Mass Adoption of BTC

[BitChick]

I think, sooner or later, especially if Bitcoin goes high, NSA, FBI, will shut it down, block it. I don't know when, I don't know how, but they will do it. Too dangerous. A Dollar is a Dollar, USA owns the world, and it is like this.

The entire point of Bitcoin is that you can't 'shut it down'. This  is like the billionth time somebody has tried this argument. Do you people ever try understanding how Bitcoin itself works? If they wanted to "shut it down", they have to 51% it. Which is getting harder and harder every day. Its not going to happen.

Right.  Wouldn't it be like shutting down the internet at this point? 

Potentially, it'd be actually easier to shut down the internet. The internet is more centralized in that if you control the switches you can do a massive man in the middle attack. Since most of the switches are owned by US companies, it'd be easier to harm the internet than harm bitcoin. Just look at the NSA.

A better analogy would be "Shutting down Bitcoin would be like shutting down Tor."

So the logic should be that it will be harder to shut down Bitcoin then the internet.  Why are people worried about it being shut down then?  Sounds impossible?   Regulation is another issue though.

[c1010010]

I think, sooner or later, especially if Bitcoin goes high, NSA, FBI, will shut it down, block it. I don't know when, I don't know how, but they will do it. Too dangerous. A Dollar is a Dollar, USA owns the world, and it is like this.

The entire point of Bitcoin is that you can't 'shut it down'. This  is like the billionth time somebody has tried this argument. Do you people ever try understanding how Bitcoin itself works? If they wanted to "shut it down", they have to 51% it. Which is getting harder and harder every day. Its not going to happen.

Right.  Wouldn't it be like shutting down the internet at this point? 

Potentially, it'd be actually easier to shut down the internet. The internet is more centralized in that if you control the switches you can do a massive man in the middle attack. Since most of the switches are owned by US companies, it'd be easier to harm the internet than harm bitcoin. Just look at the NSA.

A better analogy would be "Shutting down Bitcoin would be like shutting down Tor."

So the logic should be that it will be harder to shut down Bitcoin then the internet.  Why are people worried about it being shut down then?  Sounds impossible?   Regulation is another issue though.

I think it is going to get hit as a taxable item.

[theonewhowaskazu]

I think, sooner or later, especially if Bitcoin goes high, NSA, FBI, will shut it down, block it. I don't know when, I don't know how, but they will do it. Too dangerous. A Dollar is a Dollar, USA owns the world, and it is like this.

The entire point of Bitcoin is that you can't 'shut it down'. This  is like the billionth time somebody has tried this argument. Do you people ever try understanding how Bitcoin itself works? If they wanted to "shut it down", they have to 51% it. Which is getting harder and harder every day. Its not going to happen.

Right.  Wouldn't it be like shutting down the internet at this point? 

Potentially, it'd be actually easier to shut down the internet. The internet is more centralized in that if you control the switches you can do a massive man in the middle attack. Since most of the switches are owned by US companies, it'd be easier to harm the internet than harm bitcoin. Just look at the NSA.

A better analogy would be "Shutting down Bitcoin would be like shutting down Tor."

So the logic should be that it will be harder to shut down Bitcoin then the internet.  Why are people worried about it being shut down then?  Sounds impossible?   Regulation is another issue though.

People are worried about it being shut down because they don't know how Bitcoin works. The root cause for 90% of people's worries about Bitcoin.

[BitChick]

I think, sooner or later, especially if Bitcoin goes high, NSA, FBI, will shut it down, block it. I don't know when, I don't know how, but they will do it. Too dangerous. A Dollar is a Dollar, USA owns the world, and it is like this.

The entire point of Bitcoin is that you can't 'shut it down'. This  is like the billionth time somebody has tried this argument. Do you people ever try understanding how Bitcoin itself works? If they wanted to "shut it down", they have to 51% it. Which is getting harder and harder every day. Its not going to happen.

Right.  Wouldn't it be like shutting down the internet at this point? 

Potentially, it'd be actually easier to shut down the internet. The internet is more centralized in that if you control the switches you can do a massive man in the middle attack. Since most of the switches are owned by US companies, it'd be easier to harm the internet than harm bitcoin. Just look at the NSA.

A better analogy would be "Shutting down Bitcoin would be like shutting down Tor."

So the logic should be that it will be harder to shut down Bitcoin then the internet.  Why are people worried about it being shut down then?  Sounds impossible?   Regulation is another issue though.

I think it is going to get hit as a taxable item.

Of course.  The government should be happy with Bitcoin then if they are getting more tax dollars.

[enquirer]

I noticed that first sentiment that people express when first encountering bitcoin is: most bitcoins have already been distributed, I'm late to the party.

So the natural first reaction is negative.

[BitChick]

I noticed that first sentiment that people express when first encountering bitcoin is: most bitcoins have already been distributed, I'm late to the party.

So the natural first reaction is negative.

Which I think is a very false premise.  How many people have even heard of Bitcoin yet?  And even the ones that have heard of it have not bought any.

The party has just started. 

[theonewhowaskazu]

I noticed that first sentiment that people express when first encountering bitcoin is: most bitcoins have already been distributed, I'm late to the party.

So the natural first reaction is negative.

What the heck? By that logic the first reaction to most everything should be negative since most things have already been distributed.

[bitcoin carpenter]

Its amazing how quickly this is all changing

7 months ago I heard a reporter on CBC talking about this crazy digital currency, so I looked into it.  That night my attitude went from extremely skeptical to intrigued.  over then next few weeks, I tried to talk to people about it, and for the most part everyones answer was, say what?
well I am a bit obsessive about things once i get onto them so after reading every blog i could find, I bought some BTC.
since then I have been scammed out of 7500 of my first 10000 dollars invested, and I am still ahead on my investment....
damn you terrahash and yifu
luckily BTC prices are volatile, and as long as you know why you are here you can be optomistic to know that when you invest you will make money,
and if you watch the trends you can sell and double up when your lucky

.. i got lucky bought low sold high three times and turned my 30 leftover btc into 60

I digress.....
BTC is being talked about again, and this time its not just us ocd people who are watching it.  All those friends who said, Say what?, 7 months ago are starting to call me back.  And when I tell clients ill take cash credit or BTC people actually know what im talking about

all we need now is a nice stable 24 month rise to 1500 per BTC and we will begin to see the world jump on the BTC train

[odolvlobo]

all we need now is a nice stable 24 month rise to 1500 per BTC and we will begin to see the world jump on the BTC train

That is utterly wrong. The only path to mass adoption is through increased utility and speculation is not a very effective use. If people don't use Bitcoin, then it will ultimately be worth nothing, regardless of the price you pay. If everyone buys bitcoins that nobody uses, then it will end up as just another bubble.

A steady value would lead to mass adoption much more quickly than a changing value because it would reduce uncertainty.

[BitChick]

all we need now is a nice stable 24 month rise to 1500 per BTC and we will begin to see the world jump on the BTC train

That is utterly wrong. The only path to mass adoption is through increased utility and speculation is not a very effective use. If people don't use Bitcoin, then it will ultimately be worth nothing, regardless of the price you pay. If everyone buys bitcoins that nobody uses, then it will end up as just another bubble.

A steady value would lead to mass adoption much more quickly than a changing value because it would reduce uncertainty.

I don't know.  People threw over 56 billion into the Bernie Madoff ponzi scheme.  What kind of utility was there in that?  It was purely to make money.  Of course I am not saying that Bitcoin is a ponzi scheme at all.  In fact, we should be even more hopeful because it is not!  Once word gets out that this is a viable and successful investment, and the funds such as the Second Market fund or the Winklevii fund are showing huge gains more and more people will jump in just for the profits alone.  The utility will be the profits at that point.

But I am all for some utility too.   We have that going for Bitcoin as well.  And a a steady increase without the ups and downs will help, but that will come in time I think.

[zengryT]

I noticed that first sentiment that people express when first encountering bitcoin is: most bitcoins have already been distributed, I'm late to the party.

So the natural first reaction is negative.

I think its more like: its so tough to mine Bitcoins these days, damn I'm late to the party

[toddfletcher]

all we need now is a nice stable 24 month rise to 1500 per BTC and we will begin to see the world jump on the BTC train

That is utterly wrong. The only path to mass adoption is through increased utility and speculation is not a very effective use.

Speculation IS a use

[odolvlobo]

I don't know.  People threw over 56 billion into the Bernie Madoff ponzi scheme.  What kind of utility was there in that?  It was purely to make money.  Of course I am not saying that Bitcoin is a ponzi scheme at all.  In fact, we should be even more hopeful because it is not!  Once word gets out that this is a viable and successful investment, and the funds such as the Second Market fund or the Winklevii fund are showing huge gains more and more people will jump in just for the profits alone.  The utility will be the profits at that point.
But I am all for some utility too.   We have that going for Bitcoin as well.  And a a steady increase without the ups and downs will help, but that will come in time I think.

That is exactly my point. Madoff's investors ended up with nothing, because they invested a lot of money in nothing. If Bitcoin has no utility, then why would anyone buy it, except to hope that someone else buys it from them for more? That's stupid. It's called a bubble.

[reannypleas]

all we need now is a nice stable 24 month rise to 1500 per BTC and we will begin to see the world jump on the BTC train

That is utterly wrong. The only path to mass adoption is through increased utility and speculation is not a very effective use.

Speculation IS a use

It is, but not long lived option. Only increased Bitcoin useability will guarantee certain price level for longer time

[theonewhowaskazu]

If everybody decided to speculate on BTC at the same time, including merchants, then suddenly its not speculation at all, but an actual currency.

Just sayin'.

[odolvlobo]

If everybody decided to speculate on BTC at the same time, including merchants, then suddenly its not speculation at all, but an actual currency.
Just sayin'.

Yes, but only if people use it as a currency.

[hayek]

Look at all the previous new economies.

Look at the wild west, that's a good example.

[Erdogan]

I noticed that first sentiment that people express when first encountering bitcoin is: most bitcoins have already been distributed, I'm late to the party.

So the natural first reaction is negative.

I feel the same about fiat. Someone have them all already. Worse, if I get some, they are diluted by the day.

[theonewhowaskazu]

If everybody decided to speculate on BTC at the same time, including merchants, then suddenly its not speculation at all, but an actual currency.
Just sayin'.

Yes, but only if people use it as a currency.

If everybody has it (or can borrow it), everybody wants it, and its fungible, divisible, transferable, and a store of value, then it will naturally become currency.

[Anon136]

i tend to agree with op. btc not so great for making small internet purchases since there is a market for inclusion in the blockchain and the lack of space will eventually drive the transaction fees up. it could be ok for storing wealth in theory, but we already have gold for that. where it really shines is for serving the markets that we traditionally think of as being served by western uninion, bank wire transfers, fedwire or SWIFT. basically for sending reasonably large sums of money frictionlessly internationally for things like remittances or clearing between financial institutions.