Post
Topic
Board Speculation
Re: Why didn't you sell?
by
JayB
on 11/12/2013, 01:25:49 UTC
JayB

You could trade BTC as a local dealer in your spare time. You would need to figure out how to make a bank transfer to an exchange. Once you are set up to do this however, you can make a commission by selling to people. Sounds like your country could do with some local traders.

You could keep the profits in BTC, then you don't have to invest anything. You can build up a small amount of coins and hold onto them long term.

With regards to 'not seeing the point' at this stage:

I told many friends to buy BTC at $10 but they couldn't see the point.
I told them again at $100, but like you, they just couldn't see it going any higher.

If they had bought $100 worth of BTC at $10, it would now be worth nearly $10 000
If they had bought $100 worth of BTC at $100, it would now be worth nearly $1 000.

Regarding your first point:

I don't see demand in this country and I don't think there will be demand for btc anytime soon.

Lebanon is a country who's population is a bit conservative when it comes to technology and innovation. We still have slow internet speeds, e-commerce is nearly non-existent here, few are the people who have credit cards to pay with, we don't even have proper home addresses...you get the idea

There's definitely no demand for btc here. For demand to build up the whole ecosystem must be ready for such a thing. If I go today to some store and offer to pay in Bitcoins he'll laugh at me; he might even threaten to punch me in the face thinking I'm making fun of him. It's hard for this to take off here.

Now probably very very few people here have Bitcoin (I personally haven't seen any...but well if you never saw a black swan doesn't mean it's non-existent :p) but early adopters are there in every corner of the world, but they are a tiny percentage of total population. The difficult part is to cross the chasm and make innovations be accepted by the masses, which I don't see happening here because of an ecosystem paralysis.

regarding your second point:

I agree. As I said I might be wrong...who knows.