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Author Topic: Targeted advertisement - Who would BitCoins appeal the most to?  (Read 6074 times)
stakhanov
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March 06, 2011, 09:51:39 AM
 #21

I can understand both of you, but I think it would be a lot more efficient to advertise to web merchants who are fed up with paypal fees. Imagine buying the adwords "paypal sucks" and linking to bitcoin.org  Smiley
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March 06, 2011, 11:42:47 AM
 #22

Read carefully.
Maybe it's you who should read my posts more carefully.

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Do not introduce bitcoins and push mining them because it is not about mining, that is merely a small part of a superior currency.
First of all I can do what ever the hell I want. Second of all, do you seriously think businesses will accept BitCoins just because of their properties and not pay any attention to who actually has them and how much they're really worth?

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Introduce the currency and why it is better, mining will follow.

Sorry sir, that's not how gold became money, and it's not how BitCoin use as money will spread either. Study history.


I can understand both of you, but I think it would be a lot more efficient to advertise to web merchants who are fed up with paypal fees. Imagine buying the adwords "paypal sucks" and linking to bitcoin.org  Smiley

Show me one business which wont pay any attention to their real value at this point determined by the various exchanges and will focus sololey on it's good properties? Do you really think a business will just decide: "Oh look a digital currency that has all the right rules and properties, lets gamble and sell our services for it and who cares if by the end of the month we can't buy anything for them!" Will ... never... happen.

They'll look at the exchanges, at the volume, at the number of bid vs ask offers, they'll look at the number of nodes and then they'll look at the number of all the BitCoins currently existing and they'll come to the same conclusion as I did: "It's a way too small market with way to few people hoarding way to many BitCoins for them to have a stable or realistic price right now. I'm not going to risk my money with it."



But new miners have little to no risk in trying out BitCoins. All they have to risk is some CPU/GPU time and the money to pay the electricity bill. And if they get some, hurray for them and if they don't who cares. And those who'll get them will value them because of it's properties and eventually they'll offer them in their own personal trades to other people they know and it will only snowball from there.. That's how you get BitCoins popular! I mean FFS just look at the gold rush period..

More miners is the best thing that could happen to BitCoins! Besides.. are you saying I'm not free to advertise BitCoins how ever I see fit?  Roll Eyes

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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March 06, 2011, 12:46:01 PM
 #23

I think we should target the Indian economy - especially the underground market.

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Indians amassing billions in unaccounted wealth, is an old story. Only, it has turned a new chapter with the government initiating a probe to nab some known culprits and the Supreme Court pulling up the government for not doing enough on the issue. Tired of the slow and tardy progress in a case as serious as this, according to some estimates black money stashed away abroad equals half the size of the country’s GD, the apex court said this week: “what the hell is going on in this country”.

Considering the rumblings, much was expected from the finance minister Pranab Mukherjee in his Budget speech on February 28, including an amnesty scheme. He didn’t go into the details on the issue, perhaps knowing well that it may divert attention from the finance bill itself, but said the government will adopt a five-pronged strategy to take on the menace.

There is a flight of value  from the country looking for a way to store it. Bitcoins could be the answer. So how do we start to reach out ?

Maybe approaching Indian universities and yes even Indian gamers ?
Quote
The urgency of adopting stringent measures to curb black money is necessitated by the fact that India’s underground economy stood at about $640 billion at the end of 2008 out of which three-quarters ended up outside of the country,

I sense an opportunity.  Smiley
eMansipater
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March 06, 2011, 03:15:42 PM
 #24

@hazek the biggest problem with getting people into the bitcoin economy using mining is that the same number of of bitcoins goes into distribution through mining no matter how many miners you get, so in the end there's not a big impact on the economy.  By contrast even someone who brings in $5 from USD has a scalable impact--if you get one million people to do it for some reason then that would double the existing value base.  The per person impact from mining is also very small--consider that your typical GPU miner is only bringing in a few bitcoins a week.  Whereas I've talked 6 or 7 people into putting a hundred or so of their fiat currency into bitcoins, and the immediate impact of that is greater than what your typical gpu miner will end up holding in many years.

Right now there are two main ways to grow bitcoin--building useful services on it, and offering it as a beautiful diversification opportunity for small-scale investing.

Most of the people in this community are technically inclined, which means you have lots of people asking for technical advice all the time.  Here's something I suggest doing--within your social group, suggest to people that they take a small amount of cash they are not afraid of losing ($50-$200) and invest it in bitcoin.  Explain that investing in bitcoin now is comparable to buying shares in google or microsoft when it first launched.  Remind people that bitcoin is new and still developing so this is a high-risk, high-reward scenario rather than something they should bet the house on.  Then help walk them through the cumbersome process of actually getting funds into bitcoins.  If every bitcoin user did this at the rate I do this (about 1 new person every two weeks) we would have a very strong base for the valuation of bitcoin.  Remember, just to keep the market stable people have to purchase 7200 bitcoins per day from fiat currencies (the amount being mined) so the sooner we can sell a few million to a few thousand people the sooner bitcoins will settle securely around a decent value.

Once this is done, it will be easier to transact in bitcoin because the existing valuation is secure.  Food for thought.

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March 06, 2011, 03:29:38 PM
 #25

@hazek the biggest problem with getting people into the bitcoin economy using mining is that the same number of of bitcoins goes into distribution through mining no matter how many miners you get, so in the end there's not a big impact on the economy.

So wait a second, maybe it's me and I'm stupid but do I understand why what you're saying here can possibly do good for BitCoins.

Are you saying that even though the same number of bitcoins go into distribution through mining it's better if less people mine and those new bitcoins get into the hands of a small minority then if we had more and more people mine and more and more people held at least some of them? Is that what you're saying?

Again it could be me and it could be my stupidity but the way I understand your statement is that "we should try to get many people to offer something of real value to a small group of people who have something of yet little or no value"? Is that seriously your logic?

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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March 06, 2011, 03:34:48 PM
 #26

Here's something I suggest doing--within your social group, suggest to people that they take a small amount of cash they are not afraid of losing ($50-$200) and invest it in bitcoin.  Explain that investing in bitcoin now is comparable to buying shares in google or microsoft when it first launched.  Remind people that bitcoin is new and still developing so this is a high-risk, high-reward scenario rather than something they should bet the house on. 

LOL good lucky with that.

I strongly believe BitCoins has an insurmountable potential and is a truly great invention but even so I'm not willing to spend even 20€ on them with the way things are right now. But I do mine ~0.1 per day.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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March 06, 2011, 04:14:54 PM
 #27

Here's something I suggest doing--within your social group, suggest to people that they take a small amount of cash they are not afraid of losing ($50-$200) and invest it in bitcoin.  Explain that investing in bitcoin now is comparable to buying shares in google or microsoft when it first launched.  Remind people that bitcoin is new and still developing so this is a high-risk, high-reward scenario rather than something they should bet the house on. 

LOL good lucky with that.

I strongly believe BitCoins has an insurmountable potential and is a truly great invention but even so I'm not willing to spend even 20€ on them with the way things are right now. But I do mine ~0.1 per day.

What emansipater describes is actually very close to how I look at it.  I initially thought this was a good idea, but TheKid has really good points.  If you promote mining, then people are going to be disappointed with the amount they are actually able to mine.  They'll fail to see the point and bitcoins won't stick.  However, sell bitcoins as a great cross gaming platform mechanism to exchange various in-game currencies and I think you might have a hook for gamers (in fact, I wonder if someone might be able to do well building an exchange explicitly targeted at that).  Not having to deal with paypal fees, etc would be a great selling point I would think (I'm not a gamer, so I'm not totally sure).

You do have good arguments about the need to more widely distribute bitcoins (to trade in bitcoins (other than currency exchange), a critical mass of people are needed that actually have bitcoins and are willing to use them.  I'm promoting it via my facebook circles...in just a couple of days I've gotten three people to give it a try.  They all are excited by the potential.

Also, I think bitcoins may already be reaching a critical mass...the rate of adoption, the appreciation of value, etc all point to an already bootstrapped currency...things may take off from here without anyone needing to do anything extraordinary to promote it.  The value of bitcoin is pretty self evident to substantial portion of people that look at it.  Still, more promotion can only help.

(gasteve on IRC) Does your website accept cash? https://bitpay.com
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March 06, 2011, 07:35:23 PM
 #28

@hazek the biggest problem with getting people into the bitcoin economy using mining is that the same number of of bitcoins goes into distribution through mining no matter how many miners you get, so in the end there's not a big impact on the economy.
So wait a second, maybe it's me and I'm stupid but do I understand why what you're saying here can possibly do good for BitCoins.

Are you saying that even though the same number of bitcoins go into distribution through mining it's better if less people mine and those new bitcoins get into the hands of a small minority then if we had more and more people mine and more and more people held at least some of them? Is that what you're saying?
No.  This is not what I am saying.  The more people mine, the more secure bitcoin gets, so I hope that lots and lots and lots of people start mining or continue to.  This makes it very expensive for anyone to successfully attack bitcoin.  Ideally, bitcoin will have more computational power in the network than any other distributed computing project worldwide, and be virtually impregnable.

As for economic impact, I'm not suggesting at all that concentrated mining wealth is valuable for bitcoin.  What I'm suggesting is that mining income in general is largely irrelevant to bitcoin.  Mining is an important part of the underlying technology for bitcoins, but it really isn't what bitcoin is about.  You seem to be really fixated on mining--you need to understand that mining is only as relevant to the bitcoin economy as physical printing of money is to the USD economy.  It needs to be done, and done well, and then forgotten.  As long as people know they can trust dollar bills, they don't need to know where they came from to use them.  Similarly as long as people can trust Bitcoin they don't need to understand mining to use it.  To help you understand this, think of a typical USD bill.  It's printed once, which is indeed part of the USD economy, but after that it is spent many, many, many, many times.  The printing of bills itself, while an economic activity, is miniscule in comparison to the activity of the economy at large.  This is how currencies work.


Again it could be me and it could be my stupidity but the way I understand your statement is that "we should try to get many people to offer something of real value to a small group of people who have something of yet little or no value"? Is that seriously your logic?
If you were explaining paper money to an alien, they might ask you something similar about attempts to stimulate the economy.  Why would you give food, buildings, vehicles, computers in exchange for a piece of paper?  That piece of paper itself is of little or no value.  Yet as a medium of exchange it serves a highly valuable purpose.  The point is not anything at all about miners getting paid.  Mining as economic activity is virtually irrelevant to the overall success of bitcoin.  It's just an important underlying technology.  What actually makes bitcoin succeed is its use as a medium of exchange.  And the absolute best way to get it used as a medium of exchange is to get people to exchange things of value for it.  By doing so, these people essentially back the fledgling bitcoin economy.  Rather than gold in a bank somewhere, there is a worldwide network of people who are saying, "yes, I agree to use bitcoins as a valued medium of exchange.  I agree to give and receive them in trade for other items of value."  That worldwide network of people is the bitcoin economy.  The way we grow the bitcoin economy is for more people to do this.  None of this has pretty much anything to do with mining.

Here's something I suggest doing--within your social group, suggest to people that they take a small amount of cash they are not afraid of losing ($50-$200) and invest it in bitcoin.  Explain that investing in bitcoin now is comparable to buying shares in google or microsoft when it first launched.  Remind people that bitcoin is new and still developing so this is a high-risk, high-reward scenario rather than something they should bet the house on.

LOL good lucky with that.

I strongly believe BitCoins has an insurmountable potential and is a truly great invention but even so I'm not willing to spend even 20€ on them with the way things are right now. But I do mine ~0.1 per day.

That explains a lot.  But while you laugh, people like me are building the bitcoin economy.  If 72,000 people (the maximum possible) mined .1 per day and nobody else did anything, the bitcoin economy would collapse.  It is the use of bitcoin as an actual medium of exchange that makes the activity of mining at all meaningful in the first place.  And you should realise that at this point even one person putting 20€ of fiat currency into bitcoin has a bigger impact on the success of bitcoin than a miner who runs at .1 per day for 6 months.  If 72,000 people did that(the currency exchange), we would have an extremely solid foundation of value for bitcoins as a medium of exchange.  It doesn't take much.


sincerely,
eMansipater

p.s. I shouldn't really need to say this, but I'm not some massive early adopter miner.  I discovered bitcoin for the first time a couple months ago, and the vast majority of coins I own because I bought them with fiat currency, received them as gifts, or earned them by working and selling products.  I also mine a few coins a week, both pooled to help cover the costs of mining, and solo to help maintain the vitality of the bitcoin ecosystem.
And I'm very happy every time the difficulty jumps Smiley


If you found my post helpful, feel free to send a small tip to 1QGukeKbBQbXHtV6LgkQa977LJ3YHXXW8B
Visit the BitCoin Q&A Site to ask questions or share knowledge.
0.009 BTC too confusing?  Use mBTC instead!  Details at www.em-bit.org or visit the project thread to help make Bitcoin prices more human-friendly.
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March 06, 2011, 08:18:12 PM
 #29

@hazek the biggest problem with getting people into the bitcoin economy using mining is that the same number of of bitcoins goes into distribution through mining no matter how many miners you get, so in the end there's not a big impact on the economy.
So wait a second, maybe it's me and I'm stupid but do I understand why what you're saying here can possibly do good for BitCoins.

Are you saying that even though the same number of bitcoins go into distribution through mining it's better if less people mine and those new bitcoins get into the hands of a small minority then if we had more and more people mine and more and more people held at least some of them? Is that what you're saying?
No.  This is not what I am saying.  The more people mine, the more secure bitcoin gets, so I hope that lots and lots and lots of people start mining or continue to.  This makes it very expensive for anyone to successfully attack bitcoin.  Ideally, bitcoin will have more computational power in the network than any other distributed computing project worldwide, and be virtually impregnable.

As for economic impact, I'm not suggesting at all that concentrated mining wealth is valuable for bitcoin.  What I'm suggesting is that mining income in general is largely irrelevant to bitcoin.  Mining is an important part of the underlying technology for bitcoins, but it really isn't what bitcoin is about.  You seem to be really fixated on mining--you need to understand that mining is only as relevant to the bitcoin economy as physical printing of money is to the USD economy.  It needs to be done, and done well, and then forgotten.  As long as people know they can trust dollar bills, they don't need to know where they came from to use them.  Similarly as long as people can trust Bitcoin they don't need to understand mining to use it.  To help you understand this, think of a typical USD bill.  It's printed once, which is indeed part of the USD economy, but after that it is spent many, many, many, many times.  The printing of bills itself, while an economic activity, is miniscule in comparison to the activity of the economy at large.  This is how currencies work.


Again it could be me and it could be my stupidity but the way I understand your statement is that "we should try to get many people to offer something of real value to a small group of people who have something of yet little or no value"? Is that seriously your logic?
If you were explaining paper money to an alien, they might ask you something similar about attempts to stimulate the economy.  Why would you give food, buildings, vehicles, computers in exchange for a piece of paper?  That piece of paper itself is of little or no value.  Yet as a medium of exchange it serves a highly valuable purpose.  The point is not anything at all about miners getting paid.  Mining as economic activity is virtually irrelevant to the overall success of bitcoin.  It's just an important underlying technology.  What actually makes bitcoin succeed is its use as a medium of exchange.  And the absolute best way to get it used as a medium of exchange is to get people to exchange things of value for it.  By doing so, these people essentially back the fledgling bitcoin economy.  Rather than gold in a bank somewhere, there is a worldwide network of people who are saying, "yes, I agree to use bitcoins as a valued medium of exchange.  I agree to give and receive them in trade for other items of value."  That worldwide network of people is the bitcoin economy.  The way we grow the bitcoin economy is for more people to do this.  None of this has pretty much anything to do with mining.

Here's something I suggest doing--within your social group, suggest to people that they take a small amount of cash they are not afraid of losing ($50-$200) and invest it in bitcoin.  Explain that investing in bitcoin now is comparable to buying shares in google or microsoft when it first launched.  Remind people that bitcoin is new and still developing so this is a high-risk, high-reward scenario rather than something they should bet the house on.

LOL good lucky with that.

I strongly believe BitCoins has an insurmountable potential and is a truly great invention but even so I'm not willing to spend even 20€ on them with the way things are right now. But I do mine ~0.1 per day.

That explains a lot.  But while you laugh, people like me are building the bitcoin economy.  If 72,000 people (the maximum possible) mined .1 per day and nobody else did anything, the bitcoin economy would collapse.  It is the use of bitcoin as an actual medium of exchange that makes the activity of mining at all meaningful in the first place.  And you should realise that at this point even one person putting 20€ of fiat currency into bitcoin has a bigger impact on the success of bitcoin than a miner who runs at .1 per day for 6 months.  If 72,000 people did that(the currency exchange), we would have an extremely solid foundation of value for bitcoins as a medium of exchange.  It doesn't take much.


sincerely,
eMansipater

p.s. I shouldn't really need to say this, but I'm not some massive early adopter miner.  I discovered bitcoin for the first time a couple months ago, and the vast majority of coins I own because I bought them with fiat currency, received them as gifts, or earned them by working and selling products.  I also mine a few coins a week, both pooled to help cover the costs of mining, and solo to help maintain the vitality of the bitcoin ecosystem.
And I'm very happy every time the difficulty jumps Smiley



Good post, I'll tip you when I get home Smiley

You essentially went over what I was apparently failing to convey, thanks.

@Hazek - I'm not forbidding you from doing anything. But the way you want to promote bitcoins is one of the worst possible ways you can do so.

You seem like you're just pissed that you don't generate lots of coins and others do, because you don't have the hardware for it. In bringing more people in to mine, the coins you generate will go down as well as the established  miners, so it won't really change anything. Seems misguided to say the least.
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March 06, 2011, 08:27:27 PM
 #30

Good post, I'll tip you when I get home Smiley

Thanks!  I'm glad it was appreciated Smiley

If you found my post helpful, feel free to send a small tip to 1QGukeKbBQbXHtV6LgkQa977LJ3YHXXW8B
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March 06, 2011, 10:12:04 PM
 #31

Getting paid to do something you love, build beefy computers, hook them up into lans and pretty much sit on it does sound like a good business however I also wonder if all they do with the bitcoins they made is trade them in for USD dollars then eventually those Bitcoin to currency traders are going to have so much Bitcoins that they'll probably close shop. It will end up being like trading furbies. Eventually nobody cares anymore. So my question is why should I take my hard earned money and exchange it for Bitcoins if all I can do with Bitcoins is exchange them back into dollars or maybe I could get another bitcoin client going and trade my bitcoins back and forth...

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March 06, 2011, 10:47:56 PM
 #32

Getting paid to do something you love, build beefy computers, hook them up into lans and pretty much sit on it does sound like a good business however I also wonder if all they do with the bitcoins they made is trade them in for USD dollars then eventually those Bitcoin to currency traders are going to have so much Bitcoins that they'll probably close shop. It will end up being like trading furbies. Eventually nobody cares anymore. So my question is why should I take my hard earned money and exchange it for Bitcoins if all I can do with Bitcoins is exchange them back into dollars or maybe I could get another bitcoin client going and trade my bitcoins back and forth...

What am I going to do with all this damn gold! Pfft, I guess I'll just trade it for dollars, lame.

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March 07, 2011, 12:57:13 AM
 #33

As for economic impact, I'm not suggesting at all that concentrated mining wealth is valuable for bitcoin.  What I'm suggesting is that mining income in general is largely irrelevant to bitcoin.  Mining is an important part of the underlying technology for bitcoins, but it really isn't what bitcoin is about.  You seem to be really fixated on mining-
I'm not fixated on anything. I just see the big picture.

Quote
-you need to understand that mining is only as relevant to the bitcoin economy as physical printing of money is to the USD economy.  It needs to be done, and done well, and then forgotten.
Wrong. You can't compare mining bitcoins with printing of fiat money. It has no similarity at all. If you want to compare it to something you can compare it to mining gold. And although mining is incorporated into the network no one is forced to mine and those that do anyway do because they want the reward for creating blocks.  And those who are after the reward are damn relevant to the future of BitCoins because if more people mine, more will own them, and more will trust them, and more will trade them even with those who don't have them.

Quote
 As long as people know they can trust dollar bills, they don't need to know where they came from to use them.  Similarly as long as people can trust Bitcoin they don't need to understand mining to use it.  To help you understand this, think of a typical USD bill.  It's printed once, which is indeed part of the USD economy, but after that it is spent many, many, many, many times.  The printing of bills itself, while an economic activity, is miniscule in comparison to the activity of the economy at large.  This is how currencies work.
I understand perfectly well how trust into a dollar came about but I wonder if you do to? Cause people didn't just decide one day "hey look at this dollar paper money thing, it looks nice and has nice properties, we should trust it and trade it" it's not how it happened and it's not how BitCoins are going to get trusted and traded on larger scale either. If you can't understand that people all over the world found and owned gold and then valued and trusted gold and only then was gold trusted and traded as money, if you can't see this you can't possibly follow the points I'm trying to make.

Quote
What actually makes bitcoin succeed is its use as a medium of exchange.  And the absolute best way to get it used as a medium of exchange is to get people to exchange things of value for it.  By doing so, these people essentially back the fledgling bitcoin economy.  Rather than gold in a bank somewhere, there is a worldwide network of people who are saying, "yes, I agree to use bitcoins as a valued medium of exchange.  I agree to give and receive them in trade for other items of value."  That worldwide network of people is the bitcoin economy.  The way we grow the bitcoin economy is for more people to do this.  None of this has pretty much anything to do with mining.
No, it has everything to do with mining. Sure I agree with that the best way to get it used as a medium of exchange is to get people to exchange things of value for it. But I strongly disagree if you think people will voluntarily en mass risk their money to acquire them first simply because they'll recognize their properties. What I'm suggesting is that the more people get some from mining which besides paying your electricity bill is free the more people are out there who own some and play around with them and learn to trust them and can convince others to trade them for something else of value. That's how trust is built up. I really hope you can see the big picture that I'm trying to get across.

Here's something I suggest doing--within your social group, suggest to people that they take a small amount of cash they are not afraid of losing ($50-$200) and invest it in bitcoin.  Explain that investing in bitcoin now is comparable to buying shares in google or microsoft when it first launched.  Remind people that bitcoin is new and still developing so this is a high-risk, high-reward scenario rather than something they should bet the house on.
LOL good lucky with that. 50$ is one week of food for a single person with avg salary of 800$ per month in my country, not to mention 200$.

Quote
That explains a lot.  But while you laugh, people like me are building the bitcoin economy.  If 72,000 people (the maximum possible) mined .1 per day and nobody else did anything, the bitcoin economy would collapse.  It is the use of bitcoin as an actual medium of exchange that makes the activity of mining at all meaningful in the first place.  And you should realize that at this point even one person putting 20€ of fiat currency into bitcoin has a bigger impact on the success of bitcoin than a miner who runs at .1 per day for 6 months.  If 72,000 people did that(the currency exchange), we would have an extremely solid foundation of value for bitcoins as a medium of exchange.  It doesn't take much.

Sure we would but you convince 72k people to put 20€ into bitcoins and see where you get. Again you miss the big picture: If 72k people had some bitcoins and played with them and then learned to trust them they'd start making really small trades with their friends and communities. And eventually more and more people would get onboard. The ecenomy wouldn't collapse, it would flourish beyond imagination!

Btw why is the limit 72k?

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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March 07, 2011, 12:59:06 AM
 #34

Getting paid to do something you love, build beefy computers, hook them up into lans and pretty much sit on it does sound like a good business however I also wonder if all they do with the bitcoins they made is trade them in for USD dollars then eventually those Bitcoin to currency traders are going to have so much Bitcoins that they'll probably close shop. It will end up being like trading furbies. Eventually nobody cares anymore. So my question is why should I take my hard earned money and exchange it for Bitcoins if all I can do with Bitcoins is exchange them back into dollars or maybe I could get another bitcoin client going and trade my bitcoins back and forth...

Viola.

This person is a perfect example of what I'm talking about.

Let me ask you we6jbo, but would you mind running the miner and acquire some virtually for free?

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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hazek
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March 07, 2011, 01:01:33 AM
 #35

You seem like you're just pissed that you don't generate lots of coins and others do, because you don't have the hardware for it. In bringing more people in to mine, the coins you generate will go down as well as the established  miners, so it won't really change anything. Seems misguided to say the least.

You couldn't be more wrong. I just see it as a huge turn off for new people to risk their fiat currency for BitCoins when they learn about it. IE a problem. A problem which I provided an answer to that doesn't even involve those who already own the 5.6mio.

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If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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March 07, 2011, 01:13:37 AM
 #36

At least, wait until the word "Beta" is removed before any serious investment. It must be tried, tested, and all the varying scenarios ran through until it will get a stamp of approval.

Advertise to the IT crowd, they will be the only ones to really trusting it at first. My mom doesn't like ATM machines, forget the Older Folks. 

Then you have the Teens, they won't even care, it will just be the next great fad. Especially if you tie the BitCoin to a smart phone, and online games. OMG, online gaming, rewards are paid in actually BitCoins, it would be the end of society. Every Kid will tell their parents, but mom, I am making more than you.  When her, 14 year old pays the rent, no more school for Johnny. Unless its Xbox school. Grin

Net Worth = 0.10    Hah, "Net" worth Smiley
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March 07, 2011, 01:56:17 AM
 #37

Getting paid to do something you love, build beefy computers, hook them up into lans and pretty much sit on it does sound like a good business however I also wonder if all they do with the bitcoins they made is trade them in for USD dollars then eventually those Bitcoin to currency traders are going to have so much Bitcoins that they'll probably close shop. It will end up being like trading furbies. Eventually nobody cares anymore. So my question is why should I take my hard earned money and exchange it for Bitcoins if all I can do with Bitcoins is exchange them back into dollars or maybe I could get another bitcoin client going and trade my bitcoins back and forth...

Viola.

This person is a perfect example of what I'm talking about.

Let me ask you we6jbo, but would you mind running the miner and acquire some virtually for free?

I would love to be the miner and make my wealth that way but the thing is if I can't exchange it for another currency then what am I going to do with all those Bitcoins? Going back to what it takes to being a miner these days. If you're already into the technologies involved in mining, a beefy computer, GPU and especially social networking with alike thinkers then there's really not that much when it comes to investment. Look at this guy "Extreme World of Warctaft Games Rig: 47 PCs" (http://www.wired.com/gadgetlab/2007/07/extreme-world-o/) he built a huge computer network just so he can play 47 world of warcraft characters. He obviously loves doing this stuff or else he would not have done it in the first place and plus he makes no money whatsoever. Not a dime in this hobby he has going. I think that there are definitely going to be cases where gamers will hop onto the idea of generating Bitcoins but the thing we gotta realise is that generating bitcoins for wealth will quickly die if the bitcoins to cash traders get swamped and there's no facilities intact that will take Bitcoins for services. In the end, these gamers will probably get tired of their new hobby and leave. Worst of all is that these gamers will probably not care for all the Bitcoins they've generated and will simply throw them away - literally delete their wallet.dat file and all those bitcoins they had -. I think that we need to be responsible for the direction that the Bitcoin network leads. If we neglect the currency then our new currency will end up being the US dollar thrown into the fireplace to heat our homes.

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March 07, 2011, 02:19:58 AM
 #38

Advertise to the IT crowd, they will be the only ones to really trusting it at first. My mom doesn't like ATM machines, forget the Older Folks.

How about at Hackerspaces?  There's likely one near you: http://hackerspaces.org/wiki/List_of_Hacker_Spaces


[Incidentally, why nearly all Hackerspaces meet on Tuesday, and everything else about Hackerspaces : http://ur1.ca/3e2jk ]

Then you have the Teens, they won't even care

Until they figure out that there's no age limit to own and use bitcoin.  

With bitcoins, an 11 year old can do this, for example:
  Bitcoins -> Amazon virtual card (just like: http://bitcoin-otc.com/vieworder.php?id=738) -> the outfit her parents wouldn't buy for her

Bitcoin gives you freedom.  No matter who you are.

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March 07, 2011, 03:17:25 AM
 #39


Advertise to corporate accountants and tax lawyers.

"Bitcoin, premier, supranational tax minimisation strategies for the electronic frontier and the future!"

Send me bitcoins if you are going to use that phrase.

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March 07, 2011, 03:57:16 AM
 #40

It might be worth researching sites that offer anonymous like technology such as Tor, I2P and Anonet to see if they have any currency needs. In addition, games and other applications that have their own standard of currency could consider adopting Bitcoin as a replacement or running side by side. I know OSGrid, an opensource Second Life server of connected servers has a currency that they don't use but some of the individuals there might considering adopting Bitcoin as their currency standard.

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