The adoption boom is coming

[geofflosophy]

ITT: OP leaves the discussion 

Still here, nothing to add so far.

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[marcus_of_augustus]

It's clear socialism (tribalism by another name) doesn't scale. Fiat money is essentially socialism via the money supply, and it doesn't scale, being vulnerable to corruption, coercion, politics, counterfeiting (printing) on massive scales and the usual central-planning attacks. Evidence is quite clear and long running for these results.

[2double0]

ITT: OP leaves the discussion 

Still here, nothing to add so far.

The news is great, but the number still seems very less if we would compare it with any other assets in the markets.
Still a long way to go before we can actually say that the boom has taken place.

[maku]

geofflosophy I really liked your prediction. I want to share your optimism and I would love your scenario of mass adoption to happen.
One aspect is bothering me, it is still relatively hard for normal people to buy bitcoin, you said that we need to have couple bucks of BTC to use these new services etc.
But do you think that ordinary John will bother to register and verify his identity on bitcoin exchange just to buy $5 worth of BTC for MegaUpload2?

[Wind_FURY]

...

The adoption boom is coming

Nope the kind of "adoption" you are thinking of will not happen. Bitcoin is good for the dark markets, over-regulated systems, countries ruled by a dictator who controls everything or a country close to that situation and places where they make it hard for you to get and send money to your families. That is where Bitcoin's value come from. It comes from a place where the "mainstream" does not even to look into or to know.

In short, if it is "illegal" it is good for Bitcoin.

[Searing]

IRS vs Coinbase

https://www.theguardian.com/technology/2016/nov/27/coinbase-bitcoin-irs-government-summons-data-cryptocurrency

Not sure..if the IRS say gets its way that anyone trading BTC is considered a Tax Cheat risk (the coinbase we want your database of all folk to check by IRS because
just buying BTC on coinbase is enough for us to get all your million users files..ie our assumption anyone buying crypto and btc on coinbase is likely a tax cheat..or why
the blanket summons?

Then adoption at least in USA could be 'stymied' ie ..if IRS thinks BTC business on coinbase is likely tax cheats enough to get all these files..then banks could claim the
same etc ..ripple effect.

The catch is the IRS has gotten such types of blanket files before.

They have WON in a case like this with FedEx and DHL etc that was also a large grab bag everybody summons

http://www.forbes.com/sites/robertwood/2014/12/20/irs-issues-john-doe-summons-to-fedex-dhl-ups-hsbc-in-massive-offshore-account-hunt/#70b2534a2d71

Thus IF the IRS is successful in the short term at least will act like a boat anchor and slow price/growth/adoption of BTC imho

Because then ALL banks (if not already) all exchanges worldwide will adopt these methods...thus shooting off another round of FUD and the 'evil' BTC..even if likely
only a small amount of tax cheats would/could even be caught..it will be enough press FUD to keep it all in a nice cluster.....for the foreseeable future...

thus slowing adoption....giving banks time for R9 ...and generally keeping the whole BTC and cyrpto adoption down and away from the masses

hope I'm wrong...but the IRS action on coinbase does not strike me as a 'reasonable' first step..IF you give a damn about cryptocurrency...does seem to be a logical
first step if it scares the crap out of you as a government, however

[buwaytress]

Eh, I'll believe it when I see it.  I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise.  Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

This is exactly the question to put forward when prediction of increased adoption is suggested.

The simple "here and now" benefits of crypto that would spur adoption are the low fees and anonymity. The fees are climbing and exchangers nullify anonymity.

And there is no real utility. All utilisation now is created and not meeting existing needs.

Change that and adoption will spiral out of control=)

[Dafar]

Eh, I'll believe it when I see it.  I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise.  Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

This is exactly the question to put forward when prediction of increased adoption is suggested.

The simple "here and now" benefits of crypto that would spur adoption are the low fees and anonymity. The fees are climbing and exchangers nullify anonymity.

And there is no real utility. All utilisation now is created and not meeting existing needs.

Change that and adoption will spiral out of control=)

WTF are you talking about? It has value the same way gold has value, yet it is a much better version of gold. It's a hedge against market dynamics, a borderless store of value and protection against inflation and capital controls, these are all real utility that is happening now.

Lol at people trying to rate bitcoin with day-to-day shopping use when it's not ready for that yet.  Let bitcoin grow in the phase it strives in now until it's ready for the next phase... it will be less volatile then and there are a lot of good developments in the works (sidechains, LN)

[pooya87]

Eh, I'll believe it when I see it.  I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise.  Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

This is exactly the question to put forward when prediction of increased adoption is suggested.

The simple "here and now" benefits of crypto that would spur adoption are the low fees and anonymity. The fees are climbing and exchangers nullify anonymity.

And there is no real utility. All utilisation now is created and not meeting existing needs.

Change that and adoption will spiral out of control=)

good point but about the fees i have to say that thing was only temporary and just like before (specially last month this happened once again) we are back to normal again and if/when block size issue is resolved the issue with fees is resolved also.

[Wind_FURY]

Eh, I'll believe it when I see it.  I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise.  Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

This is exactly the question to put forward when prediction of increased adoption is suggested.

The simple "here and now" benefits of crypto that would spur adoption are the low fees and anonymity. The fees are climbing and exchangers nullify anonymity.

And there is no real utility. All utilisation now is created and not meeting existing needs.

Change that and adoption will spiral out of control=)

WTF are you talking about? It has value the same way gold has value, yet it is a much better version of gold. It's a hedge against market dynamics, a borderless store of value and protection against inflation and capital controls, these are all real utility that is happening now.

Lol at people trying to rate bitcoin with day-to-day shopping use when it's not ready for that yet.  Let bitcoin grow in the phase it strives in now until it's ready for the next phase... it will be less volatile then and there are a lot of good developments in the works (sidechains, LN)

Bitcoin's use will never be for that. The current system used for day to day shopping works perfectly. The banks and the payment processors that are established are all giving efficiency and convenience to their users so Bitcoin has no place in it. Where Bitcoin thrives and will thrive more is in the black market and online dark markets simply because the banks do not serve that space.

[Snorek]

Bitcoin's use will never be for that. The current system used for day to day shopping works perfectly. The banks and the payment processors that are established are all giving efficiency and convenience to their users so Bitcoin has no place in it. Where Bitcoin thrives and will thrive more is in the black market and online dark markets simply because the banks do not serve that space.

So basically you think that bitcoin is only good if you are a gambler, tax evader or black market user?
And if you actually want to do something constructive and increase utility value for customers you shouldn't support it?
You know that this version of protocol is not the final version and in the future we can have huge changes to how bitcoin network will work, right?

[talks_cheep]

It's been coming for the last 7 years. It will continue coming for the next 70 years. It won't affect the price much. The only thing that can move the price is not the adoption, it's China.

[Dafar]

Eh, I'll believe it when I see it.  I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise.  Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

This is exactly the question to put forward when prediction of increased adoption is suggested.

The simple "here and now" benefits of crypto that would spur adoption are the low fees and anonymity. The fees are climbing and exchangers nullify anonymity.

And there is no real utility. All utilisation now is created and not meeting existing needs.

Change that and adoption will spiral out of control=)

WTF are you talking about? It has value the same way gold has value, yet it is a much better version of gold. It's a hedge against market dynamics, a borderless store of value and protection against inflation and capital controls, these are all real utility that is happening now.

Lol at people trying to rate bitcoin with day-to-day shopping use when it's not ready for that yet.  Let bitcoin grow in the phase it strives in now until it's ready for the next phase... it will be less volatile then and there are a lot of good developments in the works (sidechains, LN)

Bitcoin's use will never be for that. The current system used for day to day shopping works perfectly. The banks and the payment processors that are established are all giving efficiency and convenience to their users so Bitcoin has no place in it. Where Bitcoin thrives and will thrive more is in the black market and online dark markets simply because the banks do not serve that space.

 


Another one of these guys....

[traderethereum]

It's been coming for the last 7 years. It will continue coming for the next 70 years. It won't affect the price much. The only thing that can move the price is not the adoption, it's China.

of course the price will be affect as the people wants their investment in bitcoin give them a profit. but yes, maybe china give the back up for bitcoin and we can see that for now the adoption is really coming and its happen in many country beside some of country will not give any statement.

[Vaskiy]

It's been coming for the last 7 years. It will continue coming for the next 70 years. It won't affect the price much. The only thing that can move the price is not the adoption, it's China.

China is just a country which has got the majority of miners as well users. On account of this we cannot say that China is moving the price. Due to the increased user profiles the variation in bitcoin circulation depending upon their own country market varies. On those instance price gets affected, but most used to understand it in a wrong manner, that China is controlling Bitcoin.

[severaldetails]

It's been coming for the last 7 years. It will continue coming for the next 70 years. It won't affect the price much. The only thing that can move the price is not the adoption, it's China.

of course the price will be affect as the people wants their investment in bitcoin give them a profit. but yes, maybe china give the back up for bitcoin and we can see that for now the adoption is really coming and its happen in many country beside some of country will not give any statement.

The more bitcoin is adopted, the more people will use it as a payment method. So the demand climbs, while the supply stays more or less constant.
So I think that adaption will increase bitcoin price.
China is still the country with the biggest population. If a lot of them would decide to become a member of the bitcoin community this would have a big impacte on the price.
If you look at it that way, China has a big influence on bitcoin price.

[btcxyzzz]

Are you sure Bitcoin has enough capacity for boom? First we need to amputate Blockstream shitheads from the system to make it ready.

[ironm@n]

It's been coming for the last 7 years. It will continue coming for the next 70 years. It won't affect the price much. The only thing that can move the price is not the adoption, it's China.

China has influence, indeed, but it does not only come from the miners, it also comes from people adopting the currency in that country, since the local currency has a number of restrictions.

...and speaking of local currencies full of restrictions, I think the growing demand in India, which is another very populous country, will continue to have an impact on the price.

[Shiroslullaby]

I'm going to pick up a bit of extra Bitcoin just in case Mega really does something big here.
All we need is one big service to start using BTC for a huge jump in user base, which (should) naturally lead to a big increase in price.
I would love for it to be iTunes or Amazon or someone, but Mega seems like the most likely candidate, right now at least.

[1Referee]

I'm going to pick up a bit of extra Bitcoin just in case Mega really does something big here.

You should have bought your coins far below the current levels if you really thought that Mega might have a significant impact on the price. I personally think the hype in the runup to the actual launch, is the only thing people are looking forward to. After it has launched, the usage will disappoint as the demand for such a service is really low.

All we need is one big service to start using BTC for a huge jump in user base, which (should) naturally lead to a big increase in price.

Everything helps, but adoption/user base growth is something that takes years to pick up. It's not that when for example Amazon starts accepting Bitcoin, that we'll see an explosion in new people coming into Bitcoin. It will be a gradual process.