Bitcoin is unfair to the non tech-savvy

[Hyena]

Bitcoin traders are sometimes accused of unfairly profiting from an opaque asset beyond the understanding of ordinary people.
http://www.newyorker.com/online/blogs/currency/2014/07/bidding-on-bitcoin.html

Yesterday I met a couple of my old classmates on the street. They asked about Bitcoin and started to whine that most people don't understand the mathematical fundamentals behind Bitcoin and therefore had no realistic chance to invest when it was cheap. Of course, I encouraged them to invest now (better late than never) but seems that people generally rather enjoy wallowing in their own self-pity than take steps to adapt and overcome.

Even in this forum I have seen demeaning opinions about people who bought in when Bitcoin was trading single digits --- "they are not real investors and their earnings are equivalent to winning with a lottery ticket".

I can see that these issues can raise some negative emotions and Bitcoin has even not risen to 6666$ yet . What's the worst case scenario to follow? Bitcoin Jesus getting beaten up by angry conventional Warren Buffer apprentices?

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[Dalmar]

I don't get people who complain about having missed the boat on bitcoin. There are many penny stocks or sometimes even regular stocks that go up a lot more than bitcoin. So what? You can still trade it and profit from it.

[Hyena]

I don't get people who complain about having missed the boat on bitcoin. There are many penny stocks or sometimes even regular stocks that go up a lot more than bitcoin. So what? You can still trade it and profit from it.

That's a good argument, in case you're right.

[kerafym]

I don't get people who complain about having missed the boat on bitcoin. There are many penny stocks or sometimes even regular stocks that go up a lot more than bitcoin. So what? You can still trade it and profit from it.

I have never seen a penny stock or regular stock grow the equivalent of 12 million% in 4 years like bitcoin. Correct me if I am wrong.

Bitcoin is a black swan. Normally, black swan only occur once in few millions year.

[Dalmar]

I don't get people who complain about having missed the boat on bitcoin. There are many penny stocks or sometimes even regular stocks that go up a lot more than bitcoin. So what? You can still trade it and profit from it.

I have never seen a penny stock or regular stock grow the equivalent of 12 million% in 4 years like bitcoin. Correct me if I am wrong.

The only difference is that penny stocks get dumped, but bitcoin continues to get pumped. However, every year there are a good number of penny stocks that outperform bitcoin, not suggesting it's wise to buy those relative to bitcoin - but there are many.

[spiderbrain]

The internet is too techy for most pople to understand, it will never get big.

10 years later: OMG, did you see my photo of my pet dog?

People use internet banking when they don't understand it, and more people will use bitcoin at the software gets more user friendly and the ideas bed down in people's minds. It's early days yet.

[Klubknuckle]

Somehow agree, securing the wallet itself can be difficulty for some people.

[bananaControl]

Bitcoin traders are sometimes accused of unfairly profiting from an opaque asset beyond the understanding of ordinary people.
http://www.newyorker.com/online/blogs/currency/2014/07/bidding-on-bitcoin.html

Yesterday I met a couple of my old classmates on the street. They asked about Bitcoin and started to whine that most people don't understand the mathematical fundamentals behind Bitcoin and therefore had no realistic chance to invest when it was cheap.  Of course, I encouraged them to invest now (better late than never) but seems that people generally rather enjoy wallowing in their own self-pity than take steps to adapt and overcome.

This is such a load of bull. All the information needed is right there in front of their noses for free on the internet. All it takes is a little will and some effort, but that is probably the heart of their problem... I'd guess that most people wouldn't have invested a single dollar even if they knew about bitcoin in 2009, it would have been a too risky an investment for them.

In 2010 I thought about buying a few thousand bitcoins but ended up not doing it, simply because I hadn't done my homework. It is my own fault completely. And those who did buy back then deserve every penny they have made on their investment, they are the reason why bitcoin didn't just die as the crazy internet geekery it was.

Those who bitch now, will bitch at every bubble all the way to the moon. There is nothing we can do to save them from their laziness and self pity. They only have themselves to blame.

[enhu]

I must admit. the word bitcoin is never interesting to me back then the fact that they call it "coin" so the value must just be pennies. Thus reason the might not have to interest to google it

[SomeoneInNeed]

I don't think that BTC is unfair towards the non tech--savvy. The non tech savvy can just understand the economic concept and the concept of how BTC is a currency. Rather than understanding the Blockchain and the Algorithms behind it.

[mailmansDOGE]

Bitcoin is not unfair to anyone. It's a piece of software by it's own. It won't discriminate against you and me.

[maker88]

its not unfair, they're just stupid. and stupid people like to complain about things being rigged or unfair to justify their mistakes. I'm not tech savvy any more than any other 30 year old. i just know a good thing when i see it.

[peeveepee]

Non tech-savvy needs to learn.

None of us is born with knowledge.

[herzmeister]

Internet is unfair to the non tech-savvy (nt)

[rocks]

I don't think that BTC is unfair towards the non tech--savvy. The non tech savvy can just understand the economic concept and the concept of how BTC is a currency. Rather than understanding the Blockchain and the Algorithms behind it.

Exactly, IMHO those who see the long term potential of bitcoin generally do so more due to understanding of economics and how governments manipulate money than due to mathematical savvy.

People who see and question the government intervention and corruption tend to latch on to bitcoin in my experience. Those who don't will one day just complain when btc reaches the moon.

[Junko]

Bitcoin doesn't give a shit.

[Biodom]

I don't get people who complain about having missed the boat on bitcoin. There are many penny stocks or sometimes even regular stocks that go up a lot more than bitcoin. So what? You can still trade it and profit from it.

I have never seen a penny stock or regular stock grow the equivalent of 12 million% in 4 years like bitcoin. Correct me if I am wrong.

penny stock bursts are much shorter. I give you the example of CYNK-it was 10c on June 10 and $20 a couple of days ago-20000% in a month.
Of course, SEC shut it down temporarily on Fri (and possibly rightly so if it was just a scheme)
To the original OP: tell your classmates to get in at the "45 degree angle" to quote one Gordon Gekko before all those ETFs (COIN), hedge funds (GABI) and trusts (BIT) deploy.

[Biodom]

Somehow agree, securing the wallet itself can be difficulty for some people.

not applicable if they get a coinbase account.

[ShakyhandsBTCer]

I don't think that BTC is unfair towards the non tech--savvy. The non tech savvy can just understand the economic concept and the concept of how BTC is a currency. Rather than understanding the Blockchain and the Algorithms behind it.

Exactly, IMHO those who see the long term potential of bitcoin generally do so more due to understanding of economics and how governments manipulate money than due to mathematical savvy.

People who see and question the government intervention and corruption tend to latch on to bitcoin in my experience. Those who don't will one day just complain when btc reaches the moon.

People who are non tech savvy are much more susceptible to attacks that are related to stealing of their bitcoin, as they would likely be unable to properly secure their coin.

[Ibian]

I have no problem with idiots and emotionally unstable individuals not profiting off the investment of a lifetime.