Re: You want the bear market to stop? Here are some things you can do :)
@pitiflin: I agree with most of what you wrote, only that I'm a bit less pessimistic, it seems.
Only two short remarks:
And for the hodlers not wanting to spend their "precious" BTC that could make them rich: Have you seen davis196's proposal for merchants to give a kind of "refund bonus" in bull markets? That could end in a win-win situation (for buyer/BTC user and merchant), see my comment on it.
There are use cases for Bitcoin where it already really excels, but still isn't used massively. The biggest area imo is remittances (I have used it often for that purpose as I've a migration background). I guess spreading the word to use BTC-based services instead of Western Union and friends is a good idea as people can save a large part of the fees.
For the interested: I've found a nice article in German which could have been written by me on exactly that topic:
Warum es gerade jetzt mehr Bitcoin-Nutzer als Bitcoin-Spekulanten braucht.
Resumed: Bitcoin's value uf use is tied to adoption and acceptance, so the best thing you can do to ensure that Bitcoin will be worth something in the future is to use it as a currency, test LN and spread the word among merchants and businesses who could accept Bitcoin.
Only two short remarks:
I mean, who would even bother to give a fuck to use bitcoin as a currency when they can get rich from it?
Maybe because otherwise it could fall again into complete irrelevance, e.g. 100$=1 BTC? Then they would get poor from it Quote
Even if Merchants start accepting bitcoin, the demand won't rise much. Hear me out here, not everybody likes to spend their bitcoin on normal stuff that you can buy with cash. A very few people actually like spending their bitcoin and only they will spend their bitcoin. Most of the what you'd call "hodlers" won't spend a damn satoshi.
While you're right that a massive adoption would need a mentality change, I guess a massive usability boost (by easy to use LN apps, for example) can be a significant factor for that to happen.And for the hodlers not wanting to spend their "precious" BTC that could make them rich: Have you seen davis196's proposal for merchants to give a kind of "refund bonus" in bull markets? That could end in a win-win situation (for buyer/BTC user and merchant), see my comment on it.
There are use cases for Bitcoin where it already really excels, but still isn't used massively. The biggest area imo is remittances (I have used it often for that purpose as I've a migration background). I guess spreading the word to use BTC-based services instead of Western Union and friends is a good idea as people can save a large part of the fees.
For the interested: I've found a nice article in German which could have been written by me on exactly that topic:
Warum es gerade jetzt mehr Bitcoin-Nutzer als Bitcoin-Spekulanten braucht.
Resumed: Bitcoin's value uf use is tied to adoption and acceptance, so the best thing you can do to ensure that Bitcoin will be worth something in the future is to use it as a currency, test LN and spread the word among merchants and businesses who could accept Bitcoin.