Bitcoin Forum

People are into BTC cause they believe in this new idea, or they are hoping to get rich (like having faith in a certain stock to increase in value).

For those people trying to get rich, yeah lots of money they lost.

And for this new idea? Its dying now. It won't completely go away though. Even a 10-20 year old video game still has a few people that play it once in a while, even though majority of people could care less.

Yeah, perhaps you should put down the bong for a bit.  Your deep thoughts are sounding kinda Jack Handeyish.

Irony of the nick is too big to resist :)

He either wants a lower entry point to go long from. or else wants a lower price because he's short and about to get squeezed.

Why does everybody keep saying Bitcoin is dying based on what the USD/BTC exchange rate is doing?

Speculation is a component of Bitcoin; not the other way around.

So when you picked your username, were you trying to be ironic?

I've been investing in bitcoin for over a year now. I haven't lost anything yet.

Of course, I didn't take out a second mortgage on my house and put all my savings into bitcoin. That would just be stupid.

Are you really trying to say that you tried to get rich, and lost a lot of your money? Because I don't see how you could possibly speak for other people.

you failed

+1

if only mtgox --> okpay were quicker, OR mtgox USD codes still around

Not really. I bought mostly for speculation and I'm still way up from my original investment.

Give him a break. He joined a week ago.  He had high hopes...

Don't worry pal its not dying at all, if the price hits under $1 for a long time, then maybe that is like a death almost.

Even if we hit a low of $20 we are will higher than beginning of January!

We was in a bubble pure and simple, everyone was positing about the bubble popping all the time, the writing was on the wall. I expected the bubble to pop after reaching $1000 a coin but someone attacked the Gox and caused a preemptive popping of the bubble.

Remember the growth could not sustained, within a year a single Bitcoin would make you a billionaire, the rate of increase was exponential at least. If the dream of Bitcoin is that rate of increase against USD then that is a fantasy dream and could not be sustained by anything in the world ever. Even exponential adoption can only go a year before saturating every market and store on earth.

But Bitcoin will rise. Remember Bitcoin is a confidence currency, its value determined by the confidence of the sellers and buyers. Bitcoin will rise, hopefully a little slower this time!!

Speculation is antithetical to the purpose of bitcoin.

Ya'll should be ashamed. (:3)

That $2k bid was a troll.

My user name is a troll.

My funny pics are all trolls.

You all got trolled.

Now on a half serious note, I didn't say BTC will die completely. I related it to a 20 year old video game, heck maybe even 30 year old video games. Like the 8-Bit Nintendo. I'm sure some people still play these games sometimes either by digging the console out of their basement, or using emulator/roms. Just like some day (soon) people will still have bitcoins, but will be only a few people saying look at my 1000's of BTC that are worth $0.01 each. It'll become obsolete just like an old video game, that very few people will touch for nogalistic purposes.

Although trolling is fun, and I probably fail at it many times, I still make some good points :)

LOL at people that lost money. People never learn, even if its black and white in history books. Bubble went pop, and some people lost entire life savings.

I loled

wow you realy do have no life. good luck with trolling. ignore button initiated. see ya in the negative universe

Not only that, it makes it a fiat currency more untrustworthy, unreliable, unstable, undependable and useless than all the other ones.

It i impossible to use a potential new so-called Medium of Labour-Exchange currency if you can't even guarantee the value of it even as log as it takes to spend or be paid in it.

I disagree sir!

Bitcoin's will continue. Waheyyyyyy

No, sorry to strongly, strongly disagree but it's you who have an awful lot of learning to do my friend! Our foolish moneychangers screwed Bitcoin, the failure is all their and people like you's fault. This project isn't a video game where you can betray-kill another team member and "score" their points. We have to defend ourselves against determined, capable and awesomely well armed mortal enemies who are determined to obliterate us and steal all of the fruits of our work for themselves.

We are using their precious "legal pyramid-derivatives loophole" to free ourselves and put them out of their business of enslaving us.

This BTC-securitized future-derivative-contract was intended as OUR new transnational MEDIUM OF LABOUR-EXCHANGE CURRENCY not as somebody else's silly common commodity-resource share! (or wasn't it?  :o )

Bitcoin has a SEVERELY SUICIDAL problem with "exchanges" that inanely want to try to behave as "stock markets" (gang-spikers with tire shops), who seem hell-bent on destroying all useful commercial purposes and marketability for it, in hopes of making it just another churned-derivative pump and dump Pyramid Scheme for themselves dooming it to implode and collapse.

You see a Bitcoin is simply a derivative that only represents the LOOT or SERVICES that the guy that you got it off, got out of you for it, and made off with. It is a fiat "futures derivative contract" that arguably has some but really has no certain inherent added-value. Like a "gold contract' or "mortgage backed security' (I love that last word) derivative it is a "BTC -securitized Future Derivative Contract" that merely allows you to keep, transfer it around or transfer it somewhere else to resell it there for whatever "buy" it may seem to be worth to the next guy, a minimum of an hour from now.

The problem with the fiat-value nature of "BTC-derivative trading"-induced fiat volatility, is that "democracy" (even so-called "free" market laissez-faire) is no way to valuate a well regulated Supra-National Global Labour Exchange Currency Token system! The hallmark of an Adam Smith sort of "Freed Market System" is that it is always well-regulated.

Price stability is the critical issue that will kill Bitcoin and make it totally useless for commerce if exchanges can't be properly disciplined into the well regulation of "fiat" BTC value. No merchant nor contractor could accept a piece of crud that dramatically changes value every month, week or day or two, let alone every few hours, nor could anyone save with it or even afford to risk the time it takes to spend or be paid in it.

Even the "exchanges" themselves can easily be wiped out like an MF Global when the pool of derivative that they must stock as a trading pool, crashes in value! And we don't even know if this has already happened yet.

Start Here:

The "Bubbles with Bitcoins" Nightmare
https://bitcointalk.org/index.php?topic=175708.msg1832923#msg1832923

Well look up a school that has a class called English.

Price fixing is when all competitors secretly conspire (a "Combine" monopoly) to constantly inflate prices and their earnngs. (Like The FED monopoly)

Price stabilization is when an "exchange" doesn't engage in reserve bankstering stealing all clients commingled funds to secretly risk/play themselves a wild-west market like drunken Pharaohs with them in the back room, and when you have counter-speculative trading rules that discourage speculation by limiting position-rungs above and below current value and assigning exponentially higher, punitive fees for dangerous and undesirable risky trading behaviors further out of price-bounds..

It would be more effective if you first build a reputation for yourself as a productive member of the community, then go about trying to convince people to change what they are doing. I sometimes make this mistake as well, although not here as far as I can remember.

Thanks for the kind advice I didn't mean to yell.

Ahh moving on from we all failed, to why we failed.

And yes, the exchangers take majority of the responsibility while we all failed.

BitCoin and MtGox lost the initiative after website came down for whatever excuses, either success or DDoS attacks. They had their chance with mass media attention, mass influx of new money into this project, then they (MtGox) dropped the ball even influences prices of other smaller exchangers.

Will we get another chance like this again? A type of media attention that draws in thousands of new people to dump money into the market? Probably not.

Although this is not the first time BTC bubble popped, it is the first time how ever of mass media attention that encouraged a lot of people to invest into it.

Game Over.

Your idea of "investing" in bitcoin seems to be buying them in the hope of selling them to another sucker at a higher rate. aka. pyramid.  That's a fail and please leave ASAP.

Investing in bitcoin means building services and infrastructure around it.

Actually I believe today it's getting healthier.

I believe in Bitcoin.

Unfortunately that isn't thinking at all. Nor would it be worthwhile after all the inanely stupid BTC "Stock Market brainwashed" common share usurer banksterers have bankrupted themselves and Bitcoin with them, because they refused to see the writing on the wall and even attempt to defend themselves and the bankrupted currency they pretended to be "supporting" by deliberately and cavalierly exposing it to catastrophic systemic risk for what they sadly misapprehended as their own myopically stupid short term benefit.

What goes up always comes down. If they are all foolishly bankster programmed like you Bitcoin is doomed.

The value of a Bitcoin must be reasonably stabilized and it's value deflations(increases) well regulated or it will never be marketable, saleable nor usable by anyone as a useful or practical new medium of labor-exchange currency, nor ever be seen as a trustworthy alternative to any other currency system.


After what people like you encouraged it to do the last few weeks no merchant will ever touch this stuff, as they now know it is.

When the mass majority tried to jump on the BTC bandwagon, driving prices up to $266, do you think they invested so much money cause they wanted to build better services and infrastructure? Or cause they thought they could make some easy money? Be honest.

It is insightful that you assumed that I would not be honest. 

Of course they wanted a quick buck and a fair few got burnt.  Any other trivial questions I can answer for you?

Have you EVER told a lie?

Are you kidding!?  This game has not yet begun.  We are still setting the pieces on the board.

Nobody lost money, unless they traded down.

They got BTC.

The "mass majority" who gave somebody else their money for BTC-securitized derivative-future contract tokens which that other person walked away with, did not "drive the prices up to $266".

The way the colossally stupidly designed "BTC Fiat-Stock Markets" seriously and near-catastrophically malfunction did.

Sure there is a way. If a few percent would decide to add liquidity to the market instead of taking it when buying or selling, volatility would go down considerably.

Why should they do that? Because it saves money. Take my trading strategy: I place orders way outside the current price. When the price does a violent movement, the order is filled and I just need to wait for the inevitable rebound to get back to the start plus my profits.

As this is a zero sum game, someone must pay for my profits. Those who pay are those who take liquidity.

Why am I saying this when it is so easy to rip off the fools? Because I don't want to make money trading Bitcoins, I want to make money *using* Bitcoins.

-Anu

Yeah, that is why Mt Gox and many other BTC-Fiat Stock Market banksterers still aren't paying out client fund withdrawals after up to ten or more says (so far) - because they didn't nearly lose their shirts last wednesday-thursday.


Topic: Mt Gox Withdrawal
https://bitcointalk.org/index.php?topic=177252.msg1847128#msg1847128

LULZ what are you talking about?

Your "strategy" is FEEDING volatility.

You should be paying far higher fees for taking such risk-inducing positions that risk accelerating the extenuation of steep price deviations.

ROTFL.  YOU failed.  Rest of us are doing fine.  Get a brain.

You haven't got a clue. LULZ on.

-Anu

I said "unless they traded down" - those got what they deserved for panic selling  :D

you got it! everyone that does buy & sell btc via any exchange experiences the incredible gap of usefullness, speed, and userfriendlyness between the dinosaur-like oldfashioned fiatcurrency systems and the bitcoin system. it is like having this shiny new powerfull and fast race car that you need to fuel with gas that is carried with an old donkey cart. the bottleneck is the fiat system. as soon as it has passed it, the value that is stored in bitcoins accelerates into the internet age.

So you don't consider that some are not buying Bitcoin for speculation, some actually use it. I guess BitPay was forced to trade down quit some in the last few days. So do they deserve that?

Precisely when you don't buy for speculation, you don't lose. You bought BTCX, you have BTCX. If you panic sell because of a dip, then you lose on what you actually put in.

Businesses relying on the exchange rates must provision accordingly.

Guilty of wanting to see BTC work.

Guilty of wanting to get rich.

So far, both on track.

Thanks for the post.

Also, on the video-game analogy:

One of the most popular pages on any of my websites is a Pacman game.

People play it a lot, like it and it earns me money in ad revenue.

Again: analogy fail.

Translation: I put some effort in and it didn't work. Time to give up.

Kids today, how the hell do they get anything done with that instant gratification mentality and a total lack of staying power? What did Buffett do when his company lost half it's net worth in 2009? Just kept going, that's what.

Churchill once said something like 'if you are going though hell, keep going.'

Let me tell you why I don't give a fig about "drawing in thousands of new people to dump money into the market".

To me, the goal is this: Bitcoin becomes functional as a currency. I don't care about it replacing greenbacks or transforming me into a millionaire via Austrian alchemy, just that it become a currency that works.

The path that I see to reach that goal goes something like this:
1) People barter with BTC in an over-the-counter way.
2) Big services and companies accept BTC and cash out into fiat immediately.
3) Some people who accept BTC and can pay their expenses in BTC stop cashing out into fiat, and just pay with the BTC instead.
4) BTC->BTC becomes more common, until it becomes possible and natural to pay all your regular expenses with the currency, and exchanges become nice-to-haves rather than necessary for normal use.

Now. The price per bitcoin is falling. The centralized exchanges have proven themselves unworthy and insufficient. And yet, (2) has not been slowed. The OKCupid announcement came after the crash was well underway. OKCupid doesn't care about whether BTC is going up or down! They just care that it'll make it easier for people to give them money!

There's no sign that the current price action will do anything to change (2), because the infrastructure is in place to allow businesses to accept bitcoins without having to worry about the price, and they seem to still be arriving.

If there comes a day when I can get my salary in BTC, and pay my utility bill in BTC, I will not care how many people are "buying in", because the important part is that thenceforth, anyone who chooses to can divorce themselves from the banking system, save the fees they would have otherwise paid, and transact online without a middleman.

At that point, Bitcoin will have accomplished its purpose. Everything else will be gravy.

Failure is a state of mind!

If you want to buy some BTC and suddenly find that those coins will get you more of the coins you just used to get you the BTC, that is just trading with yourself, and is a pointless game!

If you buy some BTC, and then sell them to others after adding 10% to the price you paid for them, that is trading!

If you sell stuff and get BTC, that is really using bitcoins for what they were designed for - a currency.

If you are able to write some code that helps someone in one part of the world trade with someone else for less, by using Bitcoins, you are moving the world forward, and we are all winners.

If you just post crap on a forum, well, you work that one out! ;)

I don't usually do this but since this guy registered week ago and already has whopping 250+ posts I have to:

http://farm5.staticflickr.com/4083/5055032357_69d1d1be72_z.jpg

Anyway you mate made it to my ignore list. Thanks for being this obvious  ;D

http://incompetech.com/gallimaufry/care_less.html (http://incompetech.com/gallimaufry/care_less.html)

I'm sure there are a few people out there that play Super Mario Bros 1 on the 8-Bit Nintendo, but not many people.

And a ton of people that have Super Mario Bros 1 in their basement some where.

How much can you see it for? Probably couldn't give it away.

That is the future of BTC.

Day traders make their profit and get out, before the collapse and gets banned from exchanging at real banks.

GG

Yeah. Your choice of analogy doesn't really help your case.

Nice post. +1