Topic: Bitcoin Holders Must Prepare For Mass Adoption - page 2. (Read 19037 times)

why video? Link it?

have you seen the new zealand yt video

The math works out to only about $3 trillion, actually. World currency estimate is around $60 trillion+. So, it's plausible actually if a world bitcoin-rush were triggered to see that number.

I don't doubt we'll see a bitcoin rush at some point, the incentives are too great. First people in win big. It's self-reinforcing. But it might be more like in two decades from now rather than end of the year

It is quite perplexing.  I really don't think it's because of small apartments.  It's mainly because nobody here has ever heard of it.  The JPY market on MtGox has extremely low volume, despite the fact that it's very fast and easy to get yen onto MtGox.

The other weird thing is that foreign exchange trading works as a de facto legal gambling industry here.  I don't have any good figures for the popularity, but in subways / trains / TV there are countless ads for FX trading platforms.  Mostly JPY / USD / EUR I guess.  Not sure if you actually get to take delivery or if it's more of a derivative like the CFD stuff which seems more popular in the EU.

But yeah.  No bitcoin awareness in Japan, no media, nothing.  Who knows why.  Might be that people are pretty old & conservative; I wouldn't expect my grandparents, nor Warren Buffet, nor most Japanese elderly people to understand bitcoin.

I am from Finland, and I have operations in Estonia, and sell to Sweden and Norway. (Also visit Netherlands perhaps 1/yr). Because of my influence that started in Finland long before my coming to Bitcointalk, Finns have bought about 20,000BTC more than they would otherwise have done. That is not bad considering that it is about 1-2% of the world's mine supply of the period, Finland accounts for 0.1% of the world's population, and there are other bitcoin proponents in Finland whose influence is not accounted for in the number. (In fact, some Finnish bitcoin circles are antagonistic towards me, as they regard me as a newbie because of my low tech skills.)

Without these early adopters, I would not have heard about Bitcoin. I truly felt like an old fart, all of 2010-2011, as there was a lively Bitcoin scene partly attached to our superfood- precious metals scene, while personally I felt that Bitcoin was too geeky. After a quite in-depth understanding of what Bitcoin is, it took me more than 12 months to invest. I could not have heard about it, were it not for the early adopters, and needless to say, now it is too late to wait for 12 months if you only now hear of it. Bitcoin is going to the moon and back in 12 months.

I have btw never loaded Bitcoin-qt so me and my clients are wholly under the radar of that list  

Not to mention that MtGox is located in Japan. Maybee it's because many live in small apartments where a noisy mining rig would be quite disturbing.

Looking at the "penetration" of bitcoin by country, I'm surprised at how low Japan is on the list. I would think that the technophilic home country of MtGox would find the Bitcoin story interesting, especially given that it was created by "Satoshi Nakamoto."

And the new quantitative easing (money-printing) policy of Abe's government should give Japanese a strong incentive to look into hedges against inflation, such as Bitcoin.

I'm not a Chinese, but +264.3

Don't think they care, and if they start to care at some point, it will be to late.

I'm a Chinese,and I think you're too sensitive.
China Gov won't notice bitcoin yet.

I'll play along. Just to be clear.... this is a scenario - I don't believe in it, but if we're speculating... why not? I hope you enjoy the read...

China begins the adoption of bitcoin. They don't have well formed concrete ideas of how it will help, but another arrow in the quiver never hurts. Meanwhile, Japan carries on with their quantitative easing policy. The unforeseen effect of their QE policy causes multi-billion-billion dollar derivative contracts that have shorted the dollar to unload into the market resulting in a drop in the price of gold.

Meanwhile, miscommunication from Japan's MoD results in what China perceives as agressive action in the Senkaku Islands causing a harsh and disproportionate reaction by China.

In the months that follows China and Russia, taking advantage of the low price of gold, put a plan in place to create a new currency back by gold held in Switzerland to purchase oil from the middle east. Countries send gold to Switzerland, obtain the gold backed currency and buy oil. The currency is reluctantly accepted over the next 6 months ending in the dollar panic of '14. A panic where nations flee from the perceived stability of the dollar into whatever physical assets they believe are valuable.

The value of bitcoin skyrockets.

Over the next year the United States gradually loses purchasing power and despite all efforts the government starts to implode. The tax base is absent - all money is in the only safe haven - bitcoin. In fact, the nation is now divided into the bitcoin equity holders and everyone else. Factions of bitcoin holders have assembled into self autonomous clans to protect themselves.

They create a derivative currency backed by bitcoin. A derivative currency that is first used to hire security for the clan. The clan starts to create what is necessary for survival: Water, food, shelter, security and stability - All paid for by their new currency backed by bitcoin.

Eventually the clan feels secure enough to undertake infrastructure projects such as roads and gradually expands their territory and connects with other clans.

And life continues its forward progression.

Interesting list, I note that Norway is at 5'th place

There are absolutely room for growth, and all tinfoil stuff aside, I think there may be an influx of chinese users soon. Since there are massive amounts of chinese, even a .1 increase should be noticeable.
I suspect that Chinese users are going to mainly do mining until there is a Chinese exchange. If the buttercoin project is successful, it may only be a few months away.
The CNC coin is already launched and caters to the Chinese market. Time will show what they choose.

What Bitcoin need is to reach critical mass, I think it's still 1-2-3 years away(or even longer). Even though stuff go faster now, it still takes a bit of getting used to. At the moment enough people are aware of Bitcoin, and they know people that uses it, the usage may go parabolic(like internet/cellphones etc.). Question is how the bitcoin community and infrastructure will handle this. The blockchain might start growing massively and prices might go trough the roof. This again may scare people away... There are lots of sides to the bitcoin. Hopefully it will become a gamechanger, especially in online retail. not to mention the great possibilities if it can be used alongside local currencies around the word. It would be nice to be able to use BTC when traveling - even more so than when you are at home where you have cheap payment systems in your local currency.

  Taste of their own medicine.

Yes, but we got our revenge.  China has Walmart’s now!  They will have to get used to buying the same shitty low quality products that we are forced to buy.

If China controlled the main exchange other countries would have no choice but to set up exchanges too. Btw, correct me if I'm wrong but isn't the btcchina server located in Japan?

The thing that matters is not who controls the exchange but who controls the bank accounts. And that would be the government. Hence the CCTV-2 news being monumental.

China controls everything anyway.  They've been manipulating currency forever.  Don't see how their involvement would change a thing.  Everyone of us typing in this forum is using something made in China.  Tough pill for some, but truth nonetheless.  Almost seems like a natural progression for China to dominate Bitcoin as well.

True but if China controlled the main exchange would everyone still want to be involved? How about if they started developing the software? It is open source.

Why would this case make the need to fork the client? The Chinese government could make a fork but how many would bother to use it? At most a fifth of the world population. But if the Chinese government sponsored a true (non-forked) Bitcoin exchange it would be truly world dominating material.

Of the 3 million qt-clients already downloaded...If only Italy, Spain and France gets to UK levels then we are talking about 300k more qt-clients. That's an increase of 10% right there. If China 4-folds it's an increase of another 30%. Including periferal countries we're talking an increase in qt-clients of 50% since all time. I think it is just a matter of translation. It would be bigger than the year-to-date number of downloads of the qt-client and it could happen in less than the 4.5 months already passed. The media frenzy ensuing could double that total.

This may sound stupid but if China really liked the Bitcoin idea why would they make their own copy or use the current Bitcoin system? Couldn’t they just open a Chinese gov sponsored exchange and let MtGox get crushed by the regulations in the USA? If they had the primary exchange like we do now couldn’t they set the price like MtGox does now? I’m sure they have enough computing power to mine so transactions might actually speed up as blocks are found more quickly. I know a lot of the old guard here will fork the client and stay with Gavin and Co. but out of the general population how many would stick with the Chinese Bitcoin or even know that there are two of them? They could make Bitcoin the powerhouse that volunteerism can’t accomplish.

Now imagine if all 50 countries on the list had the same number of penetration as the average number of the top 10. Which is very likely to happen.