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Author Topic: Why consumers are not adopting BTC  (Read 6961 times)
Lethn
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October 01, 2014, 09:08:06 AM
 #81

Yeah yeah, heard all that back in 2012 lol Tongue Meanwhile in Bitcoin we're apparently in a 'slump' and it's priced at $384! lol! Tongue
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October 01, 2014, 09:09:24 AM
 #82

Why consumers are not adopting BTC? Why is the middle class gone? Same answer: ignorance and apathy. The West embraced willful ignorance and got fat.
Let me repost my thoughts:

Currently there is no tangible benefit  for retail consumers to adopt bitcoin. Not cost benefit(bitcoin isn't really cheaper), time saving( transaction confirmation ) nor is it hassle free( still not quite user friendly).What problem exactly  does bitcoin solves for the brick and mortar retail consumer?


Should some (if not all) of those issues be resolved,then consumers might start to warm up to bitcoin.
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October 01, 2014, 09:11:44 AM
 #83

I can think about a few reasons.
Many people still don't know about Bitcoin.
Many people are skeptical and afraid to spend money online.
Bitcoin is not mainstream yet and his value is very unstable.
 

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October 01, 2014, 09:14:55 AM
 #84

Why consumers are not adopting BTC? Why is the middle class gone? Same answer: ignorance and apathy. The West embraced willful ignorance and got fat.
Let me repost my thoughts:

Currently there is no tangible benefit  for retail consumers to adopt bitcoin. Not cost benefit(bitcoin isn't really cheaper), time saving( transaction confirmation ) nor is it hassle free( still not quite user friendly).What problem exactly  does bitcoin solves for the brick and mortar retail consumer?


Should some (if not all) of those issues be resolved,then consumers might start to warm up to bitcoin.
You are asking a loaded question. I'll answer none of the above. Bitcoin opens up entire new consumer markets that don't currently exist or at least haven't for a century.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 01, 2014, 09:27:46 AM
 #85


You are asking a loaded question.I'll answer none of the above



Those are questions NEEDED answering if you want to convince general consumers to accept bitcoin.
If you can't/ won't answer  them, then suit yourself.If matters really are simple , then bitcoin would've gone mainstream by now.


Bitcoin opens up entire new consumer markets that don't currently exist or at least haven't for a century.

Good to know , care to elaborate on those ? How much of this new market affects the general consumer?
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October 01, 2014, 09:46:02 AM
 #86


You are asking a loaded question.I'll answer none of the above



Those are questions NEEDED answering if you want to convince general consumers to accept bitcoin.
If you can't/ won't answer  them, then suit yourself.If matters really are simple , then bitcoin would've gone mainstream by now.


Bitcoin opens up entire new consumer markets that don't currently exist or at least haven't for a century.

Good to know , care to elaborate on those ? How much of this new market affects the general consumer?
People have been regulated out of businesses that built this civilization. Large corporations lobby legislators to bar competition in almost every industry.  Bitcoin was not created to be a competitor for existing systems, it was created to make them obsolete. So you see, your question bears little relevance for Bitcoin users. If existing institutions want to survive the extinction event that Bitcoin will cause, then they will adapt to using it before their customers abandon them. I don't know what timetable you are comfortable with, but Bitcoin is here to stay long after you or I will have such conversations. Any corporation that wants to exist for the great-grandchildren to inherit will want to be part of the Bitcoin economy. But that's the funny thing about revolutions, they often take people by surprise and happen quite suddenly.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
marife01
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October 01, 2014, 10:16:03 AM
 #87

There could be various factors. Like not yet aware of it, not all merchandises accepting it yet, cannot fully understand how it works or why it is a real currency, etc.  Grin
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October 01, 2014, 10:17:45 AM
 #88


People have been regulated out of businesses that built this civilization. Large corporations lobby legislators to bar competition in almost every industry.  Bitcoin was not created to be a competitor for existing systems, it was created to make them obsolete. So you see, your question bears little relevance for Bitcoin users. If existing institutions want to survive the extinction event that Bitcoin will cause, then they will adapt to using it before their customers abandon them. I don't know what timetable you are comfortable with, but Bitcoin is here to stay long after you or I will have such conversations. Any corporation that wants to exist for the great-grandchildren to inherit will want to be part of the Bitcoin economy. But that's the funny thing about revolutions, they often take people by surprise and happen quite suddenly.

You know you really are not answering questions or offering explanation about your previous post, do you?Or at least you post don't seem to related to mine( the one you're quoting) or any of the points I raised, at all.


Corporations do and will( if bitcoin survives, this is an eventuality) accept bitcon.It doesn't really cost them anything to accept bitcoin(thanks to services like coinbase, bitpay etc)  while added lot of benefits to them. Bitcoin will not end corporations, it'll be just another tool for them.The fact that they are opening up to bitcoin despite the marginal pressure to do so should surprise no one.

As for what timetable I'm comfortable with? Don't really know or care for that matter.I have no stake in  bitcoin rise or demise,I'm just a curious observer.


It is still to early to do a forecast on the future of bitcoin (like all early technology).It could wildly succeed,moderately be successful, only useful for niche uses or be completely supplanted by something else entirely.

And no, revolutions never happen by surprise, there always tell tale sign of something brewing.




None of this is pertinent to the crux of this thread which is "why consumers aren't adopting BTC".
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October 01, 2014, 10:20:11 AM
 #89


People have been regulated out of businesses that built this civilization.

BTW

As off topic as it is ,this statement really do pique my interest.What are those businesses  you speak of?
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October 01, 2014, 10:27:40 AM
 #90


People have been regulated out of businesses that built this civilization.

BTW

As off topic as it is ,this statement really do pique my interest.What are those businesses  you speak of?
Businesses that require expensive licenses, fees, and insurances in the name of public interest. Many industries have gone underground into black markets. Living in SEA, I see many industries that cannot exist in the USA anymore though they have consumer value. Hell, they are even shutting down children's lemonade stands in the land of the free and home of the brave.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 01, 2014, 10:30:35 AM
 #91


Businesses that require expensive licenses, fees, and insurances in the name of public interest. Many industries have gone underground into black markets. Living in SEA, I see many industries that cannot exist in the USA anymore though they have consumer value.

Care to name those industries?
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October 01, 2014, 10:44:28 AM
 #92


Businesses that require expensive licenses, fees, and insurances in the name of public interest. Many industries have gone underground into black markets. Living in SEA, I see many industries that cannot exist in the USA anymore though they have consumer value.

Care to name those industries?
Let's start with chemical manufacturing. You can be making a product that has good science behind it and a good customer base. Suddenly a lobbyist convinces legislators that claim one of the crucial ingredients may be carcinogenic. It then requires you to ship it as hazmat. Then you find out that some Fortune 100 company is now selling a similar product at Walmart and they don't have to pay large hazmat fees because they use common carriers rather than parcel services. The change in the law was not based in any good science, it was graft. That's just one agency. Then the EPA wants to put their nose into your business and some nobody bureaucrat decides that you are creating toxic waste. You offer to show them your process, but they're not interested. Instead they snoop around your land until they find some evidence of some chemical that may or may not have had anything to do with your business. Now you have an expensive lawsuit on your hands because some prosecutor wants to get promoted as a champion of the environment for political gain.

tl;dr America is toxic for business because China.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 01, 2014, 11:00:15 AM
 #93

[
Let's start with chemical manufacturing. You can be making a product that has good science behind it and a good customer base. Suddenly a lobbyist convinces legislators that claim one of the crucial ingredients may be carcinogenic. It then requires you to ship it as hazmat. Then you find out that some Fortune 100 company is now selling a similar product at Walmart and they don't have to pay large hazmat fees because they use common carriers rather than parcel services. The change in the law was not based in any good science, it was graft. That's just one agency. Then the EPA wants to put their nose into your business and some nobody bureaucrat decides that you are creating toxic waste. You offer to show them your process, but they're not interested. Instead they snoop around your land until they find some evidence of some chemical that may or may not have had anything to do with your business. Now you have an expensive lawsuit on your hands because some prosecutor wants to get promoted as a champion of the environment for political gain.

tl;dr America is toxic for business because China.

What case/incident is this? You example need citation.
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October 01, 2014, 11:15:35 AM
 #94

[
Let's start with chemical manufacturing. You can be making a product that has good science behind it and a good customer base. Suddenly a lobbyist convinces legislators that claim one of the crucial ingredients may be carcinogenic. It then requires you to ship it as hazmat. Then you find out that some Fortune 100 company is now selling a similar product at Walmart and they don't have to pay large hazmat fees because they use common carriers rather than parcel services. The change in the law was not based in any good science, it was graft. That's just one agency. Then the EPA wants to put their nose into your business and some nobody bureaucrat decides that you are creating toxic waste. You offer to show them your process, but they're not interested. Instead they snoop around your land until they find some evidence of some chemical that may or may not have had anything to do with your business. Now you have an expensive lawsuit on your hands because some prosecutor wants to get promoted as a champion of the environment for political gain.

tl;dr America is toxic for business because China.

What case/incident is this? You example need citation.

It's probably in some law library somewhere. I couldn't care less if you believe me or not. I've lived long enough to see many such issues. I've been to almost every state. Look around the small desolate towns where businesses used to thrive. Even NYC had its soul sucked out by franchises that can afford lobbyists. It used to be full of small shops and boutiques. Now you can't throw a stone without hitting a Starbucks.

You can defend corporate America if you wish. I've left until it returns to being the free state of my childhood.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 01, 2014, 11:24:07 AM
 #95


You can defend corporate America if you wish. I've left until it returns to being the free state of my childhood.

Unfortunately without any example of your stated issue there is absolutely no way we can confirm what you said as either fact or hearsay.

Wait  Huh,I'm defending corporate America? Can you point in which post does this  happen?Funny , considering I'm not even American in the first place  .

You know , we're really derailing this thread with our banter
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October 01, 2014, 11:26:01 AM
 #96

Then silk road got busted, the news about it fueled some spec money and also gave enough press to make some merchants accept it.

Yes, Silk Road was the initial fuel, but don't you know there are like 5 Silk Roads around now?

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October 01, 2014, 12:06:10 PM
 #97

Plus i would like to add exchange rate converting from fiat to btc involves spread of almost 6%. I'm using localbitcoin btw. So what makes advantageous when it comes to cross border transaction using our normal bank or even paypal.

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October 01, 2014, 12:11:53 PM
 #98

Then silk road got busted, the news about it fueled some spec money and also gave enough press to make some merchants accept it.

Yes, Silk Road was the initial fuel, but don't you know there are like 5 Silk Roads around now?

And more are popping up all the time, though some come and go whether they're taken down or scam everyone. I think Silk Road and the darknet markets were a massive part of bitcoins growth and bitcoin probably wouldnt be where it is today without them.
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October 01, 2014, 01:01:30 PM
 #99

It seems to me all this talk of "value" is just speculative investment talk.This drive for bubble and crash isn't really healthy for mainstream acceptance.
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October 01, 2014, 01:21:50 PM
 #100

Plus i would like to add exchange rate converting from fiat to btc involves spread of almost 6%. I'm using localbitcoin btw. So what makes advantageous when it comes to cross border transaction using our normal bank or even paypal.

If you setup advertisement on localbitcoins you can gain a couple of procent per trade, just need some patience to wait for the seller/buyer

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