Bitcoin Forum

April 9, 2013: evil hoarders (people who have a higher demand for Bitcoin than I think they should have) are driving the Bitcoin price up.

April 11, 2013: evil exchanges (people who didn't invest as much in the quality of their exchange platforms as I think they should) crashed the price of Bitcoin!

April 12-May 1, 2013: Evil speculators (people who buy and sell Bitcoin when I think they should not) and evil manipulators (people who bring fiat currency into Bitcoin when I think they should not) are driving the price of Bitcoin up, down, and all over the map.

May 3, 2013: Evil alt-coin creators (competitors who create similar products that I think they should not create) are driving the price of Bitcoin down.

I would be so much better off, if other people did not have the freedom to do these things that I wish they would not do.  Therefore, these people must be evil.

You've been reading Walter Block, haven't you?

Ahh, the subjectivity that is known as evil ;D

Freedom is most important in p2p opensource cryptocurrency,even if it make the its market value (w.r.t fiat currency) swing like a sine wave.

Yeaph, you have a hard life :D

I hope it was clear from my original post, but I agree. :)

I was kind of shocked to realize yesterday that, as an altcoiner, I am the boogeyman of the week responsible for the Bitcoin price not being where people want it to be.  I wonder who will be at fault next week.

I don't get how alt coins are pushing Bitcoin price down? Could someone enlighten me :(

People thing, "Look at these evil people being early adopters, and not letting me be an early adopter, too. Instead of buying Bitcoin, let me put my money into this other thing that won't go anywhere, that will at least make me feel like an early adopter."
Money doesn't enter Bitcoin, Bitcoin price doesn't go up.

Which, it should be noted, is not the same as the bitcoin price being pushed down.

StupidER people going "OOH LOOK AT THE NEW SHINY!" and selling Bitcoin to buy up other crypto-currencies? No, wait, that would only work if they sold BTC for USD first, since just BTC <> LTC means someone is buying BTC with LTC, and it's a wash... Really really stupid people maybe? I don't know  :'(

That is because a large chunk of Bitcoin's price is people just wanting to invest in something and get a good chunk of change out of it. Not for converting over to their new currency.

Alt coins offer a higher risk with higher returns and thus attract some of those investors.

I am converting most of my dollars to bitcoins for future use but I have taken a small bit for investment into LTC with the knowledge that they will soon be trading on MtGox and those same MtGox day traders will be willing to jump onto that market just as quickly.

When you do not actually care about the underlying product you are trading, alt coins are just as good as anything else.

High bitcoin prices are good.

i agree with the exchange thing.

it is sheer negligence that gox lags so much considering how much it makes per day.

is it really that hard to get some fiber and and some servers in japan?

MtGox is evil. Monsanto is evil in the same way. Hoarding bitcoin isnt sustainable. I feel its ultimately harmless because of mBTC and uBtc always keeping relative value.
Speculators who are in it soley to make themselves more USD are pumping capital into btc infrastructure. They'll realize their error.
Is LTC:bitcoin::coins:bills, or is my understanding way off base?
Branding is weird. Hail satan; evil isnt always bad.

You assume that it is an error.

No, it is just the same thing that lets anything happen which can be seen in hindsight as poor planning. Fertilizer plant explosion in Texas where it had 1/100th the insurance to cover the damages to the town built around it. Or, the Fukushima-daiichi catastrophe were the plant had power equipment critical to reactor containment located on the first floor unsheilded from a flood. It is hard to plan for everything, and the corollary is, planners we expect to do the thinking don't plan for much, and despite overwhelming evidence and numerous examples of its occurrence (poor planning by planners), we continue to place our faith in them after the period of crisis is ended, because it is easy to do so. Until the next episode.

I do. If they aren't putting those extra dollars back into getting bitcoins, I imagine that they must eventually change their minds or keep using fiat until they come around. Im assuming that the dollar is dying, of course. Its only an error if they sell out of btc.
Reread. Sounded like I meant pumping capital is error. did not mean that...

It's only an error if they fail to make a profit. Speculators, believe it or not, add stability to the price, by turning volatility into profit.

It seems to me like a failure to make a btc profit is worse in the long run than failure to make a usd profit. Someone's got to determine an exchange rate, might as well be really usd-wealthy people.

OH! Yeah, I get it. I first read it like myrkul, thinking you were saying that the error was "speculators who are just in it to make themselves more money." The error you were talking about was specifically those speculators thinking that USD is where they should be making their money, i.e. that BTC is a way to get rich in USD, when those speculators should buy into BTC and STAY in BTC.

Speculating has no value if you don't trade back and forth.

I think the error is that they use BTC to gain value trading back to USD, when they should be using BTC to gain value in-and-of itself and trade for goods and services.
Basically, it sounds like a different take on "cashing out of BTC is a stupid idea, akin to cashing out of dollars"

Well, I agree that ending the back and forth with a pile of BTC > ending the back and forth with a pile of $, but we can't really judge people's economic actions without asking, "did you make a profit?" Profit = success, loss = failure.

Now, if the dollar devaluating erases all their profits, well, that's a loss, now, isn't it? ;) (Same could be said, however, if BTC crashes.)

Evil people are now keeping my bitcoin price stable, but I'm not sure who to blame for this one.