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Why Bitcoin Is Not Universally Adopted and How to Change It

1 points by likhuta 7y ago

JohnFen 7y ago
I don't use cryptocurrency for one main reason: I don't trust the industry as a whole. A secondary reason is that I don't need or want a second thing to keep track of.
- likhuta 7y ago
  Why don't you trust the industry?
  - JohnFen 7y ago
    For a bunch of reasons -- I've seen a lot of shenanigans, and have no way to sort out who in the industry is trustworthy and who isn't. So I have to consider the entire industry untrustworthy. Also, if something does go wrong, there's no technical or legal recourse (that I'm aware of). I'm just out of luck. Also also, there isn't any regulation that I'm aware of. In the absence of regulation, there isn't legal recourse and anybody in the industry can do anything they like.
  - __d 7y ago
    Because it has repeatedly demonstrated that it's untrustworthy! Sure, some of that might be just hype around the bad things. But the sheer number of thefts, scams, hacks, etc, means that for many (most?) people, using a cryptocurrency is just not worth the risk. The fact that massive profits can be made by the lucky few only serves to reinforce the impression that it's not a safe environment.
  - petee 7y ago
    I know it's usually a terrible counter argument, but really, why do you trust the industry? They've offered nothing trustworthy except the argument that it's great for 100 different illicit uses
    - likhuta 7y ago
      At least Bitcoin is a trustworthy asset.
      - petee 7y ago
        Wow, fantastic answer and retort. You've sold me. By golly I'm going to convert my whole savings to bitcoin now..
  - PaulHoule 7y ago
    Fractional reserve banking is one of the most dangerous things homo sap does, it is right up there with Tide Pods and the Space Shuttle and is worse than nuclear power by a large margin. (e.g. the basis for the instability is that banks borrow with a short term and lend with a long term; when there is a recession naturally some of those long term promises are broken, short term depositors walk, and banks can fail in a cascading chain failure.) The 2008 crisis showed many reasons why you shouldn't trust ordinary banks. The folks involved with Bitcoin have the same problems, except unlike bankers they aren't regulated and we don't have any control over their bad behavior.
verdverm 7y ago
The enthusiasts focus on the tech and the supply side of the market. They totally forgot about end users, the experience, and IRL. UX is why adoption sucks, both from a technical and soft perspective. The only reason it had adoption prior was because people want to get rich quick. Bitcoin is a store of value, not a currency. Stop expecting wide adoption and daily use.
PaulHoule 7y ago
I've got cash in my pockets and credit cards too.

1 points by likhuta 7y ago

I don't use cryptocurrency for one main reason: I don't trust the industry as a whole. A secondary reason is that I don't need or want a second thing to keep track of.

likhuta 7y ago
Why don't you trust the industry?
- JohnFen 7y ago
  For a bunch of reasons -- I've seen a lot of shenanigans, and have no way to sort out who in the industry is trustworthy and who isn't. So I have to consider the entire industry untrustworthy. Also, if something does go wrong, there's no technical or legal recourse (that I'm aware of). I'm just out of luck. Also also, there isn't any regulation that I'm aware of. In the absence of regulation, there isn't legal recourse and anybody in the industry can do anything they like.
- __d 7y ago
  Because it has repeatedly demonstrated that it's untrustworthy! Sure, some of that might be just hype around the bad things. But the sheer number of thefts, scams, hacks, etc, means that for many (most?) people, using a cryptocurrency is just not worth the risk. The fact that massive profits can be made by the lucky few only serves to reinforce the impression that it's not a safe environment.
- petee 7y ago
  I know it's usually a terrible counter argument, but really, why do you trust the industry? They've offered nothing trustworthy except the argument that it's great for 100 different illicit uses
  - likhuta 7y ago
    At least Bitcoin is a trustworthy asset.
    - petee 7y ago
      Wow, fantastic answer and retort. You've sold me. By golly I'm going to convert my whole savings to bitcoin now..
- PaulHoule 7y ago
  Fractional reserve banking is one of the most dangerous things homo sap does, it is right up there with Tide Pods and the Space Shuttle and is worse than nuclear power by a large margin. (e.g. the basis for the instability is that banks borrow with a short term and lend with a long term; when there is a recession naturally some of those long term promises are broken, short term depositors walk, and banks can fail in a cascading chain failure.) The 2008 crisis showed many reasons why you shouldn't trust ordinary banks. The folks involved with Bitcoin have the same problems, except unlike bankers they aren't regulated and we don't have any control over their bad behavior.

verdverm 7y ago

The enthusiasts focus on the tech and the supply side of the market. They totally forgot about end users, the experience, and IRL. UX is why adoption sucks, both from a technical and soft perspective. The only reason it had adoption prior was because people want to get rich quick. Bitcoin is a store of value, not a currency. Stop expecting wide adoption and daily use.

PaulHoule 7y ago

I've got cash in my pockets and credit cards too.