....
I would like to hear you undermine this claim of mine:
The only reason why somebody would go and exchange fiat for bitcoin right now (not counting speculation, store of value) is to spend it on Silkroad. Nobody in right mind would go and exchange it to btc only to buy something they could have bought instantly with traditional methods. And the only thing that they can't, are silkroad goods. YES if you already have bitcoins then you might use them on other stuff, if you mine, you will use them. But this is minority of people. I'm talking about general public.
you're still throwing in that stuff you said some days ago?
last time I ranted and was drunk but now I'm sober and have to comment again:
we are at the transmission of an economy that grew by mining investment/ usement for illegal services to enter new markets.
massadoption will grow when btc is used more and more for web-based services (as mentioned before e.g. payment of digital media, cloud space, websites etc.)
this takes some time to get going and isn't represented by present price changes of btc.
at some certain point companies can't ignore the purchasing power behind btc.
(imo silkroad argumentation is even kind of bullish. Drug business is a huge market with lots of cash,
sr represents an unimportantly small market share atm. Imagine more mass adaption only in that sector combined with possibly ensuing prohibition of btc in several countries and we go to the moon.
although this would mean a role as blackmarket currency for very long time)
if you talk about future mass adoption think about your current role transferred to millions of people.
if you've invested in gold would you complain about not being able to buy a smartphone with your nuggets and wonder why some big guys can manipulate the price???
support vendors that use btc (even small amounts have an kickstarter-like effect) and you will help the market around it to grow (and with that your investment in the first place)
btc can be both commodity and currency at the same time and the scales are unbalanced because of the lack of payment usage. (it's apparent which usage brings stability combined with steady growth)
swarm intelligence will naturally take some years of bubbles and crashes until it actually figures out its full purpose and potential for the virtual ecosystem.
(the main purposes of internet weren't figured out in its early years either, so let's see how things evolve)
i think i need a beer
byebye double digits (at least for some sips)
