Bitcoin Forum

Here is my take on the situation...

If BTC is EVER going to be a currency (instead of a commodity that it is right now) we are in desperate need of a TRUE spreading amoung a vast amount of exchanges. I'd like to see  more than 50 exchanges (at least) in order to be able to talk about some independent price formation, and stability from within the system.

YET...

For the time being, any Mt.Gox assault by either/and US/Japanese authorities WILL pose a major setback to BTC. As long as it lasts, I know, but IT WILL. There is simply NO way ordinary people are going to adopt BTC when exchanges are either unreliable, filing fraudulent bank enrollment forms, closing after some months, etc. etc.

Bitcoin deserves better than what we've seen over the past weeks.

But let's be honest: it will fail in an epic way if the problems about exchanges won't get addressed at last... And let's be honest once more: that is a problem when having such a decentralized currency... All we can hope for is enterpreneurs willing to setup competing exchanges, and to conduct their business in a moral & lawful way.

I just can HOPE for the better.

Meanwhile, I would not be surprised to pick up BTC at a WAY lower price before the dust settles... Double digits might well be on their way IMHO. And meanwhile, I am also reducing my risks/exposure and/or uplifting my profit potentials by partially positioning myself into Ripple as well (now don't laugh -yes, that IS legitimate, and it is in fact a BUSINESS well run, contrary to the fukcing-up by Mt.Gox)

To those whom it may concern,
Willy

One thing is for sure, we'll know how much control government's can exercise over the future of bitcoin.

When this news broke last night we were in the midst of a little correction, about 115 to 100ish. But as it was being discussed and until now, the price has stablised with a positive bias.

This is a great event for BTC as it will display exactly how much 'they' cannot fuck with 'us'

I'm holding half

:)

Yeah more exchanges are needed, but better that BTC gets used like money and not people just day trading. More use as money = less need for exchanges.

WebMoney.

TradeFortress is a scam!   ;)

Even if you cant trade BTC for USD its not the end of the world, hopefully some small poverty stricken shithole will become the defaco currency for exchanging into, they might be able to even use the exchange fee's, (millions per day?) to help their people with basic stuff like not watching their kids die.

to be used as more of a currency as oppose to a commodity as the OP says, requires a decentralisation of bitcoin.. this does not mean more exchanges, this means more peer-to-peer swaps of bitcoin for fiat.

in there words more of a bigger push on local-bitcoins, to try and get every town in every country to have atleast one person buying and selling bitcoins.

at the moment bitstamp, btc-e are following mtgox like a sheep. no matter how many exchanges there are there will  always be a leader and a bunch of sheep exchanges following the personal attacks of the leader. so the best way is to move away from that model and make it more local and peer-to-peer

Bartle Doo

sure thing! Talk is cheap. You should start an exchange.

If you read to the end, the post was really just a clever pump of XRP

haha =)  but also a good point, if we want a lot of public independent btc exchanges, ripple is a pretty good bet =)

For two years this exact same rant has been made by some entitled idiot about what bitcoin "needs," complete with declarations of bitcoin's immanent death, RANDOM capitalized words, and gimmicky text effects in lieu of rational arguments.

Two years on and bitcoin looks amazing.  Anyone saying that bitcoin would reach $100 was openly laughed at back then. Mining technology and investment has moved beyond the reach of casual amateurs. Venture capital is taking bitcoin seriously.  There are many, many more exchanges and they are miles ahead in terms of security and stability than there used to be.

Bitcoin may yet die, but not today.  The price hasn't even budged with the latest bombshell to rock Mt. Gox.  Personally I wish it would as I'd like to buy some more, but likely I'm not the only one. 

+1

Yet another whogivesa....  Steps up to make proclaimations on what is, and will will ever be...Ehhh...

The tiny violins playing in the background are are deafening...

This. This is post is amazing. Bitcoin NEEDS a Bot to automatically insert this post into the majority of threads, for its very survival. Otherwise the government and BANKS will succeed in gaining 51% views through FUD: thereby forking the subconscious will of the community.

if the government is ever told by its corporate owners to shut bitcoin down it WILL be shut down. to understand the methods one only needs to read "confessions of an economic hitman" by john perkins

Bitcoin needs to take its meds. Its acting bi-polar.

I agree with some parts of your post, but I do believe BTC will suceed. Theres a need, and when there a need theres demand.

A few alternate exchanges. Coinbase: you can buy with online bank acc transfer. Campbx:  dwolla and other methods to buy. Buybitcoins.com you can buy with credit debit card (though their coins are more expensive than the other 2 sites I listed).

Ripple would fullfill this need

+1

+1

OP is a tool and needs to lurk moar.

Whole post basically reads like XRP shill when you get to the end.
Ripple is not decentralized. I'll consider investing in it when it's decentralized ;-)
Bitcoin was decentralized from the start. There was no need to "hope" that some day the benevolent Satoshi would release the code as open source, and change the protocol so that it was decentralized. The concept behind Ripple is a great one, don't get me wrong, but the way it's been implemented by OpenCoin is gimmicky bullshit if you ask me.

Whoa, poor attempt at Ripple advertising. The way you derailed at the end was not subtle enough....



You're reducing your risk by investing into XRP which is worth more than every single Bitcoin in existence (think: way overvalued). And a handful of entities own 99.999% of them...


Incorrect! Sorry Willy, you are WRONG!

They are a startup and have taken VC money. Early stage start ups are only considered a "business well run" when they are self sustaining and making money. Maybe you need to read up about startups and visit hacker news to get an idea about startups.

If you're calling a startup a "business well run" before its even had a chance to prove it can be a business, then you have no idea what you're talking about.

What is value? This post makes me questions it.

Is value something that is derived by general consensus or something created between two individuals with a common need? It is both, but when that general consensus is in mark contrast to a groups particular needs it can be changed just like the sea shell money of the ancient world, or barter and trade; Something of rudimentary use was converted to something of consensual value by two people, that grew into a group that grew into a region.

This has happened to Bitcoin, it is of value to two individuals independent of what others think, it depends on how easy it is to get a hold of it.

Need to move $200,000 USD to another place? you do not need the price of an exchange to tell you that, just a agreed value between two people, in a different valuation system, Bitcoin can transfer whatever the hell two individuals wish it to be.

Bitcoin was built to be indestructible, tamper proof, something of this monumental nature does not need you to agree as a whole only as two or more parties in need of a method of exchange. Bitcoin will stll be here 100 years from now, hobbled and broken after years of billions of people trying to break it, but it will still exist for what it was intended to move: value, moving it between dedicated groups with particular interests.

When the price of bitcoins goes to zero by the popular exchanges, to key groups who understand it, they will still know what it is... a secure method of exchange.

What is Bitcoin worth to you? and what can you convince others to accept for it?

People will try to break it, I will be quite entertained to see what they try. I see nothing to worry about from the governments of the world: They wish to monitor Bitcoin sure, thats is what it is there for: the greatest social experiment in history, being recorded transaction by transaction. The more they fight, the more likely they will cause a Gutenberg press problem: The more they try to illegalize it and ban it, it's intrinsic value will be seen clearly and will be distributed to where it is not: If not the world, then to the darknet it will go, untill all humanity dwells within the darkweb to get it's need since they have been blocked from all other avenues.

we have seen what has happened to Argentina, this is definitely a place to monitor. The peoples need to live will not be hindered by a government that no longer acts in it's interests, they will actively find ways to skirt the system.

The ever increasing need for those in power to find a way for their power to be absolute and the peoples need to get what they need: Has this not been the way of those Governing to those that are governed? Can this schism ever be gaped by the current systems?

the people have struck first it seems, they have created something that can get their absolute need fulfilled first, it's a pretty strong corridor this Bitcoin, they may not be able to destroy it in time, the idea is out, and who can destroy an idea from a living human being?

someone... quick... give cigar...
Ripple is the gloves bitcoin will use to pick up nasty godforsaken dollars. Until Ripple pops, that is.

Even at $100, I feel it is still only the beginning of what happens next. Very exciting times  8)

The infrastructure around it needs some work though. p2p exchange for inter-coin trade would be a great start, leave Gox and the big ones on fiat conversions only.

Bitcoin will only become more stable over time, the pump and dump schemes will no longer work as it would at some point take $1000s or even Millions to sway the market much if at all. Fortunately the altcoins are doing a good job diverting the speculative impact as BTC is going out of reach for weekend traders. I've wondered if that has a lot to do with the recent stabilization around $100. From being worth zero a few years ago,  BTC has come a very long way. The best is yet to come.