not even falling to sub 200, try again