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Author Topic: Marc Faber on Bitcoin: Unbanked Developing World Not Ready for Bitcoin  (Read 2156 times)
Ron~Popeil
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June 12, 2014, 01:31:42 AM
 #41

"Unbanked Developing World Not Ready for Bitcoin"

In a free market, it doesn't matter if "the world" is not ready.
What matter are the individuals ready to.
If they are, they can profit and increase their wealth at the expenses of the unready.

The developing world is adopting cellphones (even in Somalia, without a government to build the line and protect them).
The developing world is adopting the cellphone (and the smartphone) because hey have need it can satisfy (information).
The fishermen of Kerala had their income increased by 5-10% by adopting cellphones to know where to bring their fishes.

Woodworkers, carpenters, etc. increased their income with cellphones, because buyers can now find and call them with ease.


Hopefully soon they can pay them with ease with a stable deflationary currency as well.

Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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David-M
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June 12, 2014, 08:34:39 AM
 #42

Bitcoin can and is being used on phones with SMS only. Coinbase enabled this several months ago and 37coins makes it possible as well.  I've played with 37coins sms bitcoin, and it works! No need for a smartphone.

Hopefully, there will soon be decentralized solutions as well.


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June 12, 2014, 12:00:20 PM
 #43

Many of you guys need to travel more, or at least read more - and look at the adoption facts. You are not seeing reality clearly. The developing world is exploding with young people, almost every one of which has a phone (except in the poorest of the poor places) and even there the village shares 2 or 3 phones among the people.

Feature phones already have a +50% adoption rate in Africa.

And smart phones are becoming more ubiquitous than most imagine. Here, some exciting homework...

http://singularityhub.com/2014/03/07/cheap-devices-like-mozillas-25-smartphone-to-bring-more-of-developing-world-online/
http://techcrunch.com/2014/02/08/in-3-5-years-most-africans-will-have-smartphones/
http://www.pewresearch.org/fact-tank/2014/02/13/emerging-nations-catching-up-to-u-s-on-technology-adoption-especially-mobile-and-social-media-use/

This is not a future thing. It has already happened. And bitcoin does not even need smart phones. Just text, as other posters have mentioned and MPesa has proved. There are many brilliant and mission driven bitcoiners working hard on this at this moment. Tools are going to explode on the market next year and the following as the first round of VC money starts to see some early results. Problems to solve? Absolutely. Doable in a couple of years, absolutely.

My god, the remittance market alone is massive and currently takes huge percentages for moving money from the poorest to the poorest. That will change fast - as soon as there is a better option.

And as Ron has pointed out repeatedly, when people really need something it drives the use adoption even faster. And these folks need bitcoin bad - in dozens of use cases.
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