Real money people are here now and they are probably using every trick in the book to drive the price down so they can accumulate cheap. They won't panic buy the price up like muggles.
http://np.reddit.com/r/Bitcoin/comments/2hpfim/lets_face_it_theres_currently_no_demand_for_all/ckuu0qg
Quote
let me tell you the number one objection to bitcoin wealthy investors have:
Bitcoin is MLM
and yes, to a 40-something financial or legal professional who considers himself moderately clued in to society, bitcoin is MLM.
the way it comes off is, a bunch of people bought up a large proportion of bitcoins for cheap. and the only reason new people buy bitcoins today is because they think new waves of more people will buy bitcoins in the future
then you try to compare bitcoin to a stock, oh it's ok that early adopters get rich because that happens in stocks too. except bitcoin isn't a stock. there is no product with bitcoin. there are no dividends. you don't have voting rights either unless you're an allstar developer.
my point is, if you look at bitcoin objectively, it's MLM. the only reason 99% of people buy bitcoin is because they think bigger waves of people will buy bitcoin in the future.
this is important because so many of you are forgetting this objection and then you go beg wall street types to get into the system. they're not buying MLM. when has wall st ever bought MLM? never.
instead you should be appealing to the common man in understandable ways. openbazaar and silk road are the clearest examples of how to do that. you would have far more success selling bitcoin to people by putting up posters in the city advertising "buy dank ganja online anonymously - visit howtosilkroad.com". that's going to teach the common person to value bitcoin in a tangible way
that's a clear demonstrable vector for commercial demand.
everyone in 2014 was dreaming that wall street would pitch in and be the new big wave of recruits to buying bitcoin, so the old recruits would all be fabulously wealthy. shit, wall street wouldn't prop up a MLM scheme they didn't control from the top even if the entire financial system was collapsing all around them
There is simply no pragmatic answer to "Why should I buy bitcoin?"
No, the pragmatic answer is "because I think more people will buy it in the future". and that, my friends is MLM.
Bitcoin is MLM
and yes, to a 40-something financial or legal professional who considers himself moderately clued in to society, bitcoin is MLM.
the way it comes off is, a bunch of people bought up a large proportion of bitcoins for cheap. and the only reason new people buy bitcoins today is because they think new waves of more people will buy bitcoins in the future
then you try to compare bitcoin to a stock, oh it's ok that early adopters get rich because that happens in stocks too. except bitcoin isn't a stock. there is no product with bitcoin. there are no dividends. you don't have voting rights either unless you're an allstar developer.
my point is, if you look at bitcoin objectively, it's MLM. the only reason 99% of people buy bitcoin is because they think bigger waves of people will buy bitcoin in the future.
this is important because so many of you are forgetting this objection and then you go beg wall street types to get into the system. they're not buying MLM. when has wall st ever bought MLM? never.
instead you should be appealing to the common man in understandable ways. openbazaar and silk road are the clearest examples of how to do that. you would have far more success selling bitcoin to people by putting up posters in the city advertising "buy dank ganja online anonymously - visit howtosilkroad.com". that's going to teach the common person to value bitcoin in a tangible way
that's a clear demonstrable vector for commercial demand.
everyone in 2014 was dreaming that wall street would pitch in and be the new big wave of recruits to buying bitcoin, so the old recruits would all be fabulously wealthy. shit, wall street wouldn't prop up a MLM scheme they didn't control from the top even if the entire financial system was collapsing all around them
There is simply no pragmatic answer to "Why should I buy bitcoin?"
No, the pragmatic answer is "because I think more people will buy it in the future". and that, my friends is MLM.
Everyone should have a look at this thread, btw:
http://np.reddit.com/r/Bitcoin/comments/2hpfim/lets_face_it_theres_currently_no_demand_for_all/
