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Poll
Question: how much money did you make/help/trigger others invest into bitcoin ?
more that 20 k $
more than 10 k $
more than 5 k $
more than 1000,- $
between 1 - 999,- $
i refuse to get people investing into bitcoin

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Author Topic: creating demand for bitcoin  (Read 5153 times)
600watt
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September 23, 2013, 11:05:56 AM
 #1

we need more people getting involved into bitcoin. we all know this, but what do we do for it ?

so what have you achieved so far in terms of people that you made investing into btc ? since it is not proofable i hope for genuine answers and i will give you my figures:


person 1) he bought btc for approx 2 k € and put another 3 k € into mining
person 2) she invested 5 k € into btc and another 5 k € into mining
person 3) he invested 5 k € into mining
person 4) he invested 2.5 k € into btc, 2.5 k € into mining
person 5) he invested 5 k $ into btc
person 6) he invested 2.5 k € into btc and 2.5 k € into mining

so far i have helped people to invest the sum of 11.5 k € + 5 k $ = 20 000,- $ into bitcoin.

those are investments i know for sure. i try to talk about the beauty of this new technology with anyone i can. therefore, it is possible that there were more people getting involved without my knowledge.

this poll is put into the speculation subforum since major btc rises will only occur when bitcoin becomes more mainstream. 
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September 23, 2013, 06:53:46 PM
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congratulation!

You persuaded your friends to make a risky investment with the intention to make your investment grow. And now you want to make everyone here also persuade their friends?

Do you know how to call any investment which can only grow if you persuade more people to join? Naaa ... you know it. Its the P-word.

I am sorry to say so, cause I have to show a lack of politeness, but if there have been involved in Bitcoin just greedy and thoughtless people like you show in this post to be it had never ever risen. And it will never ever rise for real, but make bubbles and bubbles and bubbles, if you find enough stupid people following you.

Sorry for this. You are enthusiastic about the technology, like me, so don't do all you can do to transform this fantastic thing into a greed-driven Ponzi.


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September 23, 2013, 07:00:27 PM
 #3

So you've promoted Bitcoin as a Ponzi?

notme
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September 23, 2013, 07:26:12 PM
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Demand arises from businesses accepting bitcoin, not from one time investments.
 

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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September 23, 2013, 07:31:48 PM
 #5

I can understand where OP is coming from. If you have done a lot of reading up on Bitcoin and its potential, and you believe the price will inevitably go a lot higher in the future (assuming it continues to grow unhindered - obviously there is risk involved), why wouldn't you encourage your friends to invest? But you end up walking a fine line - I understand the benefits provided by using Bitcoin as an alternative to our current system, and as such I want to see more widespread adoption, so that I have more options when it comes to spending BTC. But of course, greater adoption also means a higher price - you see the value of your coins increase as the user base grows.

What I try to do is spread the word by explaining the benefits, and then encourage people to do their own research and come to their own conclusions. Unfortunately, most people find the subject quite technical, and don't have the time/conviction to read up. It's a tricky one - I would say its worth spending the time to do some research and try to understand the concept, but given that most of my friends will never actually do this, I end up telling them just to invest a small amount that they wouldn't mind losing and forget about it for a few years.
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September 23, 2013, 08:17:09 PM
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https://en.bitcoin.it/wiki/Public_relations

600watt
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September 23, 2013, 08:24:10 PM
 #7

congratulation!

You persuaded your friends to make a risky investment with the intention to make your investment grow. And now you want to make everyone here also persuade their friends?

Do you know how to call any investment which can only grow if you persuade more people to join? Naaa ... you know it. Its the P-word.

I am sorry to say so, cause I have to show a lack of politeness, but if there have been involved in Bitcoin just greedy and thoughtless people like you show in this post to be it had never ever risen. And it will never ever rise for real, but make bubbles and bubbles and bubbles, if you find enough stupid people following you.

Sorry for this. You are enthusiastic about the technology, like me, so don't do all you can do to transform this fantastic thing into a greed-driven Ponzi.



the persons are all adults and i made it very very clear that this is very high risk and that they only should use funds they wouldn´t mind losing.
so what you are saying is that it is ok to love the technology but it is not ok to invest in it or tell others that there is this risky investment? you better leave the hard part to others? what good is a beautiful technology no one uses ? what are you doing to get others involved ?
600watt
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September 23, 2013, 08:27:41 PM
 #8


nice. ty.
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September 23, 2013, 08:44:12 PM
 #9

You have to do more than just "insert money". Inserting money is simply speculation and will only raise the price until some other speculator or miner sells. To raise bitcoin's REAL value then you need to create a TRUE and CONTINUOUS demand for it by growing the economy and getting more merchants and organizations involved.
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September 23, 2013, 08:45:22 PM
 #10


person 1) he bought btc for approx 2 k € and put another 3 k € into mining
person 2) she invested 5 k € into btc and another 5 k € into mining
person 3) he invested 5 k € into mining
person 4) he invested 2.5 k € into btc, 2.5 k € into mining
person 5) he invested 5 k $ into btc
person 6) he invested 2.5 k € into btc and 2.5 k € into mining


Not one real use of Bitcoin for the purposes it was intended, kind of sums up the bitcoin world for me, loads of investments, loads of BTC stocks, lots of mining and gambling, but hardly any real uses of BTC for real-world expenditures or transfers.....
600watt
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September 23, 2013, 09:07:36 PM
 #11


this poll is put into the speculation subforum since major btc rises will only occur when bitcoin becomes more mainstream. 


How mainstream is SWIFT, how many people do you know who control SWIFT accounts?

i put that sentence there to not have the poll removed by the mod.
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September 23, 2013, 09:18:34 PM
 #12

Aww crap, damn you poe's law.


*Edit* pic related.


First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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September 23, 2013, 09:51:54 PM
 #13

congratulation!

You persuaded your friends to make a risky investment with the intention to make your investment grow. And now you want to make everyone here also persuade their friends?

Do you know how to call any investment which can only grow if you persuade more people to join? Naaa ... you know it. Its the P-word.

I am sorry to say so, cause I have to show a lack of politeness, but if there have been involved in Bitcoin just greedy and thoughtless people like you show in this post to be it had never ever risen. And it will never ever rise for real, but make bubbles and bubbles and bubbles, if you find enough stupid people following you.

Sorry for this. You are enthusiastic about the technology, like me, so don't do all you can do to transform this fantastic thing into a greed-driven Ponzi.



the persons are all adults and i made it very very clear that this is very high risk and that they only should use funds they wouldn´t mind losing.
so what you are saying is that it is ok to love the technology but it is not ok to invest in it or tell others that there is this risky investment? you better leave the hard part to others? what good is a beautiful technology no one uses ? what are you doing to get others involved ?


I didn't invested in it, and if I call that few coins an investment, I didn't spend 'em cause someone made me invest in it but cause I love the idea.

But as you said - if you told them that it's high risk and they didn't invest more than they could afford to loose - it's okey. Just wanted to clear this point. Your thread sounded like the ugly idea I opposed. Glad to hear I was wrong.

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September 23, 2013, 09:58:48 PM
 #14

The biggest demand for bitcoin is long term saving medium, so far fiat money can not be used as long term saving, and investment funds and stocks have high fee and high risk

I usually recommend my friends to purchase coins for their children, so that they can afford their school when they grown up, and one of them listened to me have 10xed his initial investment

The important part to pursuade new people to invest in bitcoin is to let them start small thus almost risk free

The big picture is that after financial crisis people's awareness of economy and financial are slowly improving, and any one with a little bit of investment knowledge will understand bitcoin's superior property

600watt
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September 23, 2013, 10:12:41 PM
 #15

Aww crap, damn you poe's law.


*Edit* pic related.



wow, nice pic  Grin
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September 24, 2013, 12:11:44 AM
 #16

I havent got any enemies. I would never tell my friends or family to invest in something doomed to fail.

JK Tongue

I've told a couple people to invest but IDK if any listened. I told my brother ~$10, family at ~$30, friends and co-workers ~$90(After telling them about my success)

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September 24, 2013, 12:46:39 PM
 #17

Suppose that all the coins were bought by a billionaire at a market price of $1000, and then there is one person who want to sell 10 coins, but the billionaire is on vacation, and there is no one buying, the exchange price can drop to $1 in principle

So, besides an established consensus of exchange rate, the key is to advocate bitcoin as a constant consumption overtime (long term saving medium), thus maintain a stable fiat money inflow

Stephen Gornick
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September 24, 2013, 06:14:49 PM
 #18

Demand arises from businesses accepting bitcoin, not from one time investments.

Well short-term demand can come from speculators / one-time investment but if that's all Bitcoins are used for then that demand eventually becomes excess supply and it becomes a race to sell as nobody knows where the bottom is.

Eventually at some price new money from buyers will appear, such as perhaps a person who will need bitcoins to repay a loan at some point in the future, or a poker player who is willing to stock up on coins that suddenly seem cheap.   So these are a couple sources of demand for Bitcoin.

So how is this demand created?

One phenomenal example are Beccy and Austin ... the lifeonbitcoin.com couple:

Quote
To get small businesses to accept bitcoin, it’s not enough to invite them. We need to pave the road for them, with smooth asphalt and clear signage, and convince them they want to go there. If we want merchants and users to accept bitcoin, we need to think of it like we do web design on a web startup. We’re getting people to sign up for bitcoin like they signed up for their first email account, or the first time they used PayPal, or switching to a new OS. We’re selling them on it. And it needs to be absolutely painless.
- http://lifeonbitcoin.com/what-will-drive-adoption/

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September 24, 2013, 06:59:47 PM
 #19

So the important thing is fiat money inflow?

I don't understand.
Fiat is king, like or or not.  Maybe one day Bitcoin will stand on its own, but for now, there aren't enough users to create an entire economy.  So the easiest way to get BTC is to buy it, and as long as that's true, the exchange rate will be important.
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September 24, 2013, 08:38:47 PM
 #20

Suppose that all the coins were bought by a billionaire at a market price of $1000, and then there is one person who want to sell 10 coins, but the billionaire is on vacation, and there is no one buying, the exchange price can drop to $1 in principle

So, besides an established consensus of exchange rate, the key is to advocate bitcoin as a constant consumption overtime (long term saving medium), thus maintain a stable fiat money inflow

So the important thing is fiat money inflow?

I don't understand.

Or you can call it value inflow, it does not matter it is fiat money or some consumable goods or servies etc... This value injection process will make bitcoin more valuable thus can carry larger scale transactions. If bitcoin worth only a little, its transaction ability will be greatly limited

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