Topic: Why BTC hasn't and wont hit the mainstream: (Read 7786 times)

it will take time before they can truly understand how bitcoin works or how crypto will truly help them in every day life. but i strongly believe that it will take one btc or crypto transaction to appreciate what crypto can offer to them. and its true, if you are ignorant with something, you tend to avoid. but it is only a matter of time before noncrypto users will appreciate the strength of blockchain tech

The point is not that BTC is losing its relevance, but that people do not understand it. As practice shows. What they don't understand, they avoid

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Once private keys aren't so fragile, btc and other cryptos will be mainstream.

Its not just Bitcoin, its all Cryptocurrencies. For some Cryptos you have to almost be an IT Specialist. So you are right, if its not much easier to handle cryptocurrencies, it will be hard to get it for the mainstream. I mean which normal person who has no idea about cryptos could sell a coin on etherdelta or any other exchange? Need a lot of experience in cryptos before you can trade. So it has to be a lot easier before it will hit the mainstream.

To become mainstream we should also consider those under-educated people, at least for now, maybe in the future everyone become "nerd". Being nerd friendly is fine, but to achieve mass adoption it should become as user-friendly as possible.

It is suppose to be nerd friendly. To prove that being ignorant of tech will be your greatest downfall. Mainstream is for the ignoramus. Remember that.

Before we can BlockChain the world we need to simplify access
https://medium.com/@coinmetro/before-we-can-blockchain-the-world-we-need-to-simplify-access-20091aea13f4

If someone hacks computer for gathering credit card information do you really think that they have a problem to get old and active FB accounts?

Seems to be a realistic and desirable scenario.

Insanely slow progress and growth for decades and decades (though still exponential) it is than. Works for me.

I think we can wait a long while to get to "grandma can use it" adoption. Just a fraction of a fraction of current grey/black market activity could make BTC a force to be reckoned with.

good point but just wait the free market will soon provide many easy solutions for bitcoin users

I strongly disagree.
Bitcoin is an idea that has to be sold. People has to buy the idea, believe it.
If they ask and you say it's it's some kind of black box, they won't buy it.
Most people won't buy it, I mean.

People buys the current financial system not because it's fundation are conceptually different than Bitcoin, but because that system fed, dressed and entertain them since they were babies. If someone is going to be pulled off that system, it won't be without deep explanations or with an insanely slow progress through decades and decades.

IMHO

I remember people saying texting will never take off because those tiny keyboards were only for the hardcore nerds. Wow were they wrong!

2.75 million is pocket change to wall streeters. example:

latest Initial Public offering-Groupon (1 lousy internet stock)
    Q1 Revenue: $644 million, up from $44 million a year prior
    Q1 Gross Profit: $270 million, 41.9% margin, up from $20 million a year prior, and down from the margin of 45.5%
    Q1 Loss from operations: ($117) million compared to $8.5 million profit a year earlier.
    Q1 subscribers: 83.1 million, up from 3.4 million
    Q1 cash flow: $6.978 million down from $12.0 million a year earlier
    Cumulative customers: 15.8 million, up from 874K
    Featured merchants 56.781 up from 2,903
    Groupons sold: 28 million compared to 1.76 million
    Cash balance: $208.7 million; Working capital deficit: ($228.7) million
    Total Assets: $541.4 million, Total Liabilities: $14.8 million
    Total shares outstanding: 296,140,145
37.2% of GRPN sales came from outside of the US in 2010
Since inception GRPN has raised $1.1 billion from sales of common and preferred stock
The company had 7,107 employees at March 31, up from 37 on June 30, 2009
Andrew Mason's annual base salary is $575 as of January 1, 2011
The firm's former President and COO Robert Solomon, left the company on March 22, 2011, its former CTO Kenneth Pelletier, left GRPN on March 23, 2011.
Curiously, the company raised it raised $135 million at $32.12/share in its Series E round in April 2010, while in a subsequent Series G private round in December 2010, it raised $946 million, at $31.59 per share.

$31.59 * 296,140,145 shares= MARKET CAP OF $9,355,067,180!
Groupon has an estimated market cap 136X the entire bitcoin network!!!
Pocket change, Motherf$cker.

Ha ha imagine the banks saying to themselves "the CIA doesn't have to use us anymore to launder their drug and arms money, we gotta do something about that..."

-MarkM-

I've thought about that (not 2.75M for pocket change because that's ridiculous), but the general idea of 'enemies' buying as a hedge.

1. It would be good for 'us'.
2. They can't do it because admitting a chance that their system can fail is essentially impossible. (Also, hedging tail risk is not their idea of a good time)
3. Anyone who can see that will buy more than "a hedge" and essentially be "one of us"

You seem to think the banksters are one big evil happy family. The fact is that we aren't even on the RADAR screens of the vast majority of them. Those who do see Bitcoin as a threat can make far more by buying Bitcoin at this early stage than by killing it. These few insightful banksters could buy every new coin mined for a year with their pocket change merely as a hedge against the possibility that we will win. If we lose, all they lose is their insurance premium (hedge bet). If we win, they will be even more wealthy than they are now, only they won't be stealing any more.