Two Visions for Bitcoin

[jaysabi]

Very generally, there are two classifications of how people see bitcoin, and people tend to fall to different degrees into the two camps. The first is the to the moon camp. These folks believe bitcoin is solving a fundamental problem that fiat currency doesn't address and that it is only a matter of time before bitcoin replaces the USD as the dominant currency in the world. Now, that's written to the extreme end of it, but I'm sure you've all seen variations of this sentiment on these boards. Also falling into this camp are people who think that the next major recession or market crash is going to send the bitcoin price soaring, as people flee the broken fiat currencies of the world and buy up all the digital gold (btc, of course) they can get their hands on.

The second group thinks bitcoin has serious flaws that will prevent it from ever becoming a major currency for the purposes of trade or commerce, and that it is at best a speculative investment. (Again, written to the extreme.) These people believe that the next major recession or market sell off will tank the price of bitcoin along with everything else, as capital flees the riskiest assets first. This group also believes that bitcoin is a flash in the pan, and other digital currencies will eventually surpass it or they will all diminish in value together.

There are degrees along this spectrum. If we were plotting this out on a scale of 1-10, let's call the first group a 1 and the second group a 10, and a 5 would be someone right in the middle who doesn't think going to the moon is any more or less likely than going to 0.

Where do you fall, and why?

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[HabBear]

I'm a 3.

I believe Bitcoin is a moon-worthy rocket, but it's just not yet lit. The challenge is that outside of the the Bitcoin community you have the rest of the world, who mostly align with 10. They think bitcoin is like pokemon or second life or something tech folks do with friends.

The fact that Wall Street and the SEC is having serious conversation about Bitcoin is a great thing. And the support that was found after the brief dip following the SEC news is further reassuring. Although it doesn't get me any confidence that i'll be buying $200 bitcoin any time soon.

Another question to ask is whether currency acceptance is a requirement for Bitcoin to be successful. I don't think it is, but there are also two camps for this debate.

[Dimelord]

Very generally, there are two classifications of how people see bitcoin, and people tend to fall to different degrees into the two camps. The first is the to the moon camp. These folks believe bitcoin is solving a fundamental problem that fiat currency doesn't address and that it is only a matter of time before bitcoin replaces the USD as the dominant currency in the world. Now, that's written to the extreme end of it, but I'm sure you've all seen variations of this sentiment on these boards. Also falling into this camp are people who think that the next major recession or market crash is going to send the bitcoin price soaring, as people flee the broken fiat currencies of the world and buy up all the digital gold (btc, of course) they can get their hands on.

The second group thinks bitcoin has serious flaws that will prevent it from ever becoming a major currency for the purposes of trade or commerce, and that it is at best a speculative investment. (Again, written to the extreme.) These people believe that the next major recession or market sell off will tank the price of bitcoin along with everything else, as capital flees the riskiest assets first. This group also believes that bitcoin is a flash in the pan, and other digital currencies will eventually surpass it or they will all diminish in value together.

There are degrees along this spectrum. If we were plotting this out on a scale of 1-10, let's call the first group a 1 and the second group a 10, and a 5 would be someone right in the middle who doesn't think going to the moon is any more or less likely than going to 0.

Where do you fall, and why?

I am on the side where majority of people believe that bitcoin would surpass all challenges and bitcoin would become digital gold as it is called now and obviously i fall under the category 1.We could see bitcoin has doubled in price since last six months.Lots of new companies are accepting bitcoin as payment.Still now,majority of people around the world dont know about bitcoin and when they come to know,then bitcoin would surely move up further.

[Xester]

Very generally, there are two classifications of how people see bitcoin, and people tend to fall to different degrees into the two camps. The first is the to the moon camp. These folks believe bitcoin is solving a fundamental problem that fiat currency doesn't address and that it is only a matter of time before bitcoin replaces the USD as the dominant currency in the world. Now, that's written to the extreme end of it, but I'm sure you've all seen variations of this sentiment on these boards. Also falling into this camp are people who think that the next major recession or market crash is going to send the bitcoin price soaring, as people flee the broken fiat currencies of the world and buy up all the digital gold (btc, of course) they can get their hands on.

The second group thinks bitcoin has serious flaws that will prevent it from ever becoming a major currency for the purposes of trade or commerce, and that it is at best a speculative investment. (Again, written to the extreme.) These people believe that the next major recession or market sell off will tank the price of bitcoin along with everything else, as capital flees the riskiest assets first. This group also believes that bitcoin is a flash in the pan, and other digital currencies will eventually surpass it or they will all diminish in value together.

There are degrees along this spectrum. If we were plotting this out on a scale of 1-10, let's call the first group a 1 and the second group a 10, and a 5 would be someone right in the middle who doesn't think going to the moon is any more or less likely than going to 0.

Where do you fall, and why?

I dont belong to any of those two. After reading those two groups are extremist and are lining up on both edges while I stay on the middle. Though I redeem bitcoin to be a good currency and can reach the value that is very high, it could even each a one million dollar price but I do not leave the possibility that there are many factors that will cause the breakdown of bitcoin. Thus I belong in the middle if I earn bitcoin some of it were placed on savings and some of it were spend.

[davis196]

I would say 6.The second group of people have a more realistic view about bitcoin and how the market economy works.I wish there was a third vision about bitcoin,where btc is accepted offline and there is no need to have a computer or electricity in order to use bitcoins.This is the real bitcoin adoption,because if bitcoin stays fully digital,it will be easier for the governments to destroy it.This is just my theory.
I might be wrong....

[OmegaStarScream]

I personally belong to both groups, I believe that bitcoin will eventually go to the moon however, unless the development becomes active and developers work on a solution for BU and SegWit that we are currently facing and It could result into two coins instead of one, we will never get there and Altcoins will end up surpassing bitcoin with no doubt.

[jacafbiz]

Very generally, there are two classifications of how people see bitcoin, and people tend to fall to different degrees into the two camps. The first is the to the moon camp. These folks believe bitcoin is solving a fundamental problem that fiat currency doesn't address and that it is only a matter of time before bitcoin replaces the USD as the dominant currency in the world. Now, that's written to the extreme end of it, but I'm sure you've all seen variations of this sentiment on these boards. Also falling into this camp are people who think that the next major recession or market crash is going to send the bitcoin price soaring, as people flee the broken fiat currencies of the world and buy up all the digital gold (btc, of course) they can get their hands on.

The second group thinks bitcoin has serious flaws that will prevent it from ever becoming a major currency for the purposes of trade or commerce, and that it is at best a speculative investment. (Again, written to the extreme.) These people believe that the next major recession or market sell off will tank the price of bitcoin along with everything else, as capital flees the riskiest assets first. This group also believes that bitcoin is a flash in the pan, and other digital currencies will eventually surpass it or they will all diminish in value together.

There are degrees along this spectrum. If we were plotting this out on a scale of 1-10, let's call the first group a 1 and the second group a 10, and a 5 would be someone right in the middle who doesn't think going to the moon is any more or less likely than going to 0.

Where do you fall, and why?

I think you are wrong because my vision of Bitcoin is quite different from the two you highlighted above. I will like to also know which of the two visions you hold for Bitcoin

[gredisgold88]

How did it happen ? If only it was really a truth, then the transfer of fiat money with bitcoin requires a huge damage in a fiat currency, so that people flock to the bitcoin currency change. damage fiat currencies is inflation and deflation due to goods production and circulation of counterfeit money very much,and a world war.

[KennyR]

I personally belong to both groups, I believe that bitcoin will eventually go to the moon however, unless the development becomes active and developers work on a solution for BU and SegWit that we are currently facing and It could result into two coins instead of one, we will never get there and Altcoins will end up surpassing bitcoin with no doubt.

Altcoins surpassing bitcoin won't happen, because bitcoin gets more adoption and acceptance just due to its decreased volatility compared to altcoins. However technology gets updated, altcoins got served following bitcoin's base. So bitcoin popularity might decrease not the usage.

[Zadicar]

I personally belong to both groups, I believe that bitcoin will eventually go to the moon however, unless the development becomes active and developers work on a solution for BU and SegWit that we are currently facing and It could result into two coins instead of one, we will never get there and Altcoins will end up surpassing bitcoin with no doubt.

Altcoins surpassing bitcoin won't happen, because bitcoin gets more adoption and acceptance just due to its decreased volatility compared to altcoins. However technology gets updated, altcoins got served following bitcoin's base. So bitcoin popularity might decrease not the usage.

Possibilities are always there because nothing on this world wont be permanent on the top but we can always say such thing about bitcoin that it can be hardly replaced since we all know its the first cryptocurrency and those coins being created after it are just total alts.

[ultrloa]

I personally belong to both groups, I believe that bitcoin will eventually go to the moon however, unless the development becomes active and developers work on a solution for BU and SegWit that we are currently facing and It could result into two coins instead of one, we will never get there and Altcoins will end up surpassing bitcoin with no doubt.

Altcoins surpassing bitcoin won't happen, because bitcoin gets more adoption and acceptance just due to its decreased volatility compared to altcoins. However technology gets updated, altcoins got served following bitcoin's base. So bitcoin popularity might decrease not the usage.

Well there's a little chance for bitcoin to be surpassed by another alt if those alt have good devs with good plans for future developments and great expansion and doesn't think to scam their holders, Bitcoin is vulnarable to anything and remember its price is not stable so if their will be bad fud will spread surely bitcoin will collapsed for that and it is a great time for another alt to shine.

[deisik]

Very generally, there are two classifications of how people see bitcoin, and people tend to fall to different degrees into the two camps. The first is the to the moon camp. These folks believe bitcoin is solving a fundamental problem that fiat currency doesn't address and that it is only a matter of time before bitcoin replaces the USD as the dominant currency in the world. Now, that's written to the extreme end of it, but I'm sure you've all seen variations of this sentiment on these boards. Also falling into this camp are people who think that the next major recession or market crash is going to send the bitcoin price soaring, as people flee the broken fiat currencies of the world and buy up all the digital gold (btc, of course) they can get their hands on.

The second group thinks bitcoin has serious flaws that will prevent it from ever becoming a major currency for the purposes of trade or commerce, and that it is at best a speculative investment. (Again, written to the extreme.) These people believe that the next major recession or market sell off will tank the price of bitcoin along with everything else, as capital flees the riskiest assets first. This group also believes that bitcoin is a flash in the pan, and other digital currencies will eventually surpass it or they will all diminish in value together.

There are degrees along this spectrum. If we were plotting this out on a scale of 1-10, let's call the first group a 1 and the second group a 10, and a 5 would be someone right in the middle who doesn't think going to the moon is any more or less likely than going to 0.

Where do you fall, and why?

In the first place, I don't think that this classification is very meaningful

Not that it is meaningless as such (it is not), it just doesn't reflect the full specter of reality (or even significant part of it). It is like classifying the world on a gray scale while completely discarding color from the picture. Basically, you claim than one end of the range consists of folks who think that Bitcoin will be indisputable success eventually, the other of folks who don't think so, while in reality the vast majority of people involved with Bitcoin don't think in these terms altogether but just grab at the opportunity to earn profits whenever such an opportunity arises. In other words, they are more interested in Bitcoin volatility overall rather than in Bitcoin hiking to the sky or plummeting to the floor

[Vaccinus]

i kinda of agree with your view, we can generalize two big category like those you mentioned, but there are some in the middle who believe bitcoin will go to the moon but are sceptical to buy, and other who think it's risky because it can go to zero but will buy anyway, because they want fiat money only they don't like bitcoin anyway, for me i just want bitcoin to be a currency a real currency

[Idrisu]

Very clear bitcoin may replace USD as the world most acceptable currency as most of the elites like Jacob Rothschild said of recent that the new world order is failing. Since the beginning of this year with all odds against bitcoin it value keep on rising and people now see the benefits of bitcoin as a decentralized currencies all over the world. In bitcoin the more you look the more you see it benefits.

[freedomno1]

Very generally, there are two classifications of how people see bitcoin, and people tend to fall to different degrees into the two camps. The first is the to the moon camp. These folks believe bitcoin is solving a fundamental problem that fiat currency doesn't address and that it is only a matter of time before bitcoin replaces the USD as the dominant currency in the world. Now, that's written to the extreme end of it, but I'm sure you've all seen variations of this sentiment on these boards. Also falling into this camp are people who think that the next major recession or market crash is going to send the bitcoin price soaring, as people flee the broken fiat currencies of the world and buy up all the digital gold (btc, of course) they can get their hands on.

The second group thinks bitcoin has serious flaws that will prevent it from ever becoming a major currency for the purposes of trade or commerce, and that it is at best a speculative investment. (Again, written to the extreme.) These people believe that the next major recession or market sell off will tank the price of bitcoin along with everything else, as capital flees the riskiest assets first. This group also believes that bitcoin is a flash in the pan, and other digital currencies will eventually surpass it or they will all diminish in value together.

There are degrees along this spectrum. If we were plotting this out on a scale of 1-10, let's call the first group a 1 and the second group a 10, and a 5 would be someone right in the middle who doesn't think going to the moon is any more or less likely than going to 0.

Where do you fall, and why?

3 on the scale
I lean towards Blockchain technology in one form or another superseding state currency mechanisms especially where significant transactions occur in global finance and trade where intermediaries such as exchanges and fees in conversion interfere and act as unnecessary parties in day to day transactions.

Why do I need to pay a middle man to convert my USD into Yen and Vice versa on currency exchanges when myself and my business partner make a transaction and use the blockchain for peanuts instead.

Of course the 3 comes in because the volatility may scare others at any point when it needs to be converted to  currency and the implicit exchange risk is greater than a government backed currency as a part of the volatility of the asset.

At the same time I recognize that an implicit scale does not mean that I would be static in it, some parts from 10 are just as valid as the points from 1 and the weight I would put on any factors would variate based on the potential future outlook and utility it has relative to my point of view and the information available.

[Mometaskers]

I'm more of a 4 but most of that is because of bias. I've just been introduced to this a few months ago and am definitely hoping it would become widely-used. But then again there seem to be some problems (don't know exact details, only used it to send money). The most glaring ones are the confirmation time and transaction fees and I believe that's really important to fix. If bitcoin could become popular as remittance service then that would increase the number of people becoming familiar with it.

[darkangel11]

I'd consider myself somewhere between 2 and 3, although I completely agree with one negative point, that bitcoin will never be a global currency used by all. It's simply not made to be a currency, it's more of a payment system + investment vehicle. For it to be a currency a country would have to drop its current one and start using bitcoin, which will never happen unless we're talking about some banana republic.

[NUFCrichard]

I am a crypto 2 but a bitcoin 6.

The problem for me is that Bitcoin could and should be the answer, but it is becoming bloated and slow. The new sleeker and faster alts are usually scams or junk though, so we are left with Bitcoin to solve the problems of fiat.

I think it is a shame how things are going with Bitcoin. It is all about the price, but the actual development doesn't really seem to be happening. I never fair to be disappointed by the lack of opportunities to use Bitcoin.

[Technicality]

I'm optimistic, but grounded.  Bitcoin has potential but it's not ready yet because it's not scalable.  I also think that there are a lot of cons with a deflationary investment e.g. all the hoarding which is resulting in a decreasing circulation of the currency.

[carlerha]

I personally belong to both groups, I believe that bitcoin will eventually go to the moon however, unless the development becomes active and developers work on a solution for BU and SegWit that we are currently facing and It could result into two coins instead of one, we will never get there and Altcoins will end up surpassing bitcoin with no doubt.

yes there is no doubt about this. i am hopeful that the price of bitcoin will be trading too much high in future, as the rice of bitcoin has still good potential in the price of bitcoin to increase.