The sad truth about Bitcoin

[inBitweTrust]

Just throw out there one site.  The one you're the most proud of.  I'm curious as to what you're doing.

Follow my post history and you can see why there is no way in hell I would ever jeopardize any of my businesses and employees well being by associating an account where I openly and honestly share my philosophical beliefs with the community which in many eyes is very controversial--- being that I am a crypto - anarchist/anarcho -cap. These bunsiness accept BTC but aren't directly related to bitcoin if you are curious.

[jonald_fyookball]

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.

dooooomed....doooooooooooomed i tell you

[YinShuiSiYuan]

As we can clearly see it has not been a good investment this year.  Rich people threw a lot of money at them as some sort of get even richer scheme.

2014 a Bad year for BTC investment for what specific reason? The 2014 Average is 3x higher than the 2013 average. The market price right now as it is dropping is still almost 2x above the 2013 average.

You are kidding right? All that matters to anyone that gets paid in bitcoin is the value of the bitcoin at the time they were paid and the value of bitcoin now (or when they exchanged it for fiat or goods if they have already done so). Someone that is trying to make a living is not going to care about any kind of average

[youngmike]

Soon new dump 

[inBitweTrust]

You are kidding right? All that matters to anyone that gets paid in bitcoin is the value of the bitcoin at the time they were paid and the value of bitcoin now (or when they exchanged it for fiat or goods if they have already done so). Someone that is trying to make a living is not going to care about any kind of average

False Dichotomy as I get payments in multiple forms of fiat and BTC thus I can always leverage BTc's volatility to make any purchase I make cheaper.

Anyone that gets paid in 100% BTC should instantly convert some of their salary into a more stable currency.

Bitcoin isn't perfect and one should leverage its strengths to ones advantage. I.E.... I just made a multiple holiday purchases at amazon for 15 % discount with BTC with Purse.io and those coins were purchased @ 110 usd so my discount was much greater.


Obviously, if you are scraping by and living paycheck to paycheck you don't have this flexibility and thus should start saving to empower oneself.

[CoinCidental]

You are kidding right? All that matters to anyone that gets paid in bitcoin is the value of the bitcoin at the time they were paid and the value of bitcoin now (or when they exchanged it for fiat or goods if they have already done so). Someone that is trying to make a living is not going to care about any kind of average

 I.E.... I just made a multiple holiday purchases at amazon for 15 % discount with BTC with Purse.io and those coins were purchased @ 110 usd so my discount was much greater.

and how will you feel if those 110usd btc's you spent  are worth 10,000usd in a year ? many early adopters and miners  sold tens of  thousands of btc when it hit such milestones as 1 or even 10 usd etc

the network is still being built and strengthed ,nobody knows how much a btc will be worth in x amount of years but i have an optimistic feeling about this technology

[inBitweTrust]

and how will you feel if those 110usd btc's you spent  are worth 10,000usd in a year ? many early adopters and miners  sold tens of  thousands of btc when it hit such milestones as 1 or even 10 usd etc

the network is still being built and strengthed ,nobody knows how much a btc will be worth in x amount of years but i have an optimistic feeling about this technology

I usually buy back when I purchase things, so am constantly saving, thus If BTC never goes up in value I am only getting a 15% discount.

I plan on selling my fiat for bitcoin even if BTC is 10k a bitcoin. To me it isn't about the money so much as the ethical principle of not wanting to support war, torture, and human rights abuses by using Fiat.

[balu2]

middle class has been sucked up by the altcoin scams

[s1ng]

middle class has been sucked up by the altcoin scams

That's one of thounsand sad news about bitcoin.

I've ever got scam about .1 because holding of it.

For now I'm out from altcoin world

[LordSonjai]

middle class has been sucked up by the altcoin scams

I never looked at lie coin as a scam but you know what now that i think of it...that makes a lot of sense...

[stumble]

yes man agreed

[CoinCidental]

middle class has been sucked up by the altcoin scams

I think you mean working class are being steered away from btc by richer and more powerful hands  who will end up controlling more of it in the future... Just like every other commodity in the world

[Tirapon]

Its only been a year of sliding prices and there's so much doom and gloom. Can people honestly not wait a few years to see how things pan out?

Bitcoin has been a high risk 'investment' from the start. Those who have bought coins in the hope of profiting will have seen the following advice repeated all over the place:

1) Don't invest more than you are willing to lose

2) Buy and hold (unless you're a trader, in which case you should probably still have some coins safely offline for long term holding) - It will be volatile.


Now one of two outcomes will occur, over a suggested 5 year holding period:

1) Bitcoin fails (in this case I would imagine that blockchain technology will still be widespread with continuing development). You lose your investment, but at least you followed rule 1).

2) Bitcoin achieves a significant rate of adoption along with a higher market cap therefore translating to profit on your 'investment'. You have the option of dedicating some of your time to help realize this outcome if you wish (this would be encouraged).

If enough 'average joe' investors could be persuaded to see the logic in this, then perhaps the wealth distribution would be slightly more 'fair' so to speak.

[GratefulCoin]

As we can clearly see it has not been a good investment this year.  Rich people threw a lot of money at them as some sort of get even richer scheme.

2014 a Bad year for BTC investment for what specific reason? The 2014 Average is 3x higher than the 2013 average. The market price right now as it is dropping is still almost 2x above the 2013 average.

You are kidding right? All that matters to anyone that gets paid in bitcoin is the value of the bitcoin at the time they were paid and the value of bitcoin now (or when they exchanged it for fiat or goods if they have already done so). Someone that is trying to make a living is not going to care about any kind of average

The price of Bitcoin will drop to 30-50 USD within the next year.  Bitcoin is about to take another serious nose dive.

[CoinCidental]

As we can clearly see it has not been a good investment this year.  Rich people threw a lot of money at them as some sort of get even richer scheme.

2014 a Bad year for BTC investment for what specific reason? The 2014 Average is 3x higher than the 2013 average. The market price right now as it is dropping is still almost 2x above the 2013 average.

You are kidding right? All that matters to anyone that gets paid in bitcoin is the value of the bitcoin at the time they were paid and the value of bitcoin now (or when they exchanged it for fiat or goods if they have already done so). Someone that is trying to make a living is not going to care about any kind of average

The price of Bitcoin will drop to 30-50 USD within the next year.  Bitcoin is about to take another serious nose dive.

Would you care to make a wager on that? 
I would match any amount of Coins you put up that you're wrong, we can use a trusted escrow if you want to hold  it lol

[mindrust]

Yeah, bitcoin is the gambling of new age.

Only the poors and super rich people play.

[GratefulCoin]

As we can clearly see it has not been a good investment this year.  Rich people threw a lot of money at them as some sort of get even richer scheme.

2014 a Bad year for BTC investment for what specific reason? The 2014 Average is 3x higher than the 2013 average. The market price right now as it is dropping is still almost 2x above the 2013 average.

You are kidding right? All that matters to anyone that gets paid in bitcoin is the value of the bitcoin at the time they were paid and the value of bitcoin now (or when they exchanged it for fiat or goods if they have already done so). Someone that is trying to make a living is not going to care about any kind of average

The price of Bitcoin will drop to 30-50 USD within the next year.  Bitcoin is about to take another serious nose dive.

Would you care to make a wager on that? 
I would match any amount of Coins you put up that you're wrong, we can use a trusted escrow if you want to hold  it lol

I have no Bitcoins to wager.  If I did, I would be cashing out right about now.  I think we are going to be seeing it in the 250 range maybe within 30 days.

[blackbird307]

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.

It's all the freaking scam coins out there, they're tarnishing bitcoin. I knew they were bad news the moment they started rolling out,

[franky1]

But, I'm surprised there isn't more online shopping focusing only on Bitcoin customers.  A lot of the ones that do, seem like scams.

When I started to get interested in Bitcoin I expected everything to be popping.  There would be cottage industries popping up all over to cater to Bitcoin customers.

NEW never seen before cottage industries concentrating on bitcoin:
ASIC manufacturers (billion dollar industry)
exchanges (multimillion dollar industry)
payment gateways (multimillion dollar industry)


online shops focusing on only bitcoins:
bitcoinshop, bitcoin store, namecheap, alpaca socks, bitcoincupcakes, to name just a few. but if you search out the bitcoin services websites, not only are they themselves bitoin concentrating services, but the companies they list are bitcoin concentrating services. so go check out coinmap.

I get the feeling that's really not the case.  I could be 100% wrong.  I admit that.  But, there isn't the free flow of money like there was in the past on the internet.  There seems to be something that's holding people back.  There doesn't seem to be enough commerce in the world of Bitcoin.  There needs to be more buying and selling.  You can't just have people investing in the currency and doing nothing with it.  If people were spending them, there would be more sites focusing only on Bitcoin customers.

I want people to understand I'm not saying anything bad about Bitcoin.  The idea of it is fantastic.  Anyone that has ever done business online knows just how valuable something like this has the potential to be.  But, it seems quite a ways off from what it could potentially be.

lastly it is foolish to have a bricks and mortar business that has dozens of employee's that only accepts bitcoins. purely because in some towns there may be only 1 or 2 customers that use bitcoin. thus unsustainable to limit themselves to ONLY bitcoin.

what you have to truly realise is that there are over 100,000 businesses in the world accepting bitcoin in some form alongside FIAT. not 10, not 5 not just a dozen.. but over 100,000..... i was going to name more above but i got lazy when i wrote the 5th example store and thought it easier to just tell you there are 100,000 instead of listing them all.

as for the idea that getting people to spend bitcoin will increase merchant adoption. im sorry but if you have a grocery store in your town that you want to be bitcoin accepting.. spending your bitcoins on alpaca socks or computer parts wont convince your local grocer. YOU need to have a conversation with that local grocer, as thats more effective than spending your bitcoin elsewhere. after all there is no subscription fee's or large % fee per tx, so there is no loss to the business. even if he has just 1 customer a week (you) the grocer can still make the same profit.

when you add up all the employee's working at ASIC manufacturers, exchanges, bitcoinstores etc. then add on the sole traders and contractors, and add on the web designers and graphic designers, translators, advertisers, payment gateways, you will see that there are multiple thousands of people that work and get paid bitcoin.

lastly. please tell me what skills you have and i could probably think up a couple of examples of jobs you can do that pay you in bitcoin. so stop thinking the only way to get bitcoin is from mining ("bitcoin is only for the rich") or faucet raiding ("bitcoin is for the poor").

annd if you cant find an employer that pays in bitcoins, become your own employer

[GratefulCoin]

As we can clearly see it has not been a good investment this year.  Rich people threw a lot of money at them as some sort of get even richer scheme.

2014 a Bad year for BTC investment for what specific reason? The 2014 Average is 3x higher than the 2013 average. The market price right now as it is dropping is still almost 2x above the 2013 average.

You are kidding right? All that matters to anyone that gets paid in bitcoin is the value of the bitcoin at the time they were paid and the value of bitcoin now (or when they exchanged it for fiat or goods if they have already done so). Someone that is trying to make a living is not going to care about any kind of average

The price of Bitcoin will drop to 30-50 USD within the next year.  Bitcoin is about to take another serious nose dive.

Would you care to make a wager on that? 
I would match any amount of Coins you put up that you're wrong, we can use a trusted escrow if you want to hold  it lol

I have no Bitcoins to wager.  If I did, I would be cashing out right about now.  I think we are going to be seeing it in the 250 range maybe within 30 days.

I was right.  It did happen a little faster than I thought.  I’m still new to Bitcoin.  In fact, I still don’t own any.  I’ve been watching the price of Bitcoin very closely for a few months.  I feel that I can accurately predict what the price of Bitcoin will be.  I don’t have any software or anything like that.  I don’t even read much about Bitcoin.  I watch the price flucuations and make my predictions based on them.

I’m not sure about my prediction in a year.  The problem is… so much can change between now and then.  I do think Bitcoin needs to be priced between 30-50 for it to be healthy.

I’m not ready to say where I think Bitcoin will be in the next month.  I certainly wouldn’t be holding onto Bitcoins as an investment.  I’d only have some to buy stuff with them.