Topic: If bitcoin ever goes mainstream - page 23. (Read 29054 times)
You can't buy much with it now really but more and more merchants are accepting it daily across the world.
Don't forget that the US isn't the world.
In many countries, you can't buy anything with bitcoin. You might even have a hard time or have to pay heavy fees to find someone willing to exchange bitcoins for the local money.
Calling the present situation as mainstream seems very far-fetching.
In many countries, you can't buy anything with bitcoin. You might even have a hard time or have to pay heavy fees to find someone willing to exchange bitcoins for the local money.
Calling the present situation as mainstream seems very far-fetching.
I know many bitcoiners have an anarchist/libertarian perspective of the world, therefore, they look at the government as a bad thing.
But the creation of a government controlled by the people is one of the most important political inventions of humankind. We managed to tamed the most powerful institution on Earth: the Leviathan of Hobbes. If the government would disappear tomorrow, I think we know what would happen: most streets would be controlled by violent groups. We would living on a brutal feudalistic system in no time.
The state has important functions on stimulating the economy on depressions and social functions supporting the poor that seem to be unviable or hard to execute on a monetary system where money is finite and it's in the hands of a group of pioneers (our hands).
Take the creation of the money from the hands of a democratic government (I know in many countries that power isn't in the hands of democrats), make it finite, and in the hands of a group of pioneers, and rest assure that justice won't be served.
But my text isn't about justice. There is little that we can do. I certainly won't try to convince governments to destroy bitcoin. They will have to do their home work. It's only about taking conscience of what might happen.
Be careful with what you want, because it might come true.
LOLOLOLOLOLOLO...EM But the creation of a government controlled by the people is one of the most important political inventions of humankind. We managed to tamed the most powerful institution on Earth: the Leviathan of Hobbes. If the government would disappear tomorrow, I think we know what would happen: most streets would be controlled by violent groups. We would living on a brutal feudalistic system in no time.
The state has important functions on stimulating the economy on depressions and social functions supporting the poor that seem to be unviable or hard to execute on a monetary system where money is finite and it's in the hands of a group of pioneers (our hands).
Take the creation of the money from the hands of a democratic government (I know in many countries that power isn't in the hands of democrats), make it finite, and in the hands of a group of pioneers, and rest assure that justice won't be served.
But my text isn't about justice. There is little that we can do. I certainly won't try to convince governments to destroy bitcoin. They will have to do their home work. It's only about taking conscience of what might happen.
Be careful with what you want, because it might come true.
Definitely. Paypal is mainstream but not every shop online accepts it.
Mainstream is a pretty relative notion. In my opinion, I already consider it mainstream, as I use it everyday since.. a long time and a lot of my friends use Bitcoin as well.
So among my entourage is quite popular and mainstream, even more than PayPal
.
So among my entourage is quite popular and mainstream, even more than PayPal
.I don't think we can call it anywhere near mainstream yet. It might be getting talked about in the mainstream but it's not been implemented yet.
I think we can call it mainstream when we see it on every single website. Still a path ahead, maybe in 4-8 years
I think every-single website is a bit extreme for it to be considered mainstream.
Mainstream is a pretty relative notion. In my opinion, I already consider it mainstream, as I use it everyday since.. a long time and a lot of my friends use Bitcoin as well.
So among my entourage is quite popular and mainstream, even more than PayPal.
So among my entourage is quite popular and mainstream, even more than PayPal
.I don't think we can call it anywhere near mainstream yet. It might be getting talked about in the mainstream but it's not been implemented yet.
I think we can call it mainstream when we see it on every single website. Still a path ahead, maybe in 4-8 years
Mainstream is a pretty relative notion. In my opinion, I already consider it mainstream, as I use it everyday since.. a long time and a lot of my friends use Bitcoin as well.
So among my entourage is quite popular and mainstream, even more than PayPal.
So among my entourage is quite popular and mainstream, even more than PayPal
.I don't think we can call it anywhere near mainstream yet. It might be getting talked about in the mainstream but it's not been implemented yet.
I guess that's a good definition ie its mainstream when we use it daily.
Mainstream is a pretty relative notion. In my opinion, I already consider it mainstream, as I use it everyday since.. a long time and a lot of my friends use Bitcoin as well.
So among my entourage is quite popular and mainstream, even more than PayPal.
So among my entourage is quite popular and mainstream, even more than PayPal
.
Define mainstream. I think itll be mainstream if merchants like amazon and ebay accept it along with many more and various real-world shops around the globe.
The question is to what level of mainstream? A few large merchants and a handful of stores on the street, or many large merchants and many more on the highstreet. Hopefully we'll see a slow growth through both stages.
Unless Bitcoins are accepted by a significant portion of the merchants (may be 20-30%), we won't be able to call it as a mainstream currency. Adoption by a few big names will definitely give a boost to the exchange rates, but that alone will not make the currency mainstream. A lot of challenges are ahead... especially the government regulations.
I think 20-30% is very reasonable within the near future. It's exciting to watch it grown and see where it goes regardless.
The question is to what level of mainstream? A few large merchants and a handful of stores on the street, or many large merchants and many more on the highstreet. Hopefully we'll see a slow growth through both stages.
Unless Bitcoins are accepted by a significant portion of the merchants (may be 20-30%), we won't be able to call it as a mainstream currency. Adoption by a few big names will definitely give a boost to the exchange rates, but that alone will not make the currency mainstream. A lot of challenges are ahead... especially the government regulations.
It's inevitable (that Bitcoin will go mainstream), but fiat isn't going anywhere any time soon. Plenty of time for people to divest. I know I'd keep some USD in a USD side chain.
The question is to what level of mainstream? A few large merchants and a handful of stores on the street, or many large merchants and many more on the highstreet. Hopefully we'll see a slow growth through both stages.
It's inevitable (that Bitcoin will go mainstream), but fiat isn't going anywhere any time soon. Plenty of time for people to divest. I know I'd keep some USD in a USD side chain.
I would say it's already gone mainstream.
Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.
I'm excited about the future of bitcoin and or cryptocurrencies.
Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.
I'm excited about the future of bitcoin and or cryptocurrencies.
When you can buy gas with it bit coin has arrived.
I would say it's already gone mainstream.
Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.
I'm excited about the future of bitcoin and or cryptocurrencies.
Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.
I'm excited about the future of bitcoin and or cryptocurrencies.
legendary
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It's going to be fine, quit worrying.
Early adopters will get a boost and most others won't. So what.
Also I don't think people will accept fractional reserve bitcoin.
The opposite will happen. They will demand provable full solvency.
Early adopters will get a boost and most others won't. So what.
Also I don't think people will accept fractional reserve bitcoin.
The opposite will happen. They will demand provable full solvency.
Gresham's Law will destroy their fiat savings, since everyone will want the stronger bitcoin, devaluating fiat. We'll see it happen first in the trouble economies, with high inflation and generalized suspicion on governmental money because of past problems.
Would you mind explaining how your using Gresham's law to suggest that people will want a stronger Bitcoin?
Quote
Gresham's law states that any circulating currency consisting of both "good" and "bad" money (both forms required to be accepted at equal value under legal tender law) quickly becomes dominated by the "bad" money. This is because people spending money will hand over the "bad" coins rather than the "good" ones, keeping the "good" ones for themselves. Legal tender laws act as a form of price control. In such a case, the artificially overvalued money is preferred in exchange, because people prefer to save rather than exchange the artificially demoted one (which they actually value higher).
If I have it the right way round, fiat will be the overvalued currency ('bad') and Bitcoin will be the undervalued currency ('good'). In effect it'll mean that everyone will hoard BTC rather than spend it making it useless as a currency because nobody will bother with it as there will be no supporting infrastructure. In effect, it'll become just another commodity...
In that notion, "dominated by" means that the bad money will be the one everyone will be given away, so it will be the most transacted one. Because the good money will be hoarded. So, if you received payments in fiat and bitcoin, you will keep bitcoin and use fiat to buy things. Of course, that will make the exchange rate of fiat go down (devaluate) and the one of bitcoin to go up. We already are seeing this phenomena. It's this that is justifying the rise in price of bitcoin.
I all ready prefer bit coin to fiat. I believe bit coin is a safer bet.
I know many bitcoiners have an anarchist/libertarian perspective of the world, therefore, they look at the government as a bad thing.
But the creation of a government controlled by the people is one of the most important political inventions of humankind. We managed to tamed the most powerful institution on Earth: the Leviathan of Hobbes. If the government would disappear tomorrow, I think we know what would happen: most streets would be controlled by violent groups. We would living on a brutal feudalistic system in no time.
The state has important functions on stimulating the economy on depressions and social functions supporting the poor that seem to be unviable or hard to execute on a monetary system where money is finite and it's in the hands of a group of pioneers (our hands).
Take the creation of the money from the hands of a democratic government (I know in many countries that power isn't in the hands of democrats), make it finite, and in the hands of a group of pioneers, and rest assure that justice won't be served.
But my text isn't about justice. There is little that we can do. I certainly won't try to convince governments to destroy bitcoin. They will have to do their home work. It's only about taking conscience of what might happen.
Be careful with what you want, because it might come true.
But the creation of a government controlled by the people is one of the most important political inventions of humankind. We managed to tamed the most powerful institution on Earth: the Leviathan of Hobbes. If the government would disappear tomorrow, I think we know what would happen: most streets would be controlled by violent groups. We would living on a brutal feudalistic system in no time.
The state has important functions on stimulating the economy on depressions and social functions supporting the poor that seem to be unviable or hard to execute on a monetary system where money is finite and it's in the hands of a group of pioneers (our hands).
Take the creation of the money from the hands of a democratic government (I know in many countries that power isn't in the hands of democrats), make it finite, and in the hands of a group of pioneers, and rest assure that justice won't be served.
But my text isn't about justice. There is little that we can do. I certainly won't try to convince governments to destroy bitcoin. They will have to do their home work. It's only about taking conscience of what might happen.
Be careful with what you want, because it might come true.
Gresham's Law will destroy their fiat savings, since everyone will want the stronger bitcoin, devaluating fiat. We'll see it happen first in the trouble economies, with high inflation and generalized suspicion on governmental money because of past problems.
Would you mind explaining how your using Gresham's law to suggest that people will want a stronger Bitcoin?
Quote
Gresham's law states that any circulating currency consisting of both "good" and "bad" money (both forms required to be accepted at equal value under legal tender law) quickly becomes dominated by the "bad" money. This is because people spending money will hand over the "bad" coins rather than the "good" ones, keeping the "good" ones for themselves. Legal tender laws act as a form of price control. In such a case, the artificially overvalued money is preferred in exchange, because people prefer to save rather than exchange the artificially demoted one (which they actually value higher).
If I have it the right way round, fiat will be the overvalued currency ('bad') and Bitcoin will be the undervalued currency ('good'). In effect it'll mean that everyone will hoard BTC rather than spend it making it useless as a currency because nobody will bother with it as there will be no supporting infrastructure. In effect, it'll become just another commodity...
In that notion, "dominated by" means that the bad money will be the one everyone will be given away, so it will be the most transacted one. Because the good money will be hoarded. So, if you received payments in fiat and bitcoin, you will keep bitcoin and use fiat to buy things. Of course, that will make the exchange rate of fiat go down (devaluate) and the one of bitcoin to go up. We already are seeing this phenomena. It's this that is justifying the rise in price of bitcoin.
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