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42% Of Americans Know What Bitcoin Is
While 6% believe Bitcoin is an "Xbox game", we are impressed that 42% of Americans polled by Bloomberg know what the virtual currency is. Furthermore, 55% believe it is "not better" that Bitcoin be regulated...
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You didn't encrypt that !
Bitcoins are digital arcade tokens. Did I get it right?
Or is it a coin someone tested to see if it were really gold...?
So 42% know what it is, and 45% believe it should be regulated. This means that there's a large group of people who believe something which they know nothing about should be regulated by the government just because. Am I wrong to be so distraught about this notion?
Part Five gets written up when I get my Au...
Nice timing. Seems like you caught the bottom in gold and short-term top in BTC quite well!
For those who still can't grasp what Bitcoin is...
Bitcoin is an invention, like the automobile or electricity. Bitcoin has a price in USD because it is used to transmit value and record transactions. If electricity could have been denominated in dollars and purchased in finite amounts, would you have purchased some after it was invented? If you were smart you would have, or by proxy you could have purchased shares of GE 100 years ago and done very well. The difference here is that unlike electricity, segments of Bitcoin can be produced and "owned" by anyone. It's ownership and control are not governed by corporations in the way that banks control the money supply or electricity companies control the supply of electricity. It's production and ownership is decentralized, which is why it empowers the people who use it and own it. It is the new form of money, get used to it, or better yet, get some.
'Bitcoin has a price in USD because it is used to transmit value and record transactions.'
No it isn't. It is bought and held by the majority of speculators who expect to sell it to some other knob head later on for more money.
repent harlequin
But, you see, the second "question" tells them that it is a currency and goes as far as to insinuate that all currencies (the phrasing is "just like other currencies"... which is just dumb double-talk) are currently regulated, which is of course false.
Glad that 42% of my fellow citizens know what "bits" and "coins" are, and can put two and two together on a multiple choice question.
Jay Leno should be on the streets asking people: "Do you know what Bitcoin is?" Bet he'd get some real comedy.
Wait.... I've been away from TV for a while. Is Jay Leno still on late night?
I agree that the name "Bitcoin" is deceptive, it makes it sound like a coin, like a thing. It doesn't really impute that it is a global, decentralized network.
the "network" may be decentralized, but bitcoins themselves are very much centralized.
http://12160.info/photo/927-people-own-half-of-all-bitcoins
kinda lika dollars and central bank.
Not at all like dollars. We don't know how many people those addresses represent in reality. We don't know who exactly owns the Fed but we do know they own all dollars + interest. So comparitively Bitcoin is very much a level playing field.
yes, all suckers are welcome!
Im surprised that the number is that high...
that means, the masses are starting to dig for information outside the controlled MSM=good thing.
Many (most?) still heard of Bitcoin through their television set though. So 42% of Americans have heard of Bitcoin which is far different than saying 42% of Americans know what Bitcoin is.
I've read about Bitcoin on ZH, discussed it with you via our posts, and have purchased some Bitcoin. I still don't know what it is.
Well you've purchased some so that's good enough.
People happily use smart-phones. The amount of technology which makes a cell-phone usable, let alone a smart-phone it absolutely phenomenal. Bitcoin is very clever, but much simpler in design and implementation.
It is not necessary for every phone user to understand cellular phone systems, integrated circuits, firmware, operating systems, applications.
I'm pleased to say I clicked on that link, which led me right to this goldmine:
http://www.chron.com/technology/businessinsider/article/Bitcoin-Proves-The-Libertarian-Idea-Of-Paradise-5053528.php
"So the Bitcoin experience gives us a glimpse of Libertarian paradise: What life would be like with as little government interference as possible, in a market free of burdensome laws and taxes."
"Unfortunately, that experience looks like a total nightmare. It's characterized by radical instability, chaos, the rise of a boss-class of criminals who assassinate people they don't like, and a mass handover of wealth to a minority even smaller than the 1% that currently lauds it in the United States."
Man, that's some solid gold shit right there. You should have posted this link.
I don't often click on FUD but when I do need a good laugh I click on Business Insider.
All I need to know is that the MSM constantly tells me how horrible and scary they are. Based on that alone, its worth owning some.
Ed, It's Leno's last season. You can tell: He's getting saucier and more daring each week.
The "I don't care, I'm filthy rich" effect is plain to see. More of us would be more honest, if we did not have jobs or businesses to worry about.
yes, bitcoin is ponzi of digital arcade tokens. thats pretty much it.
...according to a birdbrain.
I heard bitcoin was the new Pokemon for adults with a lot of spare time on their hands.
Maybe if you're a dismissive idiot that lumps Bitcoin in with tech stocks and video games.
lolololo your statement contains the answer. Bitcoin = tech stocks + video games.
better be careful skateboarder, foenstar has the sword of staoshi, and has defeated the digital monster realitymon.
few can enter his realm(moms attic) and survive
What do pokemon and bitcoin have in common? They were both designed by Satoshis!
Fonestar is talking through his arse, he's already conceded that his data is without substance and he hasn't the first clue about any of the 'hard facts' he persistently refers to.
Just took a look at the 2 month chart of bitcoin. I'm not really seeing a pattern that indicates a rise to six-figures. Fonestar???
http://bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv
I am becoming a bigger fan of mechanicals toys, and even tube sounding machines. They seem to be truely more random and better sounding for some reason.
Buy some singing bowls. Very harmonious use of metal.
http://en.wikipedia.org/wiki/Singing_bowl
I'm expecting further negative news in relation to the "regulation" aspect. Just long enough so I can double my position. Then as spring starts to roll around, the money that had been parked will flow like melting snowcaps on the mountain peaks, directly into the Bitcoin market.
It only natural that we get a slump from all-time highs, just part of the cycle. Get ready for some bargains and be positioned for the next wave, is what I say.
Or just sit here and bitch, either way.
that sould very similar to your feindish master plan on oneday having a girlfriend.
You are on fire today, silverserfer, bravo....
@silver"serf"er
I suppose you're too busy with your construction sign avatar to understand what I'm saying. That's okay, I have no problem making profits while you amuse your barking seal troll friends :)
I'm making my "fuck you" money while you're playing class clown at the ZH mixer. Some people just know their place, you know?
"Exponere Menace" learns some basic Financial Legaleze... Typical of the processor effaced generation...
Think of how stupid the average person is, and realize half of them are stupider than that.
- George Carlin
100% of foney know what Bitcoin is and he gon' tell yo ass right now.
The people demanded answers.
fonestar came to spread the word of Satoshi.
you mean that cryptographer at NSA?
You like bitcoins because you would like to make profit on back of it. Best to stay away from going fanatical about it, although in your case, it already happened.
Bitcoin is a truly monumental achievement both technically and financially. If I can't get fanatical about this what is there to get fanatical about?
that is what I mean. being fanatical about it means your perspective narrows to the point where you think it is the most important thing.
I thought about buying it around 70 usd with idea of making some profit, and the oportunity passed while I was thinking about it. It would have been a smart move, and I would have sold it for sure when it reached 700 usd. It is a good idea, but the idea seems also easily copied and repeated. It will face a strong competition from a similar thing backed by regime. Need to estimate correctly the will and power of the people who control the present system. Anyway it is your money, good luck with it.
Except the the tech is not new, and the concept is not either.
Good thing what you do on-line can't be tracked ;-)
....if you're smart.
foney, the only way I know to have a chance of buying/selling bitcoin anonymously is to transact in cash, in-person, while using TOR, and then be sure that your wallet never gets accessed from an IP traceable to you, and never touches an exchange, and never transacts with another wallet you control that does either of those things. Its a bit like being a drug dealer.
I like the live cd Linux distros. May take a bit to setup a wallet with a package manager, but if you do it on some coffee wifi and then TOR you should be good.
all that effort... did you forget that you provided your social security number and photo ID to that exchange you bought your bitcoins from and paid with your credit card?
So if you don't understand what we are talking about you are commenting why exactly?
I'd be wary of TOR lately...
http://rt.com/usa/nsa-target-tor-network-739/
I'd be wary of everything online always.
gee like bitcoin??? i see what you did there.... let your true NSA troll show....
Yeah, because NSA and CIA work hard to destabilize their own dollar. Makes perfect sense (to an 8 bit conspiratard).
Gresham's Law hero, learn some economics before running your trap lease.
ahh so your talking about ease of use and security of biticoins. sounds mello.
I also contend that if you're TRULY concerned about anonymity, then you have the PC or WiFi traced to you.
Ergo... Long PCs from Pawnshops, paid in cash. Wear broad-rimmed hat, glasses. Then used at popular free-Wifi places.
It's a helluva way to live though. I feel 'dirty' just thinking about it.
Man that's a scene out of a modern day Clint Eastwood spaghetti western.
There's a reason they want to implement TPM so badly Kirk.
I'm long old mobo's lol.......
Pretty much.
The spooks & FBI are dropping malware all over the damned place...to track people and their DEVICES, the thingy with the files on them...lol.
So fonestar should get his coffee to go ;-)
Think I caught one so I immediately wiped.
You missed a spot ;-)
"The FBI’s technology continues to advance as users move away from traditional computers and become more savvy about disguising their locations and identities. “Because of encryption and because targets are increasingly using mobile devices, law enforcement is realizing that more and more they’re going to have to be on the device — or in the cloud,” Thomas said, referring to remote storage services. “There’s the realization out there that they’re going to have to use these types of tools more and more.”
http://www.washingtonpost.com/business/technology/fbis-search-for-mo-suspect-in-bomb-threats-highlights-use-of-malware-for-surveillance/2013/12/06/352ba174-5397-11e3-9e2c-e1d01116fd98_story.html
fonestar is smarter than the NSA, AT&T, CIA, FBI, DHS etc. combined. Thats quite the ego ya goin on there boy...lol.
Seems we have a government fanboy in nmwen. Do you change your posters every time the CIA gets a new director, or are you more of a "spook follower"?.
Maybe he can't forget his first time as an informant and never got over the stockholm syndrome that followed.
CEO of BTC China: China Does Not Allow Goods And Services To Be Sold In Bitcoin
We have great interview to share today with everybody excited by the Bitcoin phenomena. You can decide whether it is bubble or not at this stage now. Making your "investment decision" about Bitcoin and other 42 Crypto-Currencies, please do not forget that you are listening to modern days California Gold Rush Shovels Shopkeepers. There are a lot of interpretations about the recent ban by China for its Financial Institutions to use Bitcoin. So it is very important to get the full information about the actual rules implemented by China. Your opinions about implications of these rules for the Bitcoin's future can be different from other people, but at least we have to get to the plain field in order to make any analysis. We will point out to the excitement of the speaker with "tons of speculative money coming into the picture". And now Litecoin Pump is On. Just listen to the interview and separate hype from the facts and how the Bubbles look like this days. http://sufiy.blogspot.co.uk/2013/12/ceo-of-btc-china-china-does-not-allo...
Real or FUD from shills working for nervous CBs?
The better question to ask is: Have you heard of it? Can you tell me (unaided response.). And do you thing government regulation of international money transfers is appropriate.
But then they would not get the answer they are looking for.
From my own sampling, this massively overstates how many people have heard of it, probably by a factor of 2X-4X.
I've spoken personally to every Canadian. Most of them have at least heard of it but few understand it, fewer own it and even less have any desire to buy any.
You have spoken personally to every Canadian?
Yes, Bob and Doug Mackenzie in their fishing shack. Rob Ford in his crack shack, Stephen Harper in Ottawa and Celine Dion in her mansion.
What are you talkin aboooooot!!!
I think he's officially come out as a bitcoin troll with that one.
well I will tell you what, I will personally speak to every American this weekend and will see how my stats match up with his. I have a feeling we got him pinned now. I'll see you later I have to get going
65% of all statistics are fudged.
And four out of three people are bad with fractions.
What about Brian Adams, Michael j Fox, William SHATNER, Bobby Orr, Mike Meyers, Jim Carey, Michael Buble, Wayne Gretzky...?
Well the queen is only one who counts so perhaps he is a money manager with too much time and money on his hands, who if he aint paid the piper yet, will soon find hisself being lead to the river, and we know the rest of that story.
arguably one of the most credible things you've posted.
I mentioned the concept to a group of friends over dinner last weekend.
They asked me twice in disbelief why would anyone want to part from their money for that shit.
I told them it's useful for various things, but Average Joe doesn't do "various things". They couldn't relate and couldn't see value in any of several examples I made for them.
Tell them that we are printing 85 billion dollars every month and giving it to the banks and the banks are using it to buy stocks. Then ask them which is more believable, that, or a virtual currency has been created. I'd like to know the results of that poll.
Anyone I talked to about it that deals with VISA on the business end gets it right away.
If bitcoin is successful it'll be due to being driven by point-of-sale margin improvements. I also suspect that if it continues to gain traction we might see the card processors change their fee structure to go easier on the small transactions.
Average Joe never seems to see a global hyperinflationary depression forming.
Most people, maybe 90% or more have no idea what a $ dollar is or how it's created.
Yet people use those and work their lives for them.
Avg Joe is just glad there are a few more coors in the 30 pack
ask the local cashier at the gas station or store if they accept FIAT, they usually call the manager
Nonsense. Cash price is always ten cents lower than credit price for gas. Some day it will be a dollar difference, then ten, etc.
EDIT: But I totally agree with you for other places. The fear in people's eyes when they see a hundred...
most people I know don't know the diff btw fiscal and monetary policy, let alone what a 'fiat currency' is
Jeezuss...people are stupid.
welcome to a bitcoin thread!
Or as we like to call it "silver serf's clown time".
you didn't blow that bubble... reggie did
I can't bear to watch MSM all day, but I've never heard the word "Bitcoin" mentioned in Britland.
Whether that's because MSM are confused by it, don't think it's important or are simply following orders from the Almighty State, can't say.
It was on nakednews.com. I think. But then again, I don't really care.
42% might have "heard" about BTC but I guarantee that 42% couldn't explain/understand how coins are mined and safely stored, which is all that really matters.
You have to be a nerd in order to use bitcoin. Not everyone wants to be a nerd. In fact, some people still hate nerds.
Be only as nerdy as the situation requires.
That's Nice. But how many, pray tell, know what "The Creature of Jekyll Island" is?
Or how "Federal" the Federal Reserve is? Or who owns them?
[crickets]. Thought so.
QE4? Limit the scope of the conversation and you control 95% of the masses. I like how this article assumes that governments dont control bitcoin. How naive.
yup you are pretty much full of the shit you're shoveling...
How can 42% know what bitcoin is when 95% don't know what money is.
100% know what EBT & SNAP is.
Someday, 100% of Americans will be using BigCoin™ on a daily basis...
How many know what the Exit Strategy is for its founders (Vinkel/Wankel Bros), or its Very Early Adopters?
Aside from monetizing up the price curve.
The Wanker Bros for sure know.
I guess they'll invent and invest in the next virtual coin bubble. Why not?
It also creates regulatory jobs. Think about it - it takes at least 50 (if not 500) bureaucrats to "oversee" each crypto currency. Obama would be delighted!
Fonestar,
Can you please add a sell-side disclaimer to the drivel you post.
Would be most welcome
Otherwise, enjooy your bitcoin ride as long as it lasts.
The only disclaimer I offer is that I am riding this rocket to the moon!!
I like USD computer digits and cotton paper notes because Benny and Janet look like nice Jewish grandparents. Furthermore the USD enjoys the confidence that it is money because currently way more highly visionary zh readers accept it as money than accept the Bitcoin. I guess that just gives dumb idiots like me more time to buy more btc cheap. I'll start spending mine when they hit USD $1,000,000 to 1btc.
Some tunes for the journey
Bitcoin is a clandestine plot by the illuminati to control our brains. Or so many commentors on zerohedge seem to believe.
a virtual currency free for all. On the internet only. or,
a virtual currency created by tptb new ponzi sceme to steal from people.
which do you believe?
Nothing comes for free, except that is maybe what JPM will want you to thik´nk of their money...
Bitcoin is a clandestine plot by the illuminati to control our brains. Or so many commentors on zerohedge seem to believe. If you own bitcoin and listen very closely you can actually here the illuminati speaking through your bitcoin directing you to bathe in the blood of your first born.
no they just ant you to slave away for their new and improved intangible assset. Your compliance is apreciated.
Given 4 choices and what do you think "bitcoin" is.... the results are almost meaningless.
That's about the same %age as Zeros approval numbers. Hmmmm.
NSA backdoors give the govt control of bitcoin mining.
"Prefer symmetric cryptography over public-key cryptography. Prefer conventional discrete-log-based systems over elliptic-curve systems; the latter have constants that the NSA influences when they can."
http://www.theguardian.com/world/2013/sep/05/nsa-how-to-remain-secure-su...
Whoops.
Just passed the "Media Attention" stage of the Bitcoin Bubble and are clearly in the "Enthusiasm" stage.
http://upload.wikimedia.org/wikipedia/commons/4/4b/Stages_of_a_bubble.png
Here come the "Greed", "Delusion" and "NEW PARADIGM!!!!!!!!!!!!!!" stages. Man that's going to be a pain in the arse on this site.
Anyone got a good way to "short" bitcoiners?
Deer 'Merica:
Bitcoin is what?
A) Computer part for ma windows
B) them little gold chocolates Israelis eat
C) two bits as a whole or a quarter
D) them little tokens at Chucky Cheese
E) Fandangled money in Siberian Space
That's a nasty hammer on the daily chart for BTC. Looks like BTC want's to test the $750 area short term. If that area breaks, it could be back in the high 500s in no time.
http://bitcoin.clarkmoody.com/
I rarely use chart porn for BTC, but when I do, I use Yen Cross.
Stay Birsty my friends!
and less than 1% owns investment grade physical bullion.
...and virtually 100% of them know what THAT is...
gold silver ratio
going down
on LTC/BTC
cryptocurrencies sing along:
Hey brother, there's an endless a-hole to discover
I like the quote: "...do we have the Mexican standoff between Gold backed China, FED backed US Dollar and ... NSA, sorry Satoshi Nakamoto backed Bitcoin?"
from the site http://sufiy.blogspot.co.uk/2013/12/ceo-of-btc-china-china-does-not-allo...
docenic a neat piece of info
Hashcash SHA
two five six
brings Ke$ha
to all dicks... ;)
... Timbaa
(and Pumbaa)
1. What Captain Hook did to that doubloon.
2. One of those shareware programs to calculate stuff like the phases of Uranus.
3. What robots use to pay for human slaves.
4. All of the above.
5. Stop bothering me or I'll bite you.
That is immpressive, Love America.
EBA has release action plan how to Kill Bitcoin:
European Banking Authority Warns Consumers On Virtual Currencies
EBA joins with its warning China, South Korea, Norway, France and other financial authorities from different countries. This warning and presented footprint for actions by authorities in order to attack and seize the assets involved is the most explicit among the ones we have seen so far. Unless Bitcoin is not the Special Op created by the FED to celebrate its Anniversary and 100 Year War On Gold, U.S. will follow soon with its actions. You can guess yourself whether it will be difficult to find evidence that some transactions on the particular exchange were involved in criminal activity and can affect Everybody Involved. Major risks according to EBA: You may lose your money on the exchange platform
Your money may be stolen from your digital wallet
You are not protected when using virtual currencies as a means of payment
The value of your virtual currency can change quickly, and could even drop to zero
Transactions in virtual currency may be misused for criminal activities, including money laundering
And the punchline and footprint for further actions against Crypto-Currencies:
Looks like Iceland will be the only place left to use BTC.
Hope fonestar likes lots of fish.
So, in other words, Bitcoin is at least as stable and valuable as any other currency.
Please, everybody, please BUY BITCOIN!! Since the NSA invented it, there is every reason to believe that the mysterious core of users who own but rarely trade most of the bitcoins are either NSA employees, former NSA employees, or the NSA itself. This is your contribution to their pension plans. They have done their job. Do yours. Thank you.
As acknowleged by anybody with technical understanding, Bitcoin is not anonymous. In fact, it was engineered to be 100% cryptographically traceable if you have the tools and resources.
With all that, it still has enormous potential value as a medium of exchange. And especially valuable (due to its light weight) for Chinese leaders looking for a rathole when their economy inevitably plunges due to the fact they have incurred far more debt than America during the economic crisis.
Actually, Bitcoin was architected by the NSA to be 100% cryptographically traceable (in conjunction with other resources known to be available to the NSA). If you overlook this fact,and the fact that most bitcoins are held by users from the beginning of the program (i.e., NSA employees), the Bitcoin is indeed a useful program. Just do not assume it is anonymous -- that is an insult not only to your intelligence, but also to everybody else's. Bitcoin is 100% not anonymous. But very easy to carry wealth -- pay attention Chinese overlords who know your country is in trouble!
So, they are confusing it with E-Trade and the NASDAQ then?
http://www.cryptsy.com/markets/view/86
On the 1 month, It's beginning to look alot like Christmas