Nobody owns any bitcoin (well basically nobody!)

[Wary]

Most people don't own gold either and even the fiat savings of the average person is pathetically low - most are in debt.

You mean most Americans.  China is different.

[600watt]

Since about a year, i told my brother in law (website designer) several times about btc.

I bought my first batch in may 2013, second batch in november 2013, third batch may 15 2014, just sold some fractions of btc to test exchange processing and transfer time.

Last april on a family reunion i asked him if he looked into btc, he said btc was passé already.....

You can lead a horse to water.....

Edit to add:  other people i told about btc had no spare money to buy in, new kitchen, just bought an appartment, car  etc etc....

I consider myself lucky to be debt free.
I was saving money to buy a BMW X5 but once I had the money I just could not "waste" it all on a car....

Instead I bought a second hand Mercedes E280 and used the surplus money to buy btc. Never ever regretted this.   

nice story. if i meet someone who wants to buy a new car i will tell them about the 2nd hand mercedes, that (will have) made you rich 

[danielW]

People look at the price which seems very high compared to the things they are used to, i.e. shares, other currencies.

But thats totally irrelevant, its just a question of decimal places, an arbitrary decision by Satoshi of how many bitcoins there will be.


What matters is the market capitalisation which is tiny in the global scale of things.

Bitcoin could go to $10 000 just on the back of geeks and libertarians worldwide.


btw.

I went to my local hackerspace and from the ten people there most knew a bit about bitcoin but I dont think they owned any  and did not seem too interested. They had not caught the bug yet. I was a bit disappointed tbh.

[ampere9765]

Bitcoin could go to $10 000 just on the back of geeks and libertarians worldwide.

I agree. But I'm not interested in $10k, particularly. I'm much more interested in $100k-$500k. Now, what level of infrastructure would it take to get there?

[hellscabane]

You have to remember, in general (at least in the U.S. since that’s the example that you used), the majority of people tend to be risk-adverse and are keen on more immediate gratification. And well, Bitcoin, as it stands, is on the polar opposite of those things. Bitcoin, despite all of its development, is still a significant risk and gains have tended to occur in relatively short intervals (i.e. spikes) although the floor has steadily risen.

[zimmah]

The problem is, from speculation point of view, people are thinking about the unfairness of early adopters and would rather skip to join the bitcoin game since early adopters are already sitting on tons of coins and want to profit from the late adopters

This is the same reason people resist to buy high priced stock/gold/house etc... unless there is a real consensus that the current price is fair and there is a real demand for it

Well, people do feel that way, I speak from personal experience. But it important to note we ARE still early investors. Not even 1% of humanity has bitcoin yet. If you even own 1 satoshi, you are the 1% in bitcoin terms.

[Benjig]

The problem is, from speculation point of view, people are thinking about the unfairness of early adopters and would rather skip to join the bitcoin game since early adopters are already sitting on tons of coins and want to profit from the late adopters

This is the same reason people resist to buy high priced stock/gold/house etc... unless there is a real consensus that the current price is fair and there is a real demand for it

Well, people do feel that way, I speak from personal experience. But it important to note we ARE still early investors. Not even 1% of humanity has bitcoin yet. If you even own 1 satoshi, you are the 1% in bitcoin terms.

Yes and the price is very cheap still.. i mean 1mBTC = 0.650 usd, its not even one dollar! owning 500 mBTC for the average people is the best way they can spend around 300 usd, the people who are not buying right now is wasting their time.
Gold is going down and silver the same.. only bitcoin is good investment now.

[rocks]

You have to remember, in general (at least in the U.S. since that’s the example that you used), the majority of people tend to be risk-adverse and are keen on more immediate gratification. And well, Bitcoin, as it stands, is on the polar opposite of those things. Bitcoin, despite all of its development, is still a significant risk and gains have tended to occur in relatively short intervals (i.e. spikes) although the floor has steadily risen.

Completely agree, which is why it continues to amaze me that the vast majority of people year after year invest in an asset that has steadily decreased in value every single year for 100 years (the dollar) and who's managers openly state they will continue this policy (the FED).

[maker88]

Since about a year, i told my brother in law (website designer) several times about btc.

I bought my first batch in may 2013, second batch in november 2013, third batch may 15 2014, just sold some fractions of btc to test exchange processing and transfer time.

Last april on a family reunion i asked him if he looked into btc, he said btc was passé already.....

You can lead a horse to water.....

Edit to add:  other people i told about btc had no spare money to buy in, new kitchen, just bought an appartment, car  etc etc....

I consider myself lucky to be debt free.
I was saving money to buy a BMW X5 but once I had the money I just could not "waste" it all on a car....

Instead I bought a second hand Mercedes E280 and used the surplus money to buy btc. Never ever regretted this.   

this is how i feel. i tell people all the time about bit coins but no one seems to look at the big picture. they act like I'm going to lose all my money and i just laugh as they explain how its a better idea to leave your wealth 100% fiat where its bled daily by inflation.

[chessnut]

Most people don't own gold either and even the fiat savings of the average person is pathetically low - most are in debt.

why would people want gold? its useless. also, there are more millionaires in the world than there are bitcoin owners/users.

[hellscabane]

You have to remember, in general (at least in the U.S. since that’s the example that you used), the majority of people tend to be risk-adverse and are keen on more immediate gratification. And well, Bitcoin, as it stands, is on the polar opposite of those things. Bitcoin, despite all of its development, is still a significant risk and gains have tended to occur in relatively short intervals (i.e. spikes) although the floor has steadily risen.

Completely agree, which is why it continues to amaze me that the vast majority of people year after year invest in an asset that has steadily decreased in value every single year for 100 years (the dollar) and who's managers openly state they will continue this policy (the FED).

Haha! Very valid point. Admittedly, we know that a lot of Americans also don't think like that; all they perceive is the status quo that they grew up with. That perception makes them think they are "safe." That'd involve a chunk of critical thought. And let's face it, doing that would be much too difficulty for many of them.

[rocks]

You have to remember, in general (at least in the U.S. since that’s the example that you used), the majority of people tend to be risk-adverse and are keen on more immediate gratification. And well, Bitcoin, as it stands, is on the polar opposite of those things. Bitcoin, despite all of its development, is still a significant risk and gains have tended to occur in relatively short intervals (i.e. spikes) although the floor has steadily risen.

Completely agree, which is why it continues to amaze me that the vast majority of people year after year invest in an asset that has steadily decreased in value every single year for 100 years (the dollar) and who's managers openly state they will continue this policy (the FED).

Haha! Very valid point. Admittedly, we know that a lot of Americans also don't think like that; all they perceive is the status quo that they grew up with. That perception makes them think they are "safe." That'd involve a chunk of critical thought. And let's face it, doing that would be much too difficulty for many of them.

As an American who was born in south america and lived several years as an expat in both the EU and north Asia, my experience has been the opposite. Yes most Americans are sheeple who don't question anything, but I've found the ratio of ones who do to be higher in the states than elsewhere. Of course that could be because my last stint was in Korea where thinking is shockingly uniform to a disturbing degree, I love Korea and the people there, but there is absolute following of authority.

[Parazyd]

Bitcoin really is on its way for mass adoption. Look at all the Bitcoin ATMs. And they aren't just staying there, people are buying BTC!

[Swordsoffreedom]

Bitcoin really is on its way for mass adoption. Look at all the Bitcoin ATMs. And they aren't just staying there, people are buying BTC!

That's true if the ATM is around people will use it and that will mean more unique users in the long run to increase bitcoin adoption
Got to love those things

[DolanDuck]

Bitcoin really is on its way for mass adoption. Look at all the Bitcoin ATMs. And they aren't just staying there, people are buying BTC!

That's true if the ATM is around people will use it and that will mean more unique users in the long run to increase bitcoin adoption
Got to love those things

With the recent news of Dish, Apple and ebay interested or adopting bitcoins, the adoption can only grow and ATM will help in this task.

[Swordsoffreedom]

Bitcoin really is on its way for mass adoption. Look at all the Bitcoin ATMs. And they aren't just staying there, people are buying BTC!

That's true if the ATM is around people will use it and that will mean more unique users in the long run to increase bitcoin adoption
Got to love those things

With the recent news of Dish, Apple and ebay interested or adopting bitcoins, the adoption can only grow and ATM will help in this task.

Totally I look forward to people using it more and the benefits of more merchants taking it
Although I am kind of curious how long it will take for the local merchant to start using it in larger scales
You could say first the ATMS and then the retailers will come

[Parazyd]

Bitcoin really is on its way for mass adoption. Look at all the Bitcoin ATMs. And they aren't just staying there, people are buying BTC!

That's true if the ATM is around people will use it and that will mean more unique users in the long run to increase bitcoin adoption
Got to love those things

With the recent news of Dish, Apple and ebay interested or adopting bitcoins, the adoption can only grow and ATM will help in this task.

Even PayPal. Shit just got real.
It's huge news. Can't wait when we hit $1000 again. The media coverage will be huge.

[wachtwoord]

Since about a year, i told my brother in law (website designer) several times about btc.

I bought my first batch in may 2013, second batch in november 2013, third batch may 15 2014, just sold some fractions of btc to test exchange processing and transfer time.

Last april on a family reunion i asked him if he looked into btc, he said btc was passé already.....

You can lead a horse to water.....

Edit to add:  other people i told about btc had no spare money to buy in, new kitchen, just bought an appartment, car  etc etc....

I consider myself lucky to be debt free.
I was saving money to buy a BMW X5 but once I had the money I just could not "waste" it all on a car....

Instead I bought a second hand Mercedes E280 and used the surplus money to buy btc. Never ever regretted this.   

This is why saving is so important. Only by saving learn the value of money. By saving you show patience and determination and by not spending it all on the item you wanted you show self-control and frugality. Congratulations

[hellscabane]

You have to remember, in general (at least in the U.S. since that’s the example that you used), the majority of people tend to be risk-adverse and are keen on more immediate gratification. And well, Bitcoin, as it stands, is on the polar opposite of those things. Bitcoin, despite all of its development, is still a significant risk and gains have tended to occur in relatively short intervals (i.e. spikes) although the floor has steadily risen.

Completely agree, which is why it continues to amaze me that the vast majority of people year after year invest in an asset that has steadily decreased in value every single year for 100 years (the dollar) and who's managers openly state they will continue this policy (the FED).

Haha! Very valid point. Admittedly, we know that a lot of Americans also don't think like that; all they perceive is the status quo that they grew up with. That perception makes them think they are "safe." That'd involve a chunk of critical thought. And let's face it, doing that would be much too difficulty for many of them.

As an American who was born in south america and lived several years as an expat in both the EU and north Asia, my experience has been the opposite. Yes most Americans are sheeple who don't question anything, but I've found the ratio of ones who do to be higher in the states than elsewhere. Of course that could be because my last stint was in Korea where thinking is shockingly uniform to a disturbing degree, I love Korea and the people there, but there is absolute following of authority.

Very true. In my experience, I've noticed that complacency tend to stem from reasons though. In America, it's more or less chosen out of laziness. In other countries, it's more due to family loyalty and not wanting to bring shame.

Either way though, everyone still has a choice to critically think and enact reasonable steps to fall in line with that ideology.

[aminorex]

Bitcoin could go to $10 000 just on the back of geeks and libertarians worldwide.

I agree. But I'm not interested in $10k, particularly. I'm much more interested in $100k-$500k. Now, what level of infrastructure would it take to get there?

An exchange-traded product, such as the Winklevoss trust.