How I think about Bitcoin. Adoption patterns of disruptive technology.

M

MaC

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Today I was speaking with a friend of mine trying to describe how I view Bitcoin and blockchain technology. Looking at a charts of cryptos over the last year I'm sure he must have thought I was more than a little crazy pouring thousands of dollars into bitcoin right now. Maybe I 'am a little crazy for taking this position at this point in time but am I any more crazy than someone who has poured thousands into cigarettes or big macs or silver? The only difference I see is that rather than doing it over an extended period of time I'm doing it in a short period of time.

In our short lifespans we may be lucky enough to see just a couple of these disruptive technologies come about. By the time we become of an age and position where we may be able to take advantage of these technologies we may be more than half way though our lives which leaves us limited shots at hitting home runs. Thats only if we recognise these huge opportunities for what they are to start with.

Simply put I see Bitcoin easily becoming part of this chart and it will be one of the more important ones. Its not a question of if but when it takes off but when.
 
MaC said:
Simply put I see Bitcoin easily becoming part of this chart and it will be one of the more important ones. Its not a question of if but when it takes off but when.
Click to expand...

No doubt the concept of crypto currencies will be yes - the exact form however is never clear

Eg: mobile phones are now everywhere but how many of the early phone manufacturers have survived ?


Will bitcoin be the crypto everybody adopts or will it be something else that hasn't been invented yet ?
 
trew said:
MaC said:
Simply put I see Bitcoin easily becoming part of this chart and it will be one of the more important ones. Its not a question of if but when it takes off but when.
Click to expand...

No doubt the concept of crypto currencies will be yes - the exact form however is never clear

Eg: mobile phones are now everywhere but how many of the early phone manufacturers have survived ?


Will bitcoin be the crypto everybody adopts or will it be something else that hasn't been invented yet ?
Click to expand...

Exactly this, its the concept we are betting on. Bitcoin could be looked at as the brand. Like Ford in relation to cars or LG in relation to air con. At the moment though it is bitcoin as the main player but i'm sure we will see many advancements weather it be alt coins or side chains. Its evolving so fast its hard to keep up with.

[youtube]http://www.youtube.com/watch?v=4nOfHpOFhN8[/youtube]
 
The rich just get richer and the sheeple. Well they do what sheeple do.

I spent a few hours just watching charts while listening to podcasts today.

It was interesting watching the price drop like a rock once it broke through 200.

If they had been watching what the bitcoin rich were doing they might not have panicked so much.
The bitcoin rich/top 25% of bitcoin addresses don't appear to have had many withdrawals rather the few of the top addresses that were touched had more bitcoin goin in rather than out.

Its hovering around $190 now and if people freak out again who knows how low it could go.

But anyway the price isn't as important as the functionality of bitcoin.


I have been following this kid Morgan from www.kinetics.cc who creates hardware for machines so they can communicate with the blockchain. The word is that he is working with Intel so I imagine it wont be long before we see a whole range of machines accepting bitcoin. Car washes, vending machines, Laundromats, rental cars, hotel rooms etc etc.

It looks like the internet of things is just around the corner if he can make the deal with Intel happen.

Sheeple freak out all you will but bitcoin isn't going away...


Edit: Here is a vid about bitswitch
[youtube]http://www.youtube.com/watch?v=KUDCMOJHeQw[/youtube]
 
Just a small sample showing what the rich are doing sorted by last transaction out of addresses.

You can see that from the top 500 richest BTC addresses that 8 of them touched their BTC today and another 8 yesterday.

Thats like 1.5% of the richest 500 touched their BTC. And of those who did it was to add more!!!

Take the time to dig and you will see the top 35-40% of bitcoin are adding NOT dumping lol



Bitcoin isn't what you might think it is people. Its not a get rich quick scheme and it never will be.

It is really good at showing peoples true colours and greed though...

Bitcoin isn't about stabbing someone in the back and taking their wealth. Gaining for yourself while other suffer is the old way of doing things and the planet is destroyed because of it.

Hopefully future generations reward people for adding value rather than rewarding the biggest, greediest & most ruthless.



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You say... I any more crazy than someone who has poured thousands into cigarettes or big macs or silver?

I spent a few hours just watching charts while listening to podcasts today.

It was interesting watching the price drop like a rock once it broke through 200.

Its hovering around $190 now and if people freak out again who knows how low it could go.

But anyway the price isn't as important as the functionality of bitcoin.


Great volatility for those who have the stomach to day trade. :)

Think I'll buy a few oz's of silver next week. :)


Best of luck with BC ;)

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How low?


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Source:
 
"Bitcoin", the speculative small-cap get-rich-quick investment scheme is definitely dead for now. Bitcoin however is fine.
 
MaC said:
You can see that from the top 500 richest BTC addresses that 8 of them touched their BTC today and another 8 yesterday.
Click to expand...

All those addresses may not belong to individuals - that is just your assumption.
They might be owned by exchanges, miners, transaction processing services etc.
 
Yeah. That would be a worthwhile punt. I just didn't have the guts to pull such a trade.
 
Kinda don't have the guts to buy any at the moment. Very wary of sudden price increases like that.
 
Altima said:
Kinda don't have the guts to buy any at the moment. Very wary of sudden price increases like that.
Click to expand...

The rise is in relation to the negative news that has happened this year. The price is coming back to where it should be.

At the rate its spreading can people afford not to buy and use it?

[youtube]http://www.youtube.com/watch?v=Uci0Df7zO8c[/youtube]
 
MaC said:
Bitcoin isn't what you might think it is people. Its not a get rich quick scheme and it never will be.
Click to expand...

I was a get rich quick scheme if you got in at the right time.
But that boat has sailed.
 
The big problem with bitcoin is the volatility of it relative to the paper currency they have spent their entire life tied to and is essentially he only thing they know and trust.
The mainstream public aren't going to use it until such volatility disappears and it transitions from essentially a speculative investment type mechanism to a stable traditional currency device they can rely upon.
 
I agree but its not the mainstream that is driving this market its the whales. We could see $500 USD within a week and the movement can only be attributed to whales rather than the mainstream. We are just passengers...

The whales have spoken.
 
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