BTC needs the trust of masses

[shad_90]

Recent big fluctuations in bitcoin value are not very much ensuring and encouraging. Bitcoin needs to be stabilized.
Bitcoin community doesn't lack manpower to achieve this goal. I don't know much about how does economy work, but I know BTC community have some great people who can help.
Question is why, after almost 6 years, bitcoin still can't win the trust of people(leaving people connected to computer science). Why it is still unstable ?

[1714686396]

1714686396

[1714686396]

1714686396

[Amph]

well first, for the first 3 years bitcoin was unknown so we should count basically from doge, to consider the life of bitcoin, from the masses point of view

second is a thing that cannot be controlled, whales want to earn more coins and thus they manipulate the price to death

[Hopalong]

If you look at how few people there are who have bitcoin and how much of the bitcoin is owned by whales you will see that there is no way to make i stable. A single whale can break the whole economy if he want.

[dothebeats]

If you look at how few people there are who have bitcoin and how much of the bitcoin is owned by whales you will see that there is no way to make i stable. A single whale can break the whole economy if he want.

Not unless he has tens of thousands of coins and also a fat wallet of $$$. You see, the bitcoin ecosystem isn't only comprised of a single whale that would decide bitcoin's price. There are many of them swimming around, playing mind tricks against each other. There is no way that bitcoin's price will be stable for longer than a month, given that there are whales constantly playing with the price.

[ikydesu]

Recent big fluctuations in bitcoin value are not very much ensuring and encouraging. Bitcoin needs to be stabilized.
Bitcoin community doesn't lack manpower to achieve this goal. I don't know much about how does economy work, but I know BTC community have some great people who can help.
Question is why, after almost 6 years, bitcoin still can't win the trust of people(leaving people connected to computer science). Why it is still unstable ?

A few weeks ago, bitcoin is much stable i think and now the price is start growing.

Well, because people is comfortable to use a fiat than bitcoin, and still more people use it for investment than currency, although bitcoin can both.
And about the wales is exactly effected to the price.

[randy8777]

Recent big fluctuations in bitcoin value are not very much ensuring and encouraging. Bitcoin needs to be stabilized.
Bitcoin community doesn't lack manpower to achieve this goal. I don't know much about how does economy work, but I know BTC community have some great people who can help.
Question is why, after almost 6 years, bitcoin still can't win the trust of people(leaving people connected to computer science). Why it is still unstable ?

A few weeks ago, bitcoin is much stable i think and now the price is start growing.

Well, because people is comfortable to use a fiat than bitcoin, and still more people use it for investment than currency, although bitcoin can both.
And about the wales is exactly effected to the price.

at this point most of the people still see it as investment. but that's changing. more people are using bitcoin now also to buy things. that's only going to increase the comming years.

[unamis76]

It's not accepted by the masses because they're most easily manipulated ones. Masses read their media, and mainstream media only talk crap about Bitcoin usually, and they make news relating Bitcoin with Silkroad, busts, and other types of criminal activities... This isn't getting anyone interested in Bitcoin of course!

As I've said in other threads, price fluctuations isn't the worst keeping the masses away, fluctuations can be attenuated by services like BitPay...

[yayayo]

Recent big fluctuations in bitcoin value are not very much ensuring and encouraging. Bitcoin needs to be stabilized.
Bitcoin community doesn't lack manpower to achieve this goal. I don't know much about how does economy work, but I know BTC community have some great people who can help.
Question is why, after almost 6 years, bitcoin still can't win the trust of people(leaving people connected to computer science). Why it is still unstable ?

Bitcoin does not need to be stabilized. You're calling for interventionism, which is totally wrong. Bitcoin was built to counter interventionism, it's a free currency.

Bitcoin is stable, because it has greatly appreciated in value over the past years. If you are referring to price movements, these will become less severe when Bitcoin's market capitalization and usage has grown significantly. Right now Bitcoin is still in the early adoption phase where a lot of speculation takes place.

The number of people that are trusting Bitcoin is growing every single day. People trust Bitcoin because of the underlying concept (which implies non-interventionism), not because of a promise of non-fluctuation. Bitcoin is a hedge against systemic failure of the fiat money scam. Just be patient and you will see people rushing into BTC soon enough...

ya.ya.yo!

[Meuh6879]

Trust.
Trust is work, serious answer ... value is not Trust, it's the users that it build Trust.

http://www.lafkon.net/tc/

[commandrix]

That basically means that we have to earn their trust. Mt. Gox and Silk Road sure didn't help, but it can be overcome if some of us are willing to take a leadership role. I didn't get into this expecting to be an entrepreneur, but I'm working on something that could make life easier for freelancers who are interested in cryptocurrencies if I can just get it off the ground. If you hear from me over on the Services subforum looking for Wordpress experts, that's me trying to get stuff done.

[cpapazian]

I am just learning about Bitcoin and pale in comparison to many here on the boards, but here is what I am thinking on the question:

It is an interesting thought about stabilization of Bitcoin despite the fact it is a decentralized digital currency.  I think the misunderstanding by mainstream society is a great part of the instability as the powers that be are not favorable on it.  I do think with trusted and established fiat currency, there are ways to manipulate the system also causing chaos so "stability" is open to interpretation.  With Bitcoin there are stress tests for concern along with, as I understand it, unfair mining practices where it be almost too competitive for casual miners to achieve a gain.  There are still pros and cons with Bitcoin which I am still trying to get my head around. Because it is not backed by any sort of commodity such as gold, it makes transactional value converting it to traditional currency difficult.

Some states like California are making legislation incorporating rules on it, but it has a long way to go before it is truly accepted as an alternate form of payment. In the San Francisco Bay Area where I live, I can only think of one brick and mortar store that accepts it as payment (Nakamoto's). I wonder if it will take the economic decline/collapse of (multiple) countries like Greece and within Africa to gain momentum and enough following to instill a sense of stability and for that matter viability.

I could be way off base, but that's how I see it.

[scarsbergholden]

To gain trust as a single idea it would be pretty hard, the key players on the trust issues would be the companies working with bitcoin. not bitcoin it self just because is the monetary tool we use to trade, buy or sell with.

[blablaace]

it may be gaining the trust of the GREEK masses!

[Falconer]

I'm not sure but there was an advantage beside its disadvantage about the fluctuation, where the traders took this chance to get high profit when the price was being not stable. But yeah it's a disadvantage for bitcoin development, because make most people still not sure about the potential of bitcoin since the price is not as stable as fiat.

[jeffthebaker]

Bitcoin is stable. Look at the fluctuations in value of the other popular currencies. Everything fluctuates, Bitcoin is no exception. The fluctuations in price are just a factor of the bigger system.

[Kprawn]

Bitcoin would have been much better off if it did not have the bumps in the road. We had a flying start, and then MtGox happened... This had a huge ripple affect.. Governments and people lost a lot of trust in

exchanges and everyone was screaming "Regulate Bitcoin!!!" The uncertainty before the regulations also kept some people from investing.

Then Silkroad happened and a lot of people associated Bitcoin with illegal practices... eg. drugs. A lot of the people who got burned, turned against Bitcoin and started to spread fud and negativity.

These things are holding people back from investing.... The sad part is... this was done by people within the Bitcoin community.     

[ragi]

You would not like what the masses say about bitcoin. Bitcoin was mentioned on some website in the comments, and the poster was teared to shreds by "the masses" who all said it was a pyramid, ponzi, get rich quick and something like that.

[Hopalong]

You would not like what the masses say about bitcoin. Bitcoin was mentioned on some website in the comments, and the poster was teared to shreds by "the masses" who all said it was a pyramid, ponzi, get rich quick and something like that.

In a pyramid the first people who get in get payd big and everyone thereafter get less. In bitcoin the early adapters have 100K+ bitcoin and those who came after fight over scraps. It would be strange if people did not see this.

This is also my biggest problem with bitcoin and why i think it never will be adapted by the masses.

Imagine a merchant selling something of real value on a automated website and accepting bitcoin. Then one of the twinkledudes buy everything he has for 150K BTC and the value of bitcoin drop to the floor. The merchant will be ruined.

If i was a merchant i would only accept bitcoin if i sold some useless trinkets that people would buy only to prove bitcoin can be used to buy stuff.


As it is now i see bitcoin as a betatest. Someone migt use the data collected to make a strong crypto in the future. A crypto not only for a few lucky, but for everyone.

[tabnloz]

BTC needs the trust of masses

It's the opposite.

The masses need the trust of BTC

[Daniel91]

Recent big fluctuations in bitcoin value are not very much ensuring and encouraging. Bitcoin needs to be stabilized.
Bitcoin community doesn't lack manpower to achieve this goal. I don't know much about how does economy work, but I know BTC community have some great people who can help.
Question is why, after almost 6 years, bitcoin still can't win the trust of people(leaving people connected to computer science). Why it is still unstable ?

I agree with you but I don't see some short term solution.
We need some ''big'' merchants to start accepting bitcoin.
We can win the trust of the masses if they see that bitcoin is globally accepted as payment option (like paypal for example) and that they can spend BTC in many ways, buying and selling digital products and services online.
That has not happened yet and people still buying bitcoin as an investment, and therefore we see big fluctuations in bitcoin value.
What average bitcoin user can do in order to change it?
Introduce BTC to people and merchants around you.