Quote from: weisoq on June 12, 2013, 03:28:50 PM

Quote from: Luckybit on June 12, 2013, 01:55:45 PM

The same dynamic can work in reverse where Bitcoin wealthy wont ever want to go back to fiat and will do everything in their power to grow Bitcoin and bait people into it ...

...Let them try. But when the majority of businesses accept Bitcoin it isn't going to work. The reason it wont work is because people today are becoming millionaires from Bitcoin and eventually there will be billionaires. These billionaires will control the cryptocurrency industry, not random newcomers with new coins. I'm saying the early adopters in Bitcoin will be established, organized, and will be the big players in the cryptocurrency industry and the little coins will have a very difficult time changing the landscape. The old guard will have benefited from the deflationary aspects of Bitcoin and you're not going to be able to change the minds of people who became billionaires because they bought thousands or mined tens of thousands of Bitcoins in 2010 or 2011. These people will own hundreds of ASICminer shares and will own stocks in many other companies as well and as the shareholders these individuals may decide they like the deflationary aspect.

What will make matters even worse for you is that people right now are following the same path, buying Bitcoins, learning to appreciate the deflationary aspects of it, and in 2016 these people could be millionaires as well. What will happen is journalists are going to start interviewing more and more Bitcoin millionaires and billionaires and do you think these people who grew up poor or working class and through Bitcoin became rich are going to decide suddenly that Bitcoin has a flawed design? It never happens. And people who get in at 2016 will see what happened for people who got in at 2013, or 2011, or 2010, and they'll choose Bitcoin merely because by choosing Bitcoin they'll be better off.
I don't think anything can stop that trend from happening except making Bitcoin illegal. if Bitcoin is legal and people start becoming millionaires and billionaires overnight, then there can be other more stable coins, coins with better technology, stuff like Ripple with establishment support, but ultimately a billion dollars is cooler than a million. A thousand is cooler than a hundred. A hundred is cooler than ten. Ten is cooler than one.

You haven't addressed any practical element of how a transactional structure would work grow, and I was going to write a response explaining what I mean by the "shitty side" of bitcoin credit, why deflation isn't good for business and diversifying interests, the nature of likely economic contraction and ruinous social progress (beyond that already written into demographic trends) to which a deflationary currency could pertain...

...until I kept reading and realised you've just done that yourself in genuinely, with zero irony, outlining a bubbly pyramid scheme. No mention of technological progress, a basis in state undermining, bypassing parasitic a parasitical financial sector...; just a pyramid with a new bunch of dumb cronies praying for salvation via continued mass ignorance. If you're going to take that view you at least have to concede to the necessity to bring in new blood ("bait people in it" as you put it). So really your whole argument for Bitcoin's future rests on mass stupidity, that everybody else is incapable of coming to the same conclusion that you can reach i.e. that it's all bullshit except marketing and making a few people wealthy, ironically wealthy in fiat or other non-btc assets obviously?

Hilarious. If that's the basis of your efforts and investments I hope for your sake you're one of the very early bitcoin adopters with a significant holding, preferably already sold, because if that's all it is you're going to get mightily stuffed by a rolling reality as the music slows and stops. There's always somebody with bigger pockets but not always another fool.

Drug trade and organized crime >> read above