9 ms·

You've done that thing where you think the Anglosphere is the whole world when it's really something like 10%. There's plenty of room for growth.

by usrn 4y ago

dragontamer 4y ago
Care to tell me where in the world you think BTC has a chance? El Salvador? Hong Kong with Three Arrow's Capital collapse? Russia with its collapsing economy? I admit I'm ignorant about many parts of the world. But the parts of the world that "matter" with regards to propping up the price of BTC, are the parts that have money. That narrows the list significantly. * In Asia, there's China, Singapore, Japan, Philippines and a few others. I'm watching anime make fun of Blockchain (Japan), Three Arrows Capital blow up in Hong Kong, and Axie Infinity completely screw over working class Filipinos. * Europe largely knows English and are just adjacent to the Anglosphere. (I'd expect the French and Germans etc. etc. to know about this whole crypto-nonsense by now as well) -------- I guess I'm ignorant about India and some other corners of the world (and Indians know a lot about English anyway and would be adjacent). Who in the world do you think can be brought into this cryptocoin nonsense now? Where can the cryptocoin world find "new converts", who have enough money to make a difference?
- Geee 4y ago
  It's about understanding bitcoin. As long as more people understand it, more people will buy it. I've never seen anyone who understands bitcoin, but doesn't buy it. Especially in bear markets, people will focus more on learning what's it about, rather than speculating on the price. All the 'crypto' stuff can go. This is the opposite. When people understand them, they'll sell.
  - dgfitz 4y ago
    I suppose you haven’t seen me per se, but I understand Bitcoin and the closest I’ve gotten to buying it was BITO puts 2 weeks ago.
    - Geee 4y ago
      Then you don't really understand it :) But, if you're a trader and know what you're doing, taking advantage of bear markets is fine of course.
      - dorkwood 4y ago
        > Then you don't really understand it I think I've figured out why you've never met one of these people.
anon2020dot00 4y ago
Even in a third-world country like the Philippines, Bitcoin is already well-known with a local exchange (Coins.ph) operating locally. Majority of people who would want to invest in Bitcoin has already done so.
- dubswithus 4y ago
  > Majority of people who would want to invest in Bitcoin has already done so. How do you know that? Why can't the market grow as time passes?
  - dragontamer 4y ago
    Because of the shear size of advertisements this past year on the subject. In the USA, you cannot get "more popular" than a superbowl advertisement. And there were dozens of Superbowl ads on cryptocoin this past year.
    - dubswithus 4y ago
      So it's over for Coca Cola, McDonald's, and Nike?
      - dragontamer 4y ago
        You've fundamentally mistaken what those large companies are. They're basically dividend stocks, not growth stocks. No one is expecting them to grow much. Those companies make money with their customer base. Coca Cola has the ability to turn 40-cents worth of water, sugar, and flavors into $1 dollar worth of sales. Not only that, but customers are happy with this exchange (and will likely keep making this exchange... at least until people stop liking the taste of sugar). Even without growth, those companies are insanely profitable. Because Coca Cola has a 3% dividend (and its assets are likely inflation-protected), they're a very safe bet. --------- BTC makes no profits. In fact, the entire BTC system consumes tons of electricity constantly. So we can see that moving BTC around costs real resources, but no one seems to have explained to me where "money comes from", aside from a greater-fool.
Macha 4y ago
Wasn't China a huge market for cryptocurrencies for most of the last 2 waves? My Indian coworkers indicate it's big back home too. So now with the west, india, and china, we're at 50% of the world.
- dubswithus 4y ago
  Your argument is that bitcoin has no growth potential in India? They have 1.3 billion people.
  - Macha 4y ago
    To the extent it has grown previously? Why would the factors above in dragontamer's post not apply there as much as the west? e.g. it's not like Indian celebrities haven't been hyping crypto like western celebrities: https://www.ndtv.com/business/bollywood-stars-endorse-cryptocurrency-do-they-trade-in-it-2610185 https://www.ndtv.com/business/bollywood-stars-endorse-crypto... "The West" has about a billion population also (370m USA+CA, 600m Europe minus Russia, 30m AUS/NZ). That's not inherently a reason for crypto have potential for another boom cycle here, nor is it inherently the same in India.
    - dubswithus 4y ago
      These comments assume that 1.3 billion people have made a decision on Bitcoin and they will hold this position until death. It also assumes the people that have invested already won't invest more as their careers progress.
- sgt101 4y ago
  Add in South Africa and Nigeria. Massive there, massive. There will be real pain as a result, a lot of kids are going to miss out on new shoes and birthday presents for quite a few years. Mention of crypto will likely precipitate a family fight - I do not see a way back from this.
  - everybodyknows 4y ago
cush 4y ago
You've done that thing where you assume the non-Anglosphere is ignorant of crypto. In reality they know that the whole scheme _really_ benefits.
deleted 4y ago
[deleted]

You've done that thing where you think the Anglosphere is the whole world when it's really something like 10%. There's plenty of room for growth.

by usrn 4y ago

You've done that thing where you think the Anglosphere is the whole world when it's really something like 10%. There's plenty of room for growth.

dragontamer 4y ago

Care to tell me where in the world you think BTC has a chance? El Salvador? Hong Kong with Three Arrow's Capital collapse? Russia with its collapsing economy? I admit I'm ignorant about many parts of the world. But the parts of the world that "matter" with regards to propping up the price of BTC, are the parts that have money. That narrows the list significantly. * In Asia, there's China, Singapore, Japan, Philippines and a few others. I'm watching anime make fun of Blockchain (Japan), Three Arrows Capital blow up in Hong Kong, and Axie Infinity completely screw over working class Filipinos. * Europe largely knows English and are just adjacent to the Anglosphere. (I'd expect the French and Germans etc. etc. to know about this whole crypto-nonsense by now as well) -------- I guess I'm ignorant about India and some other corners of the world (and Indians know a lot about English anyway and would be adjacent). Who in the world do you think can be brought into this cryptocoin nonsense now? Where can the cryptocoin world find "new converts", who have enough money to make a difference?

Geee 4y ago
It's about understanding bitcoin. As long as more people understand it, more people will buy it. I've never seen anyone who understands bitcoin, but doesn't buy it. Especially in bear markets, people will focus more on learning what's it about, rather than speculating on the price. All the 'crypto' stuff can go. This is the opposite. When people understand them, they'll sell.
- dgfitz 4y ago
  I suppose you haven’t seen me per se, but I understand Bitcoin and the closest I’ve gotten to buying it was BITO puts 2 weeks ago.
  - Geee 4y ago
    Then you don't really understand it :) But, if you're a trader and know what you're doing, taking advantage of bear markets is fine of course.
    - dorkwood 4y ago
      > Then you don't really understand it I think I've figured out why you've never met one of these people.

anon2020dot00 4y ago

Even in a third-world country like the Philippines, Bitcoin is already well-known with a local exchange (Coins.ph) operating locally. Majority of people who would want to invest in Bitcoin has already done so.

dubswithus 4y ago
> Majority of people who would want to invest in Bitcoin has already done so. How do you know that? Why can't the market grow as time passes?
- dragontamer 4y ago
  Because of the shear size of advertisements this past year on the subject. In the USA, you cannot get "more popular" than a superbowl advertisement. And there were dozens of Superbowl ads on cryptocoin this past year.
  - dubswithus 4y ago
    So it's over for Coca Cola, McDonald's, and Nike?
    - dragontamer 4y ago
      You've fundamentally mistaken what those large companies are. They're basically dividend stocks, not growth stocks. No one is expecting them to grow much. Those companies make money with their customer base. Coca Cola has the ability to turn 40-cents worth of water, sugar, and flavors into $1 dollar worth of sales. Not only that, but customers are happy with this exchange (and will likely keep making this exchange... at least until people stop liking the taste of sugar). Even without growth, those companies are insanely profitable. Because Coca Cola has a 3% dividend (and its assets are likely inflation-protected), they're a very safe bet. --------- BTC makes no profits. In fact, the entire BTC system consumes tons of electricity constantly. So we can see that moving BTC around costs real resources, but no one seems to have explained to me where "money comes from", aside from a greater-fool.

Macha 4y ago

Wasn't China a huge market for cryptocurrencies for most of the last 2 waves? My Indian coworkers indicate it's big back home too. So now with the west, india, and china, we're at 50% of the world.

dubswithus 4y ago
Your argument is that bitcoin has no growth potential in India? They have 1.3 billion people.
- Macha 4y ago
  To the extent it has grown previously? Why would the factors above in dragontamer's post not apply there as much as the west? e.g. it's not like Indian celebrities haven't been hyping crypto like western celebrities: https://www.ndtv.com/business/bollywood-stars-endorse-cryptocurrency-do-they-trade-in-it-2610185 https://www.ndtv.com/business/bollywood-stars-endorse-crypto... "The West" has about a billion population also (370m USA+CA, 600m Europe minus Russia, 30m AUS/NZ). That's not inherently a reason for crypto have potential for another boom cycle here, nor is it inherently the same in India.
  - dubswithus 4y ago
    These comments assume that 1.3 billion people have made a decision on Bitcoin and they will hold this position until death. It also assumes the people that have invested already won't invest more as their careers progress.
sgt101 4y ago
Add in South Africa and Nigeria. Massive there, massive. There will be real pain as a result, a lot of kids are going to miss out on new shoes and birthday presents for quite a few years. Mention of crypto will likely precipitate a family fight - I do not see a way back from this.
- everybodyknows 4y ago

cush 4y ago

You've done that thing where you assume the non-Anglosphere is ignorant of crypto. In reality they know that the whole scheme _really_ benefits.

deleted 4y ago

[deleted]