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comment by thenewgreen
thenewgreen  ·  4063 days ago  ·  link  ·    ·  parent  ·  post: Kevin Rose interviews Brian Armstrong, founder of Coinbase

No I wouldn't. It will take time, but eventually the transition from commodity to currency could take place. There are some key things that need to happen: 1. It needs to be way easier to obtain and store coin. -so that my mom could buy it and understand how to store it. 2. It needs to be easily available internationally. 3. It needs powerful marketing behind it to transition from something techies understand and ordinary people see as novelty to something sought after as a status, "see me using my Bitcoin... I'm in the know."

In short I think this is still very much in its infancy.





insomniasexx  ·  4058 days ago  ·  link  ·  

I just posted this article about dogecoin and it ties in nicely with your point that "It needs to be way easier to obtain and store coin. -so that my mom could buy it and understand how to store it."

From the article:

    The crucial struggle for Bitcoin, and cryptocurrency at large, is getting people to understand what it is, how it works, and how it can be useful to them. People are curious about cryptocurrency, but they don’t understand it. While Dogecoin still has a much smaller market cap than Bitcoin, anecdotal evidence suggests its meme-based accessibility is helping attract new users.

    “In hindsight it was obvious that cryptocurrency was ready for something that was more accessible, and a meme is obviously really accessible," Markus said. "Everyone recognizes the doge meme. It’s based on a dog, and everyone loves dogs. It was a perfect storm.”

Dogecoin is bizarre to say the least, but bitcoin could take a page out of that book.

b_b  ·  4063 days ago  ·  link  ·  

To me, it's turning into a joke played by a few rich techies, the butt of which is all the possible investors and users. Bitcoins are super concentrated into the hands of a very few people. They aren't being produced at a rate that's going to dilute that concentration. So, the only way to distribute them efficiently enough to actually be used transactionally is for these few people to sell, and sell a lot. Can you imagine if a hand full of people owned half the supply of USD? It'd be chaos, and a national security threat. That is a way bigger barrier to usage than the practicalities of storing and exchanging, which are mere technical issues. What I'm taking about is a structural issue.