Topic: The general public still doesn't understand Bitcoin is still growing - page 4. (Read 638 times)

Anyone today can be a journalist or write a book, and that has become especially easy since the advent of AI chat bots that do it very quickly and cheaply instead of people. So I don't think you should get too excited about a book that is obviously written by an amateur who believes that Bitcoin was created in 2017 or 2020, or that Bitcoin has anything to do with people like Bankman or Do Kwon.

The so-called "general public" in part understands that Bitcoin is something like shares or some kind of digital gold, and this should not be at all strange to us, considering that most people on this forum consider Bitcoin to be only a good investment. When it comes to education, I think that everyone can educate themselves very well about what Bitcoin is, given that all knowledge is publicly available online - and for those who don't want to or don't know how to use search engines, it's not something they should to think at all.

As for some people persistently repeating that they missed the chance, I think that these are lost cases - because I know some people personally who found Bitcoin expensive when it was worth a few hundred $, when it was a few thousand $, and especially now when it is worth tens of thousands of $. The one who wants to find an excuse will always find it no matter what.

You should have taken a picture of that book. My guess is that it's probably written by a local author. I doubt if an international publisher is that negligent or incompetent in accepting a book for publication even if it is obviously full of errors. And to think that it is probably published just within this year, it's unimaginable how a screening committee approved it. I mean, it's very easy to check on Bitcoin's price and volume and adoption.

Indeed, Bitcoin and cryptocurrency are cyclical, but the public rarely realizes it. Almost funny, right? How "boom and bust" overshadows market resiliency. As informed participants, we understand this cycle, but the public is misled. For what reason?

To begin with, there is a major impact from the sensationalism of the media. Bitcoin's stability is distorted by their emphasis on spectacular movements. Second, human psychology favors sudden rise and fall stories, which appeal but deceive. Finally, financial literacy is lacking. The average person doesnt comprehend market dynamics, especially in cryptocurrencies' young industry.

Our role? Educate and demonstrate. Share our knowledge to refute myths with facts and history. We can also demonstrate Bitcoin's long-term potential by being resilient in our investment methods. To change the public's perception of Bitcoin's growth trajectory is difficult but worthwhile.

You got it wrong we cannot measure Bitcoin's just by the market cap or its increasing price because it would be useless if it's not used for the purpose it was created as users will never adopt Bitcoin if the fees continues to be sky-high and moreover it would lose it's userbase to other coins. I would consider Bitcoin as growing only when we see more adaptability rate and Bitcoin transaction should become as easy as UPI or any other altcoins transactions.

Growing how? Price-wise? Yes, the price is going higher and higher against the USD if that’s what you mean. If you are talking about worldwide user adoption of btc, then I don’t think that’s the case because of the high fees. Right now getting included in the next block costs ~$9-10. And if you pay $4, your tx will get a confirmation in 24h. A network as expensive as this is its own enemy. These fees will drive away users to alts… Don’t get me wrong, people want to use btc but they can’t…

I agree with the op that, by some accounts, cryptos became mainstream in 2017 because they gained tons of attention during that bull market. On the other hand, one could argue that Bitcoin (and cryptos in general) still isn't mainstream because only a tiny minority of the world population actually owns it. But as for FTX collapse, I'd actually say it had a pretty minor impact on the crypto market. Bitcoin went down from around $20k to below $17k, but then recovered to $20k+ in just a couple of months. And that was the end of its impact. Then the market started slowly recovering over 2023, so there was no market collapse.

Through the way you describe, I feel the linearity from the author you mentioned, the crypto market brings attention and doubt through each stage to those who don't really care much about the operation. Since the day I learned about Bitcoin as well as crypto, I have always felt its growing development process, but I can be frank, but there are not many people who realize the potential and accompany the market. It's true that they really don't understand it, maybe because it's easy to own, they just think it's simply a profit-seeking application that comes with surrounding news like an attachment. I also have a feeling that adoption is growing in scale, which can be expected from the perception of participants being influenced by the legitimacy that, according to confirmation from the government, our knowledge of the market. This and seeing the opportunity with it can be seen as a priority for those who come first. Although is not too confident to confirm that it is completely good, I will accept the fact that I believe bitcoin will be very big in the future.

He should change the title to "Rise and Fall of FTT" instead of crypto.

Such book shouldn't exist at all since many thing quickly changed, there's a token that the price went up to 1000x times in a day, there's a token exit scam etc. If the fall of biggest exchange (Mt.Gox) in 2014 doesn't make Bitcoin fall, any exchange that could fall in the future has no long term effect to Bitcoin.

after the 2025 ATH the author will probably write a sequal calling out the 2026 correction back down to value from premium.. and call it the rise and fall v2

after the 2029 ATH the author will probably write a sequal calling out the 2030 correction back down to value from premium.. and call it the rise and fall v3

all the author done was make some silly clickbait title. and take some nonsense social drama to back up a clickbait title. to get idiots to read it. after all smart people dont buy dumb books

The future of Bitcoin is bright and nothing is as bad as a lack of knowledge, and experience is the best master. But as we think in that direction, we should also know that it is not the fault of those who could have doubt of mind in the rising of Bitcoin at times, they might have trusted it one time but failed them, people have their stories and reasons for their scepticism. Even the current chart pattern could be scary to those who are not conversant to the way the market behaves, so it could be either way.

But anyway it is, we should know that none of the two categories are perfect, and if anyone still buys Bitcoin, such a person is taking a risk, nothing is short of that as you can ever believe. Now, it is not everybody that is willing to take the risk for many reasons, some people might think that if at all Bitcoin rises, it won't rise so much more again, and by this, they might have their doubts about any significant rise. Wait a minute, what if Bitcoin fails to deliver this time, what will you do? So, people are still within the right thought to be careful or have doubts. In all, Bitcoin is the number one among the cryptocurrencies, and it will ever be rising, but that is my own belief. It might take a little while but it will rise and it might not rise so much as many might thought, but rising will not be deprived. It has stood the test of time many times, especially when dangerous bad news happened, yet it stands. For the 4-cycle bullish movements, the coin will always gain power periodically even if everything else was against it before the 4-cycle period.

Either the author (who, like you said, would have had to have done a lot of research in order to have written a book about the space) knows something that we don't, the author does not know how to distinguish between FTX and the rest of the market, or, what you have just picked us propaganda. If it is the latter, this is coming from somewhere much higher than the author and it is designed for those who don't understand the value in the space, to never touch it.

We have to remember that only a few per hundred will actually accumulate a significant enough amount of cryptocurrency to be able to survive in the event that the dollar or fiat currencies do go south. These books are designed to keep it that way. If books were encouraging and informing people about cryptocurrency, the world would be very different and the market would react not too long after the learning begins.



+1


It's the same as the share market. People become fearful after they see a crash, they never touch the share market again, and it takes new highs for them to re-enter. You will see the same thing this time. That girl friend you referred to, she will probably buy bitcoin at $250k-$500k if she does not consult with you about it...and even if she does, and you say "It's too high" at $200k or $300k, she might buy it at $400k anyway because she might think you don't know what you are talking about because you said it was too high at $200k-$300k...lol

It's a vicious cycle. Only those who break out of it will benefit, though the consequence is hearing the noise from those who fall victim to the vicious cycle each time.

What you seem to be saying is that when the price of Bitcoin rises then people think it's the next big thing, and when it falls they think it's a bubble that's been popped.

That's definitely my experience. Most of the time the argument in favor of crypto and blockchain I hear is, "look how much the price went up". Since blockchain technology makes it impossible for a cryptocurrency based on it to truly scale to the needs of a mainstream digital currency, Bitcoin and the others will always be a speculation instrument and nothing more. It will go up in value, and it will go down in value. People, by the millions, love this sort of thing (gambling?), so Bitcoin will always have an audience at least of some kind.

How high can it go? The sky's the limit. How low can it go? There's nothing stopping it from going to zero :-).

i'm curious about the book you said, because how could an unedifying book like that be able to enter a bookstore and be sold to many people. the author should find out more about the topic he wants to discuss, not just find out from several sources and then conclude for himself that the crypto market collapsed when the ftx crashed.

he should understand that bitcoin is currently increasing in adoption and is being traded by many people. what if the person who bought the book discovers the fact that the crypto market is on the rise and loses momentum to invest in it? doesn't he feel guilty? or not afraid that people will attack him and boycott his book?

this is the reason why i don't really trust the books in bookstores, because most authors only draw their own conclusions based on their perspective and are blind to the facts of what is happening.

People should draw much clearer lines between the term "crypto" or cryptocurrencies and "bitcoin".

The book you described seems crazy to talk about a fall just because the FTX thing. But we know that "crypto" that includes altcoins has had lots of falls. There are countless altcoins that were created, pumped to the moon to have their short moment in the sun but then got dumped and shortly after that they died for good. So at least the title "rise and fall of crypto" is precisely describing these cryptos and it has nothing to do with bitcoin.

This important distinction falls in the same line as the distinction between Bitcoin and centralized exchanges and their demise (like FTX).

I do believe that the book you saw is just simply a bad representation of books it is quite confusing how a book with misinformation managed to get published but i guess it happens especially crypto is not exactly yet well understood by the general public

How do we educate people? I am still going to answer books at least that is one of the many ways to learn about crypto if you are going to buy a book to read or learn about crypto first thing you should do is check who is the author and what are his or her credentials check whether they are capable of writing let alone spreading information regarding the topic at hand it is hard to persuade a person if you were just to talk about it because they already have preconceived notions just like your friend sometimes it is pointless to keep teaching them about it because at some point they are gonna see the growth of crypto or bitcoin and will experience FOMO

At the bookstore today I saw some book about the rise and fall of crypto. On the front cover it was saying crypto went mainstream in 2021 and then collapsed in 2022 culminating in the FTX collapse. The book was definitely partially about the FTX collapse, but it also referred to the entire market as having collapsed, hence the "Fall" part of rise and fall. The final sentence on the front cover mentioned something about the collective delusion that led to this rise and fall of the $3 trillion market.


It hit me that the author, who presumably did a lot of research into the industry in order to write the book, is basing his book on the idea that crypto has collapsed permanently after having a short moment in the mainstream in 2021 (though you coulda said the exact same thing about 2017).

I almost laughed out loud cuz here is an author that did enough research to write an entire book, far more research into the space than the average person does, and even the author doesn't understand what anyone who actually participates in the market easily understands - that the market is cyclical and the 2022 crash was not an end event for the industry but simply the end of a market cycle leading into the next larger market cycle.

Knowing that the market goes through four year cycles and each one is bigger and each big crash and bear market is just a temporary downturn before the market grows vastly larger than it previously was...this is extremely basic knowledge for everyone in the industry. But someone who wrote a whole book on the topic doesn't even understand that! It just really blew my mind. The author thought he was writing about the collapse of the market, yet he would be laughed out of the room by anyone with even a little understand of the market. What is it going to take to educate people on bitcoin and the crypto market?? Every four years its like the general public has a complete reset and thinks bitcoin is going through a bubble for the first time and then dies for good. And they completely forget that it did the same thing a few years earlier likely when they first heard about Bitcoin in 2017 (they probably don't know it had done it a few times before that too).

But just like how do we get the average person out of the repeating delusion that every bull run must be the last and every new bear market is bitcoin and crypto finally collapsing for good? Cuz I mean the average person legit thinks that bitcoin is over during each bear market, they literally think "oh I missed out on that bubble". A friend of mine even said that to me like a month ago, she asked what I had my money in and I told her Bitcoin and her response was oh I missed out on that. She just assumed that it was a one time bubble that was over.

How do we educate people that Bitcoin is a continuously growing global currency that is still in its early staged and each big boom and crash is just its early growing pains? Its just crazy to me that people see Bitcoin becoming more and more valuable and its much much more valuable than the few thousand dollars it was worth when they likely first heard about it in 2017 and yeah they all think it was just a bubble that has passed and they missed out and there's no reason in paying attention to it or owning it now. And then of course they'll be surprised in 2024/2025 when they start hearing about Bitcoin again but then by 2026 when the next bear market hits they'll forget all about the past market cycles and go back to thinking oh it was a bubble and is now dead.