Topic: Bitcoin Holders Must Prepare For Mass Adoption (Read 18983 times)

Go any more Bitcoin insights?

I would say more relevant is an understatement. Many people who where reading this thread in May have already made significant gains by holding Bitcoin.

The Chinese gambling culture prediction for sure kicked in; it is just a matter of time before the you-will-be-hacked prediction kicks in. But prediction is the wrong word, it is inductive reasoning. However the message is clear, this is getting more serious, faster than you could imagine.

Next in line for further build-ups is Japan and India, as well as Wall Street and further layers of Western society.

Seems more relevant now.

Both?

It isn't really that much of a surprise when you learn how astronomically screwed their current economy really is, and the Yuan is in line with the Euro and Dollar to fall hard in the near future. Due to the way they don't let citizens invest their money the way we can, they all went hip deep in funneling their new found wealth into housing as an investment, which has caused a bubble so big it escapes rational thought. Unfortunately these people bought into these ghost cities where no one lives. They have all wasted their life savings and don't even know it yet.

http://www.cnbc.com/id/100533574

http://www.forbes.com/fdc/welcome_mjx.shtml

Lots more articles like these around predicting the worst. This is not the housing boom of the US where they just overbuilt residental neighborhoods and business buildings. They are mass manufacturing entire citites at a debt. These cities add zero to their economy as they are just rotting in the sun now, useless.

Their entire economy is 100% fake, driven by frequent mass capital injections that keeps them building completely empty cities on credit (they build 12-24 new cities per year!) to keep the economy moving. Their middle class can't get enough credit, and the banks can't wait to give it to them. They are doing what the US did, but about 50% faster on the road to failure, it can't go on indefinitely. If China's economy tanks that little tantrum in 2008 will be a tiny footnote in history compared with the consequences of such a collapse of the world's second largest economy. Since the commodities markets would be wiped out along with it (that has been feeding China the materials for all of their insane building), all of the other major bubbles will implode immediately after around the world, causing a shockwave of systemic failure across the board, eventually burning down already shaky banks that are all hiding massive risky derivitives bombs of unfathomable amounts of money (Estimated at around $1.5 Quadrillion, 20x the worlds GDP, no one really knows since banks are not obligated to report to anyone). That means game over for the old economy and fiat currency. There is no amount of money anyone could print to fix it.

Grim, I know, but this is how the world really is right now. It's a house of cards. If you don't believe me I encourage you to start doing your own research and be shocked and disgusted by what you find like I was. We're on borrowed time as they keep inflating currency everywhere to stem the tide.



 If/When (pretty sure it is when at this point) fiat falls what do we do then? The problem can't be fixed with the problem. We will need a new money economy. Luckily, we already have one. Thy name is Bitcoin.

I have theorized as the economic damage gets worse that Bitcoin and its brethren could possibly overwrite the damage and the debt as it occurs. It is very easy to deploy and 100% free for the general populace to use, rapid adoption is totally possible. I'm prepared to watch BTC skyrocket when the next major bank or even a whole country bites the dust. Cyprus was just a taste of that scenario.

A point on mining that seems to escape many: even if the coins are a lot harder to mine in the future, even a slice of one when they are valued at say $1000 or more is still a significant sum. It won't stay at $100 forever while the difficulty and network hashpower ramps up with the Asicocalpse. Mining will still be profitable, possibly even more so if the price increase outpaces the network hashpower increase. We'll just have to wait and see what happens. The mining market and network will stabilize on its own, there is just a lot of hype built around these new ASICs and everyone wants in on the initial rush. It will pass. Those early to the table stand to make a small fortune, but won't be indefinite as ASIC tech becomes readily available.

To imagine the impact if 1/4 of the Earths population hopped on Bitcoin...I really can't wait to see where this is all going. It would be a smart move on their part to dump the Yuan before it dumps them.

"But... human nature" 

Human nature is a social construct. 

While I do think I grasp the overall idea planned by the designer(s), I can't help but thinking he might be wrong. There is a very good possibility society could slip into the sort of communal economic utopia that he had envisioned, but I think human nature will be expressed despite the fairness of the monetary system. There will be people with more and people with less, and people with more will have more power and options to tempt those with less. And should such a utopia be established, I have my doubts about the peace lasting after the first generation lives and dies.

I know where you are going with this, and I see it to be probable as well, but I just don't think it will hold. You are definitely correct that people will be awestruck by the first wave of developments.

You're quoting me, without quotes, as a reply? I'm confused.

While I do think I grasp the overall idea planned by the designer(s), I can't help but thinking he might be wrong. There is a very good possibility society could slip into the sort of communal economic utopia that he had envisioned, but I think human nature will be expressed despite the fairness of the monetary system. There will be people with more and people with less, and people with more will have more power and options to tempt those with less. And should such a utopia be established, I have my doubts about the peace lasting after the first generation lives and dies.

I know where you are going with this, and I see it to be probable as well, but I just don't think it will hold. You are definitely correct that people will be awestruck by the first wave of developments.

That would work. I do tend to think that a lot of Bitcoin holders will want to keep their private keys in a bank/vault. It is a concept that most people comfortable/used to. Would be interesting if banks just started printing off banknotes backed by Bitcoin.


It really is quite illuminating. Makes me think of this article.
http://lewrockwell.com/rosenberg/rosenberg-p17.1.html

Is there any great thinker or philosopher coming out from Japan ? Michio kaku doesn't count as he grew up in the states.

Individualism  seems to be a rare commodity there .

Very interesting, Here's hoping

well we are screwed. due to the Chinese currency manipulation if an American can mine bitcoins for a profit at $100 a bitcoin, a Chinese can mine bitcoins for a profit at $50 a bitcoin assuming he pays the same price for electricity as the American. this is probably exaggerated but you get my point. considering we can mine bitcoins for a profit, a Chinese can become rich mining these shits right now. considering there are over a billion Chinese they have the potential to cause the difficulty to skyrocket and drive profitability into the ground if enough people start getting into bitcoin. this could force everyone else out of the market as far as mining goes due to the currency manipulation.

notice the difference in economic policy between the US and China? the Chinese see a brand new industry and growth market in digital currencies. they saw that western countries are cornering the market so they ran this story on state run TV to get the Chinese people to start adopting bitcoin. while western governments say nothing but bad things about bitcoin and try to drive people away from it. they see it as a threat to the old banks and try to destroy it. crony capitalism at its finest. while the evil rich people who control China see the economics of it, it's a new booming industry and a growth market. they want China to control it and corner the market on it. this is exactly why China's economy is growing so rapidly and quickly becoming the largest economy in the world and why western economies are either stagnant or shrinking. similar to solar panels, the Chinese see it as a growth market and are trying to have China corner the market on it. while in America they see solar power as a threat to the old coal industry and try to destroy it. while America is only concerned with protecting the old banking and coal industries, which destroys the economy. China is only concerned with economic growth. which is better? if earth continues on its current path and no major events disrupt civilization then China will definitely become the most powerful nation in the world in the coming decades. the country with the largest economy is always the most powerful country in the world and China will have the largest economy in the world soon. i would say advantage: China.

as America weakens under corruption and crony capitalism (fascism?), China strengthens under it's form of communism.

BTW i'm not saying that the Chinese government is good, it's not, it's simply better for gaining power. notice how i didn't say America is a democracy, i think it's actually fascist. real democracy and direct democracy is good for gaining economic power too and better than what the Chinese government calls communism.

then again i could be wrong and they simply want to use bitcoin as a weapon against the USD.

There is evidence of a strategic fundamental shift. A country which has a lot of interest in seeing Bitcoin succeed has tacitly approved of it. This country also happens to be the world's most populous and the second biggest economy in the world.

Still Bitcoin won't have any real geopolitical importance until we see a $1 trillion+ market cap. But before that time comes, it is very interesting to see how the different global players react to it.

Iceland, the only country worldwide I know of that did the right thing in the entire banking crisis: They let their banks default. Go Iceland!

I didn't do Iceland, which figures out to 4,88.

Was there even a modicum of evidence offered here? Or is this more wishful thinking? TIA

Yes. and they are ignorant/clueless. Still - it only proves my point, BTC is not seen as some kind of a threat.

I am ready for mass adoption.
 

The more, the merrier!