Is Bitcoin close to becoming totally irrelevant for most "normal" people??

[A62662]

Is it just my impression or is interest in Bitcoin going down rapidly? One of the top recent threads is "Btc is boring".
Most of the other threads is mainly about hodlers trying to convince others to buy BTC, kind of reminds me of some random MLM forum rants promising riches and little to no substance.

I'll give you a few examples. The first example is kind of funny. The people who bought in at below $1000, wants YOU to buy in at $50,000 or even higher for that matter. They talk about all the money they made and now its your turn to make money. Only thing is 50k isn't the same as below 1K.
Another thing is that it's a lot harder for the market to lift 50K than 1K, try to lift 50kg and less than 1kg and see what is easier, the answer probably wont surprise you all that much.

The second example is about scale and the law of high numbers;

If the 1% (that pumped Bitcoin)were to dump their BTC holdings, because of for instance a stock or a bondmarket crash, triggered by for instance higher interest rates. If so, you would see a BTC (and altcoin) crash like not seen in many years...
Regular blue collar Joe hasn't got the kind of financial funds to replace what the 1% could pull out. Only the 1% has 1% money, and if they say i'm out of BTC, the price of BTC will adjust to what regular Joe can afford, and that wont be much in a market crisis.

Do you have other examples, please share them with the rest of us for a more balanced forum reading experience.

[mk4]

BTC is only going to be "irrelevant" for normal people if all they want is a quick pump and dump. On the other hand the smarter "normal" people see the opportunity for wealth growth and will take advantage of BTC. As per usual, the ignorant and lazy normal people are the ones who will be left behind and will complain about wealth inequality on social media.

[A62662]

I think back in the day, a quick pump and dump of BTC when it was say $100-$1000 range, was what brought in most people in the first place, that and it was kind of new, cool and relatively cheap(ish).

What people see now recently is that BTC is more or less flatlined. Most people dont play the lottery to win a few bucks, they play to win the jackpot, seems like those days are long gone in Bitcoin. People realise this and can't be bothered any more.

[BlackHatCoiner]

Is it just my impression or is interest in Bitcoin going down rapidly?

Did you possibly conclude this due to the recent decrease? It's reasonable for people to be discouraged to continue when they see their asset losing 30% of its market value. Allow me to tell you to see things objectively and not in terms of trends.

One of the top recent threads is "Btc is boring".

And has some decent responses.


If people want to have a profit, then bitcoin may not be what they should be looking for. It is nowhere stated that you'll get rich, the only thing said is that it's a currency. Investors and traders obviously want to confuse and manipulate, but that happens with every asset they have interested in.

The price isn't stable, it still makes some huge changes (for a currency), but it's definitely more stable in terms of time due to the reason you mention in your second example. It's also a lot more stable than some other shitcoins.

[Rruchi man]

One of the top recent threads is "Btc is boring".

Boring for those who were expecting that their little investment would have made them rich by now, that is those who saw it as a get rich quick scheme, boring for those who are impatient and have no real discipline to wait and not tamper with their portfolio, boring for those with no real knowledge of bitcoin and crypto. They say time will tell, and it also applies to crypto, many of the people who make so much noise about bitcoin now without any real knowledge, noise just to feel among and be counted as those who know something will soon get tired of playing themselves, often times from the mouth of such individuals you hear statements like this "btc is boring".

[DapanasFruit]

I think this is just another version of saying that Bitcoin is dead! Yes, we can never expect Bitcoin to be exciting all the time...there will always be ups and downs along the way and expecting the other way around is insanity. What is good with Bitcoin is that it is capable of resurrecting itself after so many predictions of its demise. You see when Bitcoin is going up, everybody is proclaiming its virtues and its features and the many things in between but when the market can be in the humdrum then there is that possibility of people questioning it. That is the kind of attitude affecting retail investors and one of the reasons why the winter happened in 2018 - good thing that now we already have institutional investors in the mix.

[mindrust]

Is it just my impression or is interest in Bitcoin going down rapidly? One of the top recent threads is "Btc is boring".
Most of the other threads is mainly about hodlers trying to convince others to buy BTC, kind of reminds me of some random MLM forum rants promising riches and little to no substance.

I'll give you a few examples. The first example is kind of funny. The people who bought in at below $1000, wants YOU to buy in at $50,000 or even higher for that matter. They talk about all the money they made and now its your turn to make money. Only thing is 50k isn't the same as below 1K.
Another thing is that it's a lot harder for the market to lift 50K than 1K, try to lift 50kg and less than 1kg and see what is easier, the answer probably wont surprise you all that much.

The second example is about scale and the law of high numbers;

If the 1% (that pumped Bitcoin)were to dump their BTC holdings, because of for instance a stock or a bondmarket crash, triggered by for instance higher interest rates. If so, you would see a BTC (and altcoin) crash like not seen in many years...
Regular blue collar Joe hasn't got the kind of financial funds to replace what the 1% could pull out. Only the 1% has 1% money, and if they say i'm out of BTC, the price of BTC will adjust to what regular Joe can afford, and that wont be much in a market crisis.

Do you have other examples, please share them with the rest of us for a more balanced forum reading experience.

That's all nocoiner talk man. Do you have any idea how many times bitcoin died last year? I forgot the exact number but it was 20 or 30 something. Bitcoin already made it this far. When it was at $1k, $20k looked impossible and here we are at $50k. Does $500k look impossible to you? Then fine. Good luck with whatever you do. Maybe you'll come back and buy it at $500k and hope for $5m. And guess what, Bitcoin will go even beyond $5m. I'd say $500m would be a realistic price for one bitcoin.

Just liston to Michael Saylor and have faith in satoshi and the white paper. God bless.

[buwaytress]

I think it's just you. Haha.

Let me put it to you as a newcomer in 2016 (my experience and okay, maybe I might not be considered a normal person but I definitely see myself as a regular Joe) -- rural middle class upbringing, economic migrant, Generation X.

Came across Bitcoin in 2013 for the first time. Even had to conduct minor investigations into it for a story I was tasked to do for it. Thought it was so-so, and definitely thought it was irrelevant to me then. This was a boom cycle too (hence the media interest), but even that actually worked against me wanting to find out more.

3 years later, I did dig into it a bit more for personal interest. Understood finally the things that made it special -- non-centralised financial system, pretty good implementation of cryptography, public ledger, etc etc. Price-wise, it was struggling to recover from the last ATH, though no one knew another rally was coming in the following year.

While I was knee deep into BTC, I already saw all those "Bitcoin is dead, boring" or "ETH if Flippening BTC" or "Blockchain not Bitcoin" threads posted, even more than today I think. ICO frenzy was about to happen too.

BTC couldn't do Dapps, couldn't do sidechains, too slow to develop, PoW is dead, blah blah blah. So yeah, I think BTC has always been "totally irrelevant" for most people who come into crypto. But not because these are normal people... but because the majority of newcomers aren't looking to use crypto, but to make a quick buck.

Speculators and crypto buyers aren't regular users.

[jrrsparkles]

People who bought at 1K had more risk reward ratio than who are buying it at 50K, I am talking as an investor. Once an asset is established and recognized by the people then it has impossibility to reach zero so hopefully the price is going to be higher and higher but its your decision whether you want to buy and hold it until it reaches 100K or buy a land and wait for 20 years to get 50% returns because mote safer the investment the lesser it will make returns.

[Woodie]

Is it just my impression or is interest in Bitcoin going down rapidly? One of the top recent threads is "Btc is boring".
Most of the other threads is mainly about hodlers trying to convince others to buy BTC, kind of reminds me of some random MLM forum rants promising riches and little to no substance.

The thing with cryptos is that they will not please everyone and they will always be prone to public opinions!

I'll give you a few examples. The first example is kind of funny. The people who bought in at below $1000, wants YOU to buy in at $50,000 or even higher for that matter. They talk about all the money they made and now its your turn to make money. Only thing is 50k isn't the same as below 1K.

Nice example but the problem here is its easier for someone to invest 1000 dollars than someone trying to invest 50,000 dollars for one bitcoin which is why we have less hodlers coming from today's investors as they are cashing out fast than what use to happen.

Another thing is that it's a lot harder for the market to lift 50K than 1K, try to lift 50kg and less than 1kg and see what is easier, the answer probably wont surprise you all that much.

Classic example i like this one

[Distinctin]

BTC is only going to be "irrelevant" for normal people if all they want is a quick pump and dump. On the other hand the smarter "normal" people see the opportunity for wealth growth and will take advantage of BTC. As per usual, the ignorant and lazy normal people are the ones who will be left behind and will complain about wealth inequality on social media.

Very well said mate, when we say people it refers to us, and I believe the majority of the people would not really get into bitcoin as only a few really thought of investment and see it as an opportunity for growing their wealth in the future. A smarter investor would also consider it as a hedge of their money from high inflation,  while the majority even have no idea of the economic status of their own country.

[mynonce]

Is it just my impression or is interest in Bitcoin going down rapidly? One of the top recent threads is "Btc is boring".

That thread is one of the top recent threads, because a lot of people disagree and respond and tell OP, why Bitcoin isn't boring.

Another thing is that it's a lot harder for the market to lift 50K than 1K, try to lift 50kg and less than 1kg and see what is easier, the answer probably wont surprise you all that much.

Classic example i like this one

Yes, but the story goes on. If the 'big money' comes in, then they will come with cranes.

[davis196]

Is it just my impression or is interest in Bitcoin going down rapidly? One of the top recent threads is "Btc is boring".
Most of the other threads is mainly about hodlers trying to convince others to buy BTC, kind of reminds me of some random MLM forum rants promising riches and little to no substance.

Bitcoin isn't supposed to be boring or entertaining.
People will always find something to complain about.
The Bitcoin price isn't moving-some people say that Bitcoin is boring.
The Bitcoin price is dropping-some people say that Bitcoin will die soon.
The Bitcoin price is increasing-some people say "This is a speculative asset,ponzi scheme,scam,bla bla bla..."
The interest of "normal people" towards Bitcoin takes the form of waves-it can go up and down.
Currently,the interest towards Bitcoin is down,but that doesn't mean it won't go up at some point(a new bullish wave).
The Bitcoin HODLers aren't trying to convince anyone to buy BTC.
Using a low quality shitpost about Bitcoin being boring to prove your point is kinda lame.

[yazher]

Most likely they won't bother because they think they are already late to invest which was not the case because the price has some good history record where it will gonna further increase just after the halving period which will gonna occur a few more years from now. So, if people think and ponder about the situation, they know the real fact about it and they will gonna get profit if they can hold their bitcoin and think about it as a long term investment.

[fiulpro]

How do you define *irrelevant*?
Bitcoins honestly is not even close to becoming irrelevant in any case. People still are buying during the times of lows and people are still investing. Maybe it's *irrelevant* for people who just focuses on fiat and nothing else, which inturn means that for them other things like *stocks* *shares* *investments* are irrelevant as well, not just bitcoins. Therefore for that kind of person their interest in Bitcoin might or might not be relevant in the first place to consider. For people who don't really care about technologies, for them it's completely understandable to not have any questions regarding the ease of use, ofc they would try and accumulate more traditional form of investments. The term *boring* is personal for every person, but is it that bad? Doesn't it just mean that it's becoming as common as the fiat itself?

[virasog]

Is it just my impression or is interest in Bitcoin going down rapidly? One of the top recent threads is "Btc is boring".
Most of the other threads is mainly about hodlers trying to convince others to buy BTC, kind of reminds me of some random MLM forum rants promising riches and little to no substance.

What do you mean that bitcoin is boring? Don't expect bitcoin to pump or dump all the time. Many serious investors are afraid of bitcoin volatility, rather if bitcoin is stable and has less volatility, it will be good for bitcoin holders.
Also, you need a lot of knowledge about bitcoins as you are comparing bitcoins with a MLM Scheme.

[DaveF]

I see the opposite, more and more people are talking about it and asking us who use it / know about it for more information.
Keep in mind most of threads here are from people who either are active users or people who support BTC.
HOWEVER, there are a lot of other posts from people who are either anti BTC or have their own agenda, so posts here are not an indication of the outside world.

But with more ETFs trying to be listed, and more and more larger players (block, Master Card, etc.) getting into it I actually see the opposite and that more people are getting into it.

-Dave

[Jating]

Of course, you can't compare buying bitcoin at $1k to buying it at $50k.

But what if the price goes to $100k? so that potential is there to double your money, it's that you need to have the mental patience to wait for the price to grow. Maybe it will take months or years, but the potential is there.

And as majority said, irrelevant? you mean ordinary investors will shift to stocks or any other investment platform for that matter? I doubt it, bitcoin will remain relevant as it is one of the best assets, just ask wall streets to ordinary and average joe, everyone is talking about it.

[A62662]

Sure, but most "dreamers" aren't really here for best case scenario 2X, they are here for 100x or more, and they are not going to get that from Bitcoin buying at 50K, they are probably much more likely to lose money buying at 50K than to 2X.
For that matter you might just as well buy stocks if your golden target is 2X.

Some people in here are trying to feed that get rich pipedream buying BTC, the train left the station, the newbies weren't on it.

What I would love to see in here is some realism, that would be a nice change. Some are more realistic than others, but too many are trying to feed the pipedream.

[Wexnident]

I mean, it did take years for 1k to go to 50k, it'd be pretty dumb to expect something like that to happen in days or months. See that's the problem mindset, people are in it to make quick bucks when well, it hasn't exactly been quick for early investors. All risks come with benefits, investing early means you're just able to profit earlier than others, that's it. Probably stop being narrow-minded about the future of Bitcoin and look at it from a wider scale. Now if you can't afford to have a wider view, it's either the money you're investing is one that you can't afford to lose (and in that case, I'd just say get some money you CAN afford to lose, then invest), or you're just looking for a quick buck, now can't help you with the latter one.