You heard it hear 1st

[qwerty555]

Bitcoin will be the next thing like mobile phones, the internet and computers. In the beginning they seemed stupid/useless but once widespread and adopted a trilliondollar business.

Can bitcoin be used by poor people? Mobile phones are used by the poor nowadays.

yes............  very much so
....
Billions of people on the planet have no access to bank accounts and, frankly, the banking system has shown no interest in them.

Already, mobile phone technology has moved in to fill the gap – by creating a whole new payment system that allows people to move money by text. The M-Pesa system in Kenya is the most developed example. In that country, 12 million people use a text message system developed by Vodafone to make transfers - that's more than a quarter of the population.

http://www.channel4.com/news/bitcoin-bank-of-england-super-rich-excluded-poor-internet-currency

http://cryptocrimson.com/2014/06/bitcoin-leveraged-bitpesa-makes-official-debut-kenya/

So are yout thinking poor people could have internet in their homes? have pc or laptop or even phones? You think the slums of India have internet?

There are enough and the numbers are growing fast. The poorest of the poor do not yet have their own but they will most probably know someone who has and have the opportunity to use that until they can get their own. Why would they? E commerce and remittance via sms saves money.

http://www.dazeinfo.com/2014/07/11/mobile-internet-india-2014-349-million-unique-mobile-phone-users-70-traffic-mobile-india-shining-infographic/

http://www.dazeinfo.com/2014/06/22/smartphone-apac-market-forecast-2014-2018-india-china-australia-japan-growth/


http://www.statista.com/statistics/257048/smartphone-user-penetration-in-india/

KNowing someone who was is not the same if you have you own

No..its not exactly the same..thats obvious..but it can be practically the same in many instances.

eg... They want to buy an air/bus ticket online to avail of the promo (up to 60% discount only available for online purchases)  they go to an internet cafe and book the ticket....so by having access via an internet cafe or a friends internet connection they achieve their goal of buying the ticket at the discounted rate ( goods/service whatever) on line that is not owned by them.

ditto for sending receiving money via sms..u generally need the code which is sent via sms and a valid ID to pick up the money.  It is therefore doable if you can borrow a cellphone.

[jcoin200]

I'm going to make the call right now, and this isn't coming from some troll.  But I believe bitcoin will hit sub $100, possibly sub $50 before anything further interesting develops.  By all means, as a trader, I wish it hits $5000 or $10,000 in the next 3 days.  But I just don't see exponential development in the near future... the long run, who knows though.  

I mean, wall street thinks bitcoin is overbought, overpriced, unsustainable.  The average citizen isn't crazy about bitcoin at all.  You ask the average Joe if they plan on buying bitcoin in the future and you get a melancholy "no".  You ask a smart ass in the streets about bitcoin and his answer is "the [expletivie] is that?"  You explain it and his response is well that is "[expletive] stupid". 

Institutions are already in on it.  Speculators are looking to make a quick buck only.  Then there are cultists, which is a super minority, and they believe in a whole bunch of unrealistic possibility.  The problem with mass adoption is that why would someone go through all this trouble to buy bitcoins, only to spend it on a blu-ray player they could have just bought with their visa.

It seems like only select intelligent people truly believe in bitcoin, and intelligent people are few and far between in this world.  

Looks like you were right.  You've got some good insight here.  Too many people on here have blind optimism w/o any explanation or evidence whatsoever.

[Sevvero]

I'm going to make the call right now, and this isn't coming from some troll.  But I believe bitcoin will hit sub $100, possibly sub $50 before anything further interesting develops.  By all means, as a trader, I wish it hits $5000 or $10,000 in the next 3 days.  But I just don't see exponential development in the near future... the long run, who knows though.  

I mean, wall street thinks bitcoin is overbought, overpriced, unsustainable.  The average citizen isn't crazy about bitcoin at all.  You ask the average Joe if they plan on buying bitcoin in the future and you get a melancholy "no".  You ask a smart ass in the streets about bitcoin and his answer is "the [expletivie] is that?"  You explain it and his response is well that is "[expletive] stupid". 

Institutions are already in on it.  Speculators are looking to make a quick buck only.  Then there are cultists, which is a super minority, and they believe in a whole bunch of unrealistic possibility.  The problem with mass adoption is that why would someone go through all this trouble to buy bitcoins, only to spend it on a blu-ray player they could have just bought with their visa.

It seems like only select intelligent people truly believe in bitcoin, and intelligent people are few and far between in this world.  

Agreed 100%.

[Xiaoxiao]

BBBBBAAAAAM

[Xiaoxiao]

It started getting over sold LONG LONG ago....  Now that we see some very decent adoption, it's getting exposed for what it is: an alternate currency that is an absolute hassle to use and a nightmare to get set up.

For newbs (I don't think you guys understand how computer illiterate the rest of the population is), make one mistake and your life savings could go down the drain.... not a great currency TBH.

[picolo]

I'm going to make the call right now, and this isn't coming from some troll.  But I believe bitcoin will hit sub $100, possibly sub $50 before anything further interesting develops.  By all means, as a trader, I wish it hits $5000 or $10,000 in the next 3 days.  But I just don't see exponential development in the near future... the long run, who knows though.  

I mean, wall street thinks bitcoin is overbought, overpriced, unsustainable.  The average citizen isn't crazy about bitcoin at all.  You ask the average Joe if they plan on buying bitcoin in the future and you get a melancholy "no".  You ask a smart ass in the streets about bitcoin and his answer is "the [expletivie] is that?"  You explain it and his response is well that is "[expletive] stupid". 

Institutions are already in on it.  Speculators are looking to make a quick buck only.  Then there are cultists, which is a super minority, and they believe in a whole bunch of unrealistic possibility.  The problem with mass adoption is that why would someone go through all this trouble to buy bitcoins, only to spend it on a blu-ray player they could have just bought with their visa.

It seems like only select intelligent people truly believe in bitcoin, and intelligent people are few and far between in this world.  

If Bitcoin is needed and it is and if Bitcoin is stable and strong it is, if there is hate against fiat currencies and there will be; Bitcoin has every chance to succeed

[jcoin200]

It started getting over sold LONG LONG ago....  Now that we see some very decent adoption, it's getting exposed for what it is: an alternate currency that is an absolute hassle to use and a nightmare to get set up.

For newbs (I don't think you guys understand how computer illiterate the rest of the population is), make one mistake and your life savings could go down the drain.... not a great currency TBH.

Not to mention it offers ABSOLUTELY NO BUYER PROTECTION.  I think you're spot on, 99.9% of people would get scammed, lose private keys, send coins to the wrong address, etc the first time they tried to use btc.  I've seen experienced users do it with a bad copy and paste.  Then they are never going to want to touch it again.

Not to mention look at how the average person buys stuff, impulsively w/ a credit card.

With btc, you have to go through a ridiculous process to buy it ahead of time, then still go buy something with it, and the most legit place I've found (coinbase) you still have to wait 4 business days to see the coins, and just hope the exchange rate doesn't drop on you.

Anyway I agree with your points, and have seen some really good posts by you in the past.  thanks for your insight.

[Xiaoxiao]

It started getting over sold LONG LONG ago....  Now that we see some very decent adoption, it's getting exposed for what it is: an alternate currency that is an absolute hassle to use and a nightmare to get set up.

For newbs (I don't think you guys understand how computer illiterate the rest of the population is), make one mistake and your life savings could go down the drain.... not a great currency TBH.

Not to mention it offers ABSOLUTELY NO BUYER PROTECTION.  I think you're spot on, 99.9% of people would get scammed, lose private keys, send coins to the wrong address, etc the first time they tried to use btc.  I've seen experienced users do it with a bad copy and paste.  Then they are never going to want to touch it again.

Not to mention look at how the average person buys stuff, impulsively w/ a credit card.

With btc, you have to go through a ridiculous process to buy it ahead of time, then still go buy something with it, and the most legit place I've found (coinbase) you still have to wait 4 business days to see the coins, and just hope the exchange rate doesn't drop on you.

Anyway I agree with your points, and have seen some really good posts by you in the past.  thanks for your insight.

Yep, and you get these conglomerate fascist corps that rise up from someones bedroom like coinbase / mtgox ... and they just start robbing people however they like and when the smoke clears they walk away with a countless people's lunch money.

[bustrod]

I'm going to make the call right now, and this isn't coming from some troll.  But I believe bitcoin will hit sub $100, possibly sub $50 before anything further interesting develops.  By all means, as a trader, I wish it hits $5000 or $10,000 in the next 3 days.  But I just don't see exponential development in the near future... the long run, who knows though.  

Sure, bitcoin could fall hard to double digits. Your conjecture is as good as anyone else's, but I personally don't find such low figures very likely. In my un-mathemagical estimation, I place the bottom somewhere around $250. I'm not predicting it will go that low, but that is the lowest I believe it would. Despite some here "knowing" that bitcoin is bust, only time will tell and prove one arbitrary guess more accurate than another. Your reasoning, however, is what I find more interesting...

I mean, wall street thinks bitcoin is overbought, overpriced, unsustainable.

Since when does wall street wear their hearts on their sleeves? They show you what they want you to see. Personally, I'm more likely to take wall street's claimed positions and favor the diametric perspective.

The average citizen isn't crazy about bitcoin at all.  You ask the average Joe if they plan on buying bitcoin in the future and you get a melancholy "no".  You ask a smart ass in the streets about bitcoin and his answer is "the [expletivie] is that?"  You explain it and his response is well that is "[expletive] stupid".

And these things make me feel even better about bitcoin. Average joe and the smart ass on the street have historically never been good indicators of innovative potential or financial success options. You're referring to people that are remarkably behind the curve in such an extreme way, that by the time they finally do come around to understanding and practicing within a given paradigm shift, the opportunity for financial investment in the catalyst is long over. All those shouting bitcoin is already mainstream, don't understand what the hell they are saying -not even close.

Institutions are already in on it.  Speculators are looking to make a quick buck only.  Then there are cultists, which is a super minority, and they believe in a whole bunch of unrealistic possibility.

Institutions invested. Yes. Speculators looking for a quick buck. Definitely. Cultists with blinders hoping for unrealistic realities. Of course. Opportunists. Manipulators. Leaders. Lemmings. Look at any technologically innovative point in time in which the human species has created something they haven't seen before, and you'll find the exact same people at the party.

It seems like only select intelligent people truly believe in bitcoin, and intelligent people are few and far between in this world.

And that is all that's needed to change the world.

[Wilhelm]

As long as you can't buy crack cocain and xtc by the barrel internationally with moneyoder/debitcard/creditcard without getting caught, bitcoin has unprecedented potential.

[Xiaoxiao]

this post got deleted as its own topic, but i did spend quite a bit of time creating it, so I will post it here i guess:

[The Beef]

Oh no.. This one again? Same old news..

[Wilhelm]

Bitcoin will be the next thing like mobile phones, the internet and computers. In the beginning they seemed stupid/useless but once widespread and adopted a trilliondollar business.

Can bitcoin be used by poor people? Mobile phones are used by the poor nowadays.

yes............  very much so
....
Billions of people on the planet have no access to bank accounts and, frankly, the banking system has shown no interest in them.

Already, mobile phone technology has moved in to fill the gap – by creating a whole new payment system that allows people to move money by text. The M-Pesa system in Kenya is the most developed example. In that country, 12 million people use a text message system developed by Vodafone to make transfers - that's more than a quarter of the population.

http://www.channel4.com/news/bitcoin-bank-of-england-super-rich-excluded-poor-internet-currency

http://cryptocrimson.com/2014/06/bitcoin-leveraged-bitpesa-makes-official-debut-kenya/

So are yout thinking poor people could have internet in their homes? have pc or laptop or even phones? You think the slums of India have internet?

There are enough and the numbers are growing fast. The poorest of the poor do not yet have their own but they will most probably know someone who has and have the opportunity to use that until they can get their own. Why would they? E commerce and remittance via sms saves money.

http://www.dazeinfo.com/2014/07/11/mobile-internet-india-2014-349-million-unique-mobile-phone-users-70-traffic-mobile-india-shining-infographic/

http://www.dazeinfo.com/2014/06/22/smartphone-apac-market-forecast-2014-2018-india-china-australia-japan-growth/


http://www.statista.com/statistics/257048/smartphone-user-penetration-in-india/

KNowing someone who was is not the same if you have you own

No..its not exactly the same..thats obvious..but it can be practically the same in many instances.

eg... They want to buy an air/bus ticket online to avail of the promo (up to 60% discount only available for online purchases)  they go to an internet cafe and book the ticket....so by having access via an internet cafe or a friends internet connection they achieve their goal of buying the ticket at the discounted rate ( goods/service whatever) on line that is not owned by them.

ditto for sending receiving money via sms..u generally need the code which is sent via sms and a valid ID to pick up the money.  It is therefore doable if you can borrow a cellphone.

It's fun to see my oneliner being quoted so many times

Don't expect Bitcoin to be worldwide over night. Look at mobile phones, banking system, internet, etc. it will take a good few years (atleast 5-10) to get the infrastructure up and running in the developed parts of the world. As long as the technology remains to have traction it will come.

Bitcoin has potential and the infrastructure is being built as we speak. It will survive as long as nobody (governments) forcefully try to kill it.

[greaterfool]

this post got deleted as its own topic, but i did spend quite a bit of time creating it, so I will post it here i guess:

https://i.imgur.com/ALwg2Dn.png

http://i.ytimg.com/vi/RtWT0TJKOKk/maxresdefault.jpg

Interesting how the trolls die down during upswings. If i didn't know better I'd say they had an agenda...

[Xiaoxiao]

I felt bad posting all week, but I just can't help but let you guys know, how WRONG you've been.

[krb91]

I would say 250-280 .Huge support is there, as traders will have bids lined up in this area. It may bounce here at $400

What reasons might there be for a bounce?

[RyNinDaCleM]

I would say 250-280 .Huge support is there, as traders will have bids lined up in this area. It may bounce here at $400

What reasons might there be for a bounce?

[blitzbad]

I would say 250-280 .Huge support is there, as traders will have bids lined up in this area. It may bounce here at $400

What reasons might there be for a bounce?

none, he just said it as a permabull hoping to get rich quick

[Xiaoxiao]

Guess what happens when a bubble really pops?  It goes back to where it was before... which was sub $30.  Before GOX manipulated the market.

[wayshegoes]

Guess what happens when a bubble really pops?  It goes back to where it was before... which was sub $30.  Before GOX manipulated the market.

Any time I've said this people called me a conspiracy nut. Nice prediction 5 weeks ago, hope you got out.