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> according to this article, 22% of el salvadorians knew about this app and didn't download it Is it really surprising that Bitcoin isn't widely adopted in El

> according to this article, 22% of el salvadorians knew about this app and didn't download it Is it really surprising that Bitcoin isn't widely adopted in El Salvador in just 1 year? Bitcoin has been in existence for just 13 years. Even very smart, technically minded people in economically prosperous nations who heard about Bitcoin over a decade ago barely understand the full implications of cryptocurrencies yet, to say nothing of poorer and often uneducated people in a country with some corruption and untrustworthy institutions. Nobody can perfectly predict the future, but the story might be radically different down the road.

ForHackernews 4y ago
> Bitcoin has been in existence for just 13 years. Yeah, imagine how small the adoption would be of some other mysterious newfangled tech thing after only 13 years... https://www.theverge.com/2015/4/27/8504033/apple-iphone-sales-q2-2015 https://www.theverge.com/2015/4/27/8504033/apple-iphone-sale...
- jazzyjackson 4y ago
  Wireless communication was invented in like 1900 and it took til 2007 to make a desirable device everyone wanted to have, good point
  - pessimizer 4y ago
    Why stop by comparing it all wireless communication? Why don't you compare it to the act of speaking, or the act of making noise with a mouth? Then it took the iPhone millions of years to take off, so bitcoin has plenty of time.
  - saulpw 4y ago
    Pretty sure radio and television were ubiquitous a few decades before that.
pirate787 4y ago
Bitcoin has failed. It doesn't scale as a currency and its not a store of value. The cost of mining is simply too expensive and as an ecosystem its hemorrhaging a billion dollars a month. What's the net present value of an asset that loses a billion dollars a month, forever?
- logicalmonster 4y ago
  Short it and gain free money if you’re that confident.
  - ceejayoz 4y ago
    Shorting a manipulated market is a fool's game. Example: https://www.theblock.co/post/156031/uprise-lost-99-of-client-funds-while-shorting-luna-during-its-price-crash https://www.theblock.co/post/156031/uprise-lost-99-of-client... > However, the system could not prevent the firm from being liquidated out of its LUNA futures trading position and losing 26.7 billion won ($20 million) in the process. This happened during Luna's price crash. It was reportedly shorting Luna — while its price plummeted — but got caught out during sudden price pumps along the way. > The lost funds represent about 99% of the funds that Uprise was managing on behalf of its customers. These clients are high-net-worth individuals and corporate entities, according to the report. Uprise also reportedly lost $3 million of its own funds short trading LUNA. They were absolutely correct about LUNA, and still got wrecked. Bart (https://www.newsbtc.com/news/bitcoin-price-bart-simpson-chart-pattern/ https://www.newsbtc.com/news/bitcoin-price-bart-simpson-char...) will murder you.
    - andirk 4y ago
      If "head and shoulders" wasnt enough, now theres a name for an asset that fluctuates in a stable horizontal pattern?

ForHackernews 4y ago

> Bitcoin has been in existence for just 13 years. Yeah, imagine how small the adoption would be of some other mysterious newfangled tech thing after only 13 years... https://www.theverge.com/2015/4/27/8504033/apple-iphone-sales-q2-2015 https://www.theverge.com/2015/4/27/8504033/apple-iphone-sale...

jazzyjackson 4y ago
Wireless communication was invented in like 1900 and it took til 2007 to make a desirable device everyone wanted to have, good point
- pessimizer 4y ago
  Why stop by comparing it all wireless communication? Why don't you compare it to the act of speaking, or the act of making noise with a mouth? Then it took the iPhone millions of years to take off, so bitcoin has plenty of time.
- saulpw 4y ago
  Pretty sure radio and television were ubiquitous a few decades before that.

pirate787 4y ago

Bitcoin has failed. It doesn't scale as a currency and its not a store of value. The cost of mining is simply too expensive and as an ecosystem its hemorrhaging a billion dollars a month. What's the net present value of an asset that loses a billion dollars a month, forever?

logicalmonster 4y ago
Short it and gain free money if you’re that confident.
- ceejayoz 4y ago
  Shorting a manipulated market is a fool's game. Example: https://www.theblock.co/post/156031/uprise-lost-99-of-client-funds-while-shorting-luna-during-its-price-crash https://www.theblock.co/post/156031/uprise-lost-99-of-client... > However, the system could not prevent the firm from being liquidated out of its LUNA futures trading position and losing 26.7 billion won ($20 million) in the process. This happened during Luna's price crash. It was reportedly shorting Luna — while its price plummeted — but got caught out during sudden price pumps along the way. > The lost funds represent about 99% of the funds that Uprise was managing on behalf of its customers. These clients are high-net-worth individuals and corporate entities, according to the report. Uprise also reportedly lost $3 million of its own funds short trading LUNA. They were absolutely correct about LUNA, and still got wrecked. Bart (https://www.newsbtc.com/news/bitcoin-price-bart-simpson-chart-pattern/ https://www.newsbtc.com/news/bitcoin-price-bart-simpson-char...) will murder you.
  - andirk 4y ago
    If "head and shoulders" wasnt enough, now theres a name for an asset that fluctuates in a stable horizontal pattern?