Topic: The adoption boom is coming (Read 5427 times)
I think this is due to the publicity they had made with bitcoin, first of all, most of us bitcoin users, do not own the media, i think be it fake news or real news, what had happened this year just made bitcoin more recognized. I think bitcoin was further recognized when fake news in china caused a panic among bitcoin users, then came out jamie dimon, bad mouthing bitcoin, i think this move, since it was made known to the general public and to the world, more and more people just became curious of what bitcoin is and are trying it out for themselves. There is also the disruption in some european countries, in which some of them turn to bitcoin for financial security rather than their fiat. This may be just the start of a new chapter for bitcoin wherein in bitcoin will be globally accepted.
Indeed 2017 will introduce well thought out new use cases. I also believe this will influence the growth and the price of bitcoin.
MegaUpload 2.0 for example will help many people familiarize with bitcoin and is just the beginning.
MegaUpload 2.0 for example will help many people familiarize with bitcoin and is just the beginning.
agree
It is tough to see Bitcoin being a worthy competitor to paypal or any of the payment networks, unless we have the ability to scale up. The block size restriction is going to be an albatross around Bitcoin's neck. Once that is sorted out, the real potential of Bitcoin will become visible.
What has bitcoin got to do with paypal .it is not even related in any way. Bitcoin and its decentralized mode is far more trustful that any other payment models out there.In paypal your funds are at risk and they can withdraw your assets or froze your account but with bitcoin you control the coins and you have the freedom to save it without paying any charges right in you computer.Both PayPal and Bitcoin are e-currencies while Bitcoin operates on whole new level and PayPal is trying to embrace the old FIAT economy.
With every FIAT based service there is risk of you losing your account - Banks, payment processors, services - all have certain TOS.
You seem to be confusing something here
PayPal is not an electronic currency since it doesn't issue monetary tokens of any kind. It is no more than an online payment processor, and in this respect, it is not much different from any bank out there which offers online-banking. Its advantage and main distinction is that you don't need to visit a bank office to open an account there. In PayPal, you can open an account as well as confirm your identity totally online. Other than that, it is the same online banking with some bells and whistles
It is tough to see Bitcoin being a worthy competitor to paypal or any of the payment networks, unless we have the ability to scale up. The block size restriction is going to be an albatross around Bitcoin's neck. Once that is sorted out, the real potential of Bitcoin will become visible.
What has bitcoin got to do with paypal .it is not even related in any way. Bitcoin and its decentralized mode is far more trustful that any other payment models out there.In paypal your funds are at risk and they can withdraw your assets or froze your account but with bitcoin you control the coins and you have the freedom to save it without paying any charges right in you computer.Both PayPal and Bitcoin are e-currencies while Bitcoin operates on whole new level and PayPal is trying to embrace the old FIAT economy.
With every FIAT based service there is risk of you losing your account - Banks, payment processors, services - all have certain TOS.
It is tough to see Bitcoin being a worthy competitor to paypal or any of the payment networks, unless we have the ability to scale up. The block size restriction is going to be an albatross around Bitcoin's neck. Once that is sorted out, the real potential of Bitcoin will become visible.
What has bitcoin got to do with paypal .it is not even related in any way. Bitcoin and its decentralized mode is far more trustful that any other payment models out there.In paypal your funds are at risk and they can withdraw your assets or froze your account but with bitcoin you control the coins and you have the freedom to save it without paying any charges right in you computer. Eh, I'll believe it when I see it. I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise. Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.
People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons. That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending. But we'll see.
I think adoption booming will still happen, that's why Op mentioned how.People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons. That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending. But we'll see.
People will interested with bitcoin, the reason should be on merchants/shops accepted bitcoin as has been done in some places like recently in France. Bitcoin community in every country could make it happen with some innovations, but we'll see.
You can buy lots of digital goods with bitcoin as a payment. Of course, bitcoin is not going to rule the world of payment systems.
But I think it is going to be a worthy oponent for paypal or bank wire.
Sure, that is not going to happen over night, but I think we will all live to see that happen.
It is tough to see Bitcoin being a worthy competitor to paypal or any of the payment networks, unless we have the ability to scale up. The block size restriction is going to be an albatross around Bitcoin's neck. Once that is sorted out, the real potential of Bitcoin will become visible.
error08 and Carlsen,
IMO, crypto-currency is not going to be big in retail, before it dominates online microtransaction commerce.
Thus I think you are looking in the wrong place to see the future of crypto-currency. Look at the (failed) Steemit experiment and improvements such as the altcoin I am working on, to see the future of crypto-currency.
Soon our trip to Central Europe ends with nary a sight of any Bitcoin sign, logo, etc. Perhaps that will be easier to find tomorrow in Prague ("Slushland").
IMO, crypto-currency is not going to be big in retail, before it dominates online microtransaction commerce.
Thus I think you are looking in the wrong place to see the future of crypto-currency. Look at the (failed) Steemit experiment and improvements such as the altcoin I am working on, to see the future of crypto-currency.
Eh, I'll believe it when I see it. I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise. Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.
People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons. That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending. But we'll see.
I think adoption booming will still happen, that's why Op mentioned how.People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons. That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending. But we'll see.
People will interested with bitcoin, the reason should be on merchants/shops accepted bitcoin as has been done in some places like recently in France. Bitcoin community in every country could make it happen with some innovations, but we'll see.
You can buy lots of digital goods with bitcoin as a payment. Of course, bitcoin is not going to rule the world of payment systems.
But I think it is going to be a worthy oponent for paypal or bank wire.
Sure, that is not going to happen over night, but I think we will all live to see that happen.
Eh, I'll believe it when I see it. I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise. Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.
People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons. That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending. But we'll see.
I think adoption booming will still happen, that's why Op mentioned how.People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons. That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending. But we'll see.
People will interested with bitcoin, the reason should be on merchants/shops accepted bitcoin as has been done in some places like recently in France. Bitcoin community in every country could make it happen with some innovations, but we'll see.
I argue that is true even if BTC ends up just being the well established/entrenched crypto-currency <--> fiat on/off ramp for superior altcoin(s).
Yes even if Bitcoin has slow transaction times and is not as anonymous as other coins, price is mostly driven by the market.
As long as BTC stays the "gold standard" of crypto- accepted everywhere, there is no telling what the price could end up being.
Mainstream adoption is coming, get coins now while you still can
Once the whales move in, whole coins will be too expensive for the average user ( $10k+) and people will deal in Mbits or maybe even satoshis...
Once the whales move in, whole coins will be too expensive for the average user ( $10k+) and people will deal in Mbits or maybe even satoshis...
Right now bitcoin doesn't scale for shit, so this is a pipe dream unless something comes along to change that.
All the graphs and figures point toward adoption that is preceding exponentially ... not as fast as exponential as in the early days but exponential growth never-the-less.
It will scale whatever you and the bear FUD trolls think/say/do, it's inevitable.
That ringing in your ears is the sound of inevitability.
I argue that is true even if BTC ends up just being the well established/entrenched crypto-currency <--> fiat on/off ramp for superior altcoin(s).
...MegaUpload2/BitCache and Yours.
I had already detailed why Yours.network has the wrong model, so they don't concern me:
https://bitcointalksearch.org/topic/m.15753046
https://bitcointalksearch.org/topic/m.16861040
https://bitcointalksearch.org/topic/m.17048740
Whereas, MU2/BitCache is a serious threat to my coming altcoin offering in the microtransaction+social networking arena:
https://cointelegraph.com/news/kim-dotcom-megaupload2bitcache-will-take-bitcoin-mainstream
https://bnktothefuture.com/pitches/megaupload-2-0-bitcache
http://insidebitcoins.com/news/thoughts-kim-dotcoms-bitcache/36379
Essentially BitCache will be an effectively centralized, optimization of Lightning Networks, because that is the only way to make LN work. Don't forget that decentralized is not the same meaning as distributed! I do expect BitCache to be distributed:
https://z.cash/blog/bolt-private-payment-channels.html
http://www.coindesk.com/anonymous-blockchain-micropayments-bolt/
https://eprint.iacr.org/2016/701
I don't think users will really care that the microtransaction network is actually highly centralized. Whereas, I have a design which is decentralized, but will anyone care?
One challenge for KimDotCom's plan is how to onboard users and get BTC into their wallets? My plan mints coins to onboard users. His plan can't mint BTC. So I presume he is going to try to have some easy way to buy a $5 of BTC for $10 using a credit card and eat the fraud. Onboarding is a huge issue, for example why most Indians can't just suddenly adopt Bitcoin.
Over time, I think it will become clear that my design scales better and is more trustless, permissionless. Thus I think ecosystem adoption of mine will eventually win against KimDotCom's. But I admit this is going to be serious threat to my plans.
I think what is likely to happen is we will capture different market subsets. Mine will include (not exclusively) the developing world who don't have credit cards and my coverage will be more widespread in terms of ecosystem diversity because of less potential for centralized chokepoints. The risk of those in the ecosystem embracing KimDotCom's system is association with illegality. Whereas, KimDotCom's plan will likely be successful amongst the pirate community.
Thus I see my plan targeting legal, mainstream, and onboarding the billions. And KimDotCom's once again blazing a path that ultimately flames out again.
We'll see... I will need more help asap...
(ICO and open sourcing will come as soon as I have enough code to reach testnet)
People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons. That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending. But we'll see.
Indeed! Why will people flock to MU2 and go out their way to obtain BTC when they can get the same shit for free without any hassles elsewhere. Onboarding and compelling need are huge obstacles.
My plan addresses this both by providing a more compelling mainstream need which isn't associated with illegality, and which requires absolutely no perceived effort on the part of the users (which is radical improvement on Steemit's awespiring, exciting, but failed experiment).
The comments I read in the first two pages of this thread seemed to agree with my appraisal of it being unlikely that people will go out of their way to obtain BTC for spending on activities they can get for free on other sites.
That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending. But we'll see.
The investment aspect, as well as the store of value aspect, will be the main points of Bitcoin that people will be interested in.
Indeed. That is why I tentatively plan to name the token 'shares' in my planned altcoin system. The word has a dual meaning, "to share" (social networking) and "a share of the growing pie".
We certainly need a new wave of adoption. We seem to have hit a wall, a bit of a plateau. I hope something can draw lots of people in & we see the price rise significantly.
I recently wrote about this:
The circulating currency unit-of-exchange form of "money" (as differentiated from the Gresham's law hoarded higher quality store-of-value form of "money", e.g. pre-1965 U.S. silver dimes) is always subject to a power-vacuum on who is in control of the legality of legal tender.
Satoshi's PoW (and best-of-breed alternatives thus far such as DPoS) is also a winner-take-all power vacuum.
The world is not going to entrust the control of money to some cartel of mining farms in China, nor the whales who control 80% of the stake (money supply) of Steem(it).
This (along with user issues such as security, ease-of-use, and applicability to mainstream commerce) is why crypto-currency is stagnating. We haven't improved on the problem of money yet. The world will instead rather turn to a political power-sharing monetary reset wherein the IMF SDRs will be valued by weighted basket of national currencies, precious metals, and perhaps some key commodities.
If we are going to offer an alternative to the coming SDRs system (where national currencies will be backed by SDR reserves and all the nation-states will be destroyed by borrowing in SDRs with wages paid in depreciated national currencies, which is what destroyed the PIIGS especially Greece), then we need a crypto-currency that has an equilibrium which isn't a winner-take-all power vacuum disequilibria.
I have a whitepaper coming which proposes a radical new design for crypto-currency which is posited to be a solution. I also propose solutions for the other items holding back crypto-currencies (and blockchains) such as a solution to end exchanges fraud, a solution to eliminate theft of private keys, and a solution to making crypto mainstream (virtual) commerce.
Satoshi's PoW (and best-of-breed alternatives thus far such as DPoS) is also a winner-take-all power vacuum.
The world is not going to entrust the control of money to some cartel of mining farms in China, nor the whales who control 80% of the stake (money supply) of Steem(it).
This (along with user issues such as security, ease-of-use, and applicability to mainstream commerce) is why crypto-currency is stagnating. We haven't improved on the problem of money yet. The world will instead rather turn to a political power-sharing monetary reset wherein the IMF SDRs will be valued by weighted basket of national currencies, precious metals, and perhaps some key commodities.
If we are going to offer an alternative to the coming SDRs system (where national currencies will be backed by SDR reserves and all the nation-states will be destroyed by borrowing in SDRs with wages paid in depreciated national currencies, which is what destroyed the PIIGS especially Greece), then we need a crypto-currency that has an equilibrium which isn't a winner-take-all power vacuum disequilibria.
I have a whitepaper coming which proposes a radical new design for crypto-currency which is posited to be a solution. I also propose solutions for the other items holding back crypto-currencies (and blockchains) such as a solution to end exchanges fraud, a solution to eliminate theft of private keys, and a solution to making crypto mainstream (virtual) commerce.
Ransomware is natural evolution of cyber crime, it is not because bitcoin was invented we have this problem - it is the the other way around.
Blaming BTC for ransomware is like blaming RSA encryption schemes or any other encryption method - because thanks to them our files can be targeted...
Cryptocurrency is a just a catalyst for every cyber crime but it is too late to back off, if not BTC they would be using LTC, ETH, XMR or Dash - it doesn't matter.
Blaming BTC for ransomware is like blaming RSA encryption schemes or any other encryption method - because thanks to them our files can be targeted...
Cryptocurrency is a just a catalyst for every cyber crime but it is too late to back off, if not BTC they would be using LTC, ETH, XMR or Dash - it doesn't matter.
Scare tactics and economic propaganda seem to be working as these misconceptions are still pervasive - even within the crypto community it seems.
If you think about it, BTC is actually NOT an excellent tool for doing stuff online - not when you have to go through the trouble of washing your bits a billion times (and believe me, the most dogged Tom, Dick or Harry can still trace back your bitcoins).
Doing fiat with corrupt bank officials is still the choiciest and easiest way for criminal activity. You can't "fix" the blockchain.
You are talking about big time criminals, for example, illegal arms merchants or human trafficking operators. And I suspect that the latter are not very interested in doing stuff online altogether, they are more "mundane" in this respect. Smaller fish like scammers, fraudsters and darkmarket users whose illegal activities are conducted mainly through Internet might not have such option readily available to them. And this is where Bitcoin gets quite handy...
Even if you have to wash your dirty coins a few times
There is one use case where a big time crime ring could make use of Bitcoins. What about kidnapping for ransom? It would be a lot easier for them to collect money if it was done thru Bitcoin. Let us all wait for the day that a Mexican cartel ransom demand is done in Bitcoin. Or do you see how the big time hit men in the movies only use their computers to send and receive funds? That could happen with the use of Bitcoins. It will be much easier for them and safer.
I don't think it's not more easier to loot bitcoins like regular Fiat. You need a wallet.dat or private key to sweep your wallet. Else it's not at all a possible one until you open and send it
Ransomware is natural evolution of cyber crime, it is not because bitcoin was invented we have this problem - it is the the other way around.
Blaming BTC for ransomware is like blaming RSA encryption schemes or any other encryption method - because thanks to them our files can be targeted...
Cryptocurrency is a just a catalyst for every cyber crime but it is too late to back off, if not BTC they would be using LTC, ETH, XMR or Dash - it doesn't matter.
Blaming BTC for ransomware is like blaming RSA encryption schemes or any other encryption method - because thanks to them our files can be targeted...
Cryptocurrency is a just a catalyst for every cyber crime but it is too late to back off, if not BTC they would be using LTC, ETH, XMR or Dash - it doesn't matter.
Scare tactics and economic propaganda seem to be working as these misconceptions are still pervasive - even within the crypto community it seems.
If you think about it, BTC is actually NOT an excellent tool for doing stuff online - not when you have to go through the trouble of washing your bits a billion times (and believe me, the most dogged Tom, Dick or Harry can still trace back your bitcoins).
Doing fiat with corrupt bank officials is still the choiciest and easiest way for criminal activity. You can't "fix" the blockchain.
You are talking about big time criminals, for example, illegal arms merchants or human trafficking operators. And I suspect that the latter are not very interested in doing stuff online altogether, they are more "mundane" in this respect. Smaller fish like scammers, fraudsters and darkmarket users whose illegal activities are conducted mainly through Internet might not have such option readily available to them. And this is where Bitcoin gets quite handy...
Even if you have to wash your dirty coins a few times
There is one use case where a big time crime ring could make use of Bitcoins. What about kidnapping for ransom? It would be a lot easier for them to collect money if it was done thru Bitcoin. Let us all wait for the day that a Mexican cartel ransom demand is done in Bitcoin. Or do you see how the big time hit men in the movies only use their computers to send and receive funds? That could happen with the use of Bitcoins. It will be much easier for them and safer.
Bitcoin's use will never be for that. The current system used for day to day shopping works perfectly. The banks and the payment processors that are established are all giving efficiency and convenience to their users so Bitcoin has no place in it. Where Bitcoin thrives and will thrive more is in the black market and online dark markets simply because the banks do not serve that space.
So basically you think that bitcoin is only good if you are a gambler, tax evader or black market user?I do not consider it only good. It is a really excellent tool for doing illegal stuff online. Have you seen the interest from ransomware using hackers? It is increasing. I will not be astonished if we find out that different terrorist groups are using Bitcoin as a tool for value transfer.
Blaming BTC for ransomware is like blaming RSA encryption schemes or any other encryption method - because thanks to them our files can be targeted...
Cryptocurrency is a just a catalyst for every cyber crime but it is too late to back off, if not BTC they would be using LTC, ETH, XMR or Dash - it doesn't matter.
That is not the point. My point is there is an increase in some illegal avenues of Bitcoin's use case. Whether or not Bitcoin caused it or not is irrelevant in what I am trying to say. Like you said, it is a natural evolution in cyber crime. Well the use of Bitcoin is already part of that evolution and it will not stop there, it will grow over time and at some point it might be impossible to stop it. It will become a part of society's ills in their life with the internet.
I would say that is an excellent use case for Bitcoin if it becomes widespread and unstoppable.
Bitcoin's use will never be for that. The current system used for day to day shopping works perfectly. The banks and the payment processors that are established are all giving efficiency and convenience to their users so Bitcoin has no place in it. Where Bitcoin thrives and will thrive more is in the black market and online dark markets simply because the banks do not serve that space.
So basically you think that bitcoin is only good if you are a gambler, tax evader or black market user?I do not consider it only good. It is a really excellent tool for doing illegal stuff online. Have you seen the interest from ransomware using hackers? It is increasing. I will not be astonished if we find out that different terrorist groups are using Bitcoin as a tool for value transfer.
Blaming BTC for ransomware is like blaming RSA encryption schemes or any other encryption method - because thanks to them our files can be targeted...
Cryptocurrency is a just a catalyst for every cyber crime but it is too late to back off, if not BTC they would be using LTC, ETH, XMR or Dash - it doesn't matter.
That is not the point. My point is there is an increase in some illegal avenues of Bitcoin's use case. Whether or not Bitcoin caused it or not is irrelevant in what I am trying to say. Like you said, it is a natural evolution in cyber crime. Well the use of Bitcoin is already part of that evolution and it will not stop there, it will grow over time and at some point it might be impossible to stop it. It will become a part of society's ills in their life with the internet.
I would say that is an excellent use case for Bitcoin if it becomes widespread and unstoppable.
geofflosophy I really liked your prediction. I want to share your optimism and I would love your scenario of mass adoption to happen.
One aspect is bothering me, it is still relatively hard for normal people to buy bitcoin, you said that we need to have couple bucks of BTC to use these new services etc.
But do you think that ordinary John will bother to register and verify his identity on bitcoin exchange just to buy $5 worth of BTC for MegaUpload2?
One aspect is bothering me, it is still relatively hard for normal people to buy bitcoin, you said that we need to have couple bucks of BTC to use these new services etc.
But do you think that ordinary John will bother to register and verify his identity on bitcoin exchange just to buy $5 worth of BTC for MegaUpload2?
This is becoming less and less of an issue, it was certainly much more of an issue in 2013 than it is now. Really strong mixing in the future will make it even easier.
Mining investment continues, we saw a 10% jump in difficulty at the last adjustment. My pet theory is that it is miners who are providing the liquidity despite most of them being long term bullish, not just to pay expenses but also in an attempt to keep the price artificially low to protect their market share by keeping mining less profitable for new entrants due to upfront costs. But with each dump attempt, the liquidity gets soaked up and held. I believe that this market share protectionism is also primary in the blocking of SegWit as well
This doesn't make much sense overall
If we assumed that you were somehow right (that miners are keeping the price artificially low), then it would make sense to keep the price low at any time, not so much to make mining less profitable for new entrants as to crowd out other miners. But the latter seems to be even more unreal since they are there for profits after all, not for losses, and as you yourself say, most of them are long term bullish, anyway
Well this theory is predicated on the idea that they have mined a ton of bitcoins that they don't have to sell to pay the bills (first because they have investment capital and second because it's so profitable). Another 1/8th of all of the bitcoin ever available will be mined over the next 4 years, some of these miners have 10+% of the network and intend to get those coins into their pocket.
Imagine what will happen to the mining industry when the price of bitcoin is $5k+, when countries invest country amounts of money into building bitcoin mining farms. Will ViaBTC still be funneling 8% of new coins their way?
this theory can not be true only because miners can not hold price down forever and it has been a long time since bitcoin was created and even if you consider it after the shaping of mining farms there is still a good couple of years and no one can really hold price down for that long.
True they cannot keep it down forever, though if they block SegWit they might be able to keep it down for a lot longer.
Ransomware is natural evolution of cyber crime, it is not because bitcoin was invented we have this problem - it is the the other way around.
Blaming BTC for ransomware is like blaming RSA encryption schemes or any other encryption method - because thanks to them our files can be targeted...
Cryptocurrency is a just a catalyst for every cyber crime but it is too late to back off, if not BTC they would be using LTC, ETH, XMR or Dash - it doesn't matter.
Blaming BTC for ransomware is like blaming RSA encryption schemes or any other encryption method - because thanks to them our files can be targeted...
Cryptocurrency is a just a catalyst for every cyber crime but it is too late to back off, if not BTC they would be using LTC, ETH, XMR or Dash - it doesn't matter.
Scare tactics and economic propaganda seem to be working as these misconceptions are still pervasive - even within the crypto community it seems.
If you think about it, BTC is actually NOT an excellent tool for doing stuff online - not when you have to go through the trouble of washing your bits a billion times (and believe me, the most dogged Tom, Dick or Harry can still trace back your bitcoins).
Doing fiat with corrupt bank officials is still the choiciest and easiest way for criminal activity. You can't "fix" the blockchain.
You are talking about big time criminals, for example, illegal arms merchants or human trafficking operators. And I suspect that the latter are not very interested in doing stuff online altogether, they are more "mundane" in this respect. Smaller fish like scammers, fraudsters and darkmarket users whose illegal activities are conducted mainly through Internet might not have such option readily available to them. And this is where Bitcoin gets quite handy...
Even if you have to wash your dirty coins a few times
Bitcoin's use will never be for that. The current system used for day to day shopping works perfectly. The banks and the payment processors that are established are all giving efficiency and convenience to their users so Bitcoin has no place in it. Where Bitcoin thrives and will thrive more is in the black market and online dark markets simply because the banks do not serve that space.
So basically you think that bitcoin is only good if you are a gambler, tax evader or black market user?I do not consider it only good. It is a really excellent tool for doing illegal stuff online. Have you seen the interest from ransomware using hackers? It is increasing. I will not be astonished if we find out that different terrorist groups are using Bitcoin as a tool for value transfer.
Blaming BTC for ransomware is like blaming RSA encryption schemes or any other encryption method - because thanks to them our files can be targeted...
Cryptocurrency is a just a catalyst for every cyber crime but it is too late to back off, if not BTC they would be using LTC, ETH, XMR or Dash - it doesn't matter.
Scare tactics and economic propaganda seem to be working as these misconceptions are still pervasive - even within the crypto community it seems.
If you think about it, BTC is actually NOT an excellent tool for doing stuff online - not when you have to go through the trouble of washing your bits a billion times (and believe me, the most dogged Tom, Dick or Harry can still trace back your bitcoins).
Doing fiat with corrupt bank officials is still the choiciest and easiest way for criminal activity. You can't "fix" the blockchain.
Mining investment continues, we saw a 10% jump in difficulty at the last adjustment. My pet theory is that it is miners who are providing the liquidity despite most of them being long term bullish, not just to pay expenses but also in an attempt to keep the price artificially low to protect their market share by keeping mining less profitable for new entrants due to upfront costs. But with each dump attempt, the liquidity gets soaked up and held. I believe that this market share protectionism is also primary in the blocking of SegWit as well
This doesn't make much sense overall
If we assumed that you were somehow right (that miners are keeping the price artificially low), then it would make sense to keep the price low at any time, not so much to make mining less profitable for new entrants as to crowd out other miners. But the latter seems to be even more unreal since they are there for profits after all, not for losses, and as you yourself say, most of them are long term bullish, anyway
this theory can not be true only because miners can not hold price down forever and it has been a long time since bitcoin was created and even if you consider it after the shaping of mining farms there is still a good couple of years and no one can really hold price down for that long.
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