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Bitcoin story by Netease stirs up negative comments among Chinese

Netease released a story about Bitcoin, asking: Is bitcoin still a viable asset after 1.5 millions times rise in 4 years? The report first tells the story about Satoshi Nakamoto and some basics of bitcoin. Then the author goes through the regulatory policy change, mostly the central bank’s attitude, across the world from 2013 to 2015. In the end, a number of intrinsic flaws are disclosed to warn potential investors. The report quoted articles from 8btc and statistics from blockmeta.

quote8btc

Netease quote pictures of bitcoin mining arm  from 8btc

The report is biased against bitcoin, which is what we can expect from the mainstream media coverage. For example, the report mention the bitcoin ban by the Bank of Thailand in 2013 but neglects the “not illegal” report in 2014. The same “illegal” tone applies to other countries like Russia, India and China etc. However, the report also points out that:

“So far no country can completely ban Bitcoin. The only thing that a government can regulate is the Bitcoin trading exchange.”

The last part of the report is all about the intrinsic “flaws” of bitcoin, among which volatility has become the root of all evils.

“As Bitcoin is not backed by any assets or national credits, therefore it is considered as ponzi scheme by someone. The rise of bitcoin in recent years offers a path to quick fortune, which is soon followed by Litecoin, Dogecoin. Meanwhile a number of coins issued by scammer’s company took the ride by labeling themselves as decentralized. Although bitcoin is not a ponzi scheme, it has brought the opportunity for other private coins to fish in troubled water.”

“According to blockmeta data, the balance of the addresses that haven’t any output in 3 years amounts to 3.23 million BTC, which means the amount in circulation is getting fewer and fewer. Such deflation mechanism is against the common conception of currency. As the human race are creating values every single moment, which means by possessing bitcoin alone one’s wealth will increase without effort. If everyone choose to hoard Bitcoin instead of spending them, gradually Bitcoin will cease to circulate in the market.”

“The deflation mechanism makes it incompatible with social development demands, which curbs its implementation on large scale. “

Secondly, the Mt.Gox’s case is quoted to address the “external” security concerns.

“45% of the Bitcoin exchanges are shut down, even the world’s largest exchange, Mox.Gox, announced bankruptcy in 2014 with a loss of 850,000 BTC and there are numerous theft cases.”

Bitcoin volatility in the past few years also presents a convenient excuse for its future application. The extreme volatility of Bitcoin has become a huge obstacle for Bitcoin-based payment. Nearly all countries’ central banks or regulators believe that Bitcoin speculation attribute is too strong. Besides Bitcoin transactions are not zero-cost, and each transaction involves a large number of calculations and broadcast throughout the network, and these calculations constitute transaction costs for Bitcoin. Transaction costs will only increase as newly-issued Bitcoin is exhausted and Bitcoin is deflated. It’s difficult to imagine a “currency” can actually flow with a very high transaction costs.
As bitcoin could serve as a vehicle to allow free flow of capital, the circumvention of regulation is the real threat. The report implies that the decentralized bitcoin will

“Influence the effectiveness of the national monetary policy and exchange rate stability to a certain extent. “

and induce

“capital flight on a large scale”.

Therefore governments are trying to find ways to regulate Bitcoin.
Despite the criticism above, the report finally points out that the digital currency is inevitable and the current banking industry is facing significant change in the future.
Founded in 1997, NetEase is one of the most influential online portal in China and renowned for its dynamic “comment culture”. So far 439 comments with 8,422 votes have been generated around the topic. These arguments certainly reflect the mainstream mindset. But the comments from viewers are not so friendly.
The top 3 comments with most upvotes reads:

netease-1

1. I have developed a MarsCoin after years of effort. It’s estimated to rise to 100,000 USD in 10 years. Martians may get free coins by upvote me.

netease-2
The 2nd post raised a series of questions:

What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth? Is fiats equivalent of paper? Can the elderly use them? What if another algorithm replace bitcoin in the future? Is the holder vulnerable to hacking? Do we need general acceptance if I want to use bitcoin? Why can’t we just use fiat if just for payment? Can we guarantee the storage of value via bitcoin?

The answer to the above questions is mocking bitcoin as human excrement.

netease-3

The 3rd one gives two suggestions:1. If you have sufficient funds, take your chance. 2. If you want to lose everything, take your chance.

Although the ecosystem of blockchain and cryptocurrency has greatly improved over the past few years, we can still feel the hostility and misconceptions in mainstream media and the public. There is a long way to go before the “trust machine” can build trust among us.

 

COMMENTS(40)

  • hl5460
    1 month ago hl5460

    Netease released a bitcoin story Monday. Founded in 1997, NetEase is one of the most influential online portal in China and renowned for its dynamic “comment culture”. So far 439 comments with 8,422 votes have been generated around the topic. These arguments certainly reflect the mainstream mindset. But the comments from viewers are not so friendly. The top 3 comments with most upvotes reads:1. I have developed a MarsCoin after years of effort. It’s estimated to rise to 100,000 USD in 10 years. Martians may get free coins by upvote me.2. The 2nd post raised a series of questions:What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth? Is fiats equivalent of paper? Can the elderly use them? What if another algorithm replace bitcoin in the future? Is the holder vulnerable to hacking? Do we need general acceptance if I want to use bitcoin? Why can’t we just use fiat if just for payment? Can we guarantee the storage of value via bitcoin?The answer to the above questions is mocking bitcoin as human excrement.3. The 3rd one gives two suggestions:1. If you have sufficient funds, take your chance. 2. If you want to lose everything, take your chance.http://news.8btc.com/bitcoin-story-by-netease-stirs-up-negative-comments-among-chinese

  • Kprawn
    1 month ago Kprawn

    The comments actually show how clueless these people in the conversation is. This is not only a Chinese thing… Bitcoin gets mocked on other platforms too, but in the end… Bitcoin shows them how wrong they can be, by being the Best performing commodity & currencies of all the commodities and currencies being traded.  ….Mock away, while we grab all the bitcoins… when they realize their mistake, they will haveto buy it at 100 times the value at what we bought it at. 

  • digaran
    1 month ago digaran

    I’m not a Terrorist, I don’t help any organization build bombs, but my country being sanctioned I can not use paypal or creditcards(I can but will have to pay insane fees) now bitcoin presented a golden opportunity for me, however I can’t use it widely as fiat but I’m here to help bitcoin so it can help me in the near future.Yes anyone holding the majority of bitcoins will be the richest, so stop the hesitation and buy as much as you can to be a rich individual 30 years from now .

  • bitbunnny
    1 month ago bitbunnny

    I’m not sure that Bitcoin will ever be mainstream because fiat will always be domoinamtnt. However acceptance is increasing although maybe not in speed we would all like to. And in some parts of the world Bitcoin is still not known enough or maybe even banned which makes the acceptance slower and harder. But greate progress is visible from the begininig, Bitcoin has done a lot.

  • franky1
    1 month ago franky1

    reasons bitcoin is not ready for mainstream1. public keys are worse then remembering a car number plate or someones email address, even QR codes are not 100% the solution2. decimal values, which needs you to look on another service/site to find your local currencies ‘rate’3. tx fee is more than an hours labour in a dozen developing countries (the same countries that could need bitcoin much.. but are priced out of using)4. the code is not preventing spam and is left for ‘economics’ to sort. 5. the ‘economics’ of avoiding spam actually hurts genuine ethical users more than spammers. 6. the solution to spam is to get everyone locked into permissioned contracts, which funnily spammers will avoid as their intention is not contracted payments, but to spam.until bitcoin is as straight forward to just buy something by simply swiping an NFC chip. thus not needing an old granny to have a brain bleed trying to fumble around.. .. bitcoin is not readyuntil devs stop pretending we are all on dialup 56k internet, and actually stop halting mainnet progress.. bitcoin is not ready

  • NUFCrichard
    1 month ago NUFCrichard

    Quote from: franky1 on January 18, 2017, 08:08:24 PM
    reasons bitcoin is not ready for mainstream1. public keys are worse then remembering a car number plate or someones email address, even QR codes are not 100% the solution2. decimal values, which needs you to look on another service/site to find your local currencies ‘rate’3. tx fee is more than an hours labour in a dozen developing countries (the same countries that could need bitcoin much.. but are priced out of using)4. the code is not preventing spam and is left for ‘economics’ to sort. 5. the ‘economics’ of avoiding spam actually hurts genuine ethical users more than spammers. 6. the solution to spam is to get everyone locked into permissioned contracts, which funnily spammers will avoid as their intention is not contracted payments, but to spam.until bitcoin is as straight forward to just buy something by simply swiping an NFC chip. thus not needing an old granny to have a brain bleed trying to fumble around.. .. bitcoin is not readyuntil devs stop pretending we are all on dialup 56k internet, and actually stop halting mainnet progress.. bitcoin is not ready

    For me the problem is that for spending, we need 0 confirmations to be accepted, or Bitcoin is way way too slow.I don’t think a global currency is really suitable, if you look at the euro, they pinned a few countries together and it made it very difficult for them to control inflation etc.  If Liberia and USA have the same currency, one will suffer badly, whereas the other will prosper.The number of transactions that can be processed is also far too low.

  • deadsilent
    1 month ago deadsilent

    “What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth?”Well, you dont have buy a whole coin. Im sure the value of bitcoin will surely increase when all bitcoins were mined. Every fragments of bitcoin is more valuable because we have limited supply of bitcoin. Maybe we can reach the $1 per satatoshi or even more. So dont worry.

  • eternalgloom
    1 month ago eternalgloom

    It surprises me that most people still think like that, especially in the 3rd example you gave.Quote
    3. The 3rd one gives two suggestions:1. If you have sufficient funds, take your chance. 2. If you want to lose everything, take your chance.
    It should be pretty clear by now that Bitcoin is here to stay since it didn’t go bust after the Mt. Gox fiasco. I wonder what those people will think when Bitcoin prices go above, say, $2000…

  • Senor.Bla
    1 month ago Senor.Bla

    This is just one more prove that it is still a long way to go. Bitcoin was the first and big, maybe even the hardest step we needed to make in order to once get a mainstream cryptocurrency. I do not know if it will be Bitcoin, but it will take some more time.

  • alyssa85
    1 month ago alyssa85

    Quote from: franky1 on January 18, 2017, 08:08:24 PM
    reasons bitcoin is not ready for mainstream1. public keys are worse then remembering a car number plate or someones email address, even QR codes are not 100% the solution2. decimal values, which needs you to look on another service/site to find your local currencies ‘rate’3. tx fee is more than an hours labour in a dozen developing countries (the same countries that could need bitcoin much.. but are priced out of using)4. the code is not preventing spam and is left for ‘economics’ to sort. 5. the ‘economics’ of avoiding spam actually hurts genuine ethical users more than spammers. 6. the solution to spam is to get everyone locked into permissioned contracts, which funnily spammers will avoid as their intention is not contracted payments, but to spam.until bitcoin is as straight forward to just buy something by simply swiping an NFC chip. thus not needing an old granny to have a brain bleed trying to fumble around.. .. bitcoin is not readyuntil devs stop pretending we are all on dialup 56k internet, and actually stop halting mainnet progress.. bitcoin is not ready

    The thing is there are a number of alts that solve your problemFor example Steem solves #1 as you coins send using a username, #2 in that there is a lot of Steem, so people deal in whole numbers and #3 in that there is no transaction fee and it5 confirms very quickly.Doge solves #2 and #3There are lots of innovative coins out there but most of the merchant apps etc only cater for bitcoin. When they start adding alts, we might see a solution where one alt makes it big.

  • QuestionAuthority
    1 month ago QuestionAuthority

    Don’t worry about the Chinese. A fat French guy is selling stolen coins to them currently. When they find out about it they will realize they hold the worlds record for fastest money laundering operation in recorded history.

  • charmingfreddie
    1 month ago charmingfreddie

    Look how far it has come though. I remember when there were no companies at all with venture capital and now they are everywhere.  If bitcoin can come this far it can keep going and reach mainstream. We are all just impatient.

  • coolcoinz
    1 month ago coolcoinz

    What happened after the 21 million coins are mined?Nothing. Life will go on and so will Bitcoin.If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins?Exactly like in the fiat world, the richest hold the most paper bills.How much will it be if 21 million coins are to split for the 7 billion people on earth? Each person will hold 0,003 BTCIs fiats equivalent of paper? No, there’s much more fiat in circulation than the paper notes representing it.Can the elderly use them? Yes, as long as they know how to use a credit/debit card.What if another algorithm replace bitcoin in the future? It can happen, but Bitcoin can be upgraded as time passes, so there shouldn’t be a need for total replacement.Is the holder vulnerable to hacking? No, if he’s careful. The most vulnerable are exchanges not your personal wallets. Remember that banks, ATMs and your mobile phone are also vulnerable to hacking.Do we need general acceptance if I want to use bitcoin?No, you can start using Bitcoin right now. There’s a large list of online stores and companies that accept Bitcoin. Why can’t we just use fiat if just for payment?You can use whatever you like. Can we guarantee the storage of value via bitcoin?Nobody can guarantee that anything, used as money storage, will retain its value. Gold, diamonds, real estate and stocks can also lose value.It seems that the person who wrote the third question, bought Bitcoin at $3000+  

  • franky1
    1 month ago franky1

    Quote from: alyssa85 on January 18, 2017, 09:43:32 PM
    There are lots of innovative coins out there but most of the merchant apps etc only cater for bitcoin. When they start adding alts, we might see a solution where one alt makes it big.

    so your saying bitcoins problem is that users are not using an altcoin…much like: a cars problem is that people are not using a train..see the logic problem of your statement.if we want to strengthen bitcoin we dont suggest people should use some a different network thats not permissionless nor immutable, and where this other network allows coins to be refunded(csv) even after settlement confirmation simply because they have not matured(cltv) for the weeks maturity

  • jackg
    1 month ago jackg

    These people who commented are extremely naive and seem to be following some sort of media manipulation through propaganda (either that, or they tried to use bitcoin previously and couldn’t work out how it worked). How do they know there are 21 million bitcoins if they didn’t read the article or search it (clearly they have some interest in it). After the 21 million coins are released, the block earnings will be so low that the transaction fees will be high enough to cover them (I think) – and we’ll probably not be alive until then anyway. Quote from: coolcoinz on January 18, 2017, 10:21:59 PM

    What happened after the 21 million coins are mined?Nothing. Life will go on and so will Bitcoin.If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins?Exactly like in the fiat world, the richest hold the most paper bills.How much will it be if 21 million coins are to split for the 7 billion people on earth? Each person will hold 0,003 BTCIs fiats equivalent of paper? No, there’s much more fiat in circulation than the paper notes representing it.Can the elderly use them? Yes, as long as they know how to use a credit/debit card.What if another algorithm replace bitcoin in the future? It can happen, but Bitcoin can be upgraded as time passes, so there shouldn’t be a need for total replacement.Is the holder vulnerable to hacking? No, if he’s careful. The most vulnerable are exchanges not your personal wallets. Remember that banks, ATMs and your mobile phone are also vulnerable to hacking.Do we need general acceptance if I want to use bitcoin?No, you can start using Bitcoin right now. There’s a large list of online stores and companies that accept Bitcoin. Why can’t we just use fiat if just for payment?You can use whatever you like. Can we guarantee the storage of value via bitcoin?Nobody can guarantee that anything, used as money storage, will retain its value. Gold, diamonds, real estate and stocks can also lose value.It seems that the person who wrote the third question, bought Bitcoin at $3000+  

    We need to tagret young people before old people. Also, I don’t remember there being a Fiat currency you can spend in the EU, China, Australia, North America and many other countries. Finally, 7 billion people won’t have to split it. Less than half of the world’s population currently have an internet connection – so… And also, altcoins can be used to cover that (a transfer of BTC to LTC for spending as LTC are a reasonable value).

  • Rizky Aditya
    1 month ago Rizky Aditya

    Bitcoin definitely has a long life ahead of it, but I just don’t think that it is powerful enough to overtake fiat. Although, the first step to doing that is going mainstream. Which can’t even happen because of the long transaction times. There are definitely still a lot of problems with Bitcoin that need to be solved before it goes mainstream.

  • ImHash
    1 month ago ImHash

    Seriously though why people make it complicated? if I had $5 billion I’d buy bitcoins and deposit them in hundreds of addresses and kept a few back up for safety, this is it people bitcoin is our solution, for how long are you going to put your head under the sands?@franky1, are you referring to spam transactions? because I’ve seen fake transaction generators that I think are a plague to slow down the network, how can we stop them?

  • Tanic
    1 month ago Tanic

    Quote from: bitbunnny on January 18, 2017, 07:24:42 PM
    I’m not sure that Bitcoin will ever be mainstream because fiat will always be domoinamtnt. However acceptance is increasing although maybe not in speed we would all like to. And in some parts of the world Bitcoin is still not known enough or maybe even banned which makes the acceptance slower and harder. But greate progress is visible from the begininig, Bitcoin has done a lot.

    At this stage, the industry will have to consider the interests of government agencies and users, because in order to Bitcoin has become mainstream, the interest of state agencies must continue to grow.

  • jakelyson
    1 month ago jakelyson

    Most of the comments spawn from lack of knowledge or ignorance of bitcoin. If they just take some time to know what bitcoin really is, I think they will change their minds. This is not 2013 anymore where there are very few information that can be dug about bitcoin. I was just like them in 2013. All I can research from the internet back then are that bitcoin is a scam. But a lot has changed since then. Now, there are more people using it and it is way easier to get, store and spend bitcoins. It is not limited to underground transactions anymore. All we need is more information dissemination so that others can better understand and appreciate bitcoin and its technology. I think this can silent most negative comments and can give way to acceptance.

  • jackg
    1 month ago jackg

    Quote from: ImHash on January 18, 2017, 10:47:48 PM
    Seriously though why people make it complicated? if I had $5 billion I’d buy bitcoins and deposit them in hundreds of addresses and kept a few back up for safety, this is it people bitcoin is our solution, for how long are you going to put your head under the sands?@franky1, are you referring to spam transactions? because I’ve seen fake transaction generators that I think are a plague to slow down the network, how can we stop them?

    I’m not sure there would be anything that could be done to stop these. Most of these sam transactions are probably done through networs like tor making it practically impossible to stop them: you can’t blacklisst IPs if they change, you can’t blacklist addresses because they also change… Quote from: jakelyson on January 18, 2017, 11:54:24 PM
    Most of the comments spawn from lack of knowledge or ignorance of bitcoin. If they just take some time to know what bitcoin really is, I think they will change their minds. This is not 2013 anymore where there are very few information that can be dug about bitcoin. I was just like them in 2013. All I can research from the internet back then are that bitcoin is a scam. But a lot has changed since then. Now, there are more people using it and it is way easier to get, store and spend bitcoins. It is not limited to underground transactions anymore. All we need is more information dissemination so that others can better understand and appreciate bitcoin and its technology. I think this can silent most negative comments and can give way to acceptance.

    Even in 2013 sites like coindesk were functioning to help bitcoin work. We do definitely need more places for reasearch and leanrining about the coin. Although this can only be done if there is somewhere where all of the information about the basics of bitcoin can be located in one site (I’m not sure if we have this). When I started, back in 2015, there was much more information readily avaliable to me in order to help me decide whether I wanted to participate in Bitcoin or not (I decided to tread lightly and didn’t even make an account here until I’d set up loads of other accounts – like coinbase, faucets, ponzi schemes (sadly) and cloud mining (just hashnest.com initially).

  • franky1
    1 month ago franky1

    Quote from: ImHash on January 18, 2017, 10:47:48 PM
    @franky1, are you referring to spam transactions? because I’ve seen fake transaction generators that I think are a plague to slow down the network, how can we stop them?

    i was talking more about someone spending real funds repeatedly onchain(confirmed). every block.what your describing is a malicious party trying to DDos your node with random data.

  • hl5460
    3 weeks ago hl5460

    Quote from: coolcoinz on January 18, 2017, 10:21:59 PM

    What happened after the 21 million coins are mined?Nothing. Life will go on and so will Bitcoin.If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins?Exactly like in the fiat world, the richest hold the most paper bills.How much will it be if 21 million coins are to split for the 7 billion people on earth? Each person will hold 0,003 BTCIs fiats equivalent of paper? No, there’s much more fiat in circulation than the paper notes representing it.Can the elderly use them? Yes, as long as they know how to use a credit/debit card.What if another algorithm replace bitcoin in the future? It can happen, but Bitcoin can be upgraded as time passes, so there shouldn’t be a need for total replacement.Is the holder vulnerable to hacking? No, if he’s careful. The most vulnerable are exchanges not your personal wallets. Remember that banks, ATMs and your mobile phone are also vulnerable to hacking.Do we need general acceptance if I want to use bitcoin?No, you can start using Bitcoin right now. There’s a large list of online stores and companies that accept Bitcoin. Why can’t we just use fiat if just for payment?You can use whatever you like. Can we guarantee the storage of value via bitcoin?Nobody can guarantee that anything, used as money storage, will retain its value. Gold, diamonds, real estate and stocks can also lose value.It seems that the person who wrote the third question, bought Bitcoin at $3000+  

    Looks like the recent traffic jam spice up the transaction fee collected by Miners. 

  • Dudeperfect
    3 weeks ago Dudeperfect

    Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.

  • hl5460
    3 weeks ago hl5460

    Quote from: Dudeperfect on February 07, 2017, 04:54:51 AM
    Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.
    May I ask where are you based.

  • Amph
    3 weeks ago Amph

    Quote from: hl5460 on February 07, 2017, 04:36:33 AM

    Quote from: coolcoinz on January 18, 2017, 10:21:59 PM

    What happened after the 21 million coins are mined?Nothing. Life will go on and so will Bitcoin.If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins?Exactly like in the fiat world, the richest hold the most paper bills.How much will it be if 21 million coins are to split for the 7 billion people on earth? Each person will hold 0,003 BTCIs fiats equivalent of paper? No, there’s much more fiat in circulation than the paper notes representing it.Can the elderly use them? Yes, as long as they know how to use a credit/debit card.What if another algorithm replace bitcoin in the future? It can happen, but Bitcoin can be upgraded as time passes, so there shouldn’t be a need for total replacement.Is the holder vulnerable to hacking? No, if he’s careful. The most vulnerable are exchanges not your personal wallets. Remember that banks, ATMs and your mobile phone are also vulnerable to hacking.Do we need general acceptance if I want to use bitcoin?No, you can start using Bitcoin right now. There’s a large list of online stores and companies that accept Bitcoin. Why can’t we just use fiat if just for payment?You can use whatever you like. Can we guarantee the storage of value via bitcoin?Nobody can guarantee that anything, used as money storage, will retain its value. Gold, diamonds, real estate and stocks can also lose value.It seems that the person who wrote the third question, bought Bitcoin at $3000+  

    Looks like the recent traffic jam spice up the transaction fee collected by Miners.  

    point 1 miners will mine for fee which will be way higher and need to be readjusted and i hope the block limit is solved by that time otherwise you have a big problempoint 2 and 3 doesn’t make sense because if the first is true the other will be false, you can’t have 0.003 btc per people and someone still holding 10k coinsthe point about switching to another algorithm is not that easy, miners will need to buy their huge farm again(this require years to setup…), because you know asic can’t mine eanything else, which expose the network to an attack—>not feasible

  • Dudeperfect
    3 weeks ago Dudeperfect

    Quote from: hl5460 on February 07, 2017, 06:40:37 AM

    Quote from: Dudeperfect on February 07, 2017, 04:54:51 AM
    Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.
    May I ask where are you based.

    I am from India where the population of the country is more than 1.30 Billion and the actual active bitcoin users are less than 100K (I read that somewhere, no concrete data available). I see a very good picture for cryptocurrency in near future as majority of the population is less than 35 years old and aggressive steps are being taken to improve connectivity.

  • calkob
    3 weeks ago calkob

    Quote from: hl5460 on January 18, 2017, 09:03:26 AM
    Netease released a bitcoin story Monday. Founded in 1997, NetEase is one of the most influential online portal in China and renowned for its dynamic “comment culture”. So far 439 comments with 8,422 votes have been generated around the topic. These arguments certainly reflect the mainstream mindset. But the comments from viewers are not so friendly. The top 3 comments with most upvotes reads:1. I have developed a MarsCoin after years of effort. It’s estimated to rise to 100,000 USD in 10 years. Martians may get free coins by upvote me.2. The 2nd post raised a series of questions:What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth? Is fiats equivalent of paper? Can the elderly use them? What if another algorithm replace bitcoin in the future? Is the holder vulnerable to hacking? Do we need general acceptance if I want to use bitcoin? Why can’t we just use fiat if just for payment? Can we guarantee the storage of value via bitcoin?The answer to the above questions is mocking bitcoin as human excrement.3. The 3rd one gives two suggestions:1. If you have sufficient funds, take your chance. 2. If you want to lose everything, take your chance.http://news.8btc.com/bitcoin-story-by-netease-stirs-up-negative-comments-among-chinese

    I read an article last night that said that they believed we are still in the early adopter phase, and that early mainstream adoption will be in the next 5 years. 

  • vnvizow
    3 weeks ago vnvizow

    Quote from: hl5460 on January 18, 2017, 09:03:26 AM
    Netease released a bitcoin story Monday. Founded in 1997, NetEase is one of the most influential online portal in China and renowned for its dynamic “comment culture”. So far 439 comments with 8,422 votes have been generated around the topic. These arguments certainly reflect the mainstream mindset. But the comments from viewers are not so friendly. The top 3 comments with most upvotes reads:1. I have developed a MarsCoin after years of effort. It’s estimated to rise to 100,000 USD in 10 years. Martians may get free coins by upvote me.2. The 2nd post raised a series of questions:What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth? Is fiats equivalent of paper? Can the elderly use them? What if another algorithm replace bitcoin in the future? Is the holder vulnerable to hacking? Do we need general acceptance if I want to use bitcoin? Why can’t we just use fiat if just for payment? Can we guarantee the storage of value via bitcoin?The answer to the above questions is mocking bitcoin as human excrement.3. The 3rd one gives two suggestions:1. If you have sufficient funds, take your chance. 2. If you want to lose everything, take your chance.http://news.8btc.com/bitcoin-story-by-netease-stirs-up-negative-comments-among-chinese

    Lord, I’m so tempted to translate the response cause that’s the most hilarious thing I’ve seen all day. But it’s getting late where I am, I’ll check back tomz to see of anyone else has translated it, if not I’ll do it myself.

  • error08
    3 weeks ago error08

    Quote from: NUFCrichard on January 18, 2017, 08:24:53 PM

    Quote from: franky1 on January 18, 2017, 08:08:24 PM
    reasons bitcoin is not ready for mainstream1. public keys are worse then remembering a car number plate or someones email address, even QR codes are not 100% the solution2. decimal values, which needs you to look on another service/site to find your local currencies ‘rate’3. tx fee is more than an hours labour in a dozen developing countries (the same countries that could need bitcoin much.. but are priced out of using)4. the code is not preventing spam and is left for ‘economics’ to sort. 5. the ‘economics’ of avoiding spam actually hurts genuine ethical users more than spammers. 6. the solution to spam is to get everyone locked into permissioned contracts, which funnily spammers will avoid as their intention is not contracted payments, but to spam.until bitcoin is as straight forward to just buy something by simply swiping an NFC chip. thus not needing an old granny to have a brain bleed trying to fumble around.. .. bitcoin is not readyuntil devs stop pretending we are all on dialup 56k internet, and actually stop halting mainnet progress.. bitcoin is not ready

    For me the problem is that for spending, we need 0 confirmations to be accepted, or Bitcoin is way way too slow.I don’t think a global currency is really suitable, if you look at the euro, they pinned a few countries together and it made it very difficult for them to control inflation etc.  If Liberia and USA have the same currency, one will suffer badly, whereas the other will prosper.The number of transactions that can be processed is also far too low.
    Bitcoin has many problems to solve obviously and the most urgent to handle is unconfirmed transaction which refers to block size on blockchain and miners, but of course the devs team has part to get it done. The most important thing to get more adopters and mainstream acceptance from people in worldwide but we still stuck on this situation every single day. How could we develop if someone has been waiting for hours just to get a single successful transaction.

  • d5000
    3 weeks ago d5000

    Quote from: franky1 on January 18, 2017, 08:08:24 PM
    until bitcoin is as straight forward to just buy something by simply swiping an NFC chip. thus not needing an old granny to have a brain bleed trying to fumble around.. .. bitcoin is not ready

    Bitcoin can be successful without that target audience.If Bitcoin would be used as an universal remittance solution for across-border transactions, then we would have a pretty large user base and I would consider it already a mainstream success.For that purpose, Bitcoin-based semi-centralized solutions with lower fees than WU already exist in many countries. They can be the “starter drug” for people to know more about BTC and use it in a decentralized way.

  • darklus123
    3 weeks ago darklus123

    In my opinion. Most of those comments were just normal. Even I a bitcoin enthusiast still somehow doubt the things that bitcoin provide. How much more to those who are not yet part of the community.Tho bitcoin still manage to grow over the years and as technology goes up bitcoin starts to be on the mainstream

  • vnvizow
    2 weeks ago vnvizow

    Quote from: vnvizow on February 07, 2017, 04:56:46 PM

    Quote from: hl5460 on January 18, 2017, 09:03:26 AM
    Netease released a bitcoin story Monday. Founded in 1997, NetEase is one of the most influential online portal in China and renowned for its dynamic “comment culture”. So far 439 comments with 8,422 votes have been generated around the topic. These arguments certainly reflect the mainstream mindset. But the comments from viewers are not so friendly. The top 3 comments with most upvotes reads:1. I have developed a MarsCoin after years of effort. It’s estimated to rise to 100,000 USD in 10 years. Martians may get free coins by upvote me.2. The 2nd post raised a series of questions:What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth? Is fiats equivalent of paper? Can the elderly use them? What if another algorithm replace bitcoin in the future? Is the holder vulnerable to hacking? Do we need general acceptance if I want to use bitcoin? Why can’t we just use fiat if just for payment? Can we guarantee the storage of value via bitcoin?The answer to the above questions is mocking bitcoin as human excrement.3. The 3rd one gives two suggestions:1. If you have sufficient funds, take your chance. 2. If you want to lose everything, take your chance.http://news.8btc.com/bitcoin-story-by-netease-stirs-up-negative-comments-among-chinese

    Lord, I’m so tempted to translate the response cause that’s the most hilarious thing I’ve seen all day. But it’s getting late where I am, I’ll check back tomz to see of anyone else has translated it, if not I’ll do it myself.

    Full translation of the 3rd one: My shit’s rare, shit is common but that is my shit (probs referring to alt-coins). Let’s say I shit once per day, in one year I’ll only have 365 shits. Now let’s distribute that between the 7 billion people on earth and calculate how valuable the shit is based on its rarity. Say I promise not to shit anymore so you can trade a limited amount of my shit, now does that sound like a sound financial investment? Don’t miss this chance boys, it’s physical and it’s shit, dry it to preserve it for tens of thousand of years, or even better, embroider my shit so historians in the future can dig up its fossils and wonder why people of our time traded literal shit. (so the guy basically went full sarcastic and called Bitcoin shit)

  • QuestionAuthority
    2 weeks ago QuestionAuthority

    Quote from: vnvizow on February 08, 2017, 08:16:19 AM

    Quote from: vnvizow on February 07, 2017, 04:56:46 PM

    Quote from: hl5460 on January 18, 2017, 09:03:26 AM
    Netease released a bitcoin story Monday. Founded in 1997, NetEase is one of the most influential online portal in China and renowned for its dynamic “comment culture”. So far 439 comments with 8,422 votes have been generated around the topic. These arguments certainly reflect the mainstream mindset. But the comments from viewers are not so friendly. The top 3 comments with most upvotes reads:1. I have developed a MarsCoin after years of effort. It’s estimated to rise to 100,000 USD in 10 years. Martians may get free coins by upvote me.2. The 2nd post raised a series of questions:What happened after the 21 million coins are mined? If (bitcoin) become a universal currency, so the richest guy is the one that hold most coins? How much will it be if 21 million coins are to split for the 7 billion people on earth? Is fiats equivalent of paper? Can the elderly use them? What if another algorithm replace bitcoin in the future? Is the holder vulnerable to hacking? Do we need general acceptance if I want to use bitcoin? Why can’t we just use fiat if just for payment? Can we guarantee the storage of value via bitcoin?The answer to the above questions is mocking bitcoin as human excrement.3. The 3rd one gives two suggestions:1. If you have sufficient funds, take your chance. 2. If you want to lose everything, take your chance.http://news.8btc.com/bitcoin-story-by-netease-stirs-up-negative-comments-among-chinese

    Lord, I’m so tempted to translate the response cause that’s the most hilarious thing I’ve seen all day. But it’s getting late where I am, I’ll check back tomz to see of anyone else has translated it, if not I’ll do it myself.

    Full translation of the 3rd one: My shit’s rare, shit is common but that is my shit (probs referring to alt-coins). Let’s say I shit once per day, in one year I’ll only have 365 shits. Now let’s distribute that between the 7 billion people on earth and calculate how valuable the shit is based on its rarity. Say I promise not to shit anymore so you can trade a limited amount of my shit, now does that sound like a sound financial investment? Don’t miss this chance boys, it’s physical and it’s shit, dry it to preserve it for tens of thousand of years, or even better, embroider my shit so historians in the future can dig up its fossils and wonder why people of our time traded literal shit. (so the guy basically went full sarcastic and called Bitcoin shit)

    I’m a westerner. Bitcoin was invented in the west and propagated all over the world from the west. Bitcoin finally landed in China where almost all the volume is right now. So basically, he and his people are having a great time playing with my shit. LOL

  • swtest
    2 weeks ago swtest

    Chinese need more knowledge to learn new financial technology, you know they are too naive to post such hilarious comments. Maybe they hate bitcoin because PBOC announced bitcoin is negative in 2013.

  • doaremon
    2 weeks ago doaremon

    Its still not any near of mainstream acceptance and those who knows about it will be looking for its long term future. As bitcoin hold its top position still and have a successful past. It seems there is less chance of any other algorithm or altcoin to pass over it. And its already getting a lot of users daily. Mining those 21 millions coin can’t be done in near future. And if most of it gets mined the price will change in a huge amount. Anybody can use bitcoin it’s not that complicated to understand. And it has more advantages than carrying fiat. It has easy transaction system and strong security and privacy. Anyone knows properly about will definitely go for investing in bitcoin and trade for future. You just need to understand the market

  • justdimin
    2 weeks ago justdimin

    Quote from: Dudeperfect on February 07, 2017, 04:54:51 AM
    Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.
    Yes that is one of the disadvantage of it that most of the people who are not aware of internet or online shopping or online earning or investment, they ont really trust in such type of currency or online wallet but I think in future it will be a different case. The only hope against these types of people, would be investment opportunity of bitcoins, because I made 2 of my friends to adopt bitcoin bys showing its price levels. Mass adoption is the only way to achieve main stream acceptance.

  • Senor.Bla
    2 weeks ago Senor.Bla

    Quote from: justdimin on February 11, 2017, 09:49:54 AM

    Quote from: Dudeperfect on February 07, 2017, 04:54:51 AM
    Yes, Even when I discuss bitcoin with my friends and family members, they raise a bunch of questions and eager to associate bitcoin with Ponzi scheme without knowing anything. I think we as a community should build some awareness on the individual level so that this massive understanding would fade away. In my country less than 0.1% of the population is using bitcoin, so we are far away from mainstream acceptance at this moment.
    Yes that is one of the disadvantage of it that most of the people who are not aware of internet or online shopping or online earning or investment, they ont really trust in such type of currency or online wallet but I think in future it will be a different case. The only hope against these types of people, would be investment opportunity of bitcoins, because I made 2 of my friends to adopt bitcoin bys showing its price levels. Mass adoption is the only way to achieve main stream acceptance.
    Mass adoption and main stream acceptance is like the chicken and the egg, what needs the other first or maybe they are even the same.Nevertheless the journey will be a long one, especially for most of the older people (say about 50+). They do not care if it is a good investment, since the are not looking to invest. They do not care if you can pay online with it, as long as they still can pay with their good old fiat, if they ever shop online. To get those people on board will take ages, if they are not forced, because you will only be able to pay in Bitcoin for certain things. This also opens up the question, if we want or need that support and acceptance from them or if we can do it without?   

  • iram3130
    2 weeks ago iram3130

    We need Mass adoption than Mainstream acceptance. Actually, we don’t need Mainstream acceptance for Bitcoins, because it will make the things worse. Some people don’t understand what it is and it is hard to make them realize when they don’t want to. Will hold our Bitcoins for a better future and it will be.

  • aubert
    2 weeks ago aubert

    Quote from: iram3130 on February 11, 2017, 10:31:16 AM
    We need Mass adoption than Mainstream acceptance. Actually, we don’t need Mainstream acceptance for Bitcoins, because it will make the things worse. Some people don’t understand what it is and it is hard to make them realize when they don’t want to. Will hold our Bitcoins for a better future and it will be.
    You’re wrong. Mainstream acceptance is what brings mass adoption and both are important things. When things getting mainstream, people will automatically learn what is it because of their curiosity and therefore they will understand it and there’s nothing such as “Some people don’t understand what it is and it is hard to make them realize when they don’t want to”.You can’t force people to know bitcoin while they’re having no interests. Just make this getting viral or any other things that can bring the whole cryptocurrencies world including bitcoin become mainstream.

  • ReLieD
    2 weeks ago ReLieD

    I agree with you. We are far away from main stream acceptance.But we should also see the initiation time of bitcoin. It emerged in the year 2008 And now it is soo successful within this short span of time.There is no doubt that it would be accepted by mostly all firms soon.Let it go the way it is and it would reach great heights.We can even say that the hard-working is not going waste.Steam , g2a and Starbucks ( might be more) are accepting bitcoin , which is great.So slowly slowly it would be accepted by more and one day will be accepted by all

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