Sell me this bitcoin.... (Wolf of Wallstreet)

[flipstyle]

Bitcoin is super secure: Yet the blockchain is vulnerable to 51% attack if miners begin a mass exodus out

Bitcoin is ultra fast: 15 minutes average for a confirmed transaction time.  I can pay with something via paypal or credit card in a few seconds, instantly.

Bitcoin is safe: I send 30 bitcoins to a scammer in Europe who promises to deliver goods.  I don't receive said goods.  I am now out 30 bitcoins.   I send $3,000 via a Visa card to a scammer in Europe who promises to deliver goods.  I receive nothing.  I then provide all documentation to the fraud department at Visa and am reimbursed fully within a week.    Seems to me this little increased 'transaction fee' is worth the peace of mind in a scammy society, no?


Bitcoin is convenient:  You have to download a client, then over 8gb's of data just to cold store your coins for the first time.   I can toss a dollar bill in my leather wallet in under a second

Bitcoin is free from government constraints: It's banned in several countries, including heavy restrictions in the second largest global economy (China).   It's also subject to federal taxation just as fiat is in the United States.

Bitcoin isn't an inflationary nightmare like fiat:  (taken directly from bitcoin wiki):

"Inflation is simply a rise of prices over time, which is generally the result of the devaluing of a currency. This is a function of supply and demand. Given the fact that the supply of bitcoins is fixed at a certain amount, unlike fiat money, the only way for inflation to get out of control is for demand to disappear. Temporary inflation is possible with a rapid adoption of Fractional Reserve Banking but will stabilize once a substantial number of the 21 million "hard" bitcoins are stored as reserves by banks.

Given the fact that Bitcoin is a distributed system of currency, if demand were to decrease to almost nothing, the currency would be doomed anyway.

The key point here is that Bitcoin as a currency can't be inflated by any single person or entity, like a government, as there's no way to increase supply past a certain amount.

Indeed, the most likely scenario, as Bitcoin becomes more popular and demand increases, is for the currency to increase in value, or deflate, until demand stabilizes. "

How exactly is the demand the past half year?


Purchasing power: I can store my credit card or cash in my wallet for days or months, and it will always have the same face value or balance  it had when I first stored it.   With bitcoin, I can put away 40 btc in cold storage and pull it out a day later and it can have %10 less purchasing power it had not even 24 hours before.  If I send a moneygram to a relative overseas, I don't have to worry about them having 20% less purchasing power when they pick it up the next afternoon.





Now.  Sell me this bitcoin.

[drkman]

and yet it is the massive 10% Bitcoin inflation that is killing the price for all the current holders of the currency.  The irony.

[flipstyle]

and yet it is the massive 10% Bitcoin inflation that is killing the price for all the current holders of the currency.  The irony.

Thank you for pointing that out, sir.

[pedrog]

and yet it is the massive 10% Bitcoin inflation that is killing the price for all the current holders of the currency.  The irony.

Dude, yesterday's volume was around 500000 bitcoins, not even counting China, do you think the 3600 bitcoins a day subsidy even makes a dent on the price?

[flipstyle]

Before making posts like this on a public forum and embarrassing yourself, conduct your own due diligence instead of listening so much to word of mouth.

Care to actually refute any of my post or just indirectly concede and nod in agreement?   I'm genuinely looking for any advantages this stuff currently has or could have to existing payment methods.

[tokeweed]

Bitcoin is super secure: Yet the blockchain is vulnerable to 51% attack if miners begin a mass exodus out

Bitcoin is ultra fast: 15 minutes average for a confirmed transaction time.  I can pay with something via paypal or credit card in a few seconds, instantly.

Bitcoin is safe: I send 30 bitcoins to a scammer in Europe who promises to deliver goods.  I don't receive said goods.  I am now out 30 bitcoins.   I send $3,000 via a Visa card to a scammer in Europe who promises to deliver goods.  I receive nothing.  I then provide all documentation to the fraud department at Visa and am reimbursed fully within a week.    Seems to me this little increased 'transaction fee' is worth the peace of mind in a scammy society, no?


Bitcoin is convenient:  You have to download a client, then over 8gb's of data just to cold store your coins for the first time.   I can toss a dollar bill in my leather wallet in under a second

Bitcoin is free from government constraints: It's banned in several countries, including heavy restrictions in the second largest global economy (China).   It's also subject to federal taxation just as fiat is in the United States.

Bitcoin isn't an inflationary nightmare like fiat:  (taken directly from bitcoin wiki):

"Inflation is simply a rise of prices over time, which is generally the result of the devaluing of a currency. This is a function of supply and demand. Given the fact that the supply of bitcoins is fixed at a certain amount, unlike fiat money, the only way for inflation to get out of control is for demand to disappear. Temporary inflation is possible with a rapid adoption of Fractional Reserve Banking but will stabilize once a substantial number of the 21 million "hard" bitcoins are stored as reserves by banks.

Given the fact that Bitcoin is a distributed system of currency, if demand were to decrease to almost nothing, the currency would be doomed anyway.

The key point here is that Bitcoin as a currency can't be inflated by any single person or entity, like a government, as there's no way to increase supply past a certain amount.

Indeed, the most likely scenario, as Bitcoin becomes more popular and demand increases, is for the currency to increase in value, or deflate, until demand stabilizes. "

How exactly is the demand the past half year?


Purchasing power: I can store my credit card or cash in my wallet for days or months, and it will always have the same face value or balance  it had when I first stored it.   With bitcoin, I can put away 40 btc in cold storage and pull it out a day later and it can have %10 less purchasing power it had not even 24 hours before.  If I send a moneygram to a relative overseas, I don't have to worry about them having 20% less purchasing power when they pick it up the next afternoon.





Now.  Sell me this bitcoin.

buy BTC before moon.

[cbeast]

Bitcoin is super secure: Yet the blockchain is vulnerable to 51% attack if miners begin a mass exodus out

Do you even know what a 51% attack is? It only does limited damage as long as it is sustained. With Bitcoin a 51% attack, even if possible is not sustainable.

Bitcoin is ultra fast: 15 minutes average for a confirmed transaction time.  I can pay with something via paypal or credit card in a few seconds, instantly.

Bitcoin is instant if you trust your payee, just like PayPal and credit cards. Bitcoins can be reversed up to ten minutes or so while PayPal and credit cards for six months.

Bitcoin is safe: I send 30 bitcoins to a scammer in Europe who promises to deliver goods.  I don't receive said goods.  I am now out 30 bitcoins.   I send $3,000 via a Visa card to a scammer in Europe who promises to deliver goods.  I receive nothing.  I then provide all documentation to the fraud department at Visa and am reimbursed fully within a week.    Seems to me this little increased 'transaction fee' is worth the peace of mind in a scammy society, no?

Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness?

Bitcoin is convenient:  You have to download a client, then over 8gb's of data just to cold store your coins for the first time.   I can toss a dollar bill in my leather wallet in under a second

If you forget or lose your wallet, you have no card or cash. Bitcoin can be copied onto multiple devices.

Bitcoin is free from government constraints: It's banned in several countries, including heavy restrictions in the second largest global economy (China).   It's also subject to federal taxation just as fiat is in the United States.

Don't take your freedom for granted or you will lose it all.

"Inflation is simply a rise of prices over time, which is generally the result of the devaluing of a currency. This is a function of supply and demand. Given the fact that the supply of bitcoins is fixed at a certain amount, unlike fiat money, the only way for inflation to get out of control is for demand to disappear. Temporary inflation is possible with a rapid adoption of Fractional Reserve Banking but will stabilize once a substantial number of the 21 million "hard" bitcoins are stored as reserves by banks.

Given the fact that Bitcoin is a distributed system of currency, if demand were to decrease to almost nothing, the currency would be doomed anyway.

The key point here is that Bitcoin as a currency can't be inflated by any single person or entity, like a government, as there's no way to increase supply past a certain amount.

Indeed, the most likely scenario, as Bitcoin becomes more popular and demand increases, is for the currency to increase in value, or deflate, until demand stabilizes. "

How exactly is the demand the past half year?

Merchant acceptance and Bitcoin vendors are skyrocketing.

Purchasing power: I can store my credit card or cash in my wallet for days or months, and it will always have the same face value or balance  it had when I first stored it.   With bitcoin, I can put away 40 btc in cold storage and pull it out a day later and it can have %10 less purchasing power it had not even 24 hours before.  If I send a moneygram to a relative overseas, I don't have to worry about them having 20% less purchasing power when they pick it up the next afternoon.

You pay fees to use banks and credit cards. Fiat lenders charge more than 1600% interest for many people. That means they lose 95% per year, more than Bitcoin lost.


Now, sell me this fiat?

[jonald_fyookball]

and yet it is the massive 10% Bitcoin inflation that is killing the price for all the current holders of the currency.  The irony.

Dude, yesterday's volume was around 500000 bitcoins, not even counting China, do you think the 3600 bitcoins a day subsidy even makes a dent on the price?

Yes, it does.

For one thing, that 500,000 BTC represents both buying and selling pressure.
The subsidy is all selling pressure.

And even disregarding that, 500000/3600 = 138.... it means that every 4 months we have that kind of pressure built in
to the market.

[flipstyle]

Do you even know what a 51% attack is? It only does limited damage as long as it is sustained. With Bitcoin a 51% attack, even if possible is not sustainable.

Yes, I'm well aware.  Why wouldn't I be?  Too bad that ultra secure 'network' is still prone to attack.  And no, it's not a mathematical improbability.   I've seen what has transpired with several other alts when there's a monopolization of control on certain pool servers.  Yes, armed robbers can enter a bank and steal a chunk of the institution's funds.  Problem is, banks are FDIC insured.  Who insures the blockchain in the event of catastrophe?  Or is it just a case of user stupidity for keeping btc on the blockchain.

Bitcoin is instant if you trust your payee, just like PayPal and credit cards. Bitcoins can be reversed up to ten minutes or so while PayPal and credit cards for six months.

Trust? Lol.  Apparently you don't understand the meaning of semi-transparency or complete transparency.  Refer to how that whole trust thing got people who used the largest exchanges.  I'd barely trust my own family when sending fiat, let alone a transparent form such as crypto.

Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness?

That's a mighty fine form of idealism you got there.  This world you live in...I'd love to visit.

If you forget or lose your wallet, you have no card or cash.

Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness?

Oh, the irony.  So user error only applies to fiat and cc's? Gotcha.  I can place my fiat in a mini bullet and fire proof safe, then place that safe in a safety deposit box inside an armed, secured bank.  

I can replicate my bitcoin wallet on several cold storage devices...and all of the devices could fail. You know...cuz like...electronics are all subject to failure.

Don't take your freedom for granted or you will lose it all.  

Probably the only area we agree.

Merchant acceptance and Bitcoin vendors are skyrocketing.  

Yet merchant adoption is the same thing that hinders its price growth.  Here's a hint: merchants don't give a damn about Bitcoin or its promise like a prospector.  Their sole goal is to convert it the instant they get it to...that same very currency bitcoiners despise: fiat.   No way would they hold btc and subject themselves to mass potential losses from such a volatile market. More merchants = more bitcoins being dumped onto the market on an hourly, daily, and monthly basis = more price suppression.


 

You pay fees to use banks and credit cards. Fiat lenders charge more than 1600% interest for many people. That means they lose 95% per year, more than Bitcoin lost.

To quote yourself, you can't protect yourself from your own foolishness.  Those who hoard credit cards and manage to dig themselves in huge debt and don't pay off their balances monthly deserve to reap what they sew.  Additionally, way to cite an outrageous extreme source to back your argument.  I get charged 12.9% APR on my visa platinum card, which I don't see any of...because I'm responsible with my finances and pay my balance off in full every month.  I don't mind paying a $50 annual fee, because...the amount of money I could possibly save in the event of fraudulent charges makes that such a small price to pay.  

Tell me what percentage of your coins you can recoup should you be scammed by a payee a few days, or weeks later?

You're also comparing fiat lending services to btc.  Now tell me how btc lenders work and how much 'insurance' you have should they pack up and steal your coins.  


Now, sell me this fiat?

I just did.  And with that fiat, you could buy a pen.  At any store in the world. Now tell me the same can be done with your bitcoin.

[cbeast]

Do you even know what a 51% attack is? It only does limited damage as long as it is sustained. With Bitcoin a 51% attack, even if possible is not sustainable.

Yes, I'm well aware.  Why wouldn't I be?  Too bad that ultra secure 'network' is still prone to attack.  And no, it's not a mathematical improbability.   I've seen what has transpired with several other alts when there's a monopolization of control on certain pool servers.  Yes, armed robbers can enter a bank and steal a chunk of the institution's funds.  Problem is, banks are FDIC insured.  Who insures the blockchain in the event of catastrophe?  Or is it just a case of user stupidity for keeping btc on the blockchain.

Bitcoin is instant if you trust your payee, just like PayPal and credit cards. Bitcoins can be reversed up to ten minutes or so while PayPal and credit cards for six months.

Trust? Lol.  Apparently you don't understand the meaning of semi-transparency or complete transparency.  Refer to how that whole trust thing got people who used the largest exchanges.  I'd barely trust my own family when sending fiat, let alone a transparent form such as crypto.

Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness?

That's a mighty fine form of idealism you got there.  This world you live in...I'd love to visit.

If you forget or lose your wallet, you have no card or cash.

Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness?

Oh, the irony.  So user error only applies to fiat and cc's? Gotcha.  I can place my fiat in a mini bullet and fire proof safe, then place that safe in a safety deposit box inside an armed, secured bank.  

I can replicate my bitcoin wallet on several cold storage devices...and all of the devices could fail. You know...cuz like...electronics are all subject to failure.

Don't take your freedom for granted or you will lose it all.  

Probably the only area we agree.

Merchant acceptance and Bitcoin vendors are skyrocketing.  

Yet merchant adoption is the same thing that hinders its price growth.  Here's a hint: merchants don't give a damn about Bitcoin or its promise like a prospector.  Their sole goal is to convert it the instant they get it to...that same very currency bitcoiners despise: fiat.   No way would they hold btc and subject themselves to mass potential losses from such a volatile market. More merchants = more bitcoins being dumped onto the market on an hourly, daily, and monthly basis = more price suppression.


 

You pay fees to use banks and credit cards. Fiat lenders charge more than 1600% interest for many people. That means they lose 95% per year, more than Bitcoin lost.

To quote yourself, you can't protect yourself from your own foolishness.  Those who hoard credit cards and manage to dig themselves in huge debt and don't pay off their balances monthly deserve to reap what they sew.  Additionally, way to cite an outrageous extreme source to back your argument.  I get charged 12.9% APR on my visa platinum card, which I don't see any of...because I'm responsible with my finances and pay my balance off in full every month.  I don't mind paying a $50 annual fee, because...the amount of money I could possibly save in the event of fraudulent charges makes that such a small price to pay.  

Tell me what percentage of your coins you can recoup should you be scammed by a payee a few days, or weeks later?

You're also comparing fiat lending services to btc.  Now tell me how btc lenders work and how much 'insurance' you have should they pack up and steal your coins.  


Now, sell me this fiat?

I just did.  And with that fiat, you could buy a pen.  At any store in the world. Now tell me the same can be done with your bitcoin.

We'll have to agree to disagree. You have not changed my position and I haven't changed yours. Time will be the judge. Goodbye.

[flipstyle]

Do you even know what a 51% attack is? It only does limited damage as long as it is sustained. With Bitcoin a 51% attack, even if possible is not sustainable.

Yes, I'm well aware.  Why wouldn't I be?  Too bad that ultra secure 'network' is still prone to attack.  And no, it's not a mathematical improbability.   I've seen what has transpired with several other alts when there's a monopolization of control on certain pool servers.  Yes, armed robbers can enter a bank and steal a chunk of the institution's funds.  Problem is, banks are FDIC insured.  Who insures the blockchain in the event of catastrophe?  Or is it just a case of user stupidity for keeping btc on the blockchain.

Bitcoin is instant if you trust your payee, just like PayPal and credit cards. Bitcoins can be reversed up to ten minutes or so while PayPal and credit cards for six months.

Trust? Lol.  Apparently you don't understand the meaning of semi-transparency or complete transparency.  Refer to how that whole trust thing got people who used the largest exchanges.  I'd barely trust my own family when sending fiat, let alone a transparent form such as crypto.

Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness?

That's a mighty fine form of idealism you got there.  This world you live in...I'd love to visit.

If you forget or lose your wallet, you have no card or cash.

Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness?

Oh, the irony.  So user error only applies to fiat and cc's? Gotcha.  I can place my fiat in a mini bullet and fire proof safe, then place that safe in a safety deposit box inside an armed, secured bank.  

I can replicate my bitcoin wallet on several cold storage devices...and all of the devices could fail. You know...cuz like...electronics are all subject to failure.

Don't take your freedom for granted or you will lose it all.  

Probably the only area we agree.

Merchant acceptance and Bitcoin vendors are skyrocketing.  

Yet merchant adoption is the same thing that hinders its price growth.  Here's a hint: merchants don't give a damn about Bitcoin or its promise like a prospector.  Their sole goal is to convert it the instant they get it to...that same very currency bitcoiners despise: fiat.   No way would they hold btc and subject themselves to mass potential losses from such a volatile market. More merchants = more bitcoins being dumped onto the market on an hourly, daily, and monthly basis = more price suppression.


 

You pay fees to use banks and credit cards. Fiat lenders charge more than 1600% interest for many people. That means they lose 95% per year, more than Bitcoin lost.

To quote yourself, you can't protect yourself from your own foolishness.  Those who hoard credit cards and manage to dig themselves in huge debt and don't pay off their balances monthly deserve to reap what they sew.  Additionally, way to cite an outrageous extreme source to back your argument.  I get charged 12.9% APR on my visa platinum card, which I don't see any of...because I'm responsible with my finances and pay my balance off in full every month.  I don't mind paying a $50 annual fee, because...the amount of money I could possibly save in the event of fraudulent charges makes that such a small price to pay.  

Tell me what percentage of your coins you can recoup should you be scammed by a payee a few days, or weeks later?

You're also comparing fiat lending services to btc.  Now tell me how btc lenders work and how much 'insurance' you have should they pack up and steal your coins.  


Now, sell me this fiat?

I just did.  And with that fiat, you could buy a pen.  At any store in the world. Now tell me the same can be done with your bitcoin.

We'll have to agree to disagree. You have not changed my position and I haven't changed yours. Time will be the judge. Goodbye.

Fair enough.  Thanks for being the only one brave enough thus far to play.

[gadman2]

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

[flipstyle]

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

I was more comparing it to credit cards, debit cards, and other alt payment methods like paypal.  But I just cited fiat in a lot of examples because bitcoiners tend to regard fiat as the ultimate evil.  When in fact it's the very thing that dictates bitcoin's buying power.

[gadman2]

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

I was more comparing it to credit cards, debit cards, and other alt payment methods like paypal.  But I just cited fiat in a lot of examples because bitcoiners tend to regard fiat as the ultimate evil.  When in fact it's the very thing that dictates bitcoin's buying power.

Bitcoin isn't meant to replace any of those either. There are several advantages and disadvantages of any system. You can't send 10 million dollars to me for a 10 cent fee via PayPal, and I can't protect myself from not receiving goods from a scammer...

[tokeweed]

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

gold?  bitcoin is a decentralized trust network. there's still a lot of potential use cases for the tech.  seeing it like it was 'gold' doesn't even scratch the surface.

[tokeweed]

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

I was more comparing it to credit cards, debit cards, and other alt payment methods like paypal.  But I just cited fiat in a lot of examples because bitcoiners tend to regard fiat as the ultimate evil.  When in fact it's the very thing that dictates bitcoin's buying power.

Bitcoin isn't meant to replace any of those either. There are several advantages and disadvantages of any system. You can't send 10 million dollars to me for a 10 cent fee via PayPal, and I can't protect myself from not receiving goods from a scammer...

why should i send you 10 MIL via an unsecured system like Bitcoin? How can I keep 10 MIL in something that can vanish overnight?

I would happily pay a bank wire tax for 10 MIL than using Bitcoin.

Bitcoin is good if you want to "play" some money. That's all. It's a high risk "investment" program

or launder the 10 mil.

[gadman2]

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

I was more comparing it to credit cards, debit cards, and other alt payment methods like paypal.  But I just cited fiat in a lot of examples because bitcoiners tend to regard fiat as the ultimate evil.  When in fact it's the very thing that dictates bitcoin's buying power.

Bitcoin isn't meant to replace any of those either. There are several advantages and disadvantages of any system. You can't send 10 million dollars to me for a 10 cent fee via PayPal, and I can't protect myself from not receiving goods from a scammer...

why should i send you 10 MIL via an unsecured system like Bitcoin? How can I keep 10 MIL in something that can vanish overnight?

I would happily pay a bank wire tax for 10 MIL than using Bitcoin.

Bitcoin is good if you want to "play" some money. That's all. It's a high risk "investment" program

0 (zero) wallets have been hacked in the real sense of "hacking". If your money vanishes overnight, it's because you had it in an exchange and the exchanged was compromised or something in your computer was compromised.

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

gold?  bitcoin is a decentralized trust network. there's still a lot of potential use cases for the tech.  seeing it like it was 'gold' doesn't even scratch the surface.

That was my point. The comparison would be foolish.

Back to work now. Toodles.

[mayax]

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

I was more comparing it to credit cards, debit cards, and other alt payment methods like paypal.  But I just cited fiat in a lot of examples because bitcoiners tend to regard fiat as the ultimate evil.  When in fact it's the very thing that dictates bitcoin's buying power.

Bitcoin isn't meant to replace any of those either. There are several advantages and disadvantages of any system. You can't send 10 million dollars to me for a 10 cent fee via PayPal, and I can't protect myself from not receiving goods from a scammer...

why should i send you 10 MIL via an unsecured system like Bitcoin? How can I keep 10 MIL in something that can vanish overnight?

I would happily pay a bank wire tax for 10 MIL than using Bitcoin.

Bitcoin is good if you want to "play" some money. That's all. It's a high risk "investment" program

0 (zero) wallets have been hacked in the real sense of "hacking". If your money vanishes overnight, it's because you had it in an exchange and the exchanged was compromised or something in your computer was compromised.

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

gold?  bitcoin is a decentralized trust network. there's still a lot of potential use cases for the tech.  seeing it like it was 'gold' doesn't even scratch the surface.

That was my point. The comparison would be foolish.

Back to work now. Toodles.

what's the fault if someone had money in an exchanger who vanished? example: many people lost their money with MTGOX.

Without this "gang" called exchangers, there will be no Bitcoin.

[gadman2]

They trusted the wrong person, nothing more. It's all a matter of trust and the faulty nature of it. People simply don't understand that their wallet -is- their bank. If you willingly choose for someone else to hold your money, why are you using bitcoin in the first place? (Probably for a get rich quick scheme... in that case just keep on keeping on...)  You're exposing yourself to all the disadvantages of fiat, and disadvantages of bitcoin. Why would you do that? The answer is trust, and the faulty nature of it.

Bitcoin isn't "for" everyone; it's "available" for everyone...

[flipstyle]

They trusted the wrong person, nothing more. It's all a matter of trust and the faulty nature of it. People simply don't understand that their wallet -is- their bank. If you willingly choose for someone else to hold your money, why are you using bitcoin in the first place? (Probably for a get rich quick scheme... in that case just keep on keeping on...)  You're exposing yourself to all the disadvantages of fiat, and disadvantages of bitcoin. Why would you do that? The answer is trust, and the faulty nature of it.

Bitcoin isn't "for" everyone; it's "available" for everyone...

Mind identifying who it was created 'for' then?  I'd be interested to know about the target demographic.