Topic: Bitcoin Failure is likely (Read 21654 times)

If your bitcoins are way more precious than your dollars you should obviously keep buying coins until they aren't.

Good point! And how much is Enough?

IMO, there are 2 different measure:

1. I have constant BTC inflow which covers more than my monthly spending (500 BTC per month at today's price )
2. I have enough BTC that will ensure my living cost of about 3 years (15,000 BTC in today's price)

If none of these conditions met, I tend to keep accumulating BTC

Isn't this true for most of the people? And due to the limited supply of total coins, these conditions will never be met by most of the people, so most of the people will keep accumulating  BTC  

I didn't specify this, and re-reading my post I guess I should:

I hate my Debit card.

I hate every bank I've ever carried a debit card with, including credit cards.

This isn't necessarily because I hate the banking system, the banks I have accounts with, or any particular branch... no. I hate my debit card because every other month it seems my info gets compromised as some retard loses a laptop at the BOA headquarters and they re-issue 600,000 cards and my Verizon payment is late because it tries to auto pay from a bunk card.

"oh poor you" you say to yourself "L2Billpay"... mock me not! you do not know the full breadth of my suffering.

For you see, I don't carry cash with me. its not convenient, and really, where has that shit been? Also, to get to a cash machine, I have to walk a mile or more out of my way while I'm at work. Its just the nature of things. I sweat enough as it is to earn my living, and after the first half of the day after I've crawled through an endless metallic labyrinth and I'm covered in horrible red-chalky-wtf-is-this-shit-if-not-paint, and all I want is so precious little. Just a soda. lucky for me the vending machines take debit, in what fashion the Japanese would call "charming for such a damaged people", I swipe my card and the the gears inside the machine grind together as the mechanism strains to sap every possible bit of energy from the solar panel in a sky that has not seen the sun in weeks as I sit there waiting ever so patiently for my sweet, sweet beverage.

:DENIED:

The machine laughs at me and I consider claiming my prize im trying to pay for with my angry little fists.

See, whatever network those machines use to process payment is routed through to their headquarters. All the way accross the states. Guess what this does guys! Hey! It triggers anti-theft from visa, because they think the purchase is happening in freaking Philadelphia

So I can't quench my thirst. I can't buy gas. I can't do anything but whine like an impotent jerk.

Eventually I get a call from them asking me to verify my purchases, and once I do, its gravy. until I get a new card.

But really, how often does that happen? Oh yeah, all the time.

I've ranted on a bit, but I guess I'll add this too. I had to work in Japan for over a month, and in that time not once not-one-freaking-time, did I ever have trouble with my debit card. I did not tell them I would be making purchases in japan beforehand. Perhaps whatever metrics they're using to determine theft are completely arbitrary.

"Oh no!!" "Unexplained purchase of a candy bar in Philly!!!" shut. down. everything.
"renting a mt. bike, buying groceries and hotel room in Japan? its cool."


tl;dr - I'm a lazy unorganized hypochondriac

freaking sweeeeeet

https://en.bitcoin.it/wiki/Trade#Gift.2FDebit_Cards

There are newegg giftcards and cards for many other stores available.  Bitcoin will have to grow before the accept it directly, but eventually they will want to know how somebody is selling so many damn giftcards.

I'm sitting on bitcoins. Lots of bitcoins. Maybe more bitcoins than most.

I would use these bitcoins for purchases... oh what purchases I would make with these bitcoins of mine...

VERILY I SAY! OH THE SHEER VOLUME OF TRANSACTIONS I WOULD MAKE...

... if the currency were more mature.


I try though, I really do. When I sell things on craigslist I tip my hat to bitcoins, and some people actually email me and inquire about them. I've yet to actually buy or sell anything with bitcoins through that medium though.

Honestly the only thing I've ever bought with  bitcoins is the yubi key for my Mt. Gox account, and I don't think that counts.

I mean, I'd love to buy things off Newegg with bitcoins... that would be super sweet, and I've emailed them about it. But to be fair to them and other large businesses, there is just too much risk, and bitcoins are still volatile. People are going to sit on their coin's till it gets sticky. Thats going to take another 4-8 years. Its not so terribly long if you think about it.

Until then Bitcoins will slowly gain momentum as infrastructure is built and software and features mature until like the breaking of a great wave it hits the mainstream as if from nowhere and people will wish -like I wished- they had heard about bitcoin sooner.

Don't throw the baby out with the bathwater. The community is very much alive and well. There is much development yet to be done, but the plan is in the works. I completely disagree that spending Bitcoin is very important unless you want to acquire them through marketing something or sell something without chargeback risk.

Soon there will be financial instruments based in Bitcoin and other services that will open up new types of markets and industries. Besides, Bitcoin was born from the spirit of revolution. You can't quit a revolution, you can only sell out. Krugman, as most pundits, is a sellout.

The main obstacle to buying things you want in bitcoins (if someone is selling) is transferring your wealth into btc. Once people are "sitting on" enough bitcoins they will start using them to buy stuff more often.

what krugman said 

Listen, guys. It's time to stop predicting and speculating, and start using Bitcoin. You're all sitting on bitcoins right now, pretending you're going to strike it rich, but the community is dying in the meantime. Start thinking about the things you need in your life and start looking for and requesting them to be offered in the bitcoin community. Stop speculating on what the price might be 10 years from now and start actually building our economy.

A bunch of hoarders doesn't help a currency get adopted. Lots of spending does though. I'll be outlining this in one of my newer projects, BeyondBanks. I'll explain more about why this is important soon for those who are interested, and for those who already know, help spread the word.

smellyBobby's failure is likely.

A big turning point is coming when the block reward is cut by half

If the price of BTC can not double after that, most of the miners will be forced out, and the difficulty will drop a lot, and less people will be interested in BTC

If the price doubled after that, it will show strength of the BTC, then maybe more and more people will notice it

As I understand, the limited supply (not supply speed) is the biggest obstacle for BTC to become a transaction medium, but if the price can be kept high, then it will become a digital collection item

But they look a lot better than the websites before 1991. Form follows function. There is nothing wrong with a simple design if your message is simple. It's like the early days of desktop video editing; you could throw in every lap dissolve and SFX, but they tend to take away from the message. I like website designs like Drudge and Craigslist (even SR) for their simplicity.

And half since.

That applies to just about any internet website made before 2000 AD.

acceptbtc,

Those are all good points and I am ecstatic that people are moving in that direction.

Personally, from my own thoughts, I would imagine a Bitcoin marketplace to evolve more in the direction of SilkRoad than eBay.  In fact, what I've been thinking about lately is more like a simple text-based P2P marketplace that could have several different front-ends, sort of an extension of #bitcoin-otc.  But you're right, a true alternative needs more than just Bitcoin support.  It needs to be able to attract both buyers and sellers of all types.  I am glad that Bitmit exists, but it doesn't seem to get much traffic, and probably won't get very far as simply an eBay clone.

One area I think is sorely lacking, just in general, is competition with Craigslist.  A useful, affordable local classified service is absolutely essential in this economy.  I'm convinced that Craigslist no longer fits that description.  Even though it is free, the amount of hassle, censorship and petty conflict that a real seller has to put up with on that site makes it completely impossible to use.  So, that's one feature not to consider:  community policing.

But please also consider the features that make eBay useful:  integrated messaging, integrated payment, location-awareness, dispute resolution.  In the current economy and resultant political environment, telephone and e-mail can be interceded.  Payment services are routinely cut off.  Shipping valuable goods long distances can be risky.  And obviously scammers are ever-present.

It may sound paranoid, but supporting Bitcoin means you can take all of those points and underline them.  It's not as easy as it seems.

acceptbtc, keep in mind how very YOUNG Bitcoin is.  I am glad to hear you are working to improve the Bitcoin world/experience with better services.  If you think the services that are available today are unprofessional-looking, you should have seen what was available last summer!  Vast improvements have been made, and vast improvements will continue to be made as long as people continue to come along and believe they can do better than the last guy.

Best of luck with your project - I hope you achieve what you are wanting to achieve with it, because it does sound like a good service!

I'm not here to offend anyone but nearly 90% of bitcoin services seem extremely unprofessional and the look like something a 12 year old made.

Also all i see in bitcoins bunch of people creating financial instruments for a currency that is nearly only used for speculation and trading. A currency's main goal is that it's a method to exchange for goods and services and bitcoin is missing this.

There are no professional marketplaces in the bitcoin world. The closest to what I have seen to a marketplace in the bitcoin world is bitmit and that looks like an eBay rip off. Forum are not marketplaces.
Half of this forum is filled with people wanting to make a quick buck only because they can't afford to play the game on Wall Street.

I'm currently in the process of building the world's first bitcoin marketplace. There are no real bitcoin marketplaces. Bitmit is horrible, forums are not marketplaces.

In this marketplace the sellers are going to have identities, reputations, we will verify their identities too for a fee.
The can also accept PayPal and Dwolla. The site is not here to promote bitcoins, its to promote exchange of goods and services. The mainstream use of bitcoins will be a by product.
exhcnage services are going to be BUILT INTO THE MARKETPLACE.
I find it ridiculous that we have to go to an exchange, convert and then return to another site to buy items.
Listing items will be free, selling will be free. eBay's business model is outdated.
Right now the Bitcoin features are in development. But it is coming. However you can sell items and specifically ask to get paid in btc.

I'm not saying this will save bitcoin. But a powerful marketplace is the reason why PayPal became what it is today.

I'm not looking up whatever image relates to that.  I've already learned that lesson.

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