Topic: [2019-01-03] Bitcoin ‘Too Scammy, Volatile’ for Mainstream Adoption: Analyst (Read 132 times)

Not a very high bar for there to have been an upward trend since the value was zero.  And while there has been an increase in usage over time, it hasn't correlated very strongly with the price. 

The price could well be ten times less with Bitcoin being used to actually buy things the same amount, I reckon.

He isn't really arguing that Bitcoin is useless, just that it's shrouded in dodgy dealings and mystery, which I wouldn't deny at all.  A lot of Bitcoin-related advertising , Bitcoin-related scams and questionable businesses have led to that perception.  And those problem genuinely make it a minefield for new users.

Man says 'I don't know very much'. Man says 'listen to me'.

Riiight.

It is obvious that it's not suitable for most people and it's going to be quite some time before it's a safe proposition for most people rather than us outliers, but I doubt many of the people using BTC in shithole economies are doing it for fun.

whether he likes it or not, there is a clear long term pattern---the uptrend going back to 2009. considering the current supply inflation, there's been constantly increasing adoption rates. technologies tend to have a snowballing effect. as bitcoin's network grows bigger and bigger, the likelihood that it will sustain grows.

as far as credible use cases, how about censorship resistance? capital flight? he writes off the store-of-value aspect because of its volatility without recognizing that any nascent and experimental technology will be speculative and volatile. it won't always be that way.

bitcoin still has a very small market, obviously going to fall a lot or rise a lot in a short time, but this is something that in time when more institutional investors enter the market will end. At the moment any bad news makes people sell in panic, we have exchanges that manipulate volumes, we have ICOs scam, so of course we still have challenges that we must overcome so that in the future we do not see 80% falls. This guy should be more understanding rather than criticizing

Analyst Mark Dow, the trader who closed his short position after bitcoin fell 80 percent last year, doubts whether Bitcoin will ever attain a broader adoption.
Bitcoin-Short Trader Bearish on Future of Crypto Adoption

Mark Dow, a former International Monetary Fund (IMF) economist, said in a tweet that the world’s leading digital currency “lacks a credible use case” to withstand the bearish sentiment. He discredited bitcoin‘s potential of becoming a store of value asset, stating that those who make these claims are delusional and scammy.

    I've yet to hear a positive, credible use case for #bitcoin. Plus, I see a lot of delusional arguments & scammy promotion. However, truth is I know v little about it. What I do know is it has been highly tradeable based on patterns, and I suspect it will continue to be. $BTC $XBT

    — Dow (@mark_dow) January 2, 2019

The community presented Dow with evidence of bitcoin’s use cases in cash-strapped economies like Venezuela, where the economically underfed citizens have started opting for digital currencies against their hyperinflated national currency, the bolivar. Dow rejected these lines of argument, saying that Venezuelans cannot use a “currency” which goes down 80 percent in a year — even if it can go 200 percent up in correction.

“It becomes speculation, which is not the use case Venezuelans are looking for,” he argued. “They need safety and stability. I’m surprised this does not seem obvious.”

CCN | https://www.ccn.com/bitcoin-too-scammy-volatile-for-mainstream-adoption-analyst-mark-dow/