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Author Topic: Why consumers are not adopting BTC  (Read 7003 times)
GenTarkin
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October 02, 2014, 07:10:31 PM
 #141

People need to realize that consumer adoption will be fueled & driven by the failure of major world fiat currencies.
As long as fiat remains deceivingly 'stable', noone will give a shit about how corrupt the monetary system is and how fucked in the ass they are getting by banks / cc's etc...

When banks start crumbling & fed starts hyperinflating our currency ... people will finally wake the fuck up and want out of the 'scam' and a decent amount of them will want btc & to use it.

Till then everything is just driven by speculation of traders.

So just, Waaaaaiiittt ffoorrrrr iiiiitt.............

I wont disagree with this but it just admits that btc doesn't have any of the incentives for the consumer until the crashes happen.

Actually, incentives are there, people just dont realize it. Everyone sees the 'news' about bitcoin which is mostly portrayed as bitcoin being evil .. by the press. I think as a community we get spoiled by how fucking easy it is to move 'value' around the internet using bitcoin, that alone is an incentive.

That is an incentive for US not for the average dudes.

Its an incentive for EVERYONE, the OTHERS dont realize this incentive at all.

People dont like change and sometimes it takes horrible circumstances before they realize the true value of what was sitting right in front of them the entire time.

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October 02, 2014, 07:27:42 PM
 #142

OP, you make me sad. You dont "get it." Bitcoin isnt just a financial tool, it has profound political and philosophical implications as well, which you fail to appreciate.

We dont care that you dont see the value - we do. So just leave: sell your coins, and dont come to this site again. I would personally appreciate it. Thanks

btc has no politial or philosophical anything, it was created by the NSA to track drug dealers and fund NSA op's

It's a dark currency the NSA uses for it's OP's

The ONLY reason anyone has any need for btc is to vice related transactions other than that btc has no protection the average consumer expects from a credit card or a bank

So vice use like drugs, gambling, porn and ho's will be why people acquire it

It may also be good to move money to 3rd world nations by illegal aliens or poor immigrants

If say a doctor from some 3rd world country emigrates to a real country and makes money they will use legitimate banks to transfer money, they don't care about the minor fees

Now some illegal alien with a minor income will try to save a few bucks and use it

Drug users that want to buy dope may use it instead of cash

Gambling and adult stuff is a good use

Other than that, most people have zero need for a dark currency

Face it there's tons of reasons to believe btc was and is an intelligence project

If it is or isn't doesn't really matter much now

All that matters is adoption by the average person as a type of quasi currency

Everyone can see all the big news about major retailers taking btc did NOTHING to help btc value did it

So most here are delusional as to why the value of btc moves up or down

As long as retailers are churning any transactions into fiat the currency will have downward pressure

As it is, none of the retailers have seen any significant amount of sales, it's a niche currency that was created to track drugs and terrorists by the NSA most likely IMO

I'm not the only person saying it either

Just look at the crypto it uses you see Koblitz Curve ECC

Days before the Satoshi paper was released (who is he/her? an intelligence team most likely) you had Koblitz releasing his pro NSA and ECC crypto non-sense too.

Now everyone knows how back doored ECC is via Snowden docs

Is bitcoin back doored? Who cares unless you are doing illlegal stuff

Now drugs, they're illegal in most areas of the world yet many acquired btc to do just that and look what happened the king of btc drugs is in jail

Gambling, well it's highly regulated but some may acquire btc for betting

Sex and Adult stuff, some may want anonymity for those vices

BTC serves vice purchases, so that's the real selling point

As long as people have btc and as long as retailers are willing to take it, then it will exist to some degree

Personally if it weren't for the vice angle of btc, it would have no real value IMO

I still think the downward pressure by retailers will last for some time

BTC needs a big user base for a strong vice, and IMO gambling is the only long term vice that might propel btc long term

Banks will exist and I don't see any major global crash coming, the crash happened in 2008 and the govs rescued the system and the system is what it is

BTC's value will only increase if it can capture a significant portion of the GWP, right now it's a minor percentage of GWP so it has minor value

If it gets a large percentage of the GWP then due to having 20M max coins or so, it could become worth much more than the minor amount it trades for now

80 Trillion GWP is the reality and the 8 Bil market cap of btc is NOTHING

Now if btc eventually grows to 10% of gwp, then it could have major value

Right now it's a minor part of the GWP

800 Bil is 1% of the gwp

8 bil is .01% of the gwp

Do any of you understand how insignificant .01% of the GWP is?

Yet the people posting here think btc is a major part of the global economy, it's not

Even if btc controlled 100% of gambling it would be a minor percenage of the overall GWP

Now drugs it would be a bigger currency if it controlled a huge share of illegal drugs

major industries are

military spending and you will never see btc have a piece of it
housing it won't do much there
medical it won't do much there
food it won't do much there
education it won't do much there

Does btc have value? Yep for dark/grey vice buys

In the near future all these bs financial players trying to act like btc is a viable currency will be gone, it is not a currency

It's a niche net instrument best suited for hiding wealth which most people have no wealth to hide and it's good for vice buys

It's good for intelligence groups to track money too

The whole system revolves around a very slow public ledger

The whole system has major issues with theft of coins

The average person will be hacked if they try to use btc and so far look at all the btc hacks

Look at all the exchanges that went bust

So there's way more reason for the average consumer to never acquire btc than there are to acquire it

The averge person is not a sophisticated consumer of anything nor a geek that could practice good net use to protect from hackers

The average person is broke and has very little wealth

Now why should a high net worth person that paid taxes move anything into btc?

The top of the wealth pyramid didn't make their money illegally

Sure drug dealers and underground biz owners maybe can use it to 'hide' wealth

But most wealth is above board not hidden

Nothing has changed IMO as to where btc will be end of 2014, the downward pressure by retailers will continue to crash the value

Only major vice adoption may stabilize the value of btc short term

Long term it has potential since it's an established vice currency




Eotnak
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October 02, 2014, 07:57:29 PM
 #143

marketing student trying to sell a car for Bitcoin

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JimminyCricket
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October 02, 2014, 11:22:29 PM
 #144

OP, you make me sad. You dont "get it." Bitcoin isnt just a financial tool, it has profound political and philosophical implications as well, which you fail to appreciate.

We dont care that you dont see the value - we do. So just leave: sell your coins, and dont come to this site again. I would personally appreciate it. Thanks



All that matters is adoption by the average person as a type of quasi currency

Everyone can see all the big news about major retailers taking btc did NOTHING to help btc value did it

So most here are delusional as to why the value of btc moves up or down

As long as retailers are churning any transactions into fiat the currency will have downward pressure



I agree that adoption by the consumers is all that matters; adoption by merchants alone means little by itself.

The price is NOT dropping because of traders cashing back into fiat. That is a myth. It is dropping because the mining monopoly has been (temporarily) broken and the cost of mining has risen - and so most miners are now selling as they mine (instead of hoarding as before). All that is happening now is that BTC is going down to its genuine market value, it should smoothly swoop down to this over the next 3 months.



Guess: CPU mined/low inflation/no premine/30-sec confirms
Geremia
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June 21, 2015, 02:23:45 AM
 #145

Congressional Research Service is the thinktank that trashed bitcoin not long ago and since then it has nose dived, and they're the top minds in DC.
They trashed it? Judge for yourself. Here it is for free:

Elwell, Craig Kent, M. Maureen Murphy, Michael V Seitzinger, Library of Congress, and Congressional Research Service. Bitcoin Questions, Answers, and Analysis of Legal Issues. Washington, D.C.: Congressional Research Service, 2013. (updated: January 28, 2015)

It's pretty interesting, just to see how how they understand Bitcoin.

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Zer0Sum
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June 21, 2015, 04:06:13 AM
 #146

Congressional Research Service is the thinktank that trashed bitcoin not long ago and since then it has nose dived, and they're the top minds in DC.
They trashed it? Judge for yourself. Here it is for free:

Elwell, Craig Kent, M. Maureen Murphy, Michael V Seitzinger, Library of Congress, and Congressional Research Service. Bitcoin Questions, Answers, and Analysis of Legal Issues. Washington, D.C.: Congressional Research Service, 2013. (updated: January 28, 2015)

It's pretty interesting, just to see how how they understand Bitcoin.

This was written by an economist and 2 lawyers employed by US Congress...
And explains Bitcoin within the American legal framework to be read by lawmakers at various levels.

The US Congress exists to create laws... and punish those that ignore the law.


This is a key point................. Bitcoin Not Legal Tender

"The dollar is legal tender and by law can be used to extinguish public or private debts. A creditor
is required to accept legal tender for the settlement of a debt. At a minimum, the payment of taxes
forces U.S. individuals to hold dollars. Arguably, for many, such a government endorsement is
comforting and creates a strong underlying demand for the dollar. By contrast, a currency like
Bitcoin that is linked to a complex computer program that many do not understand and that
operates without accountability to any controlling entity could be an unattractive vehicle for
holding wealth for many people."

300 million people have to pay US tax every year TO  STAY  OUT  OF  JAIL...
That's what gives the USD enormous demand and value outside of any economic activity.
Geremia
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June 21, 2015, 04:43:38 AM
 #147

This is a key point................. Bitcoin Not Legal Tender

"The dollar is legal tender and by law can be used to extinguish public or private debts. A creditor
is required to accept legal tender for the settlement of a debt. At a minimum, the payment of taxes
forces U.S. individuals to hold dollars. Arguably, for many, such a government endorsement is
comforting and creates a strong underlying demand for the dollar. By contrast, a currency like
Bitcoin that is linked to a complex computer program that many do not understand and that
operates without accountability to any controlling entity could be an unattractive vehicle for
holding wealth for many people."
Regarding §Legal and Regulatory Issues, §§Power of Congress under Article I of the U.S. Constitution:
Does the U.S. Constitution's saying Congress has the power "To coin Money, regulate the Value thereof" mean it has jurisdiction over Bitcoin? Congress doesn't coin bitcoins; thus, how can it have any jurisdiction over bitcoins?

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evenlydistributingfuture
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June 21, 2015, 06:35:15 AM
 #148

BTC must be made far simpler to understand before people will start using it en masse. At least in the West, BTC entails many changes in how people think about money, which means it's not easy to grasp. It has to be friendly for non-tech people, which it really is not right now. Most people don't know what Github is, or their computer's terminal, etc. They don't necessarily have the stepping stones to understand what BTC has to offer.
dollarneed
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June 21, 2015, 10:52:07 PM
 #149

i think confirmation time is our problem,if that could be solved i believe so many consumers will adopted bitcoin as payment

Chris_Sabian
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June 22, 2015, 02:09:20 PM
 #150

marketing student trying to sell a car for Bitcoin

What car?  Year?  Price? Do you have a link?
Metadextrous
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June 22, 2015, 02:21:27 PM
 #151

BTC must be made far simpler to understand before people will start using it en masse. At least in the West, BTC entails many changes in how people think about money, which means it's not easy to grasp. It has to be friendly for non-tech people, which it really is not right now. Most people don't know what Github is, or their computer's terminal, etc. They don't necessarily have the stepping stones to understand what BTC has to offer.
Agree, technology also has a big role in BTC to be adopted by people. There is still so much poor country that haven't developed their technology and thus the people doesn't really understand about the basic things.

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June 22, 2015, 02:26:05 PM
 #152

i think confirmation time is our problem,if that could be solved i believe so many consumers will adopted bitcoin as payment
No, not really. Many in not the most casual users of bitcoin have no idea about something like confirmation times, they think that bitcoin transactions are instant.
There is a lot more other problems beside that long confirmation times behind lack of mass adoption. We don't have any killer apps, or any incentives which make bitcoin needed.
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June 22, 2015, 02:28:57 PM
 #153

I think it is quite simple, most people are very very lazy. Credit cards work for what most need but we are switching to a more direct global world, things like etsy and people buying unique crafts from all over the world. Bitcoin has a skillset and that is a to b money without interference, and I think it's going to be an online mostly thing until it is just super easy to use everywhere.

BillyBobZorton
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June 22, 2015, 05:07:01 PM
 #154

OP, you make me sad. You dont "get it." Bitcoin isnt just a financial tool, it has profound political and philosophical implications as well, which you fail to appreciate.

We dont care that you dont see the value - we do. So just leave: sell your coins, and dont come to this site again. I would personally appreciate it. Thanks



All that matters is adoption by the average person as a type of quasi currency

Everyone can see all the big news about major retailers taking btc did NOTHING to help btc value did it

So most here are delusional as to why the value of btc moves up or down

As long as retailers are churning any transactions into fiat the currency will have downward pressure



I agree that adoption by the consumers is all that matters; adoption by merchants alone means little by itself.

The price is NOT dropping because of traders cashing back into fiat. That is a myth. It is dropping because the mining monopoly has been (temporarily) broken and the cost of mining has risen - and so most miners are now selling as they mine (instead of hoarding as before). All that is happening now is that BTC is going down to its genuine market value, it should smoothly swoop down to this over the next 3 months.




Looks like this guy was right. Now the price as stabilized and it's finding a balance vs miners dumping. Maybe we have to wait until the halving for major movements to start happening as it will cut the inflationary process in half and we'll need less BTC to maintain the same price.

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June 22, 2015, 05:15:17 PM
 #155

The reason why consumers are not adopting bitcoin is all evident in this video of these 2 amateur wannabe traders:

https://www.youtube.com/watch?v=vnm4xFC2xNo

Look at the idiots panicked faces after only 1 day of buying a bitcoin at the end of the video.
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June 22, 2015, 05:22:34 PM
 #156

BTC must be made far simpler to understand before people will start using it en masse. At least in the West, BTC entails many changes in how people think about money, which means it's not easy to grasp. It has to be friendly for non-tech people, which it really is not right now. Most people don't know what Github is, or their computer's terminal, etc. They don't necessarily have the stepping stones to understand what BTC has to offer.

Bitcoin is already pretty simple and will get even easier and more user friendly as time goes on. People don't need to know what Github is to use it either. I'm sure most people who use Paypal don't know what Github is either but they work their accounts just fine.

i think confirmation time is our problem,if that could be solved i believe so many consumers will adopted bitcoin as payment

Transactions are already instant, but how long would you suggest it takes before something is fully confirmed? The confirmations are there as a safe measure to protect people and drastically lowering them could cause problems.

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June 22, 2015, 05:33:21 PM
 #157

Spoiler alert: Consumer adoption is continuing it's strong growth.  Roll Eyes

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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June 22, 2015, 05:44:19 PM
 #158

I bought Amazon store credit with bitcoin for the the first time a few weeks ago. Got 10% off. I'm going to start using it as much as possible. It's a huge lifehack for me to pay 10-20% less than everyone else for all my clothes and electronics and shit. Get into the giftcard game.

Year 2021
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Supply Inflation: <1.8%
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June 22, 2015, 05:45:00 PM
 #159

I used bought Amazon store credit with bitcoin for the the first time a few weeks ago. Got 10% off. I'm going to start using it as much as possible. It's a huge lifehack for me to pay 10-20% less than everyone else. Get into the giftcard game.

yep perfect for resellers
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June 22, 2015, 05:57:10 PM
 #160

I used bought Amazon store credit with bitcoin for the the first time a few weeks ago. Got 10% off. I'm going to start using it as much as possible. It's a huge lifehack for me to pay 10-20% less than everyone else. Get into the giftcard game.

yep perfect for resellers

Yeah, you can buy a used phone or something for a 20% discount and then resell it immediately. That's a lot of work though. Packaging and shipping and tying up all that money in phones.
It would be nice if you could buy something like a Honda Accord on Amazon and then resell it. Make a $1000+ profit a pop. Too bad you can't buy a car on Amazon.

Year 2021
Bitcoin Supply: ~90% mined
Supply Inflation: <1.8%
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