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Author Topic: We are still far behind mainstream acceptance  (Read 15607 times)
hl5460
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January 18, 2017, 09:03:26 AM
 #1

Netease released a bitcoin story Monday. Founded in 1997, NetEase is one of the most influential online portal in China and renowned for its dynamic “comment culture”. So far 439 comments with 8,422 votes have been generated around the topic. These arguments certainly reflect the mainstream mindset. But the comments from viewers are not so friendly. The top 3 comments with most upvotes reads:

1. I have developed a MarsCoin after years of effort. It’s estimated to rise to 100,000 USD in 10 years. Martians may get free coins by upvote me.


2. The 2nd post raised a series of questions:

What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth? Is fiats equivalent of paper? Can the elderly use them? What if another algorithm replace bitcoin in the future? Is the holder vulnerable to hacking? Do we need general acceptance if I want to use bitcoin? Why can’t we just use fiat if just for payment? Can we guarantee the storage of value via bitcoin?
The answer to the above questions is mocking bitcoin as human excrement.

3. The 3rd one gives two suggestions:1. If you have sufficient funds, take your chance. 2. If you want to lose everything, take your chance.


http://news.8btc.com/bitcoin-story-by-netease-stirs-up-negative-comments-among-chinese

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January 18, 2017, 06:49:32 PM
 #2

The comments actually show how clueless these people in the conversation is. This is not only a Chinese thing... Bitcoin gets mocked on other

platforms too, but in the end... Bitcoin shows them how wrong they can be, by being the Best performing commodity & currencies of all the

commodities and currencies being traded.  Wink ....Mock away, while we grab all the bitcoins... when they realize their mistake, they will have

to buy it at 100 times the value at what we bought it at.  Grin

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January 18, 2017, 07:00:53 PM
 #3

I'm not a Terrorist, I don't help any organization build bombs, but my country being sanctioned I can not use paypal or creditcards(I can but will have to pay insane fees) now bitcoin presented a golden opportunity for me, however I can't use it widely as fiat but I'm here to help bitcoin so it can help me in the near future.

Yes anyone holding the majority of bitcoins will be the richest, so stop the hesitation and buy as much as you can to be a rich individual 30 years from now Smiley.

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bitbunnny
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January 18, 2017, 07:24:42 PM
 #4

I'm not sure that Bitcoin will ever be mainstream because fiat will always be domoinamtnt. However acceptance is increasing although maybe not in speed we would all like to. And in some parts of the world Bitcoin is still not known enough or maybe even banned which makes the acceptance slower and harder. But greate progress is visible from the begininig, Bitcoin has done a lot.

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January 18, 2017, 08:08:24 PM
 #5

reasons bitcoin is not ready for mainstream

1. public keys are worse then remembering a car number plate or someones email address, even QR codes are not 100% the solution
2. decimal values, which needs you to look on another service/site to find your local currencies 'rate'
3. tx fee is more than an hours labour in a dozen developing countries (the same countries that could need bitcoin much.. but are priced out of using)
4. the code is not preventing spam and is left for 'economics' to sort.
5. the 'economics' of avoiding spam actually hurts genuine ethical users more than spammers.
6. the solution to spam is to get everyone locked into permissioned contracts, which funnily spammers will avoid as their intention is not contracted payments, but to spam.

until bitcoin is as straight forward to just buy something by simply swiping an NFC chip. thus not needing an old granny to have a brain bleed trying to fumble around.. .. bitcoin is not ready

until devs stop pretending we are all on dialup 56k internet, and actually stop halting mainnet progress.. bitcoin is not ready

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January 18, 2017, 08:24:53 PM
 #6

reasons bitcoin is not ready for mainstream

1. public keys are worse then remembering a car number plate or someones email address, even QR codes are not 100% the solution
2. decimal values, which needs you to look on another service/site to find your local currencies 'rate'
3. tx fee is more than an hours labour in a dozen developing countries (the same countries that could need bitcoin much.. but are priced out of using)
4. the code is not preventing spam and is left for 'economics' to sort.
5. the 'economics' of avoiding spam actually hurts genuine ethical users more than spammers.
6. the solution to spam is to get everyone locked into permissioned contracts, which funnily spammers will avoid as their intention is not contracted payments, but to spam.

until bitcoin is as straight forward to just buy something by simply swiping an NFC chip. thus not needing an old granny to have a brain bleed trying to fumble around.. .. bitcoin is not ready

until devs stop pretending we are all on dialup 56k internet, and actually stop halting mainnet progress.. bitcoin is not ready

For me the problem is that for spending, we need 0 confirmations to be accepted, or Bitcoin is way way too slow.

I don't think a global currency is really suitable, if you look at the euro, they pinned a few countries together and it made it very difficult for them to control inflation etc.  If Liberia and USA have the same currency, one will suffer badly, whereas the other will prosper.

The number of transactions that can be processed is also far too low.


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January 18, 2017, 08:46:44 PM
 #7

"What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth?"
Well, you dont have buy a whole coin. Im sure the value of bitcoin will surely increase when all bitcoins were mined. Every fragments of bitcoin is more valuable because we have limited supply of bitcoin. Maybe we can reach the $1 per satatoshi or even more. So dont worry.


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January 18, 2017, 09:32:37 PM
 #8

It surprises me that most people still think like that, especially in the 3rd example you gave.
Quote
3. The 3rd one gives two suggestions:1. If you have sufficient funds, take your chance. 2. If you want to lose everything, take your chance.

It should be pretty clear by now that Bitcoin is here to stay since it didn't go bust after the Mt. Gox fiasco. I wonder what those people will think when Bitcoin prices go above, say, $2000...

 

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Senor.Bla
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January 18, 2017, 09:40:07 PM
 #9

This is just one more prove that it is still a long way to go. Bitcoin was the first and big, maybe even the hardest step we needed to make in order to once get a mainstream cryptocurrency. I do not know if it will be Bitcoin, but it will take some more time.

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January 18, 2017, 09:43:32 PM
 #10

reasons bitcoin is not ready for mainstream

1. public keys are worse then remembering a car number plate or someones email address, even QR codes are not 100% the solution
2. decimal values, which needs you to look on another service/site to find your local currencies 'rate'
3. tx fee is more than an hours labour in a dozen developing countries (the same countries that could need bitcoin much.. but are priced out of using)
4. the code is not preventing spam and is left for 'economics' to sort.
5. the 'economics' of avoiding spam actually hurts genuine ethical users more than spammers.
6. the solution to spam is to get everyone locked into permissioned contracts, which funnily spammers will avoid as their intention is not contracted payments, but to spam.

until bitcoin is as straight forward to just buy something by simply swiping an NFC chip. thus not needing an old granny to have a brain bleed trying to fumble around.. .. bitcoin is not ready

until devs stop pretending we are all on dialup 56k internet, and actually stop halting mainnet progress.. bitcoin is not ready

The thing is there are a number of alts that solve your problem

For example Steem solves #1 as you coins send using a username, #2 in that there is a lot of Steem, so people deal in whole numbers and #3 in that there is no transaction fee and it5 confirms very quickly.

Doge solves #2 and #3

There are lots of innovative coins out there but most of the merchant apps etc only cater for bitcoin. When they start adding alts, we might see a solution where one alt makes it big.

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January 18, 2017, 09:50:48 PM
 #11

Don't worry about the Chinese. A fat French guy is selling stolen coins to them currently. When they find out about it they will realize they hold the worlds record for fastest money laundering operation in recorded history.


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January 18, 2017, 10:21:20 PM
 #12


Look how far it has come though. I remember when there were no companies at all with venture capital and now they are everywhere.  If bitcoin can come this far it can keep going and reach mainstream. We are all just impatient.
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January 18, 2017, 10:21:59 PM
 #13

What happened after the 21 million coins are mined?
Nothing. Life will go on and so will Bitcoin.

If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins?
Exactly like in the fiat world, the richest hold the most paper bills.

How much will it be if 21 million coins are to split for the 7 billion people on earth?
Each person will hold 0,003 BTC

Is fiats equivalent of paper?
No, there's much more fiat in circulation than the paper notes representing it.

Can the elderly use them?

Yes, as long as they know how to use a credit/debit card.

What if another algorithm replace bitcoin in the future?

It can happen, but Bitcoin can be upgraded as time passes, so there shouldn't be a need for total replacement.

Is the holder vulnerable to hacking?
No, if he's careful. The most vulnerable are exchanges not your personal wallets. Remember that banks, ATMs and your mobile phone are also vulnerable to hacking.

Do we need general acceptance if I want to use bitcoin?
No, you can start using Bitcoin right now. There's a large list of online stores and companies that accept Bitcoin.
 
Why can’t we just use fiat if just for payment?
You can use whatever you like.

Can we guarantee the storage of value via bitcoin?
Nobody can guarantee that anything, used as money storage, will retain its value.
Gold, diamonds, real estate and stocks can also lose value.

It seems that the person who wrote the third question, bought Bitcoin at $3000+  Grin


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January 18, 2017, 10:32:50 PM
 #14

There are lots of innovative coins out there but most of the merchant apps etc only cater for bitcoin. When they start adding alts, we might see a solution where one alt makes it big.

so your saying bitcoins problem is that users are not using an altcoin...
much like: a cars problem is that people are not using a train..

see the logic problem of your statement.

if we want to strengthen bitcoin we dont suggest people should use some a different network thats not permissionless nor immutable, and where this other network allows coins to be refunded(csv) even after settlement confirmation simply because they have not matured(cltv) for the weeks maturity

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January 18, 2017, 10:33:48 PM
 #15

These people who commented are extremely naive and seem to be following some sort of media manipulation through propaganda (either that, or they tried to use bitcoin previously and couldn't work out how it worked).

How do they know there are 21 million bitcoins if they didn't read the article or search it (clearly they have some interest in it). After the 21 million coins are released, the block earnings will be so low that the transaction fees will be high enough to cover them (I think) - and we'll probably not be alive until then anyway.

What happened after the 21 million coins are mined?
Nothing. Life will go on and so will Bitcoin.

If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins?
Exactly like in the fiat world, the richest hold the most paper bills.

How much will it be if 21 million coins are to split for the 7 billion people on earth?
Each person will hold 0,003 BTC

Is fiats equivalent of paper?
No, there's much more fiat in circulation than the paper notes representing it.

Can the elderly use them?

Yes, as long as they know how to use a credit/debit card.

What if another algorithm replace bitcoin in the future?

It can happen, but Bitcoin can be upgraded as time passes, so there shouldn't be a need for total replacement.

Is the holder vulnerable to hacking?
No, if he's careful. The most vulnerable are exchanges not your personal wallets. Remember that banks, ATMs and your mobile phone are also vulnerable to hacking.

Do we need general acceptance if I want to use bitcoin?
No, you can start using Bitcoin right now. There's a large list of online stores and companies that accept Bitcoin.
 
Why can’t we just use fiat if just for payment?
You can use whatever you like.

Can we guarantee the storage of value via bitcoin?
Nobody can guarantee that anything, used as money storage, will retain its value.
Gold, diamonds, real estate and stocks can also lose value.

It seems that the person who wrote the third question, bought Bitcoin at $3000+  Grin

We need to tagret young people before old people.

Also, I don't remember there being a Fiat currency you can spend in the EU, China, Australia, North America and many other countries.

Finally, 7 billion people won't have to split it. Less than half of the world's population currently have an internet connection - so... And also, altcoins can be used to cover that (a transfer of BTC to LTC for spending as LTC are a reasonable value).

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January 18, 2017, 10:45:20 PM
 #16

Bitcoin definitely has a long life ahead of it, but I just don't think that it is powerful enough to overtake fiat. Although, the first step to doing that is going mainstream. Which can't even happen because of the long transaction times. There are definitely still a lot of problems with Bitcoin that need to be solved before it goes mainstream.

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January 18, 2017, 10:47:48 PM
 #17

Seriously though why people make it complicated? if I had $5 billion I'd buy bitcoins and deposit them in hundreds of addresses and kept a few back up for safety, this is it people bitcoin is our solution, for how long are you going to put your head under the sands?

@franky1, are you referring to spam transactions? because I've seen fake transaction generators that I think are a plague to slow down the network, how can we stop them?

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January 18, 2017, 11:03:28 PM
 #18

I'm not sure that Bitcoin will ever be mainstream because fiat will always be domoinamtnt. However acceptance is increasing although maybe not in speed we would all like to. And in some parts of the world Bitcoin is still not known enough or maybe even banned which makes the acceptance slower and harder. But greate progress is visible from the begininig, Bitcoin has done a lot.

At this stage, the industry will have to consider the interests of government agencies and users, because in order to Bitcoin has become mainstream, the interest of state agencies must continue to grow.
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January 18, 2017, 11:54:24 PM
 #19

Most of the comments spawn from lack of knowledge or ignorance of bitcoin. If they just take some time to know what bitcoin really is, I think they will change their minds. This is not 2013 anymore where there are very few information that can be dug about bitcoin. I was just like them in 2013. All I can research from the internet back then are that bitcoin is a scam. But a lot has changed since then. Now, there are more people using it and it is way easier to get, store and spend bitcoins. It is not limited to underground transactions anymore.

All we need is more information dissemination so that others can better understand and appreciate bitcoin and its technology. I think this can silent most negative comments and can give way to acceptance.

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January 19, 2017, 12:19:08 AM
 #20

Seriously though why people make it complicated? if I had $5 billion I'd buy bitcoins and deposit them in hundreds of addresses and kept a few back up for safety, this is it people bitcoin is our solution, for how long are you going to put your head under the sands?

@franky1, are you referring to spam transactions? because I've seen fake transaction generators that I think are a plague to slow down the network, how can we stop them?

I'm not sure there would be anything that could be done to stop these. Most of these sam transactions are probably done through networs like tor making it practically impossible to stop them: you can't blacklisst IPs if they change, you can't blacklist addresses because they also change...

Most of the comments spawn from lack of knowledge or ignorance of bitcoin. If they just take some time to know what bitcoin really is, I think they will change their minds. This is not 2013 anymore where there are very few information that can be dug about bitcoin. I was just like them in 2013. All I can research from the internet back then are that bitcoin is a scam. But a lot has changed since then. Now, there are more people using it and it is way easier to get, store and spend bitcoins. It is not limited to underground transactions anymore.

All we need is more information dissemination so that others can better understand and appreciate bitcoin and its technology. I think this can silent most negative comments and can give way to acceptance.

Even in 2013 sites like coindesk were functioning to help bitcoin work.
We do definitely need more places for reasearch and leanrining about the coin. Although this can only be done if there is somewhere where all of the information about the basics of bitcoin can be located in one site (I'm not sure if we have this). When I started, back in 2015, there was much more information readily avaliable to me in order to help me decide whether I wanted to participate in Bitcoin or not (I decided to tread lightly and didn't even make an account here until I'd set up loads of other accounts - like coinbase, faucets, ponzi schemes (sadly) and cloud mining (just hashnest.com initially).

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