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Author Topic: We are still far behind mainstream acceptance  (Read 15725 times)
franky1
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January 19, 2017, 01:14:37 AM
 #21

@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 was talking more about someone spending real funds repeatedly onchain(confirmed). every block.

what your describing is a malicious party trying to DDos your node with random data.

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February 07, 2017, 04:36:33 AM
 #22

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

Looks like the recent traffic jam spice up the transaction fee collected by Miners. 

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February 07, 2017, 04:54:51 AM
 #23

Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.

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February 07, 2017, 06:40:37 AM
 #24

Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.
May I ask where are you based.

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February 07, 2017, 07:04:13 AM
 #25

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

Looks like the recent traffic jam spice up the transaction fee collected by Miners.  


point 1 miners will mine for fee which will be way higher and need to be readjusted and i hope the block limit is solved by that time otherwise you have a big problem

point 2 and 3 doesn't make sense because if the first is true the other will be false, you can't have 0.003 btc per people and someone still holding 10k coins

the point about switching to another algorithm is not that easy, miners will need to buy their huge farm again(this require years to setup...), because you know asic can't mine eanything else, which expose the network to an attack--->not feasible

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Dudeperfect
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February 07, 2017, 03:45:25 PM
 #26

Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.
May I ask where are you based.

I am from India where the population of the country is more than 1.30 Billion and the actual active bitcoin users are less than 100K (I read that somewhere, no concrete data available). I see a very good picture for cryptocurrency in near future as majority of the population is less than 35 years old and aggressive steps are being taken to improve connectivity.

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February 07, 2017, 04:01:55 PM
 #27

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

I read an article last night that said that they believed we are still in the early adopter phase, and that early mainstream adoption will be in the next 5 years.  Wink
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February 07, 2017, 04:56:46 PM
 #28

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

Lord, I'm so tempted to translate the response cause that's the most hilarious thing I've seen all day. But it's getting late where I am, I'll check back tomz to see of anyone else has translated it, if not I'll do it myself.
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February 07, 2017, 05:24:59 PM
 #29

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.
Bitcoin has many problems to solve obviously and the most urgent to handle is unconfirmed transaction which refers to block size on blockchain and miners, but of course the devs team has part to get it done. The most important thing to get more adopters and mainstream acceptance from people in worldwide but we still stuck on this situation every single day. How could we develop if someone has been waiting for hours just to get a single successful transaction.

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February 07, 2017, 06:00:29 PM
 #30

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

Bitcoin can be successful without that target audience.
If Bitcoin would be used as an universal remittance solution for across-border transactions, then we would have a pretty large user base and I would consider it already a mainstream success.
For that purpose, Bitcoin-based semi-centralized solutions with lower fees than WU already exist in many countries. They can be the "starter drug" for people to know more about BTC and use it in a decentralized way.

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February 07, 2017, 06:07:59 PM
 #31

In my opinion. Most of those comments were just normal. Even I a bitcoin enthusiast still somehow doubt the things that bitcoin provide. How much more to those who are not yet part of the community.Tho bitcoin still manage to grow over the years and as technology goes up bitcoin starts to be on the mainstream


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February 08, 2017, 08:16:19 AM
 #32

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

Lord, I'm so tempted to translate the response cause that's the most hilarious thing I've seen all day. But it's getting late where I am, I'll check back tomz to see of anyone else has translated it, if not I'll do it myself.

Full translation of the 3rd one:
My shit's rare, shit is common but that is my shit (probs referring to alt-coins). Let's say I shit once per day, in one year I'll only have 365 shits. Now let's distribute that between the 7 billion people on earth and calculate how valuable the shit is based on its rarity. Say I promise not to shit anymore so you can trade a limited amount of my shit, now does that sound like a sound financial investment? Don't miss this chance boys, it's physical and it's shit, dry it to preserve it for tens of thousand of years, or even better, embroider my shit so historians in the future can dig up its fossils and wonder why people of our time traded literal shit. (so the guy basically went full sarcastic and called Bitcoin shit)
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February 08, 2017, 02:41:38 PM
 #33

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

Lord, I'm so tempted to translate the response cause that's the most hilarious thing I've seen all day. But it's getting late where I am, I'll check back tomz to see of anyone else has translated it, if not I'll do it myself.

Full translation of the 3rd one:
My shit's rare, shit is common but that is my shit (probs referring to alt-coins). Let's say I shit once per day, in one year I'll only have 365 shits. Now let's distribute that between the 7 billion people on earth and calculate how valuable the shit is based on its rarity. Say I promise not to shit anymore so you can trade a limited amount of my shit, now does that sound like a sound financial investment? Don't miss this chance boys, it's physical and it's shit, dry it to preserve it for tens of thousand of years, or even better, embroider my shit so historians in the future can dig up its fossils and wonder why people of our time traded literal shit. (so the guy basically went full sarcastic and called Bitcoin shit)


I'm a westerner. Bitcoin was invented in the west and propagated all over the world from the west. Bitcoin finally landed in China where almost all the volume is right now. So basically, he and his people are having a great time playing with my shit. LOL

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February 08, 2017, 02:57:49 PM
 #34

Chinese need more knowledge to learn new financial technology, you know they are too naive to post such hilarious comments. Maybe they hate bitcoin because PBOC announced bitcoin is negative in 2013.
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February 08, 2017, 03:08:04 PM
 #35

Its still not any near of mainstream acceptance and those who knows about it will be looking for its long term future. As bitcoin hold its top position still and have a successful past. It seems there is less chance of any other algorithm or altcoin to pass over it. And its already getting a lot of users daily. Mining those 21 millions coin can't be done in near future. And if most of it gets mined the price will change in a huge amount.
Anybody can use bitcoin it's not that complicated to understand. And it has more advantages than carrying fiat. It has easy transaction system and strong security and privacy.
Anyone knows properly about will definitely go for investing in bitcoin and trade for future. You just need to understand the market
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February 11, 2017, 09:49:54 AM
 #36

Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.
Yes that is one of the disadvantage of it that most of the people who are not aware of internet or online shopping or online earning or investment, they ont really trust in such type of currency or online wallet but I think in future it will be a different case.

The only hope against these types of people, would be investment opportunity of bitcoins, because I made 2 of my friends to adopt bitcoin bys showing its price levels. Mass adoption is the only way to achieve main stream acceptance.



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Senor.Bla
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February 11, 2017, 10:21:54 AM
 #37

Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.
Yes that is one of the disadvantage of it that most of the people who are not aware of internet or online shopping or online earning or investment, they ont really trust in such type of currency or online wallet but I think in future it will be a different case.

The only hope against these types of people, would be investment opportunity of bitcoins, because I made 2 of my friends to adopt bitcoin bys showing its price levels. Mass adoption is the only way to achieve main stream acceptance.
Mass adoption and main stream acceptance is like the chicken and the egg, what needs the other first or maybe they are even the same.
Nevertheless the journey will be a long one, especially for most of the older people (say about 50+). They do not care if it is a good investment, since the are not looking to invest. They do not care if you can pay online with it, as long as they still can pay with their good old fiat, if they ever shop online. To get those people on board will take ages, if they are not forced, because you will only be able to pay in Bitcoin for certain things. This also opens up the question, if we want or need that support and acceptance from them or if we can do it without?   

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February 11, 2017, 10:31:16 AM
 #38

We need Mass adoption than Mainstream acceptance. Actually, we don't need Mainstream acceptance for Bitcoins, because it will make the things worse. Some people don't understand what it is and it is hard to make them realize when they don't want to. Will hold our Bitcoins for a better future and it will be.

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aubert
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February 11, 2017, 11:24:16 AM
 #39

We need Mass adoption than Mainstream acceptance. Actually, we don't need Mainstream acceptance for Bitcoins, because it will make the things worse. Some people don't understand what it is and it is hard to make them realize when they don't want to. Will hold our Bitcoins for a better future and it will be.
You're wrong. Mainstream acceptance is what brings mass adoption and both are important things. When things getting mainstream, people will automatically learn what is it because of their curiosity and therefore they will understand it and there's nothing such as "Some people don't understand what it is and it is hard to make them realize when they don't want to".
You can't force people to know bitcoin while they're having no interests. Just make this getting viral or any other things that can bring the whole cryptocurrencies world including bitcoin become mainstream.

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ReLieD
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February 11, 2017, 01:02:27 PM
 #40

I agree with you. We are far away from main stream acceptance.
But we should also see the initiation time of bitcoin. It emerged in the year 2008
And now it is soo successful within this short span of time.
There is no doubt that it would be accepted by mostly all firms soon.
Let it go the way it is and it would reach great heights.
We can even say that the hard-working is not going waste.
Steam , g2a and Starbucks ( might be more) are accepting bitcoin , which is great.
So slowly slowly it would be accepted by more and one day will be accepted by all

   
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