The sad truth about Bitcoin

[GratefulCoin]

I've come to realize that Bitcoin is either for the rich or for poor people picking up the smallest of crumbs.  There seems to be very few people in the middle.  If this doesn't change... Bitcoin and cryptocurrency in general is doomed.

[shorena]

I've come to realize that Bitcoin is either for the rich or for poor people picking up the smallest of crumbs.  There seems to be very few people in the middle.  If this doesn't change... Bitcoin and cryptocurrency in general is doomed.

You came here thinking that it would be easy to get rich [1] and now that you understand you would have to work for it you blame bitcoin. If you have problems its noone elses fault, get your act together and pan them out [2].


[1] https://bitcointalk.org/index.php?topic=894940.0
[2] https://www.youtube.com/watch?v=K1LHMG__bws

[GratefulCoin]

I've come to realize that Bitcoin is either for the rich or for poor people picking up the smallest of crumbs.  There seems to be very few people in the middle.  If this doesn't change... Bitcoin and cryptocurrency in general is doomed.

You came here thinking that it would be easy to get rich [1] and now that you understand you would have to work for it you blame bitcoin. If you have problems its noone elses fault, get your act together and pan them out.


[1] https://bitcointalk.org/index.php?topic=894940.0

I never thought I'd come here and get rich.  I thought I'd come here and learn more about cryptocurrency.  There is very little work to be had in the world of Bitcoin.  Sure, there are some very specialized fields where people are making money.  The average guy, not so much.  The disparity between the rich and poor with Bitcoin is by far greater than any fiat currency in existence.  It will not survive if this remains true.

[shorena]

-snip-
I never thought I'd come here and get rich.

You post like you do.

I thought I'd come here and learn more about cryptocurrency. 

So, what changed?

There is very little work to be had in the world of Bitcoin.  Sure, there are some very specialized fields where people are making money.  The average guy, not so much.

What makes you say that?

The disparity between the rich and poor with Bitcoin is bar far greater than any fiat in existence.

Maybe, I dont know, do you have any stats to back your claim or do you just assume stuff?

It will not survive if this remains true.

Bitcoin is not the greate equalizier you think it is. Its a new form of money. Social imbalance is a social problem and should not be fixed by technical means, IMHO.

[lihuajkl]

OP, then why are r coming here? It is for the bitcoin supporters. Don't you see the increasing number of merchants and users is involving bitcoin space?

[GratefulCoin]

-snip-
I never thought I'd come here and get rich.

You post like you do.

I thought I'd come here and learn more about cryptocurrency. 

So, what changed?

There is very little work to be had in the world of Bitcoin.  Sure, there are some very specialized fields where people are making money.  The average guy, not so much.

What makes you say that?

The disparity between the rich and poor with Bitcoin is bar far greater than any fiat in existence.

Maybe, I dont know, do you have any stats to back your claim or do you just assume stuff?

It will not survive if this remains true.

Bitcoin is not the greate equalizier you think it is. Its a new form of money. Social imbalance is a social problem and should not be fixed by technical means, IMHO.

I came here as a hopeful nerd that was interested in Bitcoin.  I read about it over the past few years like most people.  I saw it as somewhat of a novelty.  Then I figured, I would look further into it.  I thought it would be an exciting place with a lot of activity.  Maybe somewhat similar to what a lot of people experienced with eCommerce in the late 90's early 2000's.  This doesn't feel anything like that at all.  Not even in the slightest.

Maybe I'm not viewing it as what it really is.  I thought of it as a new currency backed by people that really want to change the world as we know it.  There is far less change involved than what I was expecting.  I'm not sure what the motivation is for the people currently dealing with Bitcoin.  My guess is that it's mainly rich people or people with income sources that don't care if they lose it.  I don't see the average person putting their retirement savings in Bitcoin.

[GratefulCoin]

OP, then why are r coming here? It is for the bitcoin supporters. Don't you see the increasing number of merchants and users is involving bitcoin space?

That's a great question.  I think I came here feeling like this was the new gold rush.  Like those people that go to North Dakota to make insane amounts of money in the oil boom economy.  I thought the world of Bitcoin was somewhat similar.  Maybe the problem is less about Bitcoin and more about my perception.

[Kprawn]

The only similarity with the Gold Rush, is the wild west, no rules feeling people have. They scam and steal and think it's acceptable.

There are much gold to be found, you just have to dig deep through all the dirt to find it.

If you lucky, you strike the jackpot and you get rich. {Buying at the right time, investing in the right start up..etc. etc}

For the rest of us, it's digging and digging and digging... Hard work, pay off eventually.     

[wadili89]

I've come to realize that Bitcoin is either for the rich or for poor people picking up the smallest of crumbs.  There seems to be very few people in the middle.  If this doesn't change... Bitcoin and cryptocurrency in general is doomed.

I fail to see why it is not for those in the middles. Makes no sense at all.
This the start, Bitcoin is going to get much bigger and those crumbs will be worth a fortune in the future.

[grappa_barricata]

Maybe you can try trading bitcoin: buy the dips, sell the rips - if you have some amount of bitcoin to start (even 0.05) are you are smart, then maybe that is the gold you are looking for. But in general, there is no free lunch, here and elsewhere. Or, maybe you are after the intellectual gold? In that case you go there and read. It explain that bitcoin is a payment system, not a magical unicorn. And Mr. Nakamoto wasn't the king of the hippies.

[wadili89]

Maybe you can try trading bitcoin: buy the dips, sell the rips - if you have some amount of bitcoin to start (even 0.05) are you are smart, then maybe that is the gold you are looking for. But in general, there is no free lunch, here and elsewhere. Or, maybe you are after the intellectual gold? In that case you go there and read. It explain that bitcoin is a payment system, not a magical unicorn. And Mr. Nakamoto wasn't the king of the hippies.

Trading is bad advise. One needs patience, and not prone to be swayed by emotions.

Its better to invest them in lower paying but higher security investments, like Bitfinex swaps.

[b4basit]

it's not easy to earn money & bitcoin isn't a bingo use it and get rich

[Mitchell]

I'm pretty sure most people here are in the middle. This doesn't make Bitcoin doomed. You have to work to earn Bitcoins, like you do with everything. It's not a "Get rich in 30 minutes"-thing.

[shorena]

I came here as a hopeful nerd that was interested in Bitcoin.  I read about it over the past few years like most people.  I saw it as somewhat of a novelty.  Then I figured, I would look further into it.  I thought it would be an exciting place with a lot of activity.  Maybe somewhat similar to what a lot of people experienced with eCommerce in the late 90's early 2000's.  This doesn't feel anything like that at all.  Not even in the slightest.

Maybe I'm not viewing it as what it really is.  I thought of it as a new currency backed by people that really want to change the world as we know it.  There is far less change involved than what I was expecting.  I'm not sure what the motivation is for the people currently dealing with Bitcoin.  My guess is that it's mainly rich people or people with income sources that don't care if they lose it.  I don't see the average person putting their retirement savings in Bitcoin.

I understand. Keep in mind that this board is public, that it does not represent the entire btc community (e.g. Amir Takir is not posting here AFAIK) and... as someone has in their signature:

It is dangerous to be right in matters where established men are wrong.

(its by Voltaire)

[gogxmagog]

OP I see a little of what you're saying. It's money, after all.
I would tend to think that general adoption is slow because when it comes to thier money they don't really want to know. They want a UI that makes it impossible for them to get separated from thier coins, by accident or theft. You'll see more backed services like banks, handling it for you. IDK I've had security nightmares recently, it's easy to be cynical. Blockchain is the revolutionary thing, where btc ends up in the mix remains to be seen. There's some very smart money coming in, more all the time.

[Elwar]

I went to the casino and saw that Roulette is only good for the rich. I saw a guy put all of his money on 12 and it hit. Now he is rich.

Roulette is doomed.

[OmegaStarScream]

I've come to realize that Bitcoin is either for the rich or for poor people picking up the smallest of crumbs.  There seems to be very few people in the middle.  If this doesn't change... Bitcoin and cryptocurrency in general is doomed.

If you started using BTC just to get rich then I guess you missed that train long time ago mate .
It's not all about getting rich

[LiteCoinGuy]

[MicroGuy]

I've come to realize that Bitcoin is either for the rich or for poor people picking up the smallest of crumbs.  There seems to be very few people in the middle.  If this doesn't change... Bitcoin and cryptocurrency in general is doomed.

The main problem with Bitcoin is that 99% of the community is focused on merchant integration. This means there are a growing number of places where holders of bitcoin can essentially dump their BTC onto the markets. This is what happens every time a customer checks out with Bitpay.

There needs to be a fundamental shift in the community's consciousness, and an awareness of what is happening. We need not only businesses to accept bitcoin, but also for them to give their employees the option of receiving their wage in bitcoin. This will slow down the influx in selling.

[turvarya]

I've come to realize that Bitcoin is either for the rich or for poor people picking up the smallest of crumbs.  There seems to be very few people in the middle.  If this doesn't change... Bitcoin and cryptocurrency in general is doomed.

I am neither rich nor poor. I don't get why Bitcoin shouldn't be for me. Could you explain?