Why Bitcoin will never reach mainstream - page 2.

DeathAndTaxes

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Gerald Davis

Quote from: petrjanda on July 18, 2013, 07:24:17 PM

People aren't going to like what I'm going to say but it needs to be said regardless.
The only way bitcoin or any other alternative currencies will become mainstream is if enough infrastructure is built around it.

Person A sending bitcoins to person B (irreversibly) is simply not going to cut it. There is no inherent trust between both parties. We need 3rd party business (banks, insurers,lenders, exchanges etc) to build trust.

I doubt it. I bought a $1,600 domain using namecheap and sent them irreversible funds by Bitcoin. OH NOES was I worried, did I use a trusted bank as a third party? Nope. namecheap has a solid reputable business and they stand to lose a lot ripping me off. I had not a second of doubt/fear sending them the BTC.

Imagine your local power company, amazon.com, newegg, namecheap, (insert company you already trust here) asked you to pay with Bitcoins would you have a problem? I don't think most people would.

Now for fly by the night never heard of the "company" (which isn't even a real company) until they got out of noob jail and starting asking for tens of thousands of bitcoins in "pre-orders" well yeah you probably want to escrow that, then again if they asked for cash you probably would want to escrow it just the same.

BittBurger

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I sometimes wonder if people realize they *are* the "grumpy old man" who said "it'll never work" that is routinely made fun of in nearly every history book, on every successful new trend in society?

How does it feel to be that miserable, weird, old grumpy man who still thinks the earth is flat as Columbus sails off into the distance?

That is you. Right now.

I want to ask this question to every db ex high school football jock turned stock broker, mocking bitcoin on the stock trading websites right now. And to the OP of this thread.

Be a forward thinker. Not a stick in the mud.

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We need 3rd party business (banks, insurers,lenders, exchanges etc) to build trust.

This is already happening en masse.

So its not a problem. Will be commonplace soon.

-Burger-

elements

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Sound like a proposal for ripple. Lol!

petrjanda

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People aren't going to like what I'm going to say but it needs to be said regardless.

The only way bitcoin or any other alternative currencies will become mainstream is if enough infrastructure is built around it.

Person A sending bitcoins to person B (irreversibly) is simply not going to cut it. There is no inherent trust between both parties. We need 3rd party business (banks, insurers,lenders, exchanges etc) to build trust.

A lot of people around here hate banks, but they are important in the world of finance. They facilitate trust between parties.

ie. if i send $500 to a person and he doesn't deliver the product I bought. Thanks to irreversability of transactions, I'm fuckt.

But if the transaction is handled by a 3rd party, they should be able to get my money back.

Of course this system has faults, but economy is consumer driven. The producer is there to satisfy the consumer, not vice versa.

Rampion

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Quote from: drwho88888 on July 15, 2013, 06:50:14 AM

Bitcoin will never reach the mainstream because there are far too many crooks, scammers, hackers and the like preying on everyone else aswell as each other. And because of the anonymity they are much less likely to be traced.

You are mixing up bitcointalk.org with Bitcoin.

Quote from: drwho88888 on July 15, 2013, 06:50:14 AM

Dramatic, yes. Probable, yes.

Poorly executed piece of FUD, yes.

threeip

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Quote from: cr1776 on July 15, 2013, 07:14:44 AM

And why paper will never replace gold and silver in the 1800/1900s :-)

Quote from: ShadowOfHarbringer on July 15, 2013, 07:01:06 AM

"Why Internet will never reach mainstream".

"Why USD will never"... aah, beat me to it!

Flashman

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Hodl!

1895 Heavier than air flight is scientifically impossible.
1948 There's a worldwide market for maybe 3 computers.
2013 "bitcoin will never reach mainstream"

hayek

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Quote from: drwho88888 on July 15, 2013, 06:50:14 AM

Bitcoin will never reach the mainstream because there are far too many crooks, scammers, hackers and the like preying on everyone else aswell as each other. And because of the anonymity they are much less likely to be traced.

Whew, good thing cash doesn't have that problem Wink

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Unless the whole business has more accountability it will always remain underground and be treated with suspicion by mainstream consumers and businesses alike.

Do you think Bitcoin is a business or are you talking about businesses that accept Bitcoin?

With regards to the latter - Oh No! The market will work and people will have to deal with the repercussions of their actions!?!?!?!?! THE HORROR

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With difficulty reaching such high levels in a few months putting mining outside the realm of 99% of current miners I forsee the interest in BTC dieing out quite rapidly and the whole charade collapsing.

Dramatic, yes. Probable, yes.

Probable that you're just a douchey dumb guy, yes.

RapidCoinz

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Well said Frankie. Bitcoin (or another digital currency) will imo go mainstream at some stage. The way humans have traded/bartered/exchanged for goods and services over hundreds of years has snowballed and progressed. Digital currency is the next logical step in the evolution of mankind, we are half way there already.... it will take time, as these things do, but along with other influential factors such as distrust in those who control and manipulate the current financial environment, the 'mainstream' will adopt a new frontier in how they exchange value for goods and services.

franky1

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im not even american yet i know the history of the wild west, all those bank robberies, train robberies etc that happened back in the days when gold mining was big.

what happened next was that people secured their possessions better and found different ways to make some income.

i agree that mining will drop from a thing 99% of people (in the community)will do, to something that under 10% of people will do, where the other 90% will move onto opening shops, offering services in exchange for bitcoins.

after all in most countries 1BTC right now is worth about 1.5 days at minimum wage. so those not earning a minimum wage, will find other methods of gathering atleast 1btc per day or two.

as long as we all work together to spot the scams, to keep them to a minimal then honest trading and business can flourish

cr1776

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And why paper will never replace gold and silver in the 1800/1900s :-)

Quote from: ShadowOfHarbringer on July 15, 2013, 07:01:06 AM

"Why Internet will never reach mainstream".

tinus42

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Quote from: ShadowOfHarbringer on July 15, 2013, 07:01:06 AM

"Why Internet will never reach mainstream".

Then there's cyberbusiness. We're promised instant catalog shopping—just point and click for great deals. We'll order airline tickets over the network, make restaurant reservations and negotiate sales contracts. Stores will become obselete. So how come my local mall does more business in an afternoon than the entire Internet handles in a month? Even if there were a trustworthy way to send money over the Internet—which there isn't—the network is missing a most essential ingredient of capitalism: salespeople.

Clifford Stoll, Newsweek, Feb 26, 1995

http://www.thedailybeast.com/newsweek/1995/02/26/the-internet-bah.html

trashymonkey

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People say that about everything when its new. Television, internet, videogames, etc.

I myself have no idea where bitcoin is headed, Im not a fortune teller like OP

desired_username

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People sometimes forget that life with "normal" currencies is full of crooks and scammers too.

It's human nature in action and it doesn't matter what field you're inspecting there will always be criminals who are after your wealth.

Anyone who get's scammed deserves it on some level because it means they were not careful enough.

ShadowOfHarbringer

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Bringing Legendary Har® to you since 1952

"Why Internet will never reach mainstream".

Remember remember the 5th of November

legendary

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Reverse engineer from time to time

Who died and made you president to speak such things?

drwho88888

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Bitcoin will never reach the mainstream because there are far too many crooks, scammers, hackers and the like preying on everyone else aswell as each other. And because of the anonymity they are much less likely to be traced.

Unless the whole business has more accountability it will always remain underground and be treated with suspicion by mainstream consumers and businesses alike.

With difficulty reaching such high levels in a few months putting mining outside the realm of 99% of current miners I forsee the interest in BTC dieing out quite rapidly and the whole charade collapsing.

Dramatic, yes. Probable, yes.

Topic: Why Bitcoin will never reach mainstream - page 2. (Read 3764 times)