Topic: Is bitcoin going to catch on or crash and burn? You vote! - page 2. (Read 2232 times)

My worry is that the perceived value of Bitcoin will not exceed the "known" value of current currency transaction methods.

At this point it is very hard to conduct trade in a trusting manner.  You don't have to look very far to see scams and no protection for the consumer.

If you think about the "Granny" model you will see this.  The question is "Could your granny use this?  How easy would it be for someone to rip her off?  What would she do about it? Could she do anything?"

This example can be spread to 85% of the public.  Most people just want to be able to make sure they can buy and sell without worry.

In the early days of eBay this was a major problem.  You would sell, someone would not send a payment.  You had to fight with eBay over the fees.

Also, you would buy something and pay -- no item every shows up.

The use of a escrow system for payments and transactions is the first thing people did back in the late 1990's on the Internet.  What we are seeing with bitcoins is history repeating itself.

As long as people actually buy and exchange Bitcoins instead of hoarding them I see it being a decent online currency. Right now though I voted I don't know.

You're right.  What most people don't get is that we have more than enough people to maintain the system at the moment.  What we need is to stop telling people to start mining or we all make less money.  If we tell people that there's an awesome new currency with no fees and no stupid legal BS to jump through that anyone in any country can use with no overhead fees and they should try using it instead of paypal in their next purchase if applicable, then we'd all make money cuz there would be a higher volume of people buying into the currency.

I'll vote for yes
In that vote I got somewhere 50% of hope that it really will going to catch on, and 50% of trust that everything will be fine seeing the success it had so far.

In the long term, the aim is for those who maintain the network to make money from confirming transactions rather from mining.  It's difficult to project now whether that will be profitable enough in the future for people to contribute their resources to that process or how high the fees will need to be in order for remaining part of the network to be attractive to current miners.

The only thing that will keep it going is if goods and services are traded in bitcoins. Mining alone is worthless without people willing to purchase bitcoins.

Ditto.  Even as it currently drops slowly in value, I'm able to mine at a rate that offsets my losses and still pays for the electricity, and I have a fairly modest mining setup.


Lou Minati Elite
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I believe bitcoins will keep going as long as people believe in it and can trade goods & services for it.

My crystal ball dysfunctioned, and reading the guts of a fish also didn't come up with a satisfactory answer, so I had to vote "dunno".

lol apparently more people than I thought "dunno"

(Iunno is "I dunno" conjoined and thus missing the necessary apostophe but you already knew that)

Just wondering what everyone's opinions are.  If you want to be super specific, the question is "Do you think that the percent of bitcoin transactions (based on the SUM of values, not number of trades) that are made by people who use bitcoins but have never generated any will ever exceed 50%?"  In other words, do you think that there will be more people using bitcoins than generating them someday?  The other option is the system crashes and burns



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Okay, so my opinion is it will catch on and have more non-miner usage than miner usage one day.  You don't have to be over 18.  You don't have to get your credit checked.  There's no transaction fees.  You don't need some big bank operating in your country.  Those 4 things could literally make it the only option for currency transactions online for millions of people.  Plus, if some country pulls a Russia and their currency collapses, it's kinda hard and a lot of paperwork and expenses to switch to USD or Euros.  They'd be likely to hop on bitcoins, especially if everyone donated bitcoins to them in a sufficiently high volume.  I think there's no way popularity would just fall off simply because of that.

Everyone says if energy prices go to 5x higher all of a sudden, that's the end of it.  Well there goes 95% of the miners so it's 20x more lucritive for the people still mining and me and my $1000 high tech solar rig that I'll set up and operate for free would be doing just fine, thanks So I don't think that's a legitimate concern.  A world war would only help promote its use because "bulletproof" established currencies would topple all over the place.  Something better coming out?  That's almost mathematically and logically impossible but if it did come true, it would be so similar that it would be basically the same exact thing and we'd all just switch to that and call it something else....like bitclams lol.  I think that hits every disaster scenario in the wiki so yay, it's gonna suceed

Btw, I'm no economist but I was forced to take it in college and play MMORPGs so I'm pretty darn sure that if more people trade their currency for bitcoins than people trading bitcoins for currency, that makes the value go up.  So if it does take off, the bitcoins you have right now will be worth many many many times more money   So if someone says it's stupid, stuff that in their stocking lol