Quote from: linuxnewbie on June 24, 2014, 10:10:21 AM

Quote from: west77 on June 24, 2014, 07:02:18 AM

While I can buy one today for $600 lets suppose that in 5 years the price is $10 000. How difficult will it be for the citizen of a third world country to purchase a coin in order to "opt into" the system?

The smallest unit of BTC is 0.00000001. At this writing, one dollar on the exchanges is selling for about 0.00171 BTC.

If you're suggesting that BTC isn't divisible, I don't believe you're qualified to tell us "what is wrong with Bitcoin."

It is divisible... as is litecoin and any of the others. The problem is not the question of divisibility but rather utility. I am saying that buying .0000001 bitcoin in Zimbabwean fiat a few years ago would have been difficult. I would have to pay 30 billion Zimbabwean dollars for that amount. And really... why would I want to when I could buy one us dollar for the same amount and have it usable anywhere. I know that right now you are concentrating on the first world- but that amounts to a very small portion of the population. To be truly adopted you have to get a lot more people to buy into it. Therein lies the rub. You are saying that you and I in the first world deserve the tens of thousands of dollars profit (measure that by any standard you wish) and then after the money has been made and one bitcoin is valued at astronomical levels you expect the third world to be stupid enough to buy into it to keep us rich.

If this is what happens I fully expect third world countries to do a major work around and develop something that does not enrich us further (really, at this point I do not know what that is- but I cannot see them buying our bitcoins for gold, silver or Rupees and sending that value to us in exchange for a piece of the bitcoin pie.)

Am I suggesting that I am "qualified to tell you what is wrong with Bitcoin?" No. What I am saying is that I am qualified to tell you what a somewhat average person who is not immersed in it and spending my days reading how the world is bound to adopt it might think. As mentioned, I actually mine and have some idea what it is. For fun, I can ask 10 random people at work tommorow from any income bracket or education you want (I have access from everyone from oil company management to people who were homeless to the mentally challenged.) I can almost guarantee you that not a single one would be willing to give me $300 for a bitcoin at this stage- even if I show them it is worht $600. Why? Because they would not have a clue what to do with it and to convert it back to fiat currency they can easily spend would take more time and effort than it is worth for them.

It is not saying it will never make it there- just that it has a long way to go and has to offer something more than what it does. Please tell me why the AVERAGE person would exchange their fiat that is usable anywhere for a bitcoin at this stage? (Particularly when the majority live paycheque to paycheque...) what will they buy with their converted BTC that they could not buy with cash? What advantage is there in a debtless cryptocurrency when they use their Mastercard to make it through? Call it an investment- sure. But most smart investors like to understand their investments (otherwise it is a gamble... and you can find lot of "investors" who are gamblers who might put their money in BTC right now.) To find an average person who is willing to do so would be much harder (and you need millions of those average people to garner long term support and acceptance.)

I keep harping on it- but you really need more than just the first world to buy into it when so much of our imports come from the third world. I can see Loblaws asking the sweatshop owners if they can purchase the next shipment of shoes in BTC. Perhaps then the sweatshop owners could take advantage of that fractional breakdown to pay their workers in a currency the workers would find completely useless (unless they returned to the days just after slavery in the South and set up a company store that charged inflated prices in BTC.) Hey! I think we are onto something to get universal adoption if the large companies can continue to keep the poor under the yolk. BTC may find a kind of forced acceptance if used to enslave third world workers...

***To clarify- I am not saying it is a bad investment, nor that you HAVE to be a gambler to invest. I just think that the majority of people do not understand it well enough to call it an investment and not a gamble despite a multi year track record of returns... Most people simply do not understand the reason why.***

Well, that is it for the evening. As we both agree that I am not "qualified" to tell you "what is wrong with BTC" I can just join the chorus of GO, GO BTC!!! cheerleaders...

west77

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