Topic: Is there any hope for bitcoin? Possible solutions? (Read 4806 times)

To be completely honest, I dont believe inflation is the problem at all. If Bitcoin were more accepted, then demand would offset inflation. There would always be people willing to buy at w/e price. That's not the case now...and I think that has to do with non techie, "sheep", people not having a good reason in their minds to use Bitcoin. Yes it's decentralized, fees are low, yada yada, but that doesn't matter to the average person.

What matters is them having the perception that their money is safe and secure(On this forum we know obviously thats not the case with Fiat money/banks, remember J.P Morgan's 60million bank account hacking recently...) That would mean having some 3rd party centralized entities. Such as an actual bitcoin storage bank, along with maybe "crypto credit cards", things to appeal to the average joe... The majority of people in this forum don't think of what the average person wants. Verrrry bad marketing.

Exactly. Buy products in bitcoin from people who use them too like my automotive repair shop in NYC or klipkeeper.com NOT with companies that have deals with bitpay etc! We need to keep buying these coins from dumping miners just to stabilize the price, which is already happening, that's why we're holding the 350 level.

 

I think we just need a mass number of people to take the plunge and use bitcoin, rather than just 1 at a time.

yes
a stable growth is good for future of bitcoin
only price rise up is not enough

first of all we should be patient and trust in bitcoin
its currency of future
it is growing and we should look into its growth not its price

the first step in the solution willbe patience and don't want things solved overyear

Other stuff will find their way sooner or later

99% of them will fail with it/suffer in price greatly, the less than 1% that can compete with bitcoin and provides the solution to why it failed is going to replace it.
Bitcoin failing doesn't mean crypto is over. It just means an altcoin with lower inflation takes its place.
(this is true if you think bitcoin fails because of high inflation. If you thihnk it failes because of other faults you just buy the altcoin that solves the other problem)

If bitcoin fails it will do so because of a reason and there will be more than one altcoin that provide the solution to the problem. Those clean/fair altcoins which can provide the technical solution to the problem are the ones taking over.

Evolution, baby

People didn't perceive them as having sufficient utility to justify the expense.  And the reality is that by 1992 they were starting to become affordable - they just weren't perceived as such.   I think my first phone has actually nearly free on a contract that cost me something like £30 a month, which is pretty much in the same ballpark as what many people pay today.

It's not that phones have got a lot cheaper, but that people's perception of those costs, and of the utility, has changed enourmously.

roy

Until it peaked in the early 2000's at around a week or more standby for my old Nokia brick. Now it's like, you can't get a cold drink at the airport because all the vending machines are unplugged with eight people crammed into the powerpoints.

That's not my recollection of 1992. Everyone saw the benefits of mobile phones, it's just that they couldn't afford them at that time. I certainly coveted my friend's mobile in 1992. Mobiles have spread around the world as their utility is so obvious.

BTW as an early adopter who lived through some of those early mobile technology years I can tell you that the average person did not see the utility in mobile phones back in 1992 when I bought my first (analogue) mobile phone.  They were perceived as expensive to buy, expensive to use, battery life was poor, and most people frankly couldn't see the point.  In fact, most people back then saw mobile phones as the preserve of high earning bankers - and of drug dealers.

I'm always surprised by people who think that six years is a long time in the timeline of a technology.  Motorola and Bell launched the first commercial radio telephone service in 1946.  Some interesting insight into the adoption of the early services can be found in the fact the first British radio telephone service was launched in Manchester by the General Post Office in 1959 and after four years it had just 86 users.

But I'll be generous, and not count these early technologies.  I won't even count from the first cellular system (launched in Japan in 1979).  I'll be really generous and start counting from 1991, the year of the first digital cellular networks - even though by this point mobile phones had been widely available in most Western countries for quite a number of years.  Fast forward six years from 1991 and that would take us to 1997, which is still three years before the pictured phone was launched.

Let's think back to 1997.  In 1997 mobile phones were just starting to get significant mainstream adoption in some geographic areas, but private use was still hampered in North America by the relatively high airtime charges for incoming calls (which meant most people tended to leave them switched off, and only use them for emergencies).  Phones were still used mainly for making and receiving voice calls, although texting was starting to gain popularity in areas where it was available.  Texting, though, was still largely limited to GSM networks - and in countries outside GSM-land texting was often limited to only communicating with people on the same network (where it was available at all).

GPRS wasn't widespread - data back then was generally CSD, which was basically dial-up Internet.  But even if you could afford the per-minute charges for Internet access, there's not much you could do with it except tether a laptop using a special serial cable (which was challenging enough to set up that it would have been limited to geeks and to professionals with IT departments to set it up for them).  There wasn't much else you could do with your network access - not only did mobile phones not have web browsers back then but we'd have to wait another year before we even had phones with WAP browsers (remember WAP?).

Possibly the first forerunner to the modern smartphone could be said to be the Nokia Communicator.  The first model, the positively huge Nokia 9000 (pictured left) had just launched the previous year in 1996.  This was again clearly the preserve of geeks, early adopters and IT professionals



It would be another ten years before the first iPhone would be launch, heralding the start of the modern smartphone era - a full 16 years after modern digital cellular services first launched, and a full 61 after the first ever commercial mobile phone service.  I know we're all impatient to see how Bitcoin will develop, but six years is not a long time.

roy

are there any forlornness for bitcoin?

Solution will occur soon.
Is price going up solution or demand of BTC

Solution is to wait.

I know many of you that remember when it was nearly $1200 are not so bullish any more.... but really, if you look at the whole history of the price, we are in a bear-leg of a clear bull market.  At the end of April 2013 (when price was about $85) a very strong move began that peaked at the end of November 2013.  We are now testing the beginning of that move and have retraced about 80% from the peak.  It will be no surprise if it drops to about $200 from here. Then we'll see if it needs to go all the way to $85 before turning up again.  In the mean time, the technology is maturing well, the platform is universally seen as having great potential, those who thought they might have missed a great opportunity have another chance to get in on a technology trend not by luck ( like the first wave ) but with a strategy to ride the big wave that could be on its way now.

This poses another question, if bitcoin fails what happens to the altcoins?

Bitcoin is not a way to transfer currency.

No hope for Bitcoin. It's a failed currency, a failed payment system.

Credit cards does everything Bitcoin does -- only a lot faster, cheaper, safer and more user-friendly. The average Jane and Joe have no need for Bitcoin. That's why the price continues falling every day.

Nobody knows what bicoin could become in the future... development is still in progress. Sure it needs to be tweaked, but the idea is great.

As a currency, it's a solution to a problem which doesn't exist (or rather exists in the mind of a few paranoiac  libers).

It is a downgrade from current money,
with absurd confirm times and cludgy solutions to avoid them,
more complicated to use,
riskier for buyers vs. credit card and other payment processors,
rife with scam and fraud, without an issuing body to offer recourse/protection/body of law/enforcement of said law,
etc., etc.

Why should anyone be interested?  Sure, once it was a way to avoid taxation, launder money, and buy/sell dope.  Unfortunately, the loopholes it once availed are vanishing, making it far less attractive to those on the fringes of law.

Bitcoin is fascinating, it was a marvel in its day, I will forever be grateful to it for the education and the $$, but I'm afraid it's getting late.
Blockchain technology in different forms may take off, but that's a different topic.

Look on the bright side... at least you didn't buy at $1200

Me too got involved in btc to get " easy"  money, I buyed @ 1000 and i'm taking a (relatively) huge loss as now.

But later i understood that btc should be not about making " easy"  fiat: it's a p2p distributed currency, not a commodity. Give time to the people to understand the implications of such technology...

No hope if you think fiat currency is money 

FTFY.

They have "invested" in a currency which is inflating @ 10%/yr, while losing more than half of its price during 2014.  Most people invest to make money, not lose it

Yep,  exactly!
The world is full of non-innovative, price-inflated, user-friendly, already end-developed shit.
Bitcoin has just started non as a brand or as a product, but as a technology!
It's nowdays too hard to use and to understand for the average Joe,  but I can see lot of potential!
Right now, people is panic selling just because they don't understand what they were buying

While the rest of the world is here:

Bitcoin is absolute innovation.

I think we are here:

There is always hope for bitcoin. You don't have to consider it purely as a currency, but a technology. However people have an understanding of bitcoin as a currency. When the iphone came out, the price doesn't keep going up But its a new technology and has its uses and just like an iphone, bitcoin is also a new technology.

I agree that governments spreading FUD has wrecked bitcoin. Bitcoin was a massive threat to governments back in the day lol.

It's a bad example.

Nokia 3310 is the best mobile phone ever.

- Charge it once a month even if you use it everyday.
- It will never break even if it falls from the heavens.
- One of the cheapest phones ever.
...

New technologies are often accompanied with new problems and difficulties as history has proven many times.

Bitcoin lost its mojo. I blame the Manipulator. Obama.

Bitcoin only lost the pumpin

The dumpin is around here for 10 months

It would be better if it went up and down, but not too much

Bitcoin seems to have lost its best feature - the pumpin and the dumpin.
Back in April 2013 it went from 60 to 240 then to 85. What a ride! Now its so boring, just declining a few percent each week. Yawn.

10K bitcoin  a 1K bitcoin again sounds like a dream at the moment lol

You sound so sure.

I have reviewed your posts since you joined during the last bubble. It seems you didn't always think so and earlier in the year you were predicting 10k and even 100k (you sure like extremes).

Then you got very excited about gox and either lost your money or sold at huge loss.

Since you have stated previously a) you don't trade or short and b) you don't own coins your presence on the forum in any capacity than a doomer troll is difficult to justify, especially when it is obvious you simply want to buy in lower and deep down love bitcoin!

my current guess is the china bubble started last oct 2013 at around 150 usd ...imho it will bust to the mean to 150 usd again

that is my 'guess' at the bottom

now my hope is that will look like a deal...people will then again bet on bitcoin to 'not miss the boat' and another boom cycle

will happen

but seems to be either that (see the chart below)

again i'm figuring the 'mean' to be around 150 usd (or it was around there end of last oct more or less before the 'china boom')




not too crazy about the above chart

the alternative imho would be the next pic below




well I'm holding gonna be happy 10 years from now or will have the same shame as being in an amway cult back in the day

looks like very little middle ground...btc either works or crashes to the cellar

I find it hard, no one knows really. I wish it wasn't as volatile.

I think bitcoin will always be around. Although it is hard to predict whether it will be worth a whole lot more or a whole lot less.

LOL

Do you really expect the bears to give up their wishful-thinking fantasy world of blue and pink ponies, single-digit bitcoins and rainbow unicorns?

No wonder so many are Bronies. Together.

 

Can't you fantasize about sex like normal people?

I see very little reason for people in USA to buy bitcoin to use as a currency. For the rest of us though, it makes a lot of sense. Paypal makes on 2 -5 % on currency conversion, which is a lot when buying laptops etc. Once more and more companies accept it on world wide sales, it will grow strongly, simply cause it is both a pain in the ass and expensive to buy stuff from the USA when you dont live there. I have american address and credit card purely for amazon etc buying, it's a pain. Will be interesting to see what happens when Dell lets everyone use bitcoin, i think they will see a lot more sales than they do now, because it makes so much more sense for bitcoin purchases in the rest of the world.

You must be a nerd since you sound too boring to be a criminal

bitcoin is already at a very respectable price

I wonder which one of those categories I fall under, as I still own a few btc 

Good parallel!

But I think we are still somewhere about here:

This is true. Mostly nerds, libertarians, cultists, bulltards, scammers and criminals are the only ones that have utility for this now, but eventually all will find utility. Their utility will come not from bitcoin, but from a basket of crypto or whatever currency is viable then. It's simply crazy and illogical to concentrate so much value in just one currency, especially bitcoin which is so drastically concentrated. The utility is there, but in a basket of these, not bitcoin in particular.

No. That's a Nokia 3310, and the mobile market was already enormous by the time that model was launched. Hundreds of millions of people owned mobile phones back then. Bitcoin is a whopping six years old now, and has only managed to attract a couple of hundred thousand people -- mostly nerds, libertarians, cultists, bulltards, scammers and criminals. The Average Joe immediately saw utility in mobile phones, and those same Joes have rejected Bitcoin, since Bitcoin has zero utility compared to things like fiat, gold and credit cards.
Bitcoin adoption is falling, a fact proven by the steadily declining price. It's just a simple matter of supply and demand. Nothing more.

Currently, Bitcoin is ridiculously overvalued. A respectable price would be somewhere in the single digit range, and that's the price Bitcoin is going back to. It'll be a slow and painful decline with a lot of bulltraps along the way. It might take months or years to get there, but we'll get there eventually. Together.

Bitcoin is dead. Apple came in with a competing product.

I was banking on people's stupidity to buy into this pyramid. It turns out people aren't as stupid as I thought and aren't buying into this pyramid like I thought they would.

Cryptocurrency is an amazing invention with a ton of potential. But just only using bitcoin is crazy, it's a pyramid. The power of cryptocurrency comes from buying in a basket.

I believe in Bitcoin and that's why I'm holding some.
I never got round to using it on a daily basis due to the fact that I believe I will regret using it for pizza

LOL!!! 

Bitcoin is either great value and imminently about to moon. Or it could go to zero. Place your bets accordingly!

I am thinking for myself, I just wondered what other people think.

I hope bitcoin doesn't end up all locked down and controlled like apple products 

OP why don't you start thinking for yourself. What is Bitcoin worth to you?

In my opinion Bitcoin is like mobile phones. It will take some years to develop the infrastructure and get people to use it.

We are here


And the potential is

Exactly. I think bitcoin could do with more exposure and have more people accepting them. If big companies like steam and such start accepting them much more people would adopt bitcoin.

I think it comes down to a matter of supply and demand. The average person who is interested in possibly getting into btc will ask themselves 'why do I need this thing?' Earlier, when many new users were adopting btc, the answer for many was because 'woah, maybe I can get rich off of this new thing!' Now it's sort of 'Meh, this thing lost 70% of it's value in 10 months. Too risky for me.'

There are of course many other reasons that people got into btc that I didn't list and don't care to get into. The main thing is that for the price to recover, there has to be increased demand for btc, and for that to happen, newcomers have to see something in btc that would make them want it. The people here can crow all day about how btc is the greatest thing since sliced cheese but that doesn't matter, as these people have already adopted btc. We need fresh demand for btc if it is to continue to grow.

Does anyone think the price of bitcoin will ever go back up to a respectable price? I just think that the bitcoin community are fighting a downward slope on a graph. To be honest it's a no-brainer there is too much sell pressure rather than buy pressure.

Think of it this way, if you were looking to buy something why would you use bitcoin when you can just use your card? That also only applies to the small amount of sites that actually accept bit coin. However is adoption a good thing? When dell started to accept bitcoin the value went down. This is probably because they were selling their bitcoin so that they can spend it. I mean in late 2013 the reason most people brought bitcoin is to buy mining rigs to "generate" "free money" that can then sold to the fiat equivalent. Now mining is becoming less profitable there is now virtually no buy pressure except for people who buy bitcoin as an investment like gold.

In my eyes for the value to increase we need to increase buy pressure. To do this we need to have HUGE levels of adoption in close succession as small amounts of adoption spread out is actually detrimental to the bitcoin value. There are rumours of E bay and Pay Pal accepting bitcoin this could go either way I think it could create another BOOM or kill bitcoin. This is even if these rumors are true.

And then we have the whole thing with regulation. Most agree that this will be very bad for the value but some people think this might be good as it might attract the more sceptical people.

All i'm doing is thinking out loud. Do any of you have any opinions on the bitcoin value, short and long term. Do any of you have any idea as to what might make the future of bitcoin better? I'd love to hear them.