Topic: Is the world too dumb for Bitcoins? (Read 3762 times)
I wonder about this question seriously when it comes to zerocoin.
In the U.S. there are two principal power nexii: Money and the deep state. If and when the deep state decides to cut ties with the money power, then SHTF. Given the hubris of money power, it seems inevitable.
I have always felt that 10% of the population runs the world, because 10% (or less) of the population has an IQ significantly higher than the masses.
Very few people operate on an intellectual level capable of grasping anything but the basics of life.
I truly believe that.
But I rarely say it out loud because it would make me sound like a dick.
-B-
Very few people operate on an intellectual level capable of grasping anything but the basics of life.
I truly believe that.
But I rarely say it out loud because it would make me sound like a dick.
-B-
i agree. what pisses me off is that mobility has fallen. used to be that ten percent could be joined, now its exclusive. much of that ten percent no longer falls into the ruling class. i truly believe that, I truly believe that, I just never say it out loud cause it would make me sound arrogant.
Anyone reading this post has an IQ higher than the average person.
What makes me say that? Well, the average person in England for example reads The Sun which we know due to the popularity of the paper.
Unfortunately, as us intelligent Brits know, The Sun is a sad perspective of news. One of todays top stories:
"70 year old man's escort is son's girlfriend".
Equally, last week, I was at my girlfriends cousins house. He has 4 daughters ranging from 6 to 12 - He's an intelligent investor, very wealthy, but had no idea there were parental controls on the iphones/ipads he's given to his daughters and didn't know about the dangers online *sigh*.
We live in a non technical world where most people aren't technical, but those who are technical tend to be more successful these days...
The bad news, is for BTC to become the type of global currency we want it to be, the world needs to embrace it. In a world where our laws don't embrace international crime over the web, how are people going to ever want to explore something they simply don't understand?
I feel Bitcoin has a major problem and one that can't be solved for a generation or two, and that's to do with intelligence and understanding.
I invested at $1k - As a technical person, I'd been following the rise and can see the long term sustainability and benefits of BTC. If everyone around me non technical who also started hearing about it invested, that price would be $10k+, but I can't see it achieving high limits due to the reasons stated. I now worry we'll see the price lower long term as the world moves away from it..
Thoughts?
What makes me say that? Well, the average person in England for example reads The Sun which we know due to the popularity of the paper.
Unfortunately, as us intelligent Brits know, The Sun is a sad perspective of news. One of todays top stories:
"70 year old man's escort is son's girlfriend".
Equally, last week, I was at my girlfriends cousins house. He has 4 daughters ranging from 6 to 12 - He's an intelligent investor, very wealthy, but had no idea there were parental controls on the iphones/ipads he's given to his daughters and didn't know about the dangers online *sigh*.
We live in a non technical world where most people aren't technical, but those who are technical tend to be more successful these days...
The bad news, is for BTC to become the type of global currency we want it to be, the world needs to embrace it. In a world where our laws don't embrace international crime over the web, how are people going to ever want to explore something they simply don't understand?
I feel Bitcoin has a major problem and one that can't be solved for a generation or two, and that's to do with intelligence and understanding.
I invested at $1k - As a technical person, I'd been following the rise and can see the long term sustainability and benefits of BTC. If everyone around me non technical who also started hearing about it invested, that price would be $10k+, but I can't see it achieving high limits due to the reasons stated. I now worry we'll see the price lower long term as the world moves away from it..
Thoughts?
I invested at $1k
Buy more now ASAP.
Is the world too dumb for Bitcoins?
BTC can be used by people who want and need what it offers; If that is only a small % of the people, well.... At least we will not be stuck holding paper money.
First fiat ATMs were installed in 1969. How many 80+ yr olds are using them today?
If you are in your late 30s and not using bitcoin today, chances are you'll never trust the technology and will refuse to use it even if it replaces all fiat cash.
If you are in your late 30s and not using bitcoin today, chances are you'll never trust the technology and will refuse to use it even if it replaces all fiat cash.
Great insights. Very well put.
Quote
Look at what happened with the Internet.
Exactly. My mother was in her early 40's when the internet kicked in, and right up until she passed away in 2009 at 69, the most she ever really did on the internet was email me.
Absolutely nothing else. And that was just "Outlook". Not really "internet". Because they required her to use it at work as a secretary.
Again, great insights.
-B-
There just needs to be more software that makes BTC handling easier. Kind of like the way "dumb computer users" use Macs over Windows or Linux.
You'll be hearing from my lawyer about the title of your thread.
Best comment on the thread hahaha! Sorry man
Didn't mean to steal your name to make a point...But now that you're here...
Some great comments though!! While I agree that just because you don't know what Bitcoins are doesn't mean you have a low IQ, that's not what I was saying and you're twisting words and facts!!! I said that people reading this will most likely have a higher than average IQ, so I'm saying the reverse...
Just because my girlfriend likes Steak doesn't mean she dislikes Pizza.
"In fact, USB is a type of connector.".
No the surveyor got it wrong too, USB is a protocol. As in the difference between Bitcoin and bitcoin the protocol.!! LOL
Are people too dumb for money?
This is the old discussion about ANCAP or a regulated capitalism society in a new disguise.
We have had several iterations here over the years.
No the surveyor got it wrong too, USB is a protocol. As in the difference between Bitcoin and bitcoin the protocol.!! LOL
Are people too dumb for money?
This is the old discussion about ANCAP or a regulated capitalism society in a new disguise.
We have had several iterations here over the years.
Are Bitcoiners too dumb for Bitcoin?
What about ex-bitcoiners who sold huge stashes of coins too early and have been trolling the forums ever since? Are they the dumberest?
Anyone reading this post has an IQ higher than the average person.
Really? Why?
To answer your question:
Adoption takes time. It is like watching paint dry. First fiat ATMs were installed in 1969.
How many 80+ yr olds are using them today? Chances are that your friend will never use bitcoin, his daughters might use them because
their kids will use them. If you are in your late 30s and not using bitcoin today, chances are you'll never trust the technology and will refuse to use
it even if it replaces all fiat cash.
For the full adoption, you need to have at least one new generation born with that technology. Look at what happened with the Internet.
If it wasn't for youngsters, Internet and social media would never take off the way it did. I remember explaining TCP sockets to people in 1990,
they were all looking at me like I was an alien or I have completely lost my mind. I get the same reception with bitcoin.
Young minds are more malleable. Once you finish your formal education (aka brain castration), most likely than not, you are brain dead.
You need an open mind to accept new technological breakthrough. Think "tabula rasa".
So if you want a broader adoption, talk to your kids, explain the technology to them. I find it is much harder to convince someone in their 30s (or older)
to use bitcoin than it is to convince a teenager. 10 minutes later, teenager will be using bitcoin. Older folks, well, not so much. You might get 1 convert out of 30.
Are Bitcoiners too dumb for Bitcoin?
Would EM be EM without a sneering remark to bitcoiners once in a while? 
I've got it, Bitcoiners are too dumb for this world.
the world is also too dumb for the internet, however see how user friendly software came up to make up for the stupidity. The same has to happen to bitcoin, as more user friendly apps, wallets and infra pop up the masses will use it and benefit.
You'll be hearing from my lawyer about the title of your thread.
Anyone reading this post has an IQ higher than the average person.
Thoughts?
Lurk around the forum a bit longer, and you'll probably want to change that sentence Thoughts?
.
Anyone reading this post has an IQ higher than the average person.
Thoughts?
Lurk around the forum a bit longer, and you'll probably want to change that sentence Thoughts?
.As for your real topic: +1 on all the "internet" references.
Are Bitcoiners too dumb for Bitcoin?
Would EM be EM without a sneering remark to bitcoiners once in a while?
Are Bitcoiners too dumb for Bitcoin?
i am too dumb for bitcoin, tired of hodling, i think i will sell before i lose all my coins to a cracker
Use a cold wallet. It's not difficult.
I've always maintained that Bitcoin is too complex to experience wide spread adoption, for now.
Most people will never understand how public-key cryptography works, or understand that you never actually have "bitcoins" in your possession but instead possess the ability to access "coins" which are actually just entries in a decentralized ledger. People will continue to get malware, constantly. Hoping for education to eradicate insecure computers around the world, while a noble endeavor, is a pipe dream.
The fact is that the world is "too dumb" for most things. Email, networking, cars, planes and even the current fiat banking system. I'm "too dumb" (or lazy in many cases) to fully understand lots of technologies I enjoy every day.
The path to main stream adoption is building more and more simplified interfaces to the bitcoin technology. This will take time but I believe we are making progress month by month.
Hardware wallets will be a necessity I think. As well as hiding cryptographic keys from the end user.
Bitcoin has to come to the people, because it will never happen the other way around.
Most people will never understand how public-key cryptography works, or understand that you never actually have "bitcoins" in your possession but instead possess the ability to access "coins" which are actually just entries in a decentralized ledger. People will continue to get malware, constantly. Hoping for education to eradicate insecure computers around the world, while a noble endeavor, is a pipe dream.
The fact is that the world is "too dumb" for most things. Email, networking, cars, planes and even the current fiat banking system. I'm "too dumb" (or lazy in many cases) to fully understand lots of technologies I enjoy every day.
The path to main stream adoption is building more and more simplified interfaces to the bitcoin technology. This will take time but I believe we are making progress month by month.
Hardware wallets will be a necessity I think. As well as hiding cryptographic keys from the end user.
Bitcoin has to come to the people, because it will never happen the other way around.
There are enough uses for Bitcoin, including a sufficient number of ways in which Bitcoin can add value to existing financial workflows, and an illimitably vast number of potential innovative applications with concommitant opportunities motivating entrepreneurs, so that the probability of Bitcoin losing its value persistently is vanishingly small. Just as a portfolio of company shares is unlikely to lose a very large part of its valuation, and will almost certainly be lifted by growth in the broader economy, over the long run, similarly, the myriad potential sources of fundamental economic value attribution possessed by Bitcoin make it stupendously unlikely that all will fail, and the observable growing Bitcoin economy will almost certainly lift its market price.
Holding Bitcoin is more volatile than holding mature, liquid and fully capitalized post-IPO shares, but it is much, much less risky, because Bitcoin value appreciation does not depend on a single management to succeed. It is a portfolio of all of the future innovations which can be implemented on top of a fully built-out infrastructure implementing the blockchain general ledger algorithm, which is very much a new emerging market. It is like holding a broad portfolio of shares in a newly globalizing emerging market. Those shares will include many ventures which are only useful to a small minority of the population.
Suppose that the universe of Bitcoin users were limited exclusively to millionares with 3d std. deviation IQ levels. That's perhaps 40,000 people, with an aggregate property value in the neighborhood of 800bn USD. If they are 10% liquid and turn over their liquidity at normal velocity, and use just 10% of it in the form of Bitcoin, and there are 16mm BTC floating, then each BTC must be valued 3kUSD at the first moment. 3000 US$, even after eliminating 99.99995% of the human population from the picture. Now add back the missing 7 billion people, including the other 99.7% of the millionaires. Did Bitcoin lose any value when you added those people to the picture? Not one iota. If 0.000005% adoption is sufficent to quintuple the current value, I think a much higher future valuation is essentially guaranteed.
Holding Bitcoin is more volatile than holding mature, liquid and fully capitalized post-IPO shares, but it is much, much less risky, because Bitcoin value appreciation does not depend on a single management to succeed. It is a portfolio of all of the future innovations which can be implemented on top of a fully built-out infrastructure implementing the blockchain general ledger algorithm, which is very much a new emerging market. It is like holding a broad portfolio of shares in a newly globalizing emerging market. Those shares will include many ventures which are only useful to a small minority of the population.
Suppose that the universe of Bitcoin users were limited exclusively to millionares with 3d std. deviation IQ levels. That's perhaps 40,000 people, with an aggregate property value in the neighborhood of 800bn USD. If they are 10% liquid and turn over their liquidity at normal velocity, and use just 10% of it in the form of Bitcoin, and there are 16mm BTC floating, then each BTC must be valued 3kUSD at the first moment. 3000 US$, even after eliminating 99.99995% of the human population from the picture. Now add back the missing 7 billion people, including the other 99.7% of the millionaires. Did Bitcoin lose any value when you added those people to the picture? Not one iota. If 0.000005% adoption is sufficent to quintuple the current value, I think a much higher future valuation is essentially guaranteed.
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