Mass Adoption? Pyramid Scheme? Fiat vs. New Fiat?

[shoeshineBro]

I'd guess most investors are still deep in the money, but 40% correction is impressive. I am guessing institutional money pushed it to $5k, and may have taken some losses, esp. if on margin (Can you buy BTC on margin?)

I listened to some 2 hour podcast about Bitcoin.  It seems like the brainchild of a socially awkward Aspie Libertarian, and a bunch of SanFran Hipster tech cubicle KoolAid sycophants  (Gov't evil !  Fiat !! Anonymity!!)  I'm not even sure why they think it's all that....But, in reality, just like the failure of electric cars adoption, the masses don't care, and have more "real" things to worry about.  I don't see any chance of mass adoption, until it offers something you can't already do with existing systems. (I can write a check, Chase QuickPay, or PayPal gift to transfer money for free)

The China ban is interesting.  ....to consider whether it can be called a pyramid scheme.  Is it illegal for me to say there are ""BroBits" on my DropBox acct, that you all can buy and sell them among yourselves?   One the one hand, you're investing in nothing, and just hoping to sell to a "greater fool."  Just like a classic pyramid scheme.  The clever twist was that they used the fiat nature of gov't cash to legitimize their own fiat and convinced people their computer program is actual currency.  

Does this lead to a contradiction?  The second you can't tie BTC to USD, I assume no one will accept it.  I don't think you can get masses to adopt one fiat over another fiat without some compelling leapfrog reason.  Otherwise, incumbent tech. stays in place, which leaves Bitcoin to be another hilarious Tulip fad that will be another chapter in the "Popular delusions and the madness of crowds" book.

[emuLOAD]

Aside from ideological discussions, all these words being said are fairly meaningless.
What matters in any investment space is what you take out of it. It's irrelevant if it one day disappears, as long as you've been able to surf the waves to take home profits.

[BrewMaster]

by the way there is nothing interesting about China ban. it is a pretty normal and common thing that has been going on from the first day government shaped up and businesses started working with the currency that government issued.

when you run a business with that currency (fiat) you need to follow the laws of that currency too. that means regulation, that means having a license to run your business.
i don't think there is any country in the world that allows people to start businesses without some sort of license and handle millions of dollar every day! they may not care if it is $10 per day but they sure as shit will care when it is millions!

[shoeshineBro]

I don't see any chance of mass adoption, until it offers something you can't already do with existing systems. (I can write a check to transfer money for free)

Does your check clear in about an hour on Sunday when your recipient is on the other side of the planet?

What bank do you use?

Teach me please, I will switch immediately, and dump my BTC.

When is the last time you needed a check to clear on a Sunday to someone in Japan?
My guess is never.   I don't need that functionality.  Few people on the planet do.
QuickPay, Venmo, Paypal gift, check, cash.

Seems like much ado about nothing.
Most people don't have bitcoin because they don't need or want it.

[emuLOAD]

When did you ever need money to be transferred from Shanghai to London in less that a few weeks? I don't need that functionality, few people in the world do.

It's incredible how centuries go by and society never changes, its needs never evolve.

[Iranus]

just like the failure of electric cars adoption

Electric cars are a very good analogy actually.  Electric cars were created because the system of using petrol cars is unsustainable and humans will run out of petrol not too long from now.  I guess you could say that they were created as a contingency plan of sorts against petrol cars.

When petrol cars are no longer practical to be used (such as when a financial crisis is caused by people decreasing their debt to banks, or there is a "run on the bank"), people will have no choice but switching to electric cars (representing gold, Bitcoin or both).  Bitcoin is also like electric cars in that it's a new development of technology rather than an existing item like gold.

Is it illegal for me to say there are ""BroBits" on my DropBox acct, that you all can buy and sell them among yourselves?   One the one hand, you're investing in nothing, and just hoping to sell to a "greater fool."  Just like a classic pyramid scheme.

That's objectively not what a pyramid scheme is.  You're just describing supply and demand.

Does this lead to a contradiction?  The second you can't tie BTC to USD, I assume no one will accept it.

Explain how people would exchange one form of money to another without literally exchanging one form of money to another.  There isn't any other way.

[shoeshineBro]

It’s going to ONE MILLION USD, b/c anti-Virus expert MacAffe said so!
 
In only 10 years of existence, it went from some anarchy gamer currency to Helen’s Pizza accepting Bitcoin for PIZZA !!
God only knows what the NEXT 10 years will bring!!    How about replace the entire world currency printing press USD fiat anyone??    
OH YEA!!     Buy now or forever be priced out !!!!!!