Bitcoin will remain dormant until people start questioning what money is.

[spazzdla]

For the past 30 ish years the median wage has barely moved..

Up from around $28k to $33k...  Now it is VERY important to look at median and not average.  Why one might ask?  Well The top 1% have been getting massive, MASSIVE increases in pay this launches the average wage to the moon and makes it look like it is going up.. well for those that are not in the top 1% it is not.

Now if we look at housing, food, etc these things have risen 200-1000% ...

There is zero sign of this trend ending.. 

"You can fool some people every time,  You can fool most people most of the time, you cannot fool everyone all the time"  IMO we are reaching the point where it is becoming impossible to continue on with this sham.  In the next 20 years rent and food alone will hit a point where it costs above the median wage to have both..

Until people start asking "how can't I afford to eat, how is this possible" bitcoin will remain stagnate.  Alas we will live through "interesting" times.

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[celebreze32]

Bitcoin's not stagnating, it's up 50% from January, and it was up 100% from January a few months ago. This forum is buzzing with activity, so how can Bitcoin be stagnating? Mass adoption can't happen overnight, it's happening, but in small steps.

[Kupsi]

This isn't Bitcoin stagnating 

[zimmah]

For the past 30 ish years the median wage has barely moved..

Up from around $28k to $33k...  Now it is VERY important to look at median and not average.  Why one might ask?  Well The top 1% have been getting massive, MASSIVE increases in pay this launches the average wage to the moon and makes it look like it is going up.. well for those that are not in the top 1% it is not.

Now if we look at housing, food, etc these things have risen 200-1000% ...

There is zero sign of this trend ending..  

"You can fool some people every time,  You can fool most people most of the time, you cannot fool everyone all the time"  IMO we are reaching the point where it is becoming impossible to continue on with this sham.  In the next 20 years rent and food alone will hit a point where it costs above the median wage to have both..

Until people start asking "how can't I afford to eat, how is this possible" bitcoin will remain stagnate.  Alas we will live through "interesting" times.

we have already reached the point at where it is common for both partners to have a fulltime job and still barely get by. (as in, they live somewhat comfortably but they have no or very few savings).

while a few decades ago it was common for only the man to work, and the woman was often not working at all, or at best have a parttime job.

now i'm not saying double income families are a bad thing, but I am saying that being FORCED to have 2 incomes just to get by is a VERY bad thing.

especially because it's getting worse and worse.

before long we will need 4 fulltime jobs per family just to get by, which means that single mothers will need 4 jobs and married couples will need 2 fulltime jobs each.

[The Sceptical Chymist]

Bitcoin's not stagnating, it's up 50% from January, and it was up 100% from January a few months ago. This forum is buzzing with activity, so how can Bitcoin be stagnating? Mass adoption can't happen overnight, it's happening, but in small steps.

I'm thinking much the same.  Bitcoin is small compared to the U.S. dollar and other currencies,  but it's damn far from dormant.   We have a vibrant and dedicated community,  which is growing,  albeit slowly.   It's not dormant.

[~Bitcoin~]

Bitcoin's not stagnating, it's up 50% from January, and it was up 100% from January a few months ago. This forum is buzzing with activity, so how can Bitcoin be stagnating? Mass adoption can't happen overnight, it's happening, but in small steps.

Yes bitcoin is actually growing in faster way as well as interest of trader and normal people is so high on bitcoin these days. However if more people adapt bitcoin as store of their wealth than there is lots of room still available to grow in price.

[Ibian]

For the past 30 ish years the median wage has barely moved..

Up from around $28k to $33k...  Now it is VERY important to look at median and not average.  Why one might ask?  Well The top 1% have been getting massive, MASSIVE increases in pay this launches the average wage to the moon and makes it look like it is going up.. well for those that are not in the top 1% it is not.

Now if we look at housing, food, etc these things have risen 200-1000% ...

There is zero sign of this trend ending..  

"You can fool some people every time,  You can fool most people most of the time, you cannot fool everyone all the time"  IMO we are reaching the point where it is becoming impossible to continue on with this sham.  In the next 20 years rent and food alone will hit a point where it costs above the median wage to have both..

Until people start asking "how can't I afford to eat, how is this possible" bitcoin will remain stagnate.  Alas we will live through "interesting" times.

we have already reached the point at where it is common for both partners to have a fulltime job and still barely get by. (as in, they live somewhat comfortably but they have no or very few savings).

while a few decades ago it was common for only the man to work, and the woman was often not working at all, or at best have a parttime job.

now i'm not saying double income families are a bad thing, but I am saying that being FORCED to have 2 incomes just to get by is a VERY bad thing.

especially because it's getting worse and worse.

before long we will need 4 fulltime jobs per family just to get by, which means that single mothers will need 4 jobs and married couples will need 2 fulltime jobs each.

The reason we need two incomes today is that women are working.

It's just supply and demand. As the workforce doubled, job income halved, and so we need twice as much work for the same income.

That aside, there is also inflation to consider. If we go back 50-100 years the purchase power per work hour was 4-16 times as high. Fiat is the big enemy, even more so than women in the work force.

[pooya87]

this has nothing to do with bitcoin and the price and whether or not it is stagnate!
bitcoin is growing and rising regardless of all this, and the temporary dips are just temporary you have to look at the bigger picture like the chart Kupsi posted above or the volume that has been growing over all in all the exchanges and the bitcoin addresses that has been getting filled over the past two years.

[1Referee]

Why would the average joe start questioning what money is? They use it, and that's it. 90% of the people don't think even think a second about what it is and what the effect might be on the very long term. And another thing, if you tell people to use Bitcoin instead of fiat, then they come up with the simple answer of; Why should I purchase something (Bitcoin) first, in order to spend it, while I can directly buy things with fiat?

[Ibian]

Why would the average joe start questioning what money is? They use it, and that's it. 90% of the people don't think even think a second about what it is and what the effect might be on the very long term. And another thing, if you tell people to use Bitcoin instead of fiat, then they come up with the simple answer of; Why should I purchase something (Bitcoin) first, in order to spend it, while I can directly buy things with fiat?

Because they will lose all their fucking money when hyperinflation hits. And bitcoin users will be unaffected.

[1Referee]

Why would the average joe start questioning what money is? They use it, and that's it. 90% of the people don't think even think a second about what it is and what the effect might be on the very long term. And another thing, if you tell people to use Bitcoin instead of fiat, then they come up with the simple answer of; Why should I purchase something (Bitcoin) first, in order to spend it, while I can directly buy things with fiat?

Because they will lose all their fucking money when hyperinflation hits. And bitcoin users will be unaffected.

You know that, I know that, but the average joe doesn't know or care about it. It's like sheeps going to the butcher. The moment these people start to notice that, it will be too late to act.

[ImHash]

It doesn't have anything to do with bitcoin, only as long as powerful people those who have access to advance technology to natural resources to the nations money and gold those who have or better say occupied this earth and took hostage the 90% of the population with arm forces are in position of power and in control of our lives, nothing will change.

And funny thing is they are holding on tight and still looking to see if the weak ones have any so they can some how take them as well.
I doubt if bitcoin could do much heavy impact on our lives unless people start to believe it in their bones.

[reb0rn21]

People see it even now but they don`t have answer to the problem, I think governments also don`t have answer
Its not easy to give money from rich to poor, because even today you have bunch of apes all around world on social care for no reason at all!

Its defo more of a system problem then a financial, we had social communism here and in the long run it proven not viable

[spazzdla]

Why would the average joe start questioning what money is? They use it, and that's it. 90% of the people don't think even think a second about what it is and what the effect might be on the very long term. And another thing, if you tell people to use Bitcoin instead of fiat, then they come up with the simple answer of; Why should I purchase something (Bitcoin) first, in order to spend it, while I can directly buy things with fiat?

Because they will lose all their fucking money when hyperinflation hits. And bitcoin users will be unaffected.

This.  Their stomach will start asking.

[Hyena]

We should drop the USD from the main trading pair for BTC and replace it with Lambo. This would surely attract many new investors. Right now 1 BTC = 0.003 Lambos. So BTC all of sudden does not sound too expensive.


(pic somewhat related, bitcoin is not in a bubble but the lambo is in a crash instead)

Yesterday I talked a couple of magic-the-gathering fans into buying bitcoin at the gym's sauna. I overheard them talking about some card game so I hijacked their conversation by referring to mtgox (magic the gathering online exchange) and how it became a bitcoin exchange.

[Ayers]

Bitcoin's not stagnating, it's up 50% from January, and it was up 100% from January a few months ago. This forum is buzzing with activity, so how can Bitcoin be stagnating? Mass adoption can't happen overnight, it's happening, but in small steps.

but what it concerning me is that at the first hacking the price is dumped by 16%, that is too much, bitcoin will never be adopted on large scale if this keep happening i think, there will be no true confidence

[MingLee]

Why would the average joe start questioning what money is? They use it, and that's it. 90% of the people don't think even think a second about what it is and what the effect might be on the very long term. And another thing, if you tell people to use Bitcoin instead of fiat, then they come up with the simple answer of; Why should I purchase something (Bitcoin) first, in order to spend it, while I can directly buy things with fiat?

Because they will lose all their fucking money when hyperinflation hits. And bitcoin users will be unaffected.

This.  Their stomach will start asking.

An interesting analogy I've heard is that "people vote with their stomach and their dick", and while there are some instances where it isn't applicable, I personally have seen this be pretty accurate for a fair amount of things.

As for inflation, it's going to be incredibly fascinating to see what happens once everyone starts losing the value of their work from the past at an alarming rate. However, as long as people are being fed, there is a smaller and smaller chance for any sort of "revolution"; economically, socially or violently.

[randy8777]

Bitcoin's not stagnating, it's up 50% from January, and it was up 100% from January a few months ago. This forum is buzzing with activity, so how can Bitcoin be stagnating? Mass adoption can't happen overnight, it's happening, but in small steps.

but what it concerning me is that at the first hacking the price is dumped by 16%, that is too much, bitcoin will never be adopted on large scale if this keep happening i think, there will be no true confidence

bitcoin hasn't been any different. from the very beginning massive hacks and scams have been happening. it's not the first time, and definitely not the last time. i think what large investors is worrying, is that satoshi supposedly owns around one million coins. added, mark karpeles is also something for them to consider when putting their millions into bitcoin. regarding the adoption by the average joes, they prefer to use banks instead of bitcoin. an important reason for them is that bitcoin doesn't have a central authority. media saying that bitcoin is the underworld currency, etc. all that combined makes them worry.

[Junko]

Yesterday I talked a couple of magic-the-gathering fans into buying bitcoin at the gym's sauna. I overheard them talking about some card game so I hijacked their conversation by referring to mtgox (magic the gathering online exchange) and how it became a bitcoin exchange.

LOL. Nice Bitcoin Jedi mind trick there!

"You will buy Bitcoin. You will spend Bitcoin."
"I will buy Bitcoin. I will spend Bitcoin."

[Westfiled]

Bitcoin's not stagnating, it's up 50% from January, and it was up 100% from January a few months ago. This forum is buzzing with activity, so how can Bitcoin be stagnating? Mass adoption can't happen overnight, it's happening, but in small steps.

but what it concerning me is that at the first hacking the price is dumped by 16%, that is too much, bitcoin will never be adopted on large scale if this keep happening i think, there will be no true confidence

bitcoin hasn't been any different. from the very beginning massive hacks and scams have been happening. it's not the first time, and definitely not the last time. i think what large investors is worrying, is that satoshi supposedly owns around one million coins. added, mark karpeles is also something for them to consider when putting their millions into bitcoin. regarding the adoption by the average joes, they prefer to use banks instead of bitcoin. an important reason for them is that bitcoin doesn't have a central authority. media saying that bitcoin is the underworld currency, etc. all that combined makes them worry.

It is quite difficult to say. The bitcoin price dropped a lot recently because of the Bitfinex exchange hack.

[gentlemand]

If that's the case then Bitcoin will remain forever dormant. People just don't want to think about this stuff and never will. As long as things keep vaguely chugging along they won't look around and question anything.

There are enough savvy people who do know what the score is to make a difference. As ever the ones who can be arsed to educate themselves will benefit.

[BillyBobZorton]

Unfortunately people are dormant zombies themselves so its very difficult that they will wake up as long as they get the basic necessities covered. But of course, once physical cash is removed, then we might see a big uprise.

[Ibian]

If that's the case then Bitcoin will remain forever dormant. People just don't want to think about this stuff and never will. As long as things keep vaguely chugging along they won't look around and question anything.

There are enough savvy people who do know what the score is to make a difference. As ever the ones who can be arsed to educate themselves will benefit.

Yeah but things won't keep chugging along. Economic collapse and possibly the largest civil war the world has ever seen is coming soon. Venezuela for all.

[BitHodler]

If that's the case then Bitcoin will remain forever dormant. People just don't want to think about this stuff and never will. As long as things keep vaguely chugging along they won't look around and question anything.

There are enough savvy people who do know what the score is to make a difference. As ever the ones who can be arsed to educate themselves will benefit.

People will only notice what's wrong when it is too late already. It has always been like this and it will probably never change as you said.

That you don't know anything about money, that's one thing, but it's funny to see that so many people don't even seem to care while they know that at some point they will be in the losing position.

This is their attitude: Why would I care right now about something that will happen after years? Is this ignorance or plain stupidity? I go for the last.

[Ibian]

If that's the case then Bitcoin will remain forever dormant. People just don't want to think about this stuff and never will. As long as things keep vaguely chugging along they won't look around and question anything.

There are enough savvy people who do know what the score is to make a difference. As ever the ones who can be arsed to educate themselves will benefit.

People will only notice what's wrong when it is too late already. It has always been like this and it will probably never change as you said.

That you don't know anything about money, that's one thing, but it's funny to see that so many people don't even seem to care while they know that at some point they will be in the losing position.

This is their attitude: Why would I care right now about something that will happen after years? Is this ignorance or plain stupidity? I go for the last.

It's a very deficiently developed amygdala. They literally lack the physical hardware to extrapolate current events into future results. They live in the moment.

[salmanahmedone]

Unfortunately people are dormant zombies themselves so its very difficult that they will wake up as long as they get the basic necessities covered. But of course, once physical cash is removed, then we might see a big uprise.

Most of the people are uneducated and they never know the true value of bitcoins. Removing physical cash is not an easy process and may take a century or even more.

[lumeire]

Unfortunately people are dormant zombies themselves so its very difficult that they will wake up as long as they get the basic necessities covered. But of course, once physical cash is removed, then we might see a big uprise.

Most of the people are uneducated and they never know the true value of bitcoins. Removing physical cash is not an easy process and may take a century or even more.

Why would physical cash be abolished in the first place? It will forever stay as it is, IMO.

[amouchter]

Unfortunately people are dormant zombies themselves so its very difficult that they will wake up as long as they get the basic necessities covered. But of course, once physical cash is removed, then we might see a big uprise.

Most of the people are uneducated and they never know the true value of bitcoins. Removing physical cash is not an easy process and may take a century or even more.

Why would physical cash be abolished in the first place? It will forever stay as it is, IMO.

I agree.
Bitcoin will be a very widely used currency but I don’t think anything will ever replace paper cash completely.

[European Central Bank]

I agree.
Bitcoin will be a very widely used currency but I don’t think anything will ever replace paper cash completely.

check Denmark and Sweden. they're on their way to becoming cashless soon. I think it's gonna be way, way harder for other countries that are less obedient to their governments but it's an idea all economists are warming to.

[Westfiled]

I agree.
Bitcoin will be a very widely used currency but I don’t think anything will ever replace paper cash completely.

check Denmark and Sweden. they're on their way to becoming cashless soon. I think it's gonna be way, way harder for other countries that are less obedient to their governments but it's an idea all economists are warming to.

Even the China is developing its own version of the digital coin. It is way ahead of other countires. So cashless society will be before us.

[gentlemand]

Even the China is developing its own version of the digital coin. It is way ahead of other countires. So cashless society will be before us.

In the UK they tried to do away with cheques a while back. That's a technology that's a couple of thousand years old in principle. The idea was quickly abandoned when millions of grannies kicked up a stink as they never go anywhere near cash machines or online banking.

Cash is another idea that's been around for thousands of years. I really don't think it's going to be given up completely without some major battles no matter what a bunch of egg heads decide is best for the rest of us (ie themselves).

[zimmah]

For the past 30 ish years the median wage has barely moved..

Up from around $28k to $33k...  Now it is VERY important to look at median and not average.  Why one might ask?  Well The top 1% have been getting massive, MASSIVE increases in pay this launches the average wage to the moon and makes it look like it is going up.. well for those that are not in the top 1% it is not.

Now if we look at housing, food, etc these things have risen 200-1000% ...

There is zero sign of this trend ending..  

"You can fool some people every time,  You can fool most people most of the time, you cannot fool everyone all the time"  IMO we are reaching the point where it is becoming impossible to continue on with this sham.  In the next 20 years rent and food alone will hit a point where it costs above the median wage to have both..

Until people start asking "how can't I afford to eat, how is this possible" bitcoin will remain stagnate.  Alas we will live through "interesting" times.

we have already reached the point at where it is common for both partners to have a fulltime job and still barely get by. (as in, they live somewhat comfortably but they have no or very few savings).

while a few decades ago it was common for only the man to work, and the woman was often not working at all, or at best have a parttime job.

now i'm not saying double income families are a bad thing, but I am saying that being FORCED to have 2 incomes just to get by is a VERY bad thing.

especially because it's getting worse and worse.

before long we will need 4 fulltime jobs per family just to get by, which means that single mothers will need 4 jobs and married couples will need 2 fulltime jobs each.

The reason we need two incomes today is that women are working.

It's just supply and demand. As the workforce doubled, job income halved, and so we need twice as much work for the same income.

That aside, there is also inflation to consider. If we go back 50-100 years the purchase power per work hour was 4-16 times as high. Fiat is the big enemy, even more so than women in the work force.

Yes, woman are working, because they often need to.     
Sure, some people are just materialistic and want more stuff, but it's pretty hard nowadays for 1-income families to get by, while it was very rare a couple of decades ago for the woman to work.       

Inflation is a big problem, the price of goods got higher over the years, but the average wage has not gone up.     

It's just supply and demand. As the workforce doubled, job income halved, and so we need twice as much work for the same income.

Well aren't we glad the woman are allowed to work? Life has sure improved. Less supply because of jobs being outsourced to technology, and more demand because of woman wanting to work. And wages beng worth less in terms of purchasing power because the value of money is dropping.     

I'm all for equal rights, but it's not really an improvement. Because now the economy turned to shit and no one is better of because of it. We all have less time and less money. So great.

In fact we would all be better of if people worked less hours, and we slowly phased out human labor so that humans work only a few hours a week. And most of the labor done by machines.   

We just need to find a way to distribute the wealth somewhat fairly. So that not only a few super-rich benefit form the production of the machines.

In todays world, there's no need for 40 hour jobs at all.

[zimmah]

Why would the average joe start questioning what money is? They use it, and that's it. 90% of the people don't think even think a second about what it is and what the effect might be on the very long term. And another thing, if you tell people to use Bitcoin instead of fiat, then they come up with the simple answer of; Why should I purchase something (Bitcoin) first, in order to spend it, while I can directly buy things with fiat?

the problem with inflation is that it often happens slowly, like the frog that is in hot water until he boils to death slowly.   

If you drop a frog in a pot of boiling water, it will of course frantically try to clamber out. But if you place it gently in a pot of tepid water and turn the heat on low, it will float there quite placidly. As the water gradually heats up, the frog will sink into a tranquil stupor, exactly like one of us in a hot bath, and before long, with a smile on its face, it will unresistingly allow itself to be boiled to death.

this is exactly what inflation is.

people will usually not even remember that 10 years ago, they had way more purchasing power. In fact, they often feel richer because they have a slightly higher wage sometimes. But they don't realize everything is more expensive. And the higher wage is lower if you adjust for inflation.

[jakelyson]

Why would the average joe start questioning what money is? They use it, and that's it. 90% of the people don't think even think a second about what it is and what the effect might be on the very long term. And another thing, if you tell people to use Bitcoin instead of fiat, then they come up with the simple answer of; Why should I purchase something (Bitcoin) first, in order to spend it, while I can directly buy things with fiat?

Yeah, unless they are receiving bitcoin as salary or they have invested on bitcoin before, then it is hard to contemplate that they will use it if they have to purchase it first. So we need more employers and merchandisers adopting to bitcoin first before the regular joe sees that they have an option other than fiat. If they have an option to receive salary in form of bitcoin, then maybe they can switch from fiat to bitcoin.

[Yakamoto]

Why would the average joe start questioning what money is? They use it, and that's it. 90% of the people don't think even think a second about what it is and what the effect might be on the very long term. And another thing, if you tell people to use Bitcoin instead of fiat, then they come up with the simple answer of; Why should I purchase something (Bitcoin) first, in order to spend it, while I can directly buy things with fiat?

the problem with inflation is that it often happens slowly, like the frog that is in hot water until he boils to death slowly.   

If you drop a frog in a pot of boiling water, it will of course frantically try to clamber out. But if you place it gently in a pot of tepid water and turn the heat on low, it will float there quite placidly. As the water gradually heats up, the frog will sink into a tranquil stupor, exactly like one of us in a hot bath, and before long, with a smile on its face, it will unresistingly allow itself to be boiled to death.

this is exactly what inflation is.

people will usually not even remember that 10 years ago, they had way more purchasing power. In fact, they often feel richer because they have a slightly higher wage sometimes. But they don't realize everything is more expensive. And the higher wage is lower if you adjust for inflation.

Everything is more expensive, value of work is being lost at a higher rate when it comes to the representation of value coming out of the fiat paper and coins we see, and there are more and more people unsatisfied with everything happening with their money and with things happening economically. Everyone is becoming more in debt and they're being paid less than every before because a lot of jobs simply don't keep up with inflation anymore and wage growth continues to drop.

Just wait for enough people to get sick of everything and simply leave the system. We'll see the economies come crashing down because of an effective =<0% GDP growth in most places around the world, and those who can fix their systems and give value back to work will be the leading countries of the new economies.

[Kabul]

It is not stagnant, but slowly rising up. However mass adoption won't be possible until Bitcoins will be simpler to get, use, save and spend.

[panju1]

When people start questioning it and find no recourse, you could have a French Revolution-kind of situation.
The revolution needn't be just about the money.
The Arab Spring is an example.

[jerowacik]

I think it will not happen. bitcoin current can be strong financial payment media. even into the future for the world's financial system. in the future will bitcoin system could be fundamentally and legally robust.

[outatime1]

I think bitcoin will have slow growth until people realize the benefits of it and when merchants start to accept it like credit cards and paypal. Right now, there are very few merchants that will accept bitcoin as a payment method because there isn't a big demand for it yet.

[Meuh6879]

This isn't Bitcoin stagnating  

yes, like gold in 2000 at 300 USD ...  



bitcoin at 600 USD, it's ...



i always projected a 3200 USD.

[Meuh6879]

The Arab Spring is an example.