Ask HN: Do you consider people buying into Bitcoin today as 'early adopters'?

Post by mike_esspe » Wed, Nov 27, 2013, 3:05 AM UTC

michaelochurch wrote: post #10

fragsworth wrote: post #6

If by 'early adopter' you mean 'in it before the price skyrocketed', then yes. I don't believe I'm a slow learner, but it took me about 1 year from first learning about Bitcoin to becoming comfortable enough with the technology to speculate on it. I honestly believe it will replace Gold as a store of value, but it will take a very long time for the general public to understand it enough and/or trust it enough that th…

Gold and BitCoin don't compare well. Here's why. Sure, gold is "useless", except for the fact that its value is historically verified (over centuries) and culture-independent. If nothing else, it's used in jewelry (and drugs, and electronics). There aren't many elements on the periodic table, and even fewer are viable as metallic currencies: rare enough to have value in small weight, not so rare as to be foreign (his…

Post by laxatives » Wed, Nov 27, 2013, 3:15 AM UTC

mike_esspe wrote: post #12

There are around several hundred thousands of bitcoin users. There are more than 7 billion people. Bitcoin is in the very early phase. For comparison: first GSM call was made in 1991. In 1994 subscribers hit 1 million, nowadays there are several billions. Would you consider someone with GSM phone in 1994 an early adopter or not?

Post by adventured » Wed, Nov 27, 2013, 3:21 AM UTC

mike_esspe wrote: post #11

michaelochurch wrote: post #10

Earlier quoted context omitted.

Gold and BitCoin don't compare well. Here's why. Sure, gold is "useless", except for the fact that its value is historically verified (over centuries) and culture-independent. If nothing else, it's used in jewelry (and drugs, and electronics). There aren't many elements on the periodic table, and even fewer are viable as metallic currencies: rare enough to have value in small weight, not so rare as to be foreign (his…

Silver was historically verified too. But it lost it's value in the 20th century, when people stopped using it as a money.

Post by johndevor » Wed, Nov 27, 2013, 3:31 AM UTC

michaelochurch wrote: post #10

fragsworth wrote: post #6

If by 'early adopter' you mean 'in it before the price skyrocketed', then yes. I don't believe I'm a slow learner, but it took me about 1 year from first learning about Bitcoin to becoming comfortable enough with the technology to speculate on it. I honestly believe it will replace Gold as a store of value, but it will take a very long time for the general public to understand it enough and/or trust it enough that th…

Gold and BitCoin don't compare well. Here's why. Sure, gold is "useless", except for the fact that its value is historically verified (over centuries) and culture-independent. If nothing else, it's used in jewelry (and drugs, and electronics). There aren't many elements on the periodic table, and even fewer are viable as metallic currencies: rare enough to have value in small weight, not so rare as to be foreign (his…

Post by philix001 » Wed, Nov 27, 2013, 4:23 AM UTC

kitcar wrote: post #7

Most would likely fall into a "speculator" definition, as they don't actually use bitcoins for transactions - therefore they aren't really "adopting" bitcoin, but rather are just stock piling something in hopes it goes up in value in the future. I.e. if I buy 20 new xboxes but leave them sealed for resale before Christmas, I'm not really an early adopter, instead i'm just a speculating opportunist, even though I did…