So they don't miss that $500 million at all? They aren't concerned that this number is growing?
NOW who's underestimating the banks?
No they don't miss $500m, did you see how big the bail outs were? That number is entirely insignificant when you compare it with the size of the world economy.
To put it into proportion, world currency reserves are at least $3.5 trillion. That means that Bitcoin reserves currently represent 1 in 7,000 of the world's currency reserves. 0.01%.
You make the classic mistake of not seeing the many industries that now depend upon bitcoin.
Like Cody says in the film, he'll need bitcoin to be able to do this.
Many industries online already do depend on bitcoin to exist. Gambling for Americans is one of them. (Not fully but it is heading in that direction.)
People were forced to learn how to use Paypal, right? They'll be forced to use bitcoin for things they can't buy with paypal... Or at least buy premium items that aren't available without bitcoin.
Online gambling in the US does not depend on bitcoin in any way, shape or form. Try pushing a bitcoin US online gambling offer and cry yourself to sleep when you realise you can't even get a return on seo traffic. I know more about that industry than most people do on this forum.
It's getting much easier with services like coinbase, instawallet, localbitcoins, and of course bitinstant. It won't take much longer for there to be another, better app than these for acquiring bitcoins, and then one after that and one after that and so on... Hundreds of coders are constantly at work on this problem.
Jersey shore addicts? No. They don't. But enough do.
WAY More than enough do.
It has clearly be shown in the pollings that the majority of support of bitcoin is by libertarians... And we're not talking about a couple thousand here. Don't forget that they've already put up $500 Million dollars between them.
Remember all the times I made a Ron Paul-related thread saying that the media won't reveal the true numbers of people who would vote for Paul? I stand by that point... And there is a constant discussion going on every libertarian-minded board these days about bitcoin.
That will soon be reality in any sector where the government doesn't have a strong grip over the taxing structure... So obviously not the government itself and not big corporations. But all online retail that isn't a big corporation, including things like Namecheap and all kinds of Mom & pop shops both online & offline too!
Your experience was during beta testing, basically. Things are already easier now.
Here's how I'd get bitcoins in a jiffy if i was in the US:
1. Head to walmart, cvs, albertsons, or some other store that sells a variety of gift cards. Buy as many in USD as I want to put into bitcoin.
2. Head over to bitinstant and trade those cards for bitcoin. Simple as you could hope for, & it only takes 30 or so minutes to clear.
If I were more paranoid? I'd just use LocalBitcoins, and buy bitcoins directly in meatspace. This is getting pretty popular now in fact... Which supports my point above about libertarians.
Not in a hurry? I'd use coinbase and just send $ from my bank account to be converted into bitcoin directly, but that takes 2 days. Fees are very low though.
Credit Card processors, not debit.
This is a shortcoming of the bitcoin system that I personally feel is a good thing. Bitcoin can never offer that protection from scheming merchants like credit cards do, but there are other ways to deal with disreputable merchants... Meanwhile no one gets scammed in the opposite direction like they do today in USD.
Of course this has been well understood, talked about, and planned for since day 1. It will scare off some casual users, but the core base that depends on the coin is already in place, and the peer-to-peer nature of bitcoin will protect them.
With $500M already in the system, that value simply isn't just going away. Bitcoin is too strong now to destroy like that.
:error::eek7::error::uhoh2::eek7::uhoh2::error::uhoh2::eek7::error:
...I just don't know how I can argue with this 'logic.'
Are you saying that once a bitcoin is worth a million dollars it will be worth too much to use in trade or something? Remember, it is divisible down to 0.00000001 btc.
No, I'm saying that when a bitcoin is worth a million dollars, but worth 2 million dollars tomorrow, no one will spend their bitcoins (why would you, you'd have to be insane).
The kind of growth that most bitcoin users want would be exactly what kills it. It's actually better off as a small currency that doesn't try to take on the world.
If it gets too big it'll be shut down by governments and/or crippling deflation. There's so many ways they can do it, the fact it is P2P is irrelevant.
Tell Paypal if they facilitate bit coin payments in anyway, you'll take away their credit/debit card processing abilities. Tell all legit, trading online companies they'll be shut down if they accept bitcoins for payment. Tell people in public that people caught using bitcoins for anything will be harshly prosecuted, and set a few public examples.
It would likely continue to still exist, but it'll be as it was when it started out - just soliciting a market for illegal goods and money laundering, although perhaps in a bigger way.