Bitcoin Needs Something New and Exciting

[Kazu]

Something not based on expecting a price jump (i.e, some bigshot saying that he is investing in bitcoin).

Something that will get merchants excited and accepting Bitcoin adding to the stickiness of its value.

I have the theory that once Bitcoin gets sticky, it will slowly accrue !10% value increase each year. Before that, it will bounce up and down a lot, before stickiness is obtained. I have no idea whether stickiness will be obtained at $1000, or $100, or $50, or $20, so I'm not a 'perma bull' based on the current price by any means, but we need something to get that stickiness, and the sooner it comes, the better.

What do you think is the best way of getting merchants excited?

[wopwop]

whats exciting about a currency where 9mil/11mil coins is held by a few 'bitcoin elite' and the rest is scraping scraps

its worse than in the real world

[xristoskostouros]

whats exciting about a currency where 9mil/11mil coins is held by a few 'bitcoin elite' and the rest is scraping scraps

its worse than in the real world

Proof ?

[Kazu]

Seems like the early comers are into debit cards.

So here's the thing: Do you think that the ability to buy prepaid debit cards with bitcoin would be enough, or does there need to be some way of having an actual floating-value debit with bitcoins attached to it?

[Birdy]

whats exciting about a currency where 9mil/11mil coins is held by a few 'bitcoin elite' and the rest is scraping scraps

its worse than in the real world

Proof ?

he is most likely refering to this article from last year:
http://newswax.com/2012/10/bitcoin-has-a-kill-switch-and-how-to-disconnect-it/?wpmp_tp=2

There are many problems in the analysis/false assumptions in that though.

An answer to this:
https://gist.github.com/jgarzik/3901921

[bezzeb]

whats exciting about a currency where 9mil/11mil coins is held by a few 'bitcoin elite' and the rest is scraping scraps

its worse than in the real world

What bitcoin is lacking is a systemic in built toxic infrastructure which was crafted over centuries to perpetually funnel money to the top of a pyramid.

So yes, i do wish bitcoin was held more democratically, but this is easily solved by making people want to get their hands on some.

But...  Once actual economic activity migrates into crypto-currency realms, these economies will suddenly find themselves free of the crushing burden and corruption which the current banking system places upon everyone as it pipes our money up the hill into non-deserving pockets.

This is the promise that has so many excited:  That with bitcoins, much can be fixed.  The current banking cannot be fixed, one can only turn away from it and use an alternative - of which none existed until now.

[Malawi]

What merchants wants is a simple payment system that is easy to control and maintain.

I'm thinking that most want a simple solution that allows their customers to pay in BTC and automatically deposits local fiat into their account.
Would also assume that a merchant that is interested in BTC might want to keep a fixed percentage of BTC while the rest is converted. -That way they can get an upside if BTC increases in value, with little risk as all they risk is their profit at that particular order. As of now I guess very few merchants see more than a couple of percent(or a fraction of a percent) of their sales being paid by BTC.

[Kazu]

whats exciting about a currency where 9mil/11mil coins is held by a few 'bitcoin elite' and the rest is scraping scraps

its worse than in the real world

What bitcoin is lacking is a systemic in built toxic infrastructure which was crafted over centuries to perpetually funnel money to the top of a pyramid.

So yes, i do wish bitcoin was held more democratically, but this is easily solved by making people want to get their hands on some.

But...  Once actual economic activity migrates into crypto-currency realms, these economies will suddenly find themselves free of the crushing burden and corruption which the current banking system places upon everyone as it pipes our money up the hill into non-deserving pockets.

This is the promise that has so many excited:  That with bitcoins, much can be fixed.  The current banking cannot be fixed, one can only turn away from it and use an alternative - of which none existed until now.

Yup, this is totally true.

Bitcoin gives allows early adopters to get a head start and have more money at the start.

The existing system allows those born into the right family to not only get a head start and have more money at the start, but also funnel more money to the top for doing absolutely nothing.

[Wagner2014]

The value of bitcoin will be determined long term not by "something new and exciting" but by what it can do for people to improve their lives. It will find it's true value over time. In the meantime, it is a highly speculative, not particularly liquid and volatile instrument. It is particularly risky at current price levels, since it was trading at around $13 as recently as January.

[Inedible]

...these economies will suddenly find themselves free of the crushing burden and corruption which the current banking system places upon everyone as it pipes our money up the hill into non-deserving pockets.

This is the promise that has so many excited:  That with bitcoins, much can be fixed.  The current banking cannot be fixed, one can only turn away from it and use an alternative - of which none existed until now.

This is the true value of Bitcoin.

[bezzeb]

Yup, this is totally true.

Bitcoin gives allows early adopters to get a head start and have more money at the start.

The existing system allows those born into the right family to not only get a head start and have more money at the start, but also funnel more money to the top for doing absolutely nothing.

Good point.  Who would you rather see gain rapid wealth?  A few random people from all walks of life who saw potential in a new and exciting technology?   Or a few guys who were skillful enough to be born in an ivy league family which yielded a shot at becoming a banking executive?

Another point, (last one i promise :-) you and i cannot participate in the revolving door between high finance, government office and private contracting.  This is the real evil that allows the regulated to suddenly become regulators.  Such bull sh@t needs to end.  No better way than to over the long term marginalize this entire corrupt sector of human activity.

[tokeweed]

What merchants wants is a simple payment system that is easy to control and maintain.

I'm thinking that most want a simple solution that allows their customers to pay in BTC and automatically deposits local fiat into their account.
Would also assume that a merchant that is interested in BTC might want to keep a fixed percentage of BTC while the rest is converted. -That way they can get an upside if BTC increases in value, with little risk as all they risk is their profit at that particular order. As of now I guess very few merchants see more than a couple of percent(or a fraction of a percent) of their sales being paid by BTC.

we have ripple for that. but its still in beta.