ApplePay doesn't solve this. [US DOLLAR vs BITCOIN super simple visual]

[colinistheman]

I think this image sums up why ApplePay is NOT going to replace Bitcoin.

[1714031826]

1714031826

[Beliathon]

You're right, the president's head keeps inflating to ever-larger sizes! This situation is totally unsustainable!!

[colinistheman]

Haha I never noticed that. They'll need bigger paper soon.

[BitCoinNutJob]

Didn't need that image to know myself filling a shopping trolley price has gone up dramatically even over the past few years.  Best thing to do is time your shop when the supermarkets offload the most reduced products.

[yayayo]

You're right, but most people don't care about inflation - they don't even realize its existence. The majority does not consider the effects of inflation on savings. Also, ApplePay is built to offer an easier way to spend money, it's not a savings account. That said, I doubt you'll be able to convince ApplePay users to switch to Bitcoin, because they don't even see inflation as a problem.

That will change when inflation accelerates (eventually reaching hyperinflation) and becomes an important factor to consider in purchase decisions. Then a lot of people will regret not having bought Bitcoin.

ya.ya.yo!

[Eotnak]

yup, I hear all the time when someone sells something on craigslist or feebay, "I sold it for the same price that I bought it for, and that was 20 years ago"  and they think they made out.

[Klestin]

Inflation is an issue, but the image is absurd. Items costing $20.00 in 2013 would have cost $13.99 in 1998.

[redsn0w]

http://www.janethull.com/healthynews/wp-content/uploads/2013/06/Inflation.jpg

I think this image sums up why ApplePay is NOT going to replace Bitcoin.

Very very great reflection , and you're right : applePay isn't replace bitcoin ... BITCOIN  replaces applePay  .

[Lauda]

I think that majority of people just complain in their free time. You can never please everyone.
I have not considered even looking at ApplePay. After all it has 'Apple' in it, a company which enjoys sitting on a ton of cash and enjoys 80% profit margins.
They really care about the consumer. 

[jcoin200]

oh thats right, BTC solves this! haha!

[colinistheman]

^ lol.

Except your image should say "volatility" instead of "inflation"

[seriouscoin]

Alot of ppl didnt even realise the real inflation rate. They usually just take what ever the rate central banks said in public.

In 2000, a bag of milk (3L) cost $2.50, today the same bag cost $4.30

[colinistheman]

jcoin200:

I hope you don't mind, I loved your idea so I ran with it and modified the OP post image.

[jcoin200]

jcoin200:

I hope you don't mind, I loved your idea so I ran with it and modified the OP post image.

Haha thats great. I guess that does work when you take btc on a 5 year time period.  I am all for BTC, but its price stability still seems to be a ways out, whether thats up or down from here, hard to say.

I couldn't agree with you more though about USD inflation, meat prices up something like 60% in the last year and still going up.  Government not helping with $85bil/month I think printed.  I dont really think inflation has started to set it like its going to in the next few years...

[PenAndPaper]

Apple pay doesn't have anything to do with bitcoin in the first place... It's like making a thread about inflation - deflation, fiat - bitcoins etc and having as a title "toshiba ssd disks don't solve this"...

[jbrnt]

ApplePay is a payment system and it is not designed to combat inflation. So I don't see why you are tying these two together. Bitcoin has beaten inflation in the past, but it may not stay the way. If (big if) stayed at the $400 mark for many years and start declining due to lack of interest, bitcoin purchasing power will drop too.

[colinistheman]

PenAndPaper and jbrnt:
In answer to both of your posts wondering about the connection, there were concerns when ApplePay first came out with its new digital wallet that it would be competition for Bitcoin. ApplePay claimed to speed up transaction times with traditional payment methods, and created a digital wallet which is payable from your phone (two qualities which are commonly boasted about Bitcoin).

Because of these similarities, Bitcoin appeared to initially loose a little bit of its uniqueness. I know others wondered the same thing because I saw articles on this very subject, comparing the two. I too was initially concerned that this might be competition for Bitcoin (or make it seem less desirable), but once I thought about it, I realized that nothing has changed as far as the actual basic problem with fiat.

I just wanted to do my part and help share this crystal clear image and viewpoint to others who might have happened to wonder about this themselves. It's all about increasing awareness and spreading the knowledge anyway.


You are correct, ApplePay is simply a payment system, kind of like PayPal. And theoretically ApplePay could support Bitcoin payments easily, just as PayPal could and is doing.

[Febo]

Inflation is an issue, but the image is absurd. Items costing $20.00 in 2013 would have cost $13.99 in 1998.

It is a commercial. They always exaggerate.

You're right, the president's head keeps inflating to ever-larger sizes! This situation is totally unsustainable!!

So in USA guy with biggest head became president?

[IacceptBTC]

You're right, but most people don't care about inflation - they don't even realize its existence. The majority does not consider the effects of inflation on savings. Also, ApplePay is built to offer an easier way to spend money, it's not a savings account. That said, I doubt you'll be able to convince ApplePay users to switch to Bitcoin, because they don't even see inflation as a problem.

That will change when inflation accelerates (eventually reaching hyperinflation) and becomes an important factor to consider in purchase decisions. Then a lot of people will regret not having bought Bitcoin.

ya.ya.yo!

The reason people don't worry about the effect of inflation on their savings is because they are generally able to earn more in interest and investment returns then inflation will eat away. Look at long term returns on the stock market for example, it has historically allowed investors to earn ~7% on their investment after accounting for inflation

[Come-In-Behind]

You're right, the president's head keeps inflating to ever-larger sizes! This situation is totally unsustainable!!

Haha, that was a funny comment.

[Soros Shorts]

Inflation is an issue, but the image is absurd. Items costing $20.00 in 2013 would have cost $13.99 in 1998.

You believe the CPI numbers published by the govt?

[PenAndPaper]

The reason people don't worry about the effect of inflation on their savings is because they are generally able to earn more in interest and investment returns then inflation will eat away. Look at long term returns on the stock market for example, it has historically allowed investors to earn ~7% on their investment after accounting for inflation

The majority of people even in the so called first world struggles to keep up with day to day expenses. They don't have money to invest or even to save... They take loans to study, start a small business etc..

[jbreher]

Apple Pay is not designed to combat inflation. Neither is it designed to compete with Bitcoin. It is designed to make traditional point of purchase--via credit card and other bank methods--more convenient. And secure.

I think it will succeed soundly on the first point. I even think they'll eventually get the security nailed, though there may be some disasters early on.

Heck, I think that Apple will likely integrate Bitcoin into Apple Pay at some point.

[netmonk]

Applepay is designed to introduce a technological jump.

USA is faced to upgrade their CC system and improve the security.
This means, as far as im not in USA and if i remember correctly, that USA is facing a big challenge because law has passed to force the security improvment.

No more magnetic track card, the future is the chip card, says the law.

But the chip card, is not US technology, and major builder of POS in america are pretty retarded to deal with chip card technology.
A lot of foreign patents also exist into the chip card industry and none of them belongs to USA.

So is it a good idea to continue with CC industry as far as 99% of player are from Europe where chip card are standard (and in France most advanced use in term of security) ?

So the applepay initiative is the answer of US industry to this challenge: it simply says "we dont need CC anymore"

And from my perspective they are right.

The future is in mobile payment application.

And the main point also which is in this deal, is that bank will promote apple technology: apple endorses the cost of fraud. This is the biggest point of the deal.

Also in the backoffice of payment industry, its a major change.

Usually all known protocal are basically ASN1 derived or inspired and modern are Binary TLV.

SEPA which is the future standard of payement in europe is already DEAD XML is so 90.

The future in term of cost, deployment, scalability, is just JSON RPC, all mobile device embedding a webkit which manage http connection.

And the funny part is that its the final customer who will bear the cost of possessing the device.

[CrackedLogic]

That was extremely powerful,  should upload that to 9gag

[inBitweTrust]

That was extremely powerful,  should upload that to 9gag

Before this meme takes off the image should be changed so it is realistic. The inflation rate shown for USD is exaggerated and the deflation rate for BTC is under represented.

We can make a compelling case without distorting the facts.

[CrackedLogic]

That was extremely powerful,  should upload that to 9gag

Before this meme takes off the image should be changed so it is realistic. The inflation rate shown for USD is exaggerated and the deflation rate for BTC is under represented.

We can make a compelling case without distorting the facts.

That is very true, but it still gets the point through though.

[colinistheman]

That was extremely powerful,  should upload that to 9gag

Before this meme takes off the image should be changed so it is realistic. The inflation rate shown for USD is exaggerated and the deflation rate for BTC is under represented.

We can make a compelling case without distorting the facts.

That is very true, but it still gets the point through though.

Yes, I think it gets the point across. We can get all technical on it but it's just to show something visually. I think people really GET this picture.

Feel free to spread it and share it wherever you want. I had good results on my FB page.

[inBitweTrust]

Yes, I think it gets the point across. We can get all technical on it but it's just to show something visually. I think people really GET this picture.

Feel free to spread it and share it wherever you want. I had good results on my FB page.

Great Idea overall, congrats sir. I took your image , did some research and made some adjustments. Here is a 100% accurate version that no one can dispute. Feel free to take it, modify , and reuse any which way you prefer...

I know its a bit anal retentive , but when distributing this image you don't want to give any ammunition or excuse for our detractors despite the original principle being sound.

Technically, I was being conservative as well valuing BTC at 13usd in 2012, 100usd in 2013, and 400usd in 2014(with 250 dollars in liquor)

Over the last 5 years the dollar has lost 99.998% against bitcoin.

[colinistheman]

I like it, inBitweTrust! I think you did great! I spent a little time trying to make the bitcoin part accurate but I didn't change the USD part and I didn't want to spend the time researching the accuracy of the price conversion compared to what it would buy. I'm glad you did.

We just collectively created a very awesome image. I like that it's even more accurate now.

I updated the OP with the link to your image, as it's better.

Let's spread it everywhere.

[inBitweTrust]

I like it, inBitweTrust! I think you did great! I spent a little time trying to make the bitcoin part accurate but I didn't change the USD part and I didn't want to spend the time researching the accuracy of the price conversion compared to what it would buy. I'm glad you did.

One interesting factoid when creating this image is that when updating the 20 dollar bills to reflect the accurate time periods I was incapable of opening any version of the new version of the twenty in photoshop no matter what format, filename , or resolution, or even if I removed any digital watermark. I was able to pull up the image in GIMP just fine but seems like the newest version of photoshop uses OCR/Image analysis to block the image from being worked upon.

A popup appears suggesting that photoshop doesn't allow editing banknotes and directs me to this page:

http://www.rulesforuse.org/pub/index.php?lang=en

In 2015 when we have a new bubble we will have to update the image again.... unfortunately, we may have to squeeze a jetski behind the shopping cart...

[colinistheman]

Wow that's fascinating about Photoshop blocking it. I had no idea they built that in.

Looking forward to the 2015 version with the jetski

[theskillzdatklls]

except there technically is pretty srs inflation for a while to start with for btc

[colinistheman]

except there technically is pretty srs inflation for a while to start with for btc

True, but interestingly the inflation of the number of coins mined (even with this creation being greater at the beginning), is still having a generally uptrending price if you take it on a span of years. So the price is still deflating even though the supply is inflating. Tell that to the dollar.

[lyth0s]

I love the photo, just tweeted it here: https://twitter.com/Lyth0s/status/516082372769361920/photo/1

[CrackedLogic]

And also share it to cryptome.me, a Crypto currency themed  humour site.

[inBitweTrust]

except there technically is pretty srs inflation for a while to start with for btc

Well, I prefer to cite what really did happen instead a hypothetical alternative reality where Bitcoin acted as an inflationary currency because no one adopted it during the first 5 years.

The truth is the dollar has lost 99.9998% against bitcoin in the last 5 years. That makes bitcoin a deflationary currency compared to all Fiat currencies and ultimately what the image describes.

When economists talk about "inflation" vs "deflation" it is in the context of how the currency is being valued against a COL or CPI, and has nothing to do with the fact that more "currency units" were being created which is almost always the case, anytime, and anywhere.   

[LiteCoinGuy]

maybe ButtPay can solve all problems?

https://www.youtube.com/watch?list=UUip4CIpmM13NOAH-j9GiAzg&v=i7SNqmAPHXY

[fryarminer]

These would make seriously good billboards.

[inBitweTrust]

These would make seriously good billboards.

If someone wants to pay for a billboard hit me up and I will remake this in super high resolution size within photoshop/GIMP to fit a Billboard.... technically, I think it would need 2 billboards, one after the other. It is indeed a very powerful message.

[jyakulis]

Haha, yeah maybe prices only rose that much in government CPI fantasy world but in the real world where all the inflation hits things people need most like food, medical, and housing forget it.

You have to have not of shopped for groceries the past 5 years if you can't see the government numbers are full of shit. On top of that, food companies are slightly reducing the size of thing to augment the shock. Drop a couple ounces here and there....

I don't need shadow stats to tell me that the price of food has gone through the roof.

[fathur01]

These would make seriously good billboards.

In timesquare. Imagine that! Full building digital ad with a qr to scan and everything! Theymos should pay for one with the forums stash!

[colinistheman]

These would make seriously good billboards.

In timesquare. Imagine that! Full building digital ad with a qr to scan and everything! Theymos should pay for one with the forums stash!

That would be one hell of a contribution to spreading the awareness of Bitcoin

[CrackedLogic]

These would make seriously good billboards.

In timesquare. Imagine that! Full building digital ad with a qr to scan and everything! Theymos should pay for one with the forums stash!

That would be one hell of a contribution to spreading the awareness of Bitcoin

That's a badass idea, theymos shouldn't pay for it. The forum's  funds stays here, we should do a crowd funding.

[toleng]

except there technically is pretty srs inflation for a while to start with for btc

True, but interestingly the inflation of the number of coins mined (even with this creation being greater at the beginning), is still having a generally uptrending price if you take it on a span of years. So the price is still deflating even though the supply is inflating. Tell that to the dollar.

Japan had a period of ~10 years of deflation they they only semi-recently were able to get out of. In order to get out of a deflationary cycle they had to "print" trillions of dollars worth of yen over that decade.

Having a greater number of currency units does not necessarily mean that the purchasing power of each until will decrease (have inflation)

[icoresearch]

Not really deflation but 0.2*deflation + 0.8*speculation 

[Charmainekiss]

Please get it, modify and reuse any way you like ... Technically, I was conservative as well as BTC pricing at $ 13usd in 2012, $ 100 in 2013 and $ 400usd in 2014. (with $ 250 in wine). I think you did very well! I'm glad you did. I liked it even more accurately now. Spread everywhere.

[Chrissanth5524]

I spent a little time trying to make the bitcoin part accurate but I have not changed the USD part and I do not want to spend the time researching the accuracy of the conversion price versus what it will buy. We have just created a great image. I have updated the OP with the link to your image, as it's better. It's interesting when Photoshop blocks it. Looking forward to the 2015 version with jetski. And also share it with cryptome.me, a crypto-themed funny web site. These will be good signage.