Topic: We are all over the news, where is the price bump? (Read 1189 times)

Then you don't understand bitcoin's viral growth mechanism.  The sensationalism creates awareness for bitcoin, more people learn about it, and some of them become confident in its legitimacy and become adopters.  

Demand continues to slowly grow, and if we pass the previous all-time-high, the media will again begin talking about its rising price, exposing what seems like a "get-rich-scheme" to a larger pool of opportunists (who only became aware of bitcoin due to sensationalist news pieces like the Dorian Nakamoto theory and the MtGox collapse).  These people jump on board, pushing the price even higher, until we hit a frenzied peak, the price declines (but to a higher low) and the news media proclaims bitcoin dead once again.  

This mechanism is simply exposing the human race to the idea of bitcoin: a peer-to-peer electronic cash system.  This gives the people of the world many opportunities to decide to participate.  

u think so?

Well its a fact that in Africa, due to its' lack of infrastructure (towns with lack of adequate power supply, risks of carrying cash, remoteness of towns, etc etc), banks offer an ewallet service that functions via mobile phone.  like a charge card.  It functions extremely well.

It's similar to the idea behind BTC, in terms of transactions.  Although its governed by the banking sector (Gov'ts).

I believe, that as the world is becoming liberalized  from a cultural and social point of view, then the idea of BTC is not at all far fetched.

You see the trick is, as you rightly put it 'true believers' are those who are the driving force.  And are so due to the fact of the industry they are associated with - IT, Finance, Engineers, who are more than common with the jargon behind BTC.  So it makes some sense to them.  If the idea was simplified (mainly through allowing everyday transactions to take place), then it would appeal to a wider community.

Imagine today if hard currency did not exist.  The governments would say, hey guys lets print a unified design and call it money. This 'money' will be linked to a complex model governed by government bonds and gold reserves.  So I will give you this some of this paper and you will give me your car.  But with the paper you can purchase another asset.  I'm sure half the world would say, yeah right!  Could you imagine when Chris Columbus came to the US and offered the Indians a few nickels in exchange for product, i am sure they would have laughed???

What I am saying in this gruesome monologue, the average punter doesn't think too much.  Trends occur because decision makers say its ok.  If everyone jumped on BTC, then for 90% of the population they say , yeah, why not?

I mean take the mobile phone industry.  I guarantee you that 90% of smart phone users forked out top dollar for the latest model because it has the newest and sophisticated features - that simply they don't need or use (or even do not know how to use).  But hey, its what you do!

So more places to spend = more chance for BTC price to grow!

As was said before: have some patience.

The news right now will have a positive influence on price in the mid term: huge exposure, and not in a predominantly negative fashion (more like a human interest story). It also shows how big Bitcoin is by now even in the popular media.

That said, don't expect price to jump as a result in the next days necessarily. The current media frenzy will just further increase awareness of Bitcoin, and increase "familiarity" so to speak... after hearing about sthg that is not universally negative for years, you're inclined to become familiar with it, I believe.

Ultimately, I agree that any exposure is good long term for bringing the price up, but it's becoming more apparent that the outside world doesn't see bitcoin the same as we, "the true believers" on bitcointalk or reddit do. As the headlines on Drudge today suggest, the majority of mainstream news audience in the US have heard of bitcoin (this is probably true for the rest of the Western world and East Asia) but to them, it's a sensational currency that's extremely volatile, favored by users of Internet black markets, and veiled in mystery.

Since there's never really been a good case put forth as to why regular Dick and Jane should tear up their credit cards and start using bitcoin other than "be your own bank!", most people don't view it as any more than a semi-interesting sideshow. It's bound to attract more speculators who will be attracted to the free wheeling market, but that's about all. And hence, why I have serious doubts that long term (if there is truly a long term) bitcoin represents anything more than a niche market of speculators and gamblers.

im curious to know, everyone is so speculative on this forum - waiting for the price to go up.  Sure, that's fine.  But if the value BTC is a supply/demand driven currency, then where is all the focus to open up new channels to spend BTC?

Simply put, the end of the road will come quickly if everyone is buying and waiting for the demand to go up - without any new channels?  It simply doesn't make 'sustainable' sense.

So where are the future initiatives to incorporate BTC in daily transactions?

ok, master

we're in a long tight squeeze, itll explode eventually 

I prefer a price bump that comes from legitimate strengthening of confidence in the currency rather than an artificial pump based on sensationalism.

I think a build up of uncertainty is generally bad for the price, there was already a lot of coins threatening to dump with Gox and other hacks, now Satoshi "possibly" coming out of the woodwork adds a lot more.

The daily chart and the recent exchange failures is scaring new investors away, it just looks like a giant downward triangle from December. Deflating bubble etc, despite the recent small recovery.

The dumb money won't start pouring in until previous highs are broken.

 

Be patient, young padawan 

Ok, we are getting a TON of press right now, where is the price bump we all are waiting?