Topic: Retracted previous statements :) - page 9. (Read 13143 times)

It would be possible for banks to directly work to convert BTC or something like that with a much lower fee or no fee. I say this because of the IRS ruling, so maybe more banks and creditors will look at that. If that happens I still don't see a reason for it to have a moonshot though, because at this point why would you convert to buy something in BTC when you can get 5% off by buying it with a credit card that has no annual fee, no late payments. Credit cards also allow someone to take on more debt than they currently have, a model not support by BTC.

uh, i meant that my view is kind of inverse, or opposite to yours... i have no losses to report, so maybe that's why i'm more optimistic about the experiment generally...

What drives me to buy btc and then spend it is the hopes of a steadily increasing market value.  I buy 1 btc today at $450 then hypothetically next month its worth $475 and I spend it essentially getting 25 bucks off my purchase.  Minus the 1% coinbase fee of course when I buy my coins.

Iluvpie is onto something listen to him

I happen to agree with most, if not all of your opinions.  

I would ask one simple question to all of the bulls:

Why would a consumer choose to acquire BTC for the purpose of using it as a payment mechanism / currency, when there are so many other viable options that already exist today with no cost to the consumer, and without the tax burden in the USA?    Yes, it is clear that Bitcoin has the potential to lower transaction costs -- FOR MERCHANTS.   But for consumers, there is no additional cost at most places to pay with a credit card, debit card, Paypal, etc.   Businesses are in business to profit, and will keep those profits for themselves and/or their shareholders.   Do TigerDirect or Overstock offer a discount for using BTC?  (I sincerely do not know the answer).

In addition, as the original poster mentioned, many credits cards already offer rewards in the form of cash  back so paying with BTC does not offer any value or convenience to a consumer who does not already have BTC and has to acquire it.  Therefore, in my opinion, this means weak consumer adoption for the foreseeable future.   Sure, businesses will want to accept it to reduce costs, but consumers will not embrace it.  Lastly, things like Google Wallet and Apple Passbook already offer the convenience of instant electronic payments as well.

Then there is the issue of price volatility that makes purchasing BTC for use as a currency riskier to the average person than current payment systems and currencies.

So again I ask, why would mainstream Joe Public consumers choose to acquire BTC for purposes of spending, or what will drive consumer adoption?  

Bitcoin cards are being developed, that was already a given...just when they'd start on it. Now that places like overstock, starbucks, and other retail outlets are accepting it, and the IRS classified it, and more people are looking into it, move investment is coming.

I posted elsewhere a few times about Google Glass being bundled with an app called EAZE payment processor (for the double nod transaction) in bitcoin. That millions will be buying Glass, millions are about to be introduced and reintroduced to bitcoin and will make consumer (as opposed to investor/trader) purchases of btc. Not once but increasingly as EAZE makes it convenient at POS - nod twice, it don't get much easier...if ya can't do that, you got bigger problems). EAZE is a bitcoin utility. And it's set up to work ONLY with bitcoin...so out of all the people who buy Glass, a hell of a chunk of them will be pushed to bitcoin. That's millions of initial purchases on to repeated purchases. Google appears to be a mega believer in cryptocurrency and bitcoin as the founding coin of this new market...and if Google's own products can support it, others will follow.

Look at the strategy behind it - Google agreed on this particular app for Glass that ONLY works with bitcoin - and not all the other options. Why JUST bitcoin? It's helping channel consumers one direction - away from fiat transactions and TO cryptocurrency. Sure, a lot of people will bitch because it's alien and novel, and complain they can't use real money or whatever...but eventually they will look into it (a delayed wave of new money, basically) when everyone else they know is talking about or using bitcoin. That's a huge push for btc. THIS year.

Since they're releasing the consumer version later this year, the value of bitcoin is set to rocket up. It looks like this china thing is keeping things on hold til the 15th or whenever, then it'll move down temporarily and right back up.

And again, a lot of the games being developed for Oculus Rift are tying in bitcoin...and since facebook acquired it, after the backlash settles down, even facebook will inevitably find a way to make bitcoin "social media friendly" and when that happens...well, you know... 

Wal-Mart has discussed bitcoin internally (friend), and the view was positive albeit patient, awaiting maturity of the obvious obstacles creating concerns for entities of its size.  Give it a couple years.

The transactional economy will be dominated by boutique high value applications until software improves dramatically.  The next moonshot I foresee will be driven by opening new channels for fiat inflows driven by speculation and reserve applications.

There are too many obscure entities and annoying steps your average consumer has to take in order to go that route.  Your typical US citizen will not go to all of that pain when they can simply use a CC/debit card issued by their bank to pay.

People have been institutionally ingrained toward the whole idea of painless purchasing through POS (real world or virtual) using a debit / credit card that is directly linked to their money supply.  

If someone can use a (for example: Coinbase issued) bitcoin debit card (linked to their bitcoin account) then you will have that starting point of mass adoption.

I don't doubt poor are leaving banks. But a lot of what is going on these days is that there is no interest financing 24/7 on everything it seems with no payments for years. I know so many people who do this, and pay it off before they owe interest.

Short term I don't really see it happening. By now you can already buy everything you ever wanted using the Gyft system, so I am not really bullish on something increasing sharply when you can already get almost anything at this point. I suppose Walmart would make it easier by not going through Gyft, but I believe Gyft gives you a 3% bonus, so then Gyft would be more beneficial than Walmart accepting it no?

The poor are already leaving the banks
http://www.theatlanticcities.com/jobs-and-economy/2013/09/why-poor-choose-go-without-bank-accounts/6783/

That they will use Bitcoin is open to debate but the traditional banks are not serving their interests sufficiently.

In the end no one really knows whats going on, but betting on some kind of continuation of the current fiat model seems risky.

Poor people can be from anywhere.

Sorry America continually donates the most to the poor people in the world. Sorry we continually have to bail out the world when it comes to wars. Sorry we spend the most on our military and you all have to ally with us because if you were our enemy and at war with us your country would be turned into a giant desert after the nukes go off. Sorry we have to continually protect the world from itself. Sorry we broke off from Britain and made the wealthiest country in the world.

It's my first job using my degree, hence the "Real". A colloquial term nonetheless I suppose.

I don't have any fees on anything ever, banks lose money on me and your saying that's a bad thing that I am making banks lose money? Now I have heard of dumb before, but....

Once the larger US retail market players get in the game, you could very well see large 'to the moon' spikes.

For example: Let's just say Walmart in a year or 2 from now elects to accept bitcoins because it has integrated the protocol into their POS systems, fixed all tax compliance issues.  Let's also suppose that the core Bitcoin devs have implemented a clever way to increase transaction thoroughput capabilities of the network.


Do you think that the price won't rise even a little?

Thanks. "First Real" job, I am 24 and have worked since I was 14(you get the city to sign a waiver). I worked at amusement parks and ran the games n stuffzzzz(free food is yums).


I didn't say it peaked, you said that I said that. I said it won't have a "to the moon" sharp rise anymore. It might would go up over time assuming demand will continue to grow.

Your whole damn post smells of an American point of view.
Some first job, talking about the merits of a credit card and the wonders of Obama being elected and how it means a whole lot.

Quote where I said "America".

And isn't it great I can quote myself?

That is something I rather noticed that is frequently expressed on here. Perma-bulls in any capacity end up being wrong eventually. Things like Stock Market crashing and other things crashing then taking years and decades to get back to where it was. Those types of things confuse people who are always positive.

Thank you for your post, I appreciate that at least 2 people on this whole forum understand you can't always look at the glass as "Half full".