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Topic: The adoption boom is coming - page 2. (Read 5427 times)

legendary
Activity: 3514
Merit: 1280
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December 01, 2016, 08:00:25 AM
#85
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
legendary
Activity: 1400
Merit: 1001
November 30, 2016, 10:54:07 PM
#84
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.
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.
legendary
Activity: 2898
Merit: 1823
November 30, 2016, 09:59:17 PM
#83
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.
 
Quote
And if you actually want to do something constructive and increase utility value for customers you shouldn't support it?
You know that this version of protocol is not the final version and in the future we can have huge changes to how bitcoin network will work, right?

That is not what I said. As a fellow Bitcoiner of course I want it to be used by the mainstream. But the question is, is there a need for it when the current system that was put in place by the banks and the government is already efficient and very convenient for everyone in society. Meaning if the banks serve a market space, there will be little to no need for Bitcoin. So what space does the banks refuse to serve? Those are the gaps Bitcoin will fill.
member
Activity: 84
Merit: 10
November 30, 2016, 07:22:26 AM
#82
I don't think mainstream adoption is coming at all. How many people use bitcoins to purchase stuff from Overstock?

Bitcoin is behaving more like an asset class (gold, property etc). People who want to store wealth away from the prying eyes of govt. People in places like Venezuela and Argentina who are dealing with delinquent currencies and want something to hold it's value.

But in the west normal fiat will continue to be used to purchase the necessities of life.

that's because there is still no real way to earn bitcoin easily for the average people aside from buying which is not convenient for many, and also it feel like investment, many don't want to invest, they want to acquire, you don't invest to have fiat, you acquire it, so until bitcoin will not be easy to acquire it will no be on par with fiat

It'll never be easy to acquire for everyone.
Let's say a boss will pay all of his employees in BTC. The boss is the person that has to get through the hassle of getting that BTC.
Mining is the only way to get Bitcoins these days and that's not accessible for the simple man anymore sadly.

Bitcoin's infrastructure is becoming more and more user and beginner friendly. It does not take much time and effort to get started, you just need to open an account and get verified. Opening a bank account is way more complicated.

boss can get them via exchange or via gateway like bitpay in a more easy way, if he is a merchants for example, instead of being a private, also he would get all his revenue in bitcoin, and pay his employee with bitcoin, still far better than every individual buying by himself his coin

I agree, that's why I said it. But there will always be a handful of people that can't be pleased because it takes more work for them to get the Bitcoin. Be it bosses, miners, homeless people or whatever, someone will have trouble getting BTC.
full member
Activity: 219
Merit: 100
Art is the triumph over chaos
November 30, 2016, 06:01:11 AM
#81
"All we need is one big service to start using BTC for a huge jump in user base, which (should) naturally lead to a big increase in price."

Even if big service like amazon start using BTC, not everyone will use BTC on Amazon, they are still able to buy stuffs using their credit cards which is they find it easier and they dont need to buy bitcoins and then pay, which take a few more steps to buy things on Amazon
legendary
Activity: 2170
Merit: 1427
November 30, 2016, 05:36:44 AM
#80
I'm going to pick up a bit of extra Bitcoin just in case Mega really does something big here.

You should have bought your coins far below the current levels if you really thought that Mega might have a significant impact on the price. I personally think the hype in the runup to the actual launch, is the only thing people are looking forward to. After it has launched, the usage will disappoint as the demand for such a service is really low.

All we need is one big service to start using BTC for a huge jump in user base, which (should) naturally lead to a big increase in price.

Everything helps, but adoption/user base growth is something that takes years to pick up. It's not that when for example Amazon starts accepting Bitcoin, that we'll see an explosion in new people coming into Bitcoin. It will be a gradual process.
sr. member
Activity: 434
Merit: 250
November 30, 2016, 05:18:17 AM
#79
I'm going to pick up a bit of extra Bitcoin just in case Mega really does something big here.
All we need is one big service to start using BTC for a huge jump in user base, which (should) naturally lead to a big increase in price.
I would love for it to be iTunes or Amazon or someone, but Mega seems like the most likely candidate, right now at least.
sr. member
Activity: 259
Merit: 250
November 30, 2016, 05:15:31 AM
#78
It's been coming for the last 7 years. It will continue coming for the next 70 years. It won't affect the price much. The only thing that can move the price is not the adoption, it's China.
China has influence, indeed, but it does not only come from the miners, it also comes from people adopting the currency in that country, since the local currency has a number of restrictions.

...and speaking of local currencies full of restrictions, I think the growing demand in India, which is another very populous country, will continue to have an impact on the price.
legendary
Activity: 888
Merit: 1000
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November 30, 2016, 05:03:32 AM
#77
Are you sure Bitcoin has enough capacity for boom? First we need to amputate Blockstream shitheads from the system to make it ready.
hero member
Activity: 959
Merit: 500
November 30, 2016, 04:51:16 AM
#76
It's been coming for the last 7 years. It will continue coming for the next 70 years. It won't affect the price much. The only thing that can move the price is not the adoption, it's China.

of course the price will be affect as the people wants their investment in bitcoin give them a profit. but yes, maybe china give the back up for bitcoin and we can see that for now the adoption is really coming and its happen in many country beside some of country will not give any statement.

The more bitcoin is adopted, the more people will use it as a payment method. So the demand climbs, while the supply stays more or less constant.
So I think that adaption will increase bitcoin price.
China is still the country with the biggest population. If a lot of them would decide to become a member of the bitcoin community this would have a big impacte on the price.
If you look at it that way, China has a big influence on bitcoin price.
legendary
Activity: 2646
Merit: 1106
DGbet.fun - Crypto Sportsbook
November 30, 2016, 04:00:40 AM
#75
It's been coming for the last 7 years. It will continue coming for the next 70 years. It won't affect the price much. The only thing that can move the price is not the adoption, it's China.

China is just a country which has got the majority of miners as well users. On account of this we cannot say that China is moving the price. Due to the increased user profiles the variation in bitcoin circulation depending upon their own country market varies. On those instance price gets affected, but most used to understand it in a wrong manner, that China is controlling Bitcoin.
hero member
Activity: 2870
Merit: 574
Vave.com - Crypto Casino
November 29, 2016, 11:28:56 PM
#74
It's been coming for the last 7 years. It will continue coming for the next 70 years. It won't affect the price much. The only thing that can move the price is not the adoption, it's China.

of course the price will be affect as the people wants their investment in bitcoin give them a profit. but yes, maybe china give the back up for bitcoin and we can see that for now the adoption is really coming and its happen in many country beside some of country will not give any statement.
legendary
Activity: 1330
Merit: 1000
dafar consulting
November 29, 2016, 10:58:41 PM
#73
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.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

This is exactly the question to put forward when prediction of increased adoption is suggested.

The simple "here and now" benefits of crypto that would spur adoption are the low fees and anonymity. The fees are climbing and exchangers nullify anonymity.

And there is no real utility. All utilisation now is created and not meeting existing needs.

Change that and adoption will spiral out of control=)


WTF are you talking about? It has value the same way gold has value, yet it is a much better version of gold. It's a hedge against market dynamics, a borderless store of value and protection against inflation and capital controls, these are all real utility that is happening now.

Lol at people trying to rate bitcoin with day-to-day shopping use when it's not ready for that yet.  Let bitcoin grow in the phase it strives in now until it's ready for the next phase... it will be less volatile then and there are a lot of good developments in the works (sidechains, LN)

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.


 Roll Eyes


Another one of these guys....

legendary
Activity: 1036
Merit: 1000
November 29, 2016, 10:48:33 PM
#72
It's been coming for the last 7 years. It will continue coming for the next 70 years. It won't affect the price much. The only thing that can move the price is not the adoption, it's China.
legendary
Activity: 1400
Merit: 1001
November 29, 2016, 10:22:23 PM
#71
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?
And if you actually want to do something constructive and increase utility value for customers you shouldn't support it?
You know that this version of protocol is not the final version and in the future we can have huge changes to how bitcoin network will work, right?
legendary
Activity: 2898
Merit: 1823
November 29, 2016, 09:37:54 PM
#70
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.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

This is exactly the question to put forward when prediction of increased adoption is suggested.

The simple "here and now" benefits of crypto that would spur adoption are the low fees and anonymity. The fees are climbing and exchangers nullify anonymity.

And there is no real utility. All utilisation now is created and not meeting existing needs.

Change that and adoption will spiral out of control=)


WTF are you talking about? It has value the same way gold has value, yet it is a much better version of gold. It's a hedge against market dynamics, a borderless store of value and protection against inflation and capital controls, these are all real utility that is happening now.

Lol at people trying to rate bitcoin with day-to-day shopping use when it's not ready for that yet.  Let bitcoin grow in the phase it strives in now until it's ready for the next phase... it will be less volatile then and there are a lot of good developments in the works (sidechains, LN)

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.
legendary
Activity: 3472
Merit: 10611
November 29, 2016, 12:23:15 AM
#69
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.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

This is exactly the question to put forward when prediction of increased adoption is suggested.

The simple "here and now" benefits of crypto that would spur adoption are the low fees and anonymity. The fees are climbing and exchangers nullify anonymity.

And there is no real utility. All utilisation now is created and not meeting existing needs.

Change that and adoption will spiral out of control=)

good point but about the fees i have to say that thing was only temporary and just like before (specially last month this happened once again) we are back to normal again and if/when block size issue is resolved the issue with fees is resolved also.
legendary
Activity: 1330
Merit: 1000
dafar consulting
November 28, 2016, 11:57:25 PM
#68
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.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

This is exactly the question to put forward when prediction of increased adoption is suggested.

The simple "here and now" benefits of crypto that would spur adoption are the low fees and anonymity. The fees are climbing and exchangers nullify anonymity.

And there is no real utility. All utilisation now is created and not meeting existing needs.

Change that and adoption will spiral out of control=)


WTF are you talking about? It has value the same way gold has value, yet it is a much better version of gold. It's a hedge against market dynamics, a borderless store of value and protection against inflation and capital controls, these are all real utility that is happening now.

Lol at people trying to rate bitcoin with day-to-day shopping use when it's not ready for that yet.  Let bitcoin grow in the phase it strives in now until it's ready for the next phase... it will be less volatile then and there are a lot of good developments in the works (sidechains, LN)
legendary
Activity: 2968
Merit: 3684
Join the world-leading crypto sportsbook NOW!
November 28, 2016, 11:32:45 PM
#67
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.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

This is exactly the question to put forward when prediction of increased adoption is suggested.

The simple "here and now" benefits of crypto that would spur adoption are the low fees and anonymity. The fees are climbing and exchangers nullify anonymity.

And there is no real utility. All utilisation now is created and not meeting existing needs.

Change that and adoption will spiral out of control=)
copper member
Activity: 2898
Merit: 1465
Clueless!
November 28, 2016, 02:47:58 AM
#66
IRS vs Coinbase

https://www.theguardian.com/technology/2016/nov/27/coinbase-bitcoin-irs-government-summons-data-cryptocurrency

Not sure..if the IRS say gets its way that anyone trading BTC is considered a Tax Cheat risk (the coinbase we want your database of all folk to check by IRS because
just buying BTC on coinbase is enough for us to get all your million users files..ie our assumption anyone buying crypto and btc on coinbase is likely a tax cheat..or why
the blanket summons?

Then adoption at least in USA could be 'stymied' ie ..if IRS thinks BTC business on coinbase is likely tax cheats enough to get all these files..then banks could claim the
same etc ..ripple effect.

The catch is the IRS has gotten such types of blanket files before.

They have WON in a case like this with FedEx and DHL etc that was also a large grab bag everybody summons

http://www.forbes.com/sites/robertwood/2014/12/20/irs-issues-john-doe-summons-to-fedex-dhl-ups-hsbc-in-massive-offshore-account-hunt/#70b2534a2d71

Thus IF the IRS is successful in the short term at least will act like a boat anchor and slow price/growth/adoption of BTC imho

Because then ALL banks (if not already) all exchanges worldwide will adopt these methods...thus shooting off another round of FUD and the 'evil' BTC..even if likely
only a small amount of tax cheats would/could even be caught..it will be enough press FUD to keep it all in a nice cluster.....for the foreseeable future...

thus slowing adoption....giving banks time for R9 ...and generally keeping the whole BTC and cyrpto adoption down and away from the masses

hope I'm wrong...but the IRS action on coinbase does not strike me as a 'reasonable' first step..IF you give a damn about cryptocurrency...does seem to be a logical
first step if it scares the crap out of you as a government, however Sad



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