Bitcoin Forum

when it went down from $30 to $2 i was so close to turning off the lights and walked out never to return.

Ill be honest, when it went down to $550 this last time, I spent a few days losing my faith in the idiots who are screwing with the trading market, and my faith in people's ability to read articles correctly, and my faith in human beings ability to remain rationally grounded, rather than run for the hills screaming and crying for no valid reason.

But I never lost faith in Bitcoin.   Why would I?  It never changed.   It's the same from the beginning.

-Burger-

When I initially discovered Bitcoins in 2011 (after the bubble, though), I was immediately attracted to their great technical achievement and potential ... but I bought way to less at that time. :D  Only with the beginning of 2013 I began to see this potential being realised step by step.  So you could say that I lost faith (or didn't have that much) during the time from mid 2011 to early 2013, where I just hold a couple of coins and almost never checked the charts / wasn't even registered at the forum yet.

The only time I was a bit concerned was when Satoshi left. Luckily, the other core dev team members and the rest of the community have picked up the pieces very well.

when i came to these forums -

i lost all faith.

What's stopping you?

When I looked at P2Pool, my "problem" with it was that it seemed to "only" decrease the difficulty reguired by a factor of 60 (or so).  With my limited hash rate, this would still be by far too high to get meaningfully "constant" returns.  Is this (still?) the case, so that I can only use P2Pool with, say, 1TH/s+, or can I also mine with it at difficulties comparable to pool shares?  (Roughly for me, I would say that a "share difficulty" of 1k-10k would be acceptable.)

And you are *so* glad you didn't  ;D

Honestly, I've only been in the bitcoin game since March, and its "crashed" at least 3 times already, but its come back stronger every time. The amount of energy surrounding bitcoin is simply astonishing so ... no, I've never yet come close to losing my faith in bitcoin. Crashes don't even bother me any more, I just see them as "typical bitcoin volatility"

No the idea is beyond comprehension  ;)

Yeah, sure I've had multiple times when I've almost thrown the ball away and just completely quit, but in the end I've stuck it out (most of the way) and for it I've gotten better (mostly monetarily). Although as far as interest goes, I've peaked then done nothing then peaked again etc so I can't say I'm always on the ball when it comes to Bitcoin.

Oddly enough, this is when my faith was restored.  I bought many coins as they went below $5.

It was the sudden rise in value from $1 to $8 (May 2011) and corresponding explosion in greedy, mindless evangelists on the forum (I was a lurker at the time) that had me selling furiously and recommending my friends do the same.

I recall one of my friends, about to retire, asking me about my bitcoins.  He was interested in buying some from me (1000 BTC) as a speculative portion of his retirement portfolio.  I advised against it.  :(

Its been nearly a year since I heard about Bitcoin.  I'm still pumped about it ;D

I do find it interesting that we're talking about losing faith in bitcoin due to its price, however; it's not as if the core mechanic of bitcoin goes away when the price shifts.  I'll lose faith in bitcoin once nobody wants to use it anymore, but I think I'll still find a great use in it, even if it's a niche.  By then however, I think I'd be pumped about Bitcoin 2.0 and would have forgotten about the original :P

No. So far I haven't lost my faith in the BTCs even for a micro-second.

But I know a number of people, many of them among the earliest supporters of Bitcoin losing faith in it. The reason was fraud, wallet theft.etc.

haha. I have both hope and faith in Bitcoin. 2014 is going to be the year of BTC. I'm excited to see what develops.

Never, but think Bitcoin is just the begging and another currency will take over at some point (but not in the near future)

Yeah, if you have all your bitcoins stolen, which has happened far too frequently in the bitcoin wild west, that would certainly cause you to lose faith, in humanity if nothing else.

I don't have faith in Bitcoin anymore because it's a fraud. No I'm not a Troll, I gave it a chance. I think it's a scam to bring in a new one world currency. The Fed Reserve wants this. JP Morgan Chase wants this. The tyrants of Wallstreet want this. China wants this. Can this not be any clearer? Even the so called "Bitcoin Foundation" are kissing the boots of the illegitimate government to regulate it and use it for their needs...The coverage has been everywhere on this despite other topics of greater concern are ignored. So this stinks to high hell and I'm done for the most part. I think other elements of survival in this Brave New World are more reassuring like metal, ammo, and etc.

I have to disagree with you here; the fact that you can create an infinite amount of bitcoin clones makes crypto-currencies "slippery", meaning it would be very difficult to get any single one set in stone.  Your worries will be absolved once you go through the actual steps required to enforce the use of bitcoin on a global scale; it can't happen without certain prerequisites (such as complete and total compliance over how and when you use your internet), and those prerequisites don't necessitate bitcoin to control you; I'd be more worried about no currencies if governments achieve compliance on that scale.

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 Have you gotten to the point where you can predict where the price of BTC will head during the crashes and comebacks so that you can buy low and possibly sell high?

Well I certainly don't "panic sell" which is the first reaction of people new to bitcoin. They see the price going down and down and just feel compelled to hit the sell button. That's why people were selling for $560 to $650 just a few days ago when they probably bought for $1000 or more. *Never* panic sell. If the price drops 20% to 30% its a massive buying opportunity, because (much) more than likely the price will be double within a month.

i entered the bitcoin market like a week ago (before the bank of china news) when btc were at 1100$, so right now i'm a bit sad :(

i believe in btc, so i will keep my btc anyway, but it saddens me to see that they go down for no reason (=speculation) :(

i first buy bitcoin when it is 5$, i have never doubte the bicoin

Back when it was still like a dollar or two I started to think it would never catch on. Moved on and lost all my coins in the process last year when I started hearing rumblings in the news about it again. I now think it has a ton of potential for merchants, consumers, and the micro transaction industry.

2014

I thought it was end game when usa seized mt Gox bank account. Can you guys believe how quickly we got past that?  Sadly I sold a lot.

Not in Bitcoin.

But in it's users? Yes, sometimes.

Haha, such is with everything that involves humans. Never underestimate the stupidity of people... they never cease to surprise me.

Every time the price goes up and a large influx of new people join and spout off their dumb shit Keynesian economics crap I lose faith in Bitcoin.

Then I remember Bitcoin don't care.

I never lost my faith in Bitcoins. They are brilliantly designed and for that reason alone I believe they will last for the foreseeable future. In regards to the fluctuations in price, they are a cryptocurrency, and thus cursed to suffer price fluctuations beyond that of a normal investment. It comes with the nature of Bitcoin and cannot be helped.

I lose my faith all the time, everyday I wonder if it will go out of style and all be pretty much over, but then I just think about how useful it is.

Markets will always go up and down. Bitcoin goes up a lot, and then down (relatively) a little. Don't forget it was at an all time high of $266 just a few months ago.

Just hang in there. It will recover and far surpass the $1100 you paid.

Be sad, sure, that's natural, but advice to anyone thinking of getting out because the price has dropped 20% from ATH ..... don't, you'll regret it big-time within 2 months.

They always ignore topics of great concern in the media, nothing new there, nothing bitcoin can really do about that either short term.
It also really depends on what you want Bitcoin to be, were the money of the future is to broad for me. I see it more as the transition currency, just enough tricks in its bag to keep government happy enough to not enforce it to be changed. (they can trace all the money, however they don't control it) And since this is a crypto currency, its going to be real easy to trade for other crypto currencies. Meaning the currency where they can't even trace your money anymore, can be right around the corner. However, if it pops up before we got the government hooked on bitcoin... it might turn badly. The moment governments are hooked, we'll reach the point of no return. (were they can't really go back to fiat anymore, as no-one would accept it) Then you can spawn a full anonymous currency, and there will be nothing they can do to stop it. So bitcoin is very important.

All the other elements of survival you would need anyway :) As far as money goes, its smart to diversify. If the end of the world hits, and you happen to meet a nerd in a bunker, you'll be happy you brought bitcoins and not just only gold :)

I'm intrigued - what are two nerds going to do with their bitcoins in a bunker, play bitcoin chess? :) I think I'd rather have a tin of beans stockpiled (unfortunate for everyone else) than bitcoins. Bitcoins would stop working anyway because the Interweb would be down  ;)

And that feeling is normal.
We make some wonderful systems , we manage to create Utopia on paper , but when is comes to actually building it we fuck it up real good.

If ever Bitcoin will fail  , the stupidity of humans will be the major factor. And we're the top race on the stupidity chain on this planet.

Nah, when you understand how Bitcoin works it's natural to have a rollercoaster ride in the early stages, but that will smooth out eventually.

More greed and wish to retain power than stupidity ..... but I guess greed and powermongering are forms of stupidity in themselves.