Barriers to introducing people to bitcoin

[EternalWingsofGod]

I have not had much success introducing people to bitcoin. I thought a good awareness of fiat currency inflation combine with some medium IT skill would be enough, but alas, no. Do you guys have any experiences?

It's difficult to explain
And it takes a whitepaper for the point to get across otherwise people just draw blanks for a while

In a few words or less it is a distributed transaction and ledger based system that allows people to transfer infromation and units of value over the internet smoothly and succintly at lower costs than banks and other similar services.

The proper term is digital money to some and Bitcoin to the rest of us who know what else it can do

[username18333]

I have not had much success introducing people to bitcoin. I thought a good awareness of fiat currency inflation combine with some medium IT skill would be enough, but alas, no. Do you guys have any experiences?

It's difficult to explain
And it takes a whitepaper for the point to get across otherwise people just draw blanks for a while

In a few words or less it is a distributed transaction and ledger based system that allows people to transfer infromation and units of value over the internet smoothly and succintly at lower costs than banks and other similar services.

The proper term is digital money to some and Bitcoin to the rest of us who know what else it can do

"Distributed," there, implies "relies on someone else." Physical exchange of bills doesn't rely upon others.

[EternalWingsofGod]

I have not had much success introducing people to bitcoin. I thought a good awareness of fiat currency inflation combine with some medium IT skill would be enough, but alas, no. Do you guys have any experiences?

It's difficult to explain
And it takes a whitepaper for the point to get across otherwise people just draw blanks for a while

In a few words or less it is a distributed transaction and ledger based system that allows people to transfer infromation and units of value over the internet smoothly and succintly at lower costs than banks and other similar services.

The proper term is digital money to some and Bitcoin to the rest of us who know what else it can do

"Distributed," there, means "relies on someone else." Physical exchange of bills doesn't rely on others.

Ah but distributed also means dispersed over a network in the sense that no one transaction belongs to anyone in particular hence its pseudoanonymous
It's a play on words

That said explain bitcoin in two sentences and see what you get ^_^.

[username18333]

I have not had much success introducing people to bitcoin. I thought a good awareness of fiat currency inflation combine with some medium IT skill would be enough, but alas, no. Do you guys have any experiences?

It's difficult to explain
And it takes a whitepaper for the point to get across otherwise people just draw blanks for a while

In a few words or less it is a distributed transaction and ledger based system that allows people to transfer infromation and units of value over the internet smoothly and succintly at lower costs than banks and other similar services.

The proper term is digital money to some and Bitcoin to the rest of us who know what else it can do

"Distributed," there, means "relies on someone else." Physical exchange of bills doesn't rely on others.

Ah but distributed also means dispersed over a network in the sense that no one transaction belongs to anyone in particular hence its pseudoanonymous
It's a play on words

That said explain bitcoin in two sentences and see what you get ^_^.

Pseudo-anonymity doesn't withhold one's identity from sufficiently capable (and determined) adversaries.

[EternalWingsofGod]

Pseudo-anonymity doesn't withhold one's identity from sufficiently capable (and determined) adversaries.

Well unless your the CIA and have a legion of computers or the police force
It's good enough for most purposes  

Unless your a true one address at a time user with a proxy using a mixer then you just win lol.
Can't think of a trace for that.

[vipgelsi]

Hardess part is people think its a coin like silver coins etc lol when i tell them about them about it.

[username18333]

Pseudo-anonymity doesn't withhold one's identity from sufficiently capable (and determined) adversaries.

Well unless your the CIA and have a legion of computers or the police force
It's good enough for most purposes  

Unless your a true one address at a time user with a proxy using a mixer then you just win lol.
Can't think of a trace for that.

Physical money is also "good enough for most purposes."

[EternalWingsofGod]

Pseudo-anonymity doesn't withhold one's identity from sufficiently capable (and determined) adversaries.

Unless your a true one address at a time user with a proxy using a mixer then you just win lol.
Can't think of a trace for that.

Physical money is also "good enough for most purposes."

But its just one App in the Bitcoin machine ^^

Bitcoin transactions could be sent in the clear and unencrypted over open networks without fear of compromise, which allowed the infrastructure to be open to any participant or software application without vetting, authorization or identification.

“The ability to innovate without permission at the edge of the bitcoin network is the same fundamental force that has driven internet innovation for 20 years at a frenetic pace, creating enormous value for consumers, economic growth, opportunities and jobs.”

This would in turn drive innovation by providing the opportunity to invent whole new decentralized security mechanisms “based on innovations like smart contracts, multi-signature escrow, decentralized audits, hardware wallets, and algorithmic proof of reserves”.

Andreas has a way with his words.

http://www.coindesk.com/bitcoin-guru-andreas-antonopoulos-appears-canadian-senate/

[username18333]

Pseudo-anonymity doesn't withhold one's identity from sufficiently capable (and determined) adversaries.

Unless your a true one address at a time user with a proxy using a mixer then you just win lol.
Can't think of a trace for that.

Physical money is also "good enough for most purposes."

But its just one App in the Bitcoin machine ^^

Bitcoin transactions could be sent in the clear and unencrypted over open networks without fear of compromise, which allowed the infrastructure to be open to any participant or software application without vetting, authorization or identification.

“The ability to innovate without permission at the edge of the bitcoin network is the same fundamental force that has driven internet innovation for 20 years at a frenetic pace, creating enormous value for consumers, economic growth, opportunities and jobs.”

This would in turn drive innovation by providing the opportunity to invent whole new decentralized security mechanisms “based on innovations like smart contracts, multi-signature escrow, decentralized audits, hardware wallets, and algorithmic proof of reserves”.

Andreas has a way with his words.

http://www.coindesk.com/bitcoin-guru-andreas-antonopoulos-appears-canadian-senate/

Necessity is the mother of invention.

You're putting the cart before the horse.

[EternalWingsofGod]

You're putting the cart before the horse.

Not if there was no precedent ^^
There has never been a large-scale, decentralized, secure network before.

The cart would be a centralized bank where the money is issued from with a single central point of failure.

[username18333]

You're putting the cart before the horse.

Not if there was no precedent ^^
There has never been a large-scale, decentralized, secure network before.

The cart would be a centralized bank where the money is issued from with a single central point of failure.

It's not secure, its cryptographic algorithms rely upon multiplication of "large" primes (something quantum computers can reverse relatively trivially).

[EternalWingsofGod]

You're putting the cart before the horse.

Not if there was no precedent ^^
There has never been a large-scale, decentralized, secure network before.

The cart would be a centralized bank where the money is issued from with a single central point of failure.

It's not secure, its cryptographic algorithms rely upon multiplication of "large" primes (something quantum computers can reverse relatively trivially).

Sure it is just means a fork is in the way if the protocol needs a base change
Dogecoin did it when they became a merge mine coin when they moved to AuxPow
http://www.coindesk.com/dogecoin-celebrates-litecoin-merge-mining/

“One of the harsh realities of proof-of-work based cryptocurrencies is that their security is reliant on mining being profitable for those dedicating their hashing power to the network. By enabling AuxPoW, we’re no longer competing for people’s hashrates with other scrypt-based coins.”

[username18333]

You're putting the cart before the horse.

Not if there was no precedent ^^
There has never been a large-scale, decentralized, secure network before.

The cart would be a centralized bank where the money is issued from with a single central point of failure.

It's not secure, its cryptographic algorithms rely upon multiplication of "large" primes (something quantum computers can reverse relatively trivially).

Sure it is just means a fork is in the way if the protocol needs a base change
Dogecoin did it when they became a merge mine coin when they moved to AuxPow
http://www.coindesk.com/dogecoin-celebrates-litecoin-merge-mining/

“One of the harsh realities of proof-of-work based cryptocurrencies is that their security is reliant on mining being profitable for those dedicating their hashing power to the network. By enabling AuxPoW, we’re no longer competing for people’s hashrates with other scrypt-based coins.”

Physical monies do not require their underlying mechanics to prove so “forked.”

[resya]

I think new people will only come when a clear bottom has been found, too many price speculations are going on. The long term chart doesn't look particulalry attractive for people to jump in

[MF Doom]

I think new people will only come when a clear bottom has been found, too many price speculations are going on. The long term chart doesn't look particulalry attractive for people to jump in

It seems like long term, as more companies take bitcoins, its going to bring price down.  No one wants to go through the hassle of buying more bitcoins once they spend them, or buy some and risk waiting 4 days (with coinbase) just to see them worth less by the time they can use them. 

[My Name Was Taken]

I think new people will only come when a clear bottom has been found, too many price speculations are going on. The long term chart doesn't look particulalry attractive for people to jump in

It seems like long term, as more companies take bitcoins, its going to bring price down.  No one wants to go through the hassle of buying more bitcoins once they spend them, or buy some and risk waiting 4 days (with coinbase) just to see them worth less by the time they can use them. 

It only only be easier to get coins in the future. I don't think that will be much of an issue. Look how much easier it is to buy coins now than it was 18 months ago, where there were no companies doing this. Now there are several large companies converting fiat to btc. As btc continues to be adopted, it will be easier to obtain, and the price will probably be more stable too.

As to whether this long term downward trend we've been on will continue, I couldn't say. And I actually don't know if more merchant adoption helps or hurts price. On the one hand, more merchants in theory should equate to more people using the coin, thus more demand. On the other hand, no merchant holds bitcoins, they immediately convert to fiat, so this is a huge negative on the supply side, as merchants are constantly selling.

[Professor Plums]

I think new people will only come when a clear bottom has been found, too many price speculations are going on. The long term chart doesn't look particulalry attractive for people to jump in

The price is entirely speculative, and how will we ever know when a 'clear bottom has been found'?

[My Name Was Taken]

I think new people will only come when a clear bottom has been found, too many price speculations are going on. The long term chart doesn't look particulalry attractive for people to jump in

The price is entirely speculative, and how will we ever know when a 'clear bottom has been found'?

Exactly, and how many "bottoms" have been found already?

[username18333]

I think new people will only come when a clear bottom has been found, too many price speculations are going on. The long term chart doesn't look particulalry attractive for people to jump in

The price is entirely speculative, and how will we ever know when a 'clear bottom has been found'?

There should be a term for a debt that big. How come US accumulated that big of a debt?

Because they meddle with everything and meddling with everything uses money. Thats why.

You're getting there.

The 50 years of war left England in financial ruin. The government officials went begging for loans from guess who, and the deal proposed resulted in a government sanctioned, privately owned bank which could produce money from nothing, essentially legally counterfeiting a national currency for private gain.

Now the politicians had a source from which to borrow all the money they wanted to borrow, and the debt created was secured against public taxes.

You would think someone would have seen through this, and realised they could produce their own money and owe no interest, but instead the Bank of England has been used as a model and now nearly every nation has a Central Bank with fractional reserve banking at its core.

These central banks have the power to take over a nations economy and become that nations real governing force. What we have here is a scam of mammoth proportions covering what is actually a hidden tax, being collected by private concerns.

The country sells bonds to the bank in return for money it cannot raise in taxes. The bonds are paid for by money produced from thin air. The government pays interest on the money it borrowed by borrowing more money in the same way. There is no way this debt can ever be paid, it has and will continue to increase.

If the government did find a way to pay off the debt, the result would be that there would be no bonds to back the currency, so to pay the debt would be to kill the currency.

(Emphasis mine.)

When bitcoins are loaned by their miners with interest to be paid in bitcoins, they will find their bottom—both ethically and monetarily.

[My Name Was Taken]

When bitcoins are loaned by their miners with interest to be paid in bitcoins, they will find their bottom—both ethically and monetarily.

What's wrong with loaning bitcoins? Loans have been around for as long as there was money. No reason to think the rise of bitcoin would end the demand for loans.