Topic: Are you all idiots? ...or what? (Read 5503 times)

I don't look at bitcoin as a currency.

I compare bitcoin with gold, in that sense it's the digital version of gold. Many people share this view.

You won't see too many people making everyday purchases with gold, just like you aren't seeing massive amounts of people making purchases in bitcoin

Right now cash and credit is still the most user-friendly option for most people

Got any evidence to suggest this?  Or is it just a guess and wishful thinking?  I though bitcoiners were a little more scientific than this.

Bitcoin:

Almost 80% are hoarders and 20% consumers.

I would disagree that they are "suppose" to sell, but I would say that the economics of mining means that they will sell right away. The reason the miners will likely always sell much of their mined bitcoin right away is because of the large initial investment required to purchase a miner, which is often larger then the amount of bitcoin that a miner wishes/can afford to own.

I'm inclined to disagree!
Holding gold reserves are equally important as that of capital raises (since 90% of the time that is what gold offtake is utilised for).
This topic itself requires a very deep discussion but I do assure you that it is not common practice to immediately sell off gold produced.

However in the broader topic of this discussion, I do agree that the future success of bitcoin and CryptoCurrencies in General is that of accessability. It is the key argument in the positives that Bitcoin poses to users. For Bitcoin to truly serve it's purpose of creation and to compete with conventional currency Bitcoin must become conventional currency itself be that in it's own form or indirectly via immediate FIAT exchange.

The question "what are you - an idiot?" is also the answer.

If you do not trust the future of cryptocurrency, if you think it is a scam that must be hyped and pumped, then you are right.

But for people who know more about economies and finance there is no need to use pushy manipulation. Only patience.

 While I don't disagree with your position, there are many people in North America who save for their retirement years as well.  Ultimately they could spend the money but it is used in 401Ks and RRPSs to both defer taxation and serve as a retirement income.  I'm not sure bitcoin can be used to defer taxes at this time in RRSPs and 401k(s).  Money and bitcoin are not synonymous yet.

I agree with OP.
Bitcoin is Money and Money is made to be spent.

The idiots are the people spending their BTC.

People can spend & spend away.

I'm hoarding mine for a massive cash injection in 10 years or so.

This is the part so many people don't understand.  Users of bitcoin spend them and Overstock changes them to Fiat immediately.  But, the user of bitcoin must replentish his wallet - or quit being a user of bitcoin.  I seriously doubt users of bitcoin quit the system as soon as they spend their bitcoins at Overstock.  Nope.  They go back to Coinbase and rebuy the same damn bitcoins that Overstock is selling.

Shocking how moronic the masses are.  Overstock selling 100% of their bitcoins does nothing to adversely affect price.  However, that Overstock accepts them in the first place DOES attract more bitcoin users to the system as the utility of the coins is improved. 

Every person who bought stuff at Overstock later replentished his wallet.  Not one single guy quit being a bitcoin user because his wallet went empty after a Overstock purchase. 

WTF?  Are you people idiots or what?  Definately idiots.

We need a fresh large group of people to take interest in bitcoin and start buying frequently that's the way price will go up.

Agree. The evidence is that there is increasing acceptance of bitcoins by merchants and people are spending bitcoins. One customer service guy does not make a proper sample. 

Bitcoin will be ready for mass adoption once it becomes easy to use. Now this is not the case for various reasons. There is no infrastructure for end users. Circle is just one of the companies working on changing this and bringing bitcoin to the masses by offering a dead simple, user friendly GUI. Many more end user services are being created as we speak I believe. So things are moving in the right direction.

Another big issue preventing mass adoption is the base unit too large for everyday use for most regular people. What the heck is 0.000034? How do I get my brain to naturally understand value that number represents? If you wish to help change this join the growing number of people advocating the switch to 100 satoshis as the main denomination unit. This would enable standardisation that would be future proof and would make possible a significant breakthrough in general user adoption.

Just spending your bitcoin will not change much. It's a tiny part of the big picture. I'm not saying you should not do it. Heck yes, spend away! Donate. Show support for those businesses and non-profits who trusted us evangelists and decided to start accepting bitcoin. But if you truly wish to change something for the better in bitcoin world, see what sucks and create a business to address that problem.

Who cares if services dump to cash right away?

That means someones buying their btc so its neutral

And the person using the btc to buy things will need to reload his wallet again soon

You are clearly an idiot, and know absolutely nothing about bitcoin, how it works, what the phases were and now are, and what will secure its value.

Since you have posted "Overstock" a site that is helping to diminish the value of bitcoin right now, it also shows the great lack of research you have done.

I n the beginning in 2009 phase 1 was the increase of transactions, they needed these in the beginning so as the miners had something to mine THUS why faucets were evolved into the industry, they provided a network of transactions that helped build the blockchain, (FYI MORON these faucets still exist today and have probably quadrupled in amounts of them in existance thus securing your idiocized theory of needed transactions.

Why is your post so stupid an uneducated, you fail to realize places like overstock and the hundreds other online merchant sites as well as places like Dell only dump our coins for cash. they have to pay for things that require cash transactions like website fees, labor, tangible inventory to manufacture a product. they can not buy these things with Bitcoins thus they ahve to dump the coins for cash. and the more companies that we pick up, the more kids like you run out and blow all those BTC they earned in faucets this past year onb the newest video game, and what do those merchants do, sell your hard earned BTC for cash lowering the value of BTC every two weeks.

It is truely amazing how uterly stupid people really are in here.

the  development  of Bitcoin  is so  early,so many people don't mind the current low prices and  less people accepting it

Nothing like anecdotal evidence...

The fact that people's bank accounts are getting closed because people are involved in bitcoin has nothing to do with bitcoin, it has to do with the fact that people are using their person bank accounts to conduct business with. If someone wants to engage in the practice of trading bitcoin and/or conducting bitcoin related business then they need to open a business bank account, not use their personal bank account

I agree with all these statements but in the end we still need regular shops accepting bitcoins too. 

If you win big at the casino.  It is nicer to just shop with the bitcoins directly.
After I sell something on Open Bazzar, it would be nice if I could use that coin to buy some groceries at my neighborhood store. 
If somebody overseas sends you money, instead of paying fees to transfer that bitcoin into fiat, why not just use it in a shop that gives you a discount for bitcoin?

Tis the problem of which came first, the chicken or the newegg. 

This is the bootstrapping dilemma.  It is hard to spend bitcoins because no real shop in my city accepts them, but no shops want to accept them because nobody is using them. 

If you believe in this movement it is really important to spend them whenever possible. 

And yes, it does create downward pressure on the exchanges at first, but eventually that won't happen.  When bitcoin is in a good rally those companies won't be selling but hoarding.  Also, eventually if enough people are spending then some people need to be buying again to spend so that will create upward pressure. 

This is a needed growing pain.