Topic: creating demand for bitcoin (Read 5283 times)
I went through a several week phase of actively trying to get random people involved, but soon realized that it was driven in some part by a desire to have my speculation in Bitcoin pay off and was thus more evil than I wanted to be. I don't actively encourage people to buy Bitcoin and in some cases I discourage it. For loved ones, I just consider portions of my own stash to be earmarked for them.
That said, I have provided both a lot of philosophical input and in some cases physical help to allow certain people to take a position. But only people who have a much higher than average IQ along with good analytic abilities and plenty of money to burn. The sums could be argued to exceed the high water mark on the poll selection (iirc, $20k) so I am torn between selecting that, or selecting the 'I don't' element. I'll solve the dilemma by not voting on this one.
I persuaded one guy to buy $5 worth of BTC :-)
Suppose that all the coins were bought by a billionaire at a market price of $1000, and then there is one person who want to sell 10 coins, but the billionaire is on vacation, and there is no one buying, the exchange price can drop to $1 in principle
So, besides an established consensus of exchange rate, the key is to advocate bitcoin as a constant consumption overtime (long term saving medium), thus maintain a stable fiat money inflow
So, besides an established consensus of exchange rate, the key is to advocate bitcoin as a constant consumption overtime (long term saving medium), thus maintain a stable fiat money inflow
So the important thing is fiat money inflow?
I don't understand.
Or you can call it value inflow, it does not matter it is fiat money or some consumable goods or servies etc... This value injection process will make bitcoin more valuable thus can carry larger scale transactions. If bitcoin worth only a little, its transaction ability will be greatly limited
So the important thing is fiat money inflow?
I don't understand.
Fiat is king, like or or not. Maybe one day Bitcoin will stand on its own, but for now, there aren't enough users to create an entire economy. So the easiest way to get BTC is to buy it, and as long as that's true, the exchange rate will be important.I don't understand.
Demand arises from businesses accepting bitcoin, not from one time investments.
Well short-term demand can come from speculators / one-time investment but if that's all Bitcoins are used for then that demand eventually becomes excess supply and it becomes a race to sell as nobody knows where the bottom is.
Eventually at some price new money from buyers will appear, such as perhaps a person who will need bitcoins to repay a loan at some point in the future, or a poker player who is willing to stock up on coins that suddenly seem cheap. So these are a couple sources of demand for Bitcoin.
So how is this demand created?
One phenomenal example are Beccy and Austin ... the lifeonbitcoin.com couple:
Quote
To get small businesses to accept bitcoin, it’s not enough to invite them. We need to pave the road for them, with smooth asphalt and clear signage, and convince them they want to go there. If we want merchants and users to accept bitcoin, we need to think of it like we do web design on a web startup. We’re getting people to sign up for bitcoin like they signed up for their first email account, or the first time they used PayPal, or switching to a new OS. We’re selling them on it. And it needs to be absolutely painless.
- http://lifeonbitcoin.com/what-will-drive-adoption/
Suppose that all the coins were bought by a billionaire at a market price of $1000, and then there is one person who want to sell 10 coins, but the billionaire is on vacation, and there is no one buying, the exchange price can drop to $1 in principle
So, besides an established consensus of exchange rate, the key is to advocate bitcoin as a constant consumption overtime (long term saving medium), thus maintain a stable fiat money inflow
So, besides an established consensus of exchange rate, the key is to advocate bitcoin as a constant consumption overtime (long term saving medium), thus maintain a stable fiat money inflow
I havent got any enemies. I would never tell my friends or family to invest in something doomed to fail.
JK
I've told a couple people to invest but IDK if any listened. I told my brother ~$10, family at ~$30, friends and co-workers ~$90(After telling them about my success)
JK
I've told a couple people to invest but IDK if any listened. I told my brother ~$10, family at ~$30, friends and co-workers ~$90(After telling them about my success)
Aww crap, damn you poe's law.
*Edit* pic related.
*Edit* pic related.
wow, nice pic
The biggest demand for bitcoin is long term saving medium, so far fiat money can not be used as long term saving, and investment funds and stocks have high fee and high risk
I usually recommend my friends to purchase coins for their children, so that they can afford their school when they grown up, and one of them listened to me have 10xed his initial investment
The important part to pursuade new people to invest in bitcoin is to let them start small thus almost risk free
The big picture is that after financial crisis people's awareness of economy and financial are slowly improving, and any one with a little bit of investment knowledge will understand bitcoin's superior property
I usually recommend my friends to purchase coins for their children, so that they can afford their school when they grown up, and one of them listened to me have 10xed his initial investment
The important part to pursuade new people to invest in bitcoin is to let them start small thus almost risk free
The big picture is that after financial crisis people's awareness of economy and financial are slowly improving, and any one with a little bit of investment knowledge will understand bitcoin's superior property
congratulation!
You persuaded your friends to make a risky investment with the intention to make your investment grow. And now you want to make everyone here also persuade their friends?
Do you know how to call any investment which can only grow if you persuade more people to join? Naaa ... you know it. Its the P-word.
I am sorry to say so, cause I have to show a lack of politeness, but if there have been involved in Bitcoin just greedy and thoughtless people like you show in this post to be it had never ever risen. And it will never ever rise for real, but make bubbles and bubbles and bubbles, if you find enough stupid people following you.
Sorry for this. You are enthusiastic about the technology, like me, so don't do all you can do to transform this fantastic thing into a greed-driven Ponzi.
You persuaded your friends to make a risky investment with the intention to make your investment grow. And now you want to make everyone here also persuade their friends?
Do you know how to call any investment which can only grow if you persuade more people to join? Naaa ... you know it. Its the P-word.
I am sorry to say so, cause I have to show a lack of politeness, but if there have been involved in Bitcoin just greedy and thoughtless people like you show in this post to be it had never ever risen. And it will never ever rise for real, but make bubbles and bubbles and bubbles, if you find enough stupid people following you.
Sorry for this. You are enthusiastic about the technology, like me, so don't do all you can do to transform this fantastic thing into a greed-driven Ponzi.
the persons are all adults and i made it very very clear that this is very high risk and that they only should use funds they wouldn´t mind losing.
so what you are saying is that it is ok to love the technology but it is not ok to invest in it or tell others that there is this risky investment? you better leave the hard part to others? what good is a beautiful technology no one uses ? what are you doing to get others involved ?
I didn't invested in it, and if I call that few coins an investment, I didn't spend 'em cause someone made me invest in it but cause I love the idea.
But as you said - if you told them that it's high risk and they didn't invest more than they could afford to loose - it's okey. Just wanted to clear this point. Your thread sounded like the ugly idea I opposed. Glad to hear I was wrong.
Aww crap, damn you poe's law.
*Edit* pic related.
*Edit* pic related.
this poll is put into the speculation subforum since major btc rises will only occur when bitcoin becomes more mainstream.
How mainstream is SWIFT, how many people do you know who control SWIFT accounts?
i put that sentence there to not have the poll removed by the mod.
person 1) he bought btc for approx 2 k € and put another 3 k € into mining
person 2) she invested 5 k € into btc and another 5 k € into mining
person 3) he invested 5 k € into mining
person 4) he invested 2.5 k € into btc, 2.5 k € into mining
person 5) he invested 5 k $ into btc
person 6) he invested 2.5 k € into btc and 2.5 k € into mining
Not one real use of Bitcoin for the purposes it was intended, kind of sums up the bitcoin world for me, loads of investments, loads of BTC stocks, lots of mining and gambling, but hardly any real uses of BTC for real-world expenditures or transfers.....
You have to do more than just "insert money". Inserting money is simply speculation and will only raise the price until some other speculator or miner sells. To raise bitcoin's REAL value then you need to create a TRUE and CONTINUOUS demand for it by growing the economy and getting more merchants and organizations involved.
congratulation!
You persuaded your friends to make a risky investment with the intention to make your investment grow. And now you want to make everyone here also persuade their friends?
Do you know how to call any investment which can only grow if you persuade more people to join? Naaa ... you know it. Its the P-word.
I am sorry to say so, cause I have to show a lack of politeness, but if there have been involved in Bitcoin just greedy and thoughtless people like you show in this post to be it had never ever risen. And it will never ever rise for real, but make bubbles and bubbles and bubbles, if you find enough stupid people following you.
Sorry for this. You are enthusiastic about the technology, like me, so don't do all you can do to transform this fantastic thing into a greed-driven Ponzi.
You persuaded your friends to make a risky investment with the intention to make your investment grow. And now you want to make everyone here also persuade their friends?
Do you know how to call any investment which can only grow if you persuade more people to join? Naaa ... you know it. Its the P-word.
I am sorry to say so, cause I have to show a lack of politeness, but if there have been involved in Bitcoin just greedy and thoughtless people like you show in this post to be it had never ever risen. And it will never ever rise for real, but make bubbles and bubbles and bubbles, if you find enough stupid people following you.
Sorry for this. You are enthusiastic about the technology, like me, so don't do all you can do to transform this fantastic thing into a greed-driven Ponzi.
the persons are all adults and i made it very very clear that this is very high risk and that they only should use funds they wouldn´t mind losing.
so what you are saying is that it is ok to love the technology but it is not ok to invest in it or tell others that there is this risky investment? you better leave the hard part to others? what good is a beautiful technology no one uses ? what are you doing to get others involved ?
I can understand where OP is coming from. If you have done a lot of reading up on Bitcoin and its potential, and you believe the price will inevitably go a lot higher in the future (assuming it continues to grow unhindered - obviously there is risk involved), why wouldn't you encourage your friends to invest? But you end up walking a fine line - I understand the benefits provided by using Bitcoin as an alternative to our current system, and as such I want to see more widespread adoption, so that I have more options when it comes to spending BTC. But of course, greater adoption also means a higher price - you see the value of your coins increase as the user base grows.
What I try to do is spread the word by explaining the benefits, and then encourage people to do their own research and come to their own conclusions. Unfortunately, most people find the subject quite technical, and don't have the time/conviction to read up. It's a tricky one - I would say its worth spending the time to do some research and try to understand the concept, but given that most of my friends will never actually do this, I end up telling them just to invest a small amount that they wouldn't mind losing and forget about it for a few years.
What I try to do is spread the word by explaining the benefits, and then encourage people to do their own research and come to their own conclusions. Unfortunately, most people find the subject quite technical, and don't have the time/conviction to read up. It's a tricky one - I would say its worth spending the time to do some research and try to understand the concept, but given that most of my friends will never actually do this, I end up telling them just to invest a small amount that they wouldn't mind losing and forget about it for a few years.
Demand arises from businesses accepting bitcoin, not from one time investments.
So you've promoted Bitcoin as a Ponzi?
Jump to: