Bitcoin is like the electric car

[Elwar]

Bitcoin is much like the electric car, if all cars were electric there would not be as much reliance upon foreign oil, wars over oil would dry up, oil companies would not be as powerful as they are, people who produce their own electricity would not be reliant upon an outside entity for their transportation, etc...

In theory it is nice but then the reality of it comes in. There is no national infrastructure in place to charge electric cars, people are used to gas vehicles and are not willing to switch over mainly because everything is set up for gas cars.

I was involved in the electric car community in the late 90s and it was much like the early days of Bitcoin. People converting their cars to electric, complaining about the big companies ignoring the benefits, trying to figure out the chicken and egg problem of getting charging stations up all over the place to charge non-existent electric cars that weren't being created because there aren't charging stations all over the place.

Then the hybrids started using some of the electric car technology. They tried to make it as close to a gas car as they could, hiding as much of the electric aspect from the user as they could since that is what they were familiar with. Prius used it to get better gas mileage using recharging brakes and the efficiency of the electric motor at low speeds and quick acceleration. The first ones took some time for people to get used to, there was a distrust of electric cars and a knowledge gap. Some hard core enthusiasts added more batteries and converted the Prius into a plug in hybrid showing Toyota how it could be done, begging for them to implement the plug in aspect so you could drive short distances without the need for gas. The first plug in vehicles were confusing to most consumers, die hard electric people were enthusiastic, commercials had to be made to show that it was simple and not all electric (only optional).

Tesla used the concept of focusing on a community that would be willing to adopt a fully electric car while making it cool, they went after the sports car industry where people are willing to put up with some mechanical issues or comfort for something that's fast, looks good and is new. They used the initially high priced vehicles to fund their more consumer oriented vehicles and have been working to put the infrastructure in place for electric vehicles across the country. This should make it easier for future electric car adoption and allow for more companies to start putting out fully electric cars.

Bitcoin is in the early stages of the hybrid phase. Companies are willing to use the good parts of it to help their fiat business, trying not to scare their consumers with the technological aspects of Bitcoin that they may be afraid of. The hybridization is not the most efficient and does not use the full utility of Bitcoin but is what the consumer is currently willing to accept.

We need a Tesla equivalent that can focus on a small focused part of the economy that is most willing to use it and make it look cool and then turn around and use that to grow and set up the infrastructure for the pure Bitcoin economy.

[Ruthful]

 I think this analogy( bitcoin is like an electric car) is pretty apt to bitcoin and in more ways than the OP realise.

[Beliathon]

No offense Elwar, but your analogy is shit.

If fiat is the car, than bitcoin is the teleporter. Bitcoin can be in two (or 42) places in the world at the same time. That's teleportation.

[Elwar]

No offense Elwar, but your analogy is shit.

If fiat is the car, than bitcoin is the teleporter. Bitcoin can be in two (or 42) places in the world at the same time. That's teleportation.

Teleportation would face many struggles of adoption as well.

[jcoin200]

No offense Elwar, but your analogy is shit.

If fiat is the car, than bitcoin is the teleporter. Bitcoin can be in two (or 42) places in the world at the same time. That's teleportation.

except teleportation doesn't exist.

I think his analogy is good.  BTC sounds really great in theory, but the problems and difficulty of use/obtaining it prevent a barrier to most people.  Yes its easy (once you learn how) and costs basically nothing to send btc worldwide, but companies I'm sure are taking note of this, and working on solutions on how to do this with fiat.  BTC is a great technology, same with electric cars, but they still trace back to fossil fuels somehow.

[Ruthful]

No offense Elwar, but your analogy is shit.

If fiat is the car, than bitcoin is the teleporter. Bitcoin can be in two (or 42) places in the world at the same time. That's teleportation.

Actually his analogy is quite true.Yours on the other hand borders on fantasy..

[R2D221]

No offense Elwar, but your analogy is shit.

If fiat is the car, than bitcoin is the teleporter. Bitcoin can be in two (or 42) places in the world at the same time. That's teleportation.

You seem to be understanding the metaphor quite literally. Besides, fiat money can also exist anywhere in the world (because, well, it's just a number in a database, it's not like you have physical bills or anything).

[Q7]

I agree it's a good analogy. Until things are sorted out bitcoin will still face resistance. But look at the progress that we've made thus far. Same like the electric car, things are certainly progressing

[Ruthful]

You seem to be understanding the metaphor quite literally. Besides, fiat money can also exist anywhere in the world (because, well, it's just a number in a database, it's not like you have physical bills or anything).

So it's a difference between one teleportation technology(fiat) and another (bitcoin)? Now that's an analogy I gladly stood behind .

[herzmeister]

if that is true, then i guess we're still in the EV1 phase 

and we'll have to wait for another 10 years for the Tesla-like disruptor 

[Beliathon]

Bsides, fiat money can also exist anywhere in the world

No, you misunderstand me. Fiat money can only exist (be used) at one place at one time - even digital fiat.

With bitcoin, you can share one address key with multiple people anywhere in the world, and share that money simultaneously without worrying about bank delays, fees, changing currencies, or any of that obsolete nonsense.

[franky1]

No, you misunderstand me. Fiat money can only exist (be used) at one place at one time - even digital fiat.

With bitcoin, you can share one address key with multiple people anywhere in the world, and share that money simultaneously without worrying about bank delays, fees, changing currencies, or any of that obsolete nonsense.

lies

i gave my wife my debit card and she goes shopping 3 cities away.. i walk into my bank with my ID and withdraw cash at the bank teller desk. FIAT can be in more than one place at one time.

its not like they physically shift bank notes to my wife in a truck meaning i have to wait for the truck to return.
infact my wife can use my debitcard at an ATM, i can be inside a bank. and my cousin can be on vacation buying something online using the bank details i emailed him.. all at the same time.

elwars analogy is correct.. beliathon, please stick to real life scenarios (i kinda had some respect for you..)

to add to elwars scenario of electric cars. as he notes. if car manufacturers wasted hundreds of millions on advertising in the 1990's people would ignore it as there were not enough places to 'fuel'(charge) the car.

thus car manufacturers kept innovating and making it more average joe friendly before then mass adoption began.
WE bitcoiners are still in the innovation stage, and anyone shouting "we need adverts" obviously just want people to buy it to grab quick cash and then be let down (we are already seeing noobs of 2014 crying because they feel let down by the people talking about quick pump and dumps, not fully explaining what bitcoin is really about).

anyone shouting about adverts just wants a pump and dump to then sell bitcoins and go back to FIAT. much like if an electric car owner wanted to advertise, to get a quick injection of VC funding purely to retire and buy a gas guzzling bughatti.

totally missing the benefits of the electric car and how its better that gas guzzling cars.


bitcoin has MANY MANY features and benefits compared to banks. we just need to innovate it more to help noobs use bitcoin properly and see the benefits before we move into mass adoption.

bitcoin is not ready for 'everyday use'.. yet, so be patient and lets innovate

[Beliathon]

No, you misunderstand me. Fiat money can only exist (be used) at one place at one time - even digital fiat.

With bitcoin, you can share one address key with multiple people anywhere in the world, and share that money simultaneously without worrying about bank delays, fees, changing currencies, or any of that obsolete nonsense.

lies

i gave my wife my debit card and she goes shopping 3 cities away..

3 cities away...

with bitcoin you can do the same 3 continents away.

Try that with your debit card and most banks will freeze your account without your consent, and their fraud department will call you up asking WTF is going on.

See the difference?

[franky1]

3 cities away...

with bitcoin you can do the same 3 continents away.

Try that with your debit card and most banks will freeze your account without your consent, and their fraud department will call you up asking WTF is going on.

See the difference?

kind of funny, when my cousin in thailand accesses my bank, while im in the UK.. hmmmm my bank account is still active. anyway your meandering off topic.

[jcoin200]

No, you misunderstand me. Fiat money can only exist (be used) at one place at one time - even digital fiat.

With bitcoin, you can share one address key with multiple people anywhere in the world, and share that money simultaneously without worrying about bank delays, fees, changing currencies, or any of that obsolete nonsense.

lies

i gave my wife my debit card and she goes shopping 3 cities away..

3 cities away...

with bitcoin you can do the same 3 continents away.

Try that with your debit card and most banks will freeze your account without your consent, and their fraud department will call you up asking WTF is going on.

See the difference?

I would gladly take that measure of protection ANYDAY over btc, which offers no protection.

Also, that scenario of shopping in another country/continent could be easily avoided by letting you bank/card company know your traveling. Problem solved.

[Beliathon]

I would gladly take that measure of protection ANYDAY over btc, which offers no protection.

No protection? This is good enough for me:

[Meuh6879]

industrial electric car is useless in Europe and USA ... it's perfect in china because they have factory to sell controller and batteries ... and battery managment system (master piece !).

USA and Europe is a OIL ADDICTED, it's all.

[R2D221]

No, you misunderstand me. Fiat money can only exist (be used) at one place at one time - even digital fiat.

With bitcoin, you can share one address key with multiple people anywhere in the world, and share that money simultaneously without worrying about bank delays, fees, changing currencies, or any of that obsolete nonsense.

lies

i gave my wife my debit card and she goes shopping 3 cities away..

3 cities away...

with bitcoin you can do the same 3 continents away.

Try that with your debit card and most banks will freeze your account without your consent, and their fraud department will call you up asking WTF is going on.

See the difference?

Great. This means you understand why Bitcoin is better than fiat, which kind of was the point of the analogy in the first place.

[blatchcorn]

I think this is a great analogy and makes me re-think the potential shape of the adoption curve for Bitcoin.

Electric cars are unlikely to go through any tipping point (is this a valid assumption?), but instead slowly gain acceptance.  When it comes to everyday activities (transportation and transactions), where a solution exists the inertia to change will be huge.  I think I read somewhere that the new solution must be 10 times more effective to gain adoption

[tss]

if that is true, then i guess we're still in the EV1 phase 

and we'll have to wait for another 10 years for the Tesla-like disruptor 

i hope btc is not the EV1, as all of those we're "repossessed"