If bitcoin ever goes mainstream

[guybrushthreepwood]

It's inevitable (that Bitcoin will go mainstream), but fiat isn't going anywhere any time soon.  Plenty of time for people to divest.  I know I'd keep some USD in a USD side chain.

The question is to what level of mainstream? A few large merchants and a handful of stores on the street, or many large merchants and many more on the highstreet. Hopefully we'll see a slow growth through both stages.

[bryant.coleman]

The question is to what level of mainstream? A few large merchants and a handful of stores on the street, or many large merchants and many more on the highstreet. Hopefully we'll see a slow growth through both stages.

Unless Bitcoins are accepted by a significant portion of the merchants (may be 20-30%), we won't be able to call it as a mainstream currency. Adoption by a few big names will definitely give a boost to the exchange rates, but that alone will not make the currency mainstream. A lot of challenges are ahead... especially the government regulations. 

[guybrushthreepwood]

The question is to what level of mainstream? A few large merchants and a handful of stores on the street, or many large merchants and many more on the highstreet. Hopefully we'll see a slow growth through both stages.

Unless Bitcoins are accepted by a significant portion of the merchants (may be 20-30%), we won't be able to call it as a mainstream currency. Adoption by a few big names will definitely give a boost to the exchange rates, but that alone will not make the currency mainstream. A lot of challenges are ahead... especially the government regulations. 

I think 20-30% is very reasonable within the near future. It's exciting to watch it grown and see where it goes regardless.

[Finchy]

Define mainstream. I think itll be mainstream if merchants like amazon and ebay accept it along with many more and various real-world shops around the globe.

[Mikez]

Mainstream is a pretty relative notion. In my opinion, I already consider it mainstream, as I use it everyday since.. a long time and a lot of my friends use Bitcoin as well.
So among my entourage is quite popular and mainstream, even more than PayPal .

[311]

I guess that's a good definition ie its mainstream when we use it daily.

[guybrushthreepwood]

Mainstream is a pretty relative notion. In my opinion, I already consider it mainstream, as I use it everyday since.. a long time and a lot of my friends use Bitcoin as well.
So among my entourage is quite popular and mainstream, even more than PayPal .

I don't think we can call it anywhere near mainstream yet. It might be getting talked about in the mainstream but it's not been implemented yet.

[bitsmichel]

Mainstream is a pretty relative notion. In my opinion, I already consider it mainstream, as I use it everyday since.. a long time and a lot of my friends use Bitcoin as well.
So among my entourage is quite popular and mainstream, even more than PayPal .

I don't think we can call it anywhere near mainstream yet. It might be getting talked about in the mainstream but it's not been implemented yet.

I think we can call it mainstream when we see it on every single website. Still a path ahead, maybe in 4-8 years

[guybrushthreepwood]

Mainstream is a pretty relative notion. In my opinion, I already consider it mainstream, as I use it everyday since.. a long time and a lot of my friends use Bitcoin as well.
So among my entourage is quite popular and mainstream, even more than PayPal .

I don't think we can call it anywhere near mainstream yet. It might be getting talked about in the mainstream but it's not been implemented yet.

I think we can call it mainstream when we see it on every single website. Still a path ahead, maybe in 4-8 years

I think every-single website is a bit extreme for it to be considered mainstream.

[JJB]

Definitely. Paypal is mainstream but not every shop online accepts it.

[FNG]

I know many bitcoiners have an anarchist/libertarian perspective of the world, therefore, they look at the government as a bad thing.

But the creation of a government controlled by the people is one of the most important political inventions of humankind. We managed to tamed the most powerful institution on Earth: the Leviathan of Hobbes. If the government would disappear tomorrow, I think we know what would happen: most streets would be controlled by violent groups. We would living on a brutal feudalistic system in no time.

The state has important functions on stimulating the economy on depressions and social functions supporting the poor that seem to be unviable or hard to execute on a monetary system where money is finite and it's in the hands of a group of pioneers (our hands).

Take the creation of the money from the hands of a democratic government (I know in many countries that power isn't in the hands of democrats), make it finite, and in the hands of a group of pioneers, and rest assure that justice won't be served.

But my text isn't about justice. There is little that we can do. I certainly won't try to convince governments to destroy bitcoin. They will have to do their home work. It's only about taking conscience of what might happen.

Be careful with what you want, because it might come true.

LOLOLOLOLOLOLO...EM

[Trading]

Don't forget that the US isn't the world.

In many countries, you can't buy anything with bitcoin. You might even have a hard time or have to pay heavy fees to find someone willing to exchange bitcoins for the local money.

Calling the present situation as mainstream seems very far-fetching.

[Mudd]

You can't buy much with it now really but more and more merchants are accepting it daily across the world.

[Marlo Stanfield]

Will the volatility of bitcoin ever end?
The increase of its users will keep bitcoin's price going up. However, because supply and demand is controlled by human perceptions and emotions, after a huge boom in price it will always come a bust. Every overshooting of the price will be followed by a general perception that the price increased too fast and, consequently, by a drop.
For volatility to end, it would be necessary a general adoption of bitcoin that would limit further increases for lack of enough new persons to make a substantial difference in demand. But since the numbers of bitcoin are limited, that would also require or a stagnant GDP or a fractional reserve system based on bitcoin that would allow its banking numbers to artificially increase side by side with GDP. That won't happen for years. Volatility is here to stay for long.

I think this is a reasonable assessment. I agree that the volatility isn't going anywhere anytime soon. I think you're right that it will have to get to the point where the emotions of the crowd are not the driving factor on upswings or sell offs.

[Finchy]

Will the volatility of bitcoin ever end?
The increase of its users will keep bitcoin's price going up. However, because supply and demand is controlled by human perceptions and emotions, after a huge boom in price it will always come a bust. Every overshooting of the price will be followed by a general perception that the price increased too fast and, consequently, by a drop.
For volatility to end, it would be necessary a general adoption of bitcoin that would limit further increases for lack of enough new persons to make a substantial difference in demand. But since the numbers of bitcoin are limited, that would also require or a stagnant GDP or a fractional reserve system based on bitcoin that would allow its banking numbers to artificially increase side by side with GDP. That won't happen for years. Volatility is here to stay for long.

I think this is a reasonable assessment. I agree that the volatility isn't going anywhere anytime soon. I think you're right that it will have to get to the point where the emotions of the crowd are not the driving factor on upswings or sell offs.

Volatility is going to be a big issue I think and I'm not actually sure if it will ever end.

[Trading]

Will the volatility of bitcoin ever end?
The increase of its users will keep bitcoin's price going up. However, because supply and demand is controlled by human perceptions and emotions, after a huge boom in price it will always come a bust. Every overshooting of the price will be followed by a general perception that the price increased too fast and, consequently, by a drop.
For volatility to end, it would be necessary a general adoption of bitcoin that would limit further increases for lack of enough new persons to make a substantial difference in demand. But since the numbers of bitcoin are limited, that would also require or a stagnant GDP or a fractional reserve system based on bitcoin that would allow its banking numbers to artificially increase side by side with GDP. That won't happen for years. Volatility is here to stay for long.

I think this is a reasonable assessment. I agree that the volatility isn't going anywhere anytime soon. I think you're right that it will have to get to the point where the emotions of the crowd are not the driving factor on upswings or sell offs.

Changed the wording of this paragraph to make it more clear, even if the reasoning is still the same.

The goal was to write the minimum possible, without affecting the intelligibility of the ideas.

I'm afraid perceptions on the price being "overbought" will never disappear.

[acoindr]

... Because I doubt bitcoin will bring much prosperity, since it will establish a deflationary monetary system. ...

LOL at people that talk about deflation (falling prices) as a bad thing and inflation (rising prices) as a good thing.

A must see Peter Schiff video:

Deflating Food Package Sizes is Evidence of Inflation

[Ron~Popeil]

Will the volatility of bitcoin ever end?
The increase of its users will keep bitcoin's price going up. However, because supply and demand is controlled by human perceptions and emotions, after a huge boom in price it will always come a bust. Every overshooting of the price will be followed by a general perception that the price increased too fast and, consequently, by a drop.
For volatility to end, it would be necessary a general adoption of bitcoin that would limit further increases for lack of enough new persons to make a substantial difference in demand. But since the numbers of bitcoin are limited, that would also require or a stagnant GDP or a fractional reserve system based on bitcoin that would allow its banking numbers to artificially increase side by side with GDP. That won't happen for years. Volatility is here to stay for long.

I think this is a reasonable assessment. I agree that the volatility isn't going anywhere anytime soon. I think you're right that it will have to get to the point where the emotions of the crowd are not the driving factor on upswings or sell offs.

Volatility is going to be a big issue I think and I'm not actually sure if it will ever end.

It is like a body of water. The smaller it is the bigger the waves. As we add depth in the form of market capitalization it will level off.  

[jbreher]

Freedom is a completely abstract notion. You are technically taking power away from the government by promoting Bitcoin, however you are in turn giving power to a select handful of people who have large holdings of coins. It doesn't give the power to collective society (if anything democratically elected governments do so on the behalf of the people) but instead some individuals.

No. The rich do not have the power to demand we act in certain ways, lest we be caged or murdered. Only the insane belief in the authority of governments leads to that power.

[jbreher]

If the government would disappear tomorrow, I think we know what would happen: most streets would be controlled by violent groups. We would living on a brutal feudalistic system in no time.

Please compare and contrast: your nightmare scenario, with; the system we have now.]

Government takes half of what I create, and forces me to certain behaviors. The only real difference I see in the above is that somehow, the masses seem to believe that governmental trasngressions are moral.