Bitcoin Forum

I finally had the thought today that in my opinion I don't think bitcoin can or will survive. Every day I hear news about exchanges being hacked, sites being taken down, coin being stolen on a daily basis day in and day out. Then Flexcoin shutdown right after Mt.Gox melt down. It almost makes our US banking industry look good. When do you have US banks getting hacked then closing down the next day? Then in that same day you'll most likely never see your bitcoin again, never to cash out on them. These aren't little players here, these are big players in the game....making huge waves. When ALL the news coming from the bitcoin industry is negative, where ever you read I just don't see how it could ever bounce back from where it once was.

When I got into bitcoin all I heard how safe it was, the encryption protects it, blah blah blah. It doesn't matter. Encryption or not, this crypto currency is more prone to being stolen then anything. I can't scour the forums all day, but when I do have the time to read, so many times I hear about coin being stolen from accounts, exchanges not paying people, etc, it just doesn't end.

I really do hate out US banking industries, but I also never had $1 stolen from me or worry about it. And money these days aren't really "money". They're just bits and bytes on a computer somewhere. I barely handle money itself anymore so it almost seems just like bitcoin to begin with, but without all the hacks and banks melting away all the time.

Soon as an exchange gets enough bitcoin you just are bound to hear soon it will be hacked or taken down for some reason. It's basically a way for the site operator(s) to scam people. We've seen it all too often here and it doesn't look like it will ever stop. Why? Because there are no consequences for anyone's actions. Steal as many bitcoin as you want, may get a slap on the wrist.

Even on the dark net, the ultimate drug selling site was so called "hacked" too, losing all their bitcoin that was in escrow. Everyone lost their coin. So here we have it. Legit or legal bitcoin related sites being hacked on a daily basis, being taken down on a daily basis and just leaving the trusting bitcoin community not what to think. I know there will be those die hard bitcoiner's out there that will defend bitcoin until they die, but if you just open your eyes a little bit and see what's going on it doesn't look good.

Apparently the bitcoin industry attracts the scum of the earth and unfortunately that's the way it will be viewed for years to come. The only people investing into the bitcoin community right now are only here to make massive amounts of money for themselves. Thery're not here to support the community or be part of something. It will only be a matter of time we'll see another news article or report on another exchange (any left?) going down or a large mass of coins being stolen again. Yep, bitcoin is in BETA and I think should basically stay that way.

If you've lost money through gox or another exchange I'm sorry for you.

I'll give you a real world example of how you can equally lose your cash without bitcoin. If you had money with Lehman Brothers you'd be facing a similar situation as the gox users.
You need to differentiate between exchanges and bitcoin itself. If you have paper wallets for the bulk of your bitcoin and only a little in your own "hot wallet" then it is very unlikely that
anyone could steal all your coins. On the other hand if you left everything you have with a single company you are effectively trusting them to do the right thing.

Now with gox a lot of trust was already destroyed before it closed down. Trusting a company based in Japan run by a person such as mr. Karpeles with all your money is, mildly put, insane
[edit] there is absolutely nothing wrong with japan, it reads as if that was a problem. What I meant is that the company is located in a foreign country so you most likely would have problems if a legal battle were ever to ensue

I have permabearish thoughts about bitcoin sometimes, but they're not about the exchanges like you described. They're about a bitcoin being a beta software which will eventually become obselete, outclassed, or broken. A quantum computer or a genious mathematician might break EC, etc.

I wouldn't worry too much about ECDSA being broken. If that happens in a reliable and fast way bitcoin is probably the least of your worries.
You could always introduce a protocol update that supports even stronger encryption aswell. All you'd need to do is transfer the coins from old addresses to new ones.
If all cryptography becomes useless well then goodbye freedom, hello Orwellian state.

Cool. Sell me your cheap coins?

And screw your quantum computers. Screw them right up your ass TERA. A matter replicator would make bitcoin obsolete too.

you are going through a faith test faze, it is totally normal, you may top believing in bitcoin and move on, I saw many people coming in and going out the past year and half, everyone has a price....

but to say you no banks fails and big companies fails and no money is stolen from people in the old fashion system is totaly ignorant, you have no idea how things works, many big companies and banks get bailed out before failing just because the damage they will cause is huge, but the thing that people they dont know is the long term damage the cause by bailing them out is even bigger to the economy and it effects all people indirectly, it effects you in a way but you just dont feel it because it takes years, but when you the shit hits the fan you cant do nothing about it.

it is like cancer, it will cause slow death and slow you abilities you will suffer a long time before death but you live with it, compared to a car accident where you can lose you life instantly.


I've tested my faith many times, I've tested my faith at $20 when the price doubled and I said no chance it will go higher, did it again at 50, did it again at 100, did it again at 200...... but I overcome all my concers

Can you explain the process by which all the coins would be transferred from old addresses to new addresses with the new encryption algorithm? Who is doing the transfer, and how did they get the private keys? After that, how do you go about distributing new public and private keys to each and every bitcoin user?

You introduce a new address format accepted by the protocol next to the old one. Anyone wishing to obtain the stronger encryption sends their own bitcoin to such a new address
Those that don't move their coins risk being attacked. We could then argue what will happen to those coins that are now lost but then become available through brute forcing.
In a sense it would be like mining bitcoins.

[edit] think of how you are now using change addresses. all that really is required is that the protocol accepts such a stronger address as a valid output

It would not be like mining bitcoins because the difficulty would not increase. When the hackers get efficient enough at decrypting or brute forcing the address, all the coins will start to be compromised at once. They will be free bitcoins, instantly forfeited by anyone who did not switch over. If enough people did not switch, the supply side will be thrown into chaos.  Think about the 1,000,000 coins that haven't been touched in years. Think about all the presently lost coins.

You don't keep any money in a bank, do you tera? It's gotta be all paper, right? After all, anything you can't hold in your hand is at risk of hacking from hackers.

Bank transactions are reversible. If anything every goes wrong I will have human beings to speak with, resolving the situation and even hunting down the thief. It's likely that the bank itself would be legally liable for the losses, and not me. Also you can create bank accounts with restrictions and limits on the amount of and way funds can be transferred. Nobody would be able to just instantly transfer my entire account balance to some other account, even if they had access.

I think certainly in recent times, Joe Public's view of Bitcoin or any other crypto currency comes with a high risk of being burned by some bunch of shady bastard's and they aint going to come running into Bitocin with all their worthless fiat anytime soon. It doesn't help that all the exchanges are probably ranging between a bit shady (at best) right through to down right rip-off price fixing ponzi scheme running bastards (at worst). Bitcoin's meteoric rise, was probably largely to do with Karpeles ramping up the price with his fractional reserve Goxcoins and Goxbucks in order that he could leach of real BTC/real USD at the top of the market to cover his hacker losses and then some.

Gives pause for thought. The whole Bitcoin market and price discovery for the majority of its time has been based upon fraud. Not unlike the real financial world then, but at least that has got governments supporting it for when it goes tits up. Their aint gonna be another mad rush from the public to get into Bitcoin for some time. For Bitcoin to take the sort of jump that all Bitcoiners are rooting for, it will take an economic crisis, such as the one which was narrowly averted early this week in Ukraine when the EU announced $15B Aid. The day before that announcement, was the day of the mad price insensitive Bitcoin pile-in with probably much more capital heading in Bitcoin's direction.

Sounds pretty bad doesn't it? For Bitcoin's value to explode, which is something we all want to happen to satisfy our own greed, we need war, economic break-down, and human misery. Until then, it's bot trading on the exchanges keeping the price as buoyant as they can until the next X-Factor comes along.

Edit: Those individuals that drove the price up with their 3K buy-in walls. Anyone think that they might have cashed out yet? (they can't have, otherwise we would know all about it). Are they gonna cash out, and if so, will they do so as recklessly as they bought in?

Doesn't matter. If all banks and all governments get hacked there won't be anyone to bail you out. Id invest in gold and a bunker right away if I were you.

We are talking about the longevity of bitcoin itself here; not me and my personal savings. Banks are likely to last much longer than bitcoin, from a technological perspective. This is because when the encryption methods used by banks are broken, or come under threat of being broken, the banks will most likely be able to instantly upgrade to new protocols and continue to operate as if nothing happened, with no difference even noticed by the user. For bitcoin, on the other hand, it may be impossible to do such an upgrade or complete a transition in time and bitcoin will fail.

We are talking about hackers. Anything can be hacked. Clearly, you should get out now while you still can.

The topic is "doubts about bitcoin".

Also this is not about "hackers" - it is about an encryption algorithm becoming obsolete. Bitcoin is a technology set a fixed point in time at the time of its creation - meanwhile the rest of technology continues to grow exponentially around it. Bitcoin may not be able to respond to the exponential growing technology in time to preserve itself, while banks will.

So, does this come under the bracket: "signs of impending capitulation"?

USA is very Orwellian in many ways already. There are a few bright spots like the pot freedom in CO, but that is not enough.

Surprised? This is the way Bitcoin was designed from the get-go: as a store of value (i.e. for hoarders, for greedy egomaniacal individualists) rather than as a medium of exchange. In order to function primarily as a medium of exchange it would have to have a demurrage fee attached so that the more you keep your coins unused in your account, the more value they lose (see the Freicoin concept). But no, it's not designed to maximize trade and productive activities, it's designed to maximize hoarding and therefore it primarily attracts greedy people.

You describe a need for security which the market is going to meet.
Consider blockchain.info, only the user has access to the private keys, they literally cannot run with the money...brilliant.
Why don't they open an exchange?

Since bitcoin is about to become obsolete, possible right before I click the post button, you should get out before you get hacked.

http://glcbitcoin.com/2014/03/04/zeroblock-acquires-real-time-bitcoin-trading-platform-rtbtc

Bitcoin bounced back in late 2011.  Sentiment was much more negative then that it is now.

I love how people keep spreading FUD about how Bitcoin is based on an outdated protocol... when it is open source, and the core developers keep adding to it and improving it every single day.

Kinda like saying Linux is based on an outdated version of UNIX.   ::)

I'm starting to lose faith too, so I do hope this is a capitulation type situation.  The simple fact that for many potential users it is harder not easier to get into bitcoin than before.  The professionalization of mining and difficulties of converting fiat shuts out many potential new users.  I agree that the nature of bitcoin, for good or ill, brings out the incessant hacking we're seeing.  At least the non technical frauds, e.g. Pirateat40, seem to be on the decline.

just wait and hope theres a better security for bitcoin being develop as of now. till then invest safe, small, and only what you can afford to lose.
i believe theres an upside in the rampant hacking of bitcoins, and thats an improving growing bitcoin(hopeful)  ;D

I agree with others that bitcoins biggest problem is user security of their coins and how hackers/scammers have stolen a significant amount of bitcoins in circulation. Now that does not mean the coins are gone forever but the amount stolen is huge. Just imagine adding up all the coins stolen and scammed from that big thread at this forum and it is shocking. The pace keeps increasing too.

As a long-term believer in change I have to ride the tech wave and hope that problems will be solved by smart people working together, 1000 brains ( I hope to be one of those people) working together across the world is better than 100 brains in a company working together.

As a speculator it is great working with crypto because I come from a field where you have NO CLUE about demand (equities/forex) and about supply, since it is always changing and there is no central place to check for this... you can't place a price target accurately unless you start reading about astrology and fortelling events before they happen :)

So with bitcoin all I know is, you don't need faith, you need to do a tiny bit of grade-school math to know that we are deeply undervalued.. and you can extend this to find value in certain alt's that present a great investment opportunity until they do not. You make money until you can't... as a speculator I'm interesting in increasing my fiat balance, but as a long-term believer I'm interested in stacking up my bitcoin balance so one day I won't have to even go back to fait....

I have these two mind-sets... and they should offer seperation of concerns.

Finally remember we are early-adopters.. so if it does pan out... you will be rewarded beyond your wildest dreams... just takes patience and sticking to the plan. If the math fails you stand aside.. that helps to know when to get out. As of this moment bitcoin is a screaming buy... wish I had more fiat @ $400.

It's a good thing the media doesn't report everytime dollars are stolen from somewhere, or there would be nothing else in the news.


US banks are not held accountable for this. They are insured, bought and bailed out, and have the option of capital controls.



Ever deposited money into a bank? If yes, you've had money stolen. They can legally lend your money to the next guy who walks into the door, or spend it speculatively. All banks are insolvent, but because that's okay for banks, they won't be required to close their doors like Gox was for being in the same position. Not to sound like I'm sticking up for Gox, I thought it was a heap of crap, bitcoin was made to avoid that scenario altogether. But consider that the BEST bank is basically the equivalent of the worst bitcoin exchange, in terms of business models, and you'll see why there are still advocates for bitcoin.


Yeah, well, like every bitcoiner will tell you, people will keep losing their coins until they learn to stop giving them to strangers on the internet to hold onto. Bitcoin was designed for YOU to hold YOUR OWN money. Take advantage of that feature.

This will continue forever, and has nothing to do with bitcoin. For as long as there are people willing to leave money places and with people they don't know, there will be people willing to be those people you don't know. Stop feeding them. It's not like you can give all your cash to homeless dudes and hope to get it back someday either.



People giving money to strangers in exchange for a promise has been around since money was invented. This is not unique to bitcoin. There is no money that can stop you from giving it to unsavory dudes who want money, except HODL coin, which cannot be transferred under any circumstances.

This is not true.  Inflation steals 2% of your savings every year.  And that's only if it's kept at 2%.

Your money was stolen to bail out Wall Street banks.  It will be paid to them via taxes and/or inflation. 

The average debt per American is $55K.  How do you think it will be paid?  It will be stolen.

This is one big reason I like Bitcoin.  I don't want to have my money stolen by the govt.  Therefore I take my chances with Bitcoin.  I've had Bitcon stolen too, but I've had more fiat stolen in the ways I described above.  Most of my coins are in cold storage now.

If you don't buy this argument, that's perfectly understandable.  Perhaps it's not for you.

I agree that it's dangerous to hold deposit Bitcoin with trusted third parties.  But it was never designed for that.  And our tools for using/holding Bitcoin are growing stronger every day.  It's an ecosystem in evolution.

I have all my bitcoin saved in storage myself with just one paper backup I only have access to. I just can only wish things would get better. If you are in your 40's and think your bitcoin hoard is going to help you later on in life I wouldn't count on it. Just for bitcoin to get out of the BETA stage could take 15+ years. By the time bitcoin is viable for you to use, you'll be long dead. If you are hoarding for your kids, then that may work out a little better. But not someone from this era. Ancient Rome started with money and it took hundreds of years for that really to catch on. Given the perspective, bitcoin is just a little dot on the time line here. I would just like to see more positive news out there on the bitcoin industry. God only knows what is making it hold in the $600's? I was sure it would drop all the way to $100 or less again.

Ancient Romans weren't online. The internet is a time compression machine. If bitcoin hasn't gone mainstream in 15 years time, then either the project has failed, or another coin has succeeded.

in any sensible protocol update it would not be LIKE mining, it would BE mining. any coins which did not make the Exodus cut off would be immediately made available to miners.

Clearly you should not attempt to make a living making predictions.

God told me that it was demand which was holding it up. Demand from people who want to use it unique properties, build businesses on it, discount future value, preserve value, transact freely,  avoid thieves, transmit funds, publish transactions, etc.

I actually do agree with the OP to some extent.I did lose some coins during this gox fiasco and have taken a pause from BTC to reflect on the loss.The bitcoin exchanges have become a major problem in the last few years and users interested in BTC have become the scapegoat of those losses .BTC exchanges,money and greed I don't think were ever the intent of BTC,but slowly and surely it has matured alongside.1/2 billion dollars is a lot to lose and for MT Gox (http://www.coinsight.org/mtgox.html) to get away with.

I was thinking perhaps it is time for BTC to not be so anonymous anymore,but each coin is imprinted with biometric identifiers so even if stolen they would be marked.

No. Take better care of your money.

   What really makes bitcoin is still the bitcoin believers- if everyone panicked in every down cycle, bitcoin would have long been dead. The bitcoin believers are people who have enough of an understanding of the present financial systems and the issues with it, and enough knowledge of the functioning of bitcoin to realize what the potential impact is. The bigger that community is, the bigger the price will be.

  If you consider the percentage of the population who has a) access to enough technology b) the capacity to understand bitcoin's potential and c) money, it is clear that a and b can continually increase, resulting in more demand for bitcoin. While some people may get bitcoin in two days, it may take some people two months. For others it may take two years. Some people are more cautious- but no one wants to miss the boat.

   Sure, there is a lot of bad press- a lot of it from people who are upset that they missed the boat already and want to see bitcoin fail so they can say "I told you so!".

   Bitcoin represents a return of the issuing power of currency to the people- well, the people who can afford the mining hardware. What this effectively means is that a great deal of the wealth of the planet will be shifting from the hands of the older generation into the hands of a younger, more forward thinking group of people.

     This renewal is just part of nature- in forests, more and more branches will fall on the ground and decay, and as the bigger trees soak up all of the light, the underbrush doesn't have a chance to grow. The biodiversity of the forest, and the vitality, decrease. Finally, so much fuel piles up that the risk of fire becomes greater and greater. The forest will inevitably burn, and then all kinds of new plants will take root and blossom. Then these plants will grow up and the process repeats.

    A fire started in the last financial crisis, but the technology to suppress the fire was a little more advanced than it was in the great depression- this enabled containing the fire for a while. The fact is though, there is a whole lot of dry fuel for fire piled up, and eventually there is going to be a lighting strike or some teenagers playing with bottle rockets after an extended drought and....


    The remedy for doubt is to increase knowledge. Study the global financial system and world politics, and consider how is bitcoin going to affect this? Internet literacy continues to increase, there is a need for more efficient remissions and payment systems. Think about cany crush- they are making millions with 1 dollar credit card payments.

  As for personal responsibility, yeah there are always people who don't want to take responsibility, who want somebody else to take responsibility for them. The future belongs to the bold. If you are afraid to take risks, just sell your coins and become what I have heard called on this forum one of the "weak hands." Maybe you can get a cool job someday working for a bitcoin entrepreneur who decides to invest their fortune in community development or creating new kinds of housing developments to help people adapt to globalization and icnreasing commodity prices- because not all bitcoin investors are greedy and just in it for the money, although the greedy people help to prop up the price.

     The more people we have who believe in bitcoin and are committed to the movement, the higher the prices we will be able to support. The irony is that this means holding and spending bitcoin no matter what happens. So in other words, by not caring if we get rich or not, we will get rich. Seek knowledge and your faith will increase. 

If you dont want to completely cash out but get out of the game then I think a good strategy would be to trade for a bunch of POS coins and just leave wallets open for a few years.

Very scary concept; I hope time will tell otherwise.

I also see some nasty parallels. That said, the United States has completely lost its moral compass and the world is a very scary and volatile place right now.

Here's a new approach to this thread:

A free-market fixed-supply commodity-based currency was first invented by Thomas Edison in the 1920s and became widely adopted. Since then, several different versions of this currency have been reinvented and implemented. However, none of these are here today. They have all been squashed by the fed, central banks, and governments.

Nah internet didnt exist

Building a quantum computer capable of reversing an ECDSA curve on the order of thousands of bits will make a huge disturbance in the force.  it will be very easy to change algorithms  before it becomes a problem. if such a computer were to be built before the algorithm could be changed but code was ready in advance, then Gavin could issue a broadcast to shutdown the network and all of the balances be transferred before the unique single computer could reverse the keys of the second wallet.

I really really really hope you are wrong !

Get a grip.

Although I wouldn't fancy living under his rule if it were not for Putin we would be 20 steps further along the road to WW3.

The US is pushing ultimately towards China. Under absolutely no circumstances, can they afford a war with Russia, but they do need to knock Russia into compliance before they can really start to bring the boot down on China, but Putin isn't having it and thank god that he isn't.

I love these threads. Time to buy.

We are at the start of a revolution and we are early adopters.. get on board or
get slaughtered!!!

The reason i switched from forex to bitcoin was because The charts already printed a self fueld crash that wont relent.. take a look at gbp usd or eur usd.. they all point to the same result.. I just didnt know how to play it.. the scum market makers wouldnt honor trades if they went bankrupt so I had to find a safer
hedge against collapse of fiat.. enter
bitcoin. It shrugs off bad news with upticks.. the power is growing with awareness of the inivitable collapse our current system which the banking cartels "sophisticated" monetary tools are supposed to help avoid and help prosper...

Infact we are not even growing any more in economic sense.. read
up on Chris Martensons ebook about our financial system and you will see the 3 Es are converging into one path of that of bitcoin as a light which guides us out of this mess.. Energy Economy  Environment are all coming to a head pressed by hard limits of a physical planet... Unless we can colonize mars soon we wont
sustain our current system much longer at the exponential rate of decay we experience today... I feel we are in the middle of the tornado.. the silence before all hell breaks loose. 2008 was just a hint or preview that change is on its way... shape up or slip out as my favourite game character would say.

This should make you feel better:

https://bitcointalk.org/index.php?topic=511018.0 (https://bitcointalk.org/index.php?topic=511018.0)

 :)

Relax, calm down. Bitcoin is not going anywhere. There will be safe exchanges in the future, bitcoin is safe to use when used properly. no need to worry. Just sit tight and HODL.

Wow.

And I think that is a huge problem. Gauging  bitcoin on how many wallets are opened on blockchain is the worst. Those wallets are all there just ready for someone to steal them. Anyone with an email address/computer can create a wallet on blockchain. They can create 10 wallets per day if they wanted to. And they could be 10 years old. That really doesn't mean anything. When so many people put all their eggs in the basket they subconsciously filter out all the negative news and downfalls bitcoin has. Their ears and eyes only read the positive content because if it fails, they'll fail and lose all their assets. That's when you become delusional. I've read in some threads some people losing thousands of dollars because of Mt.Gox meltdown and these people were still cheerful and happy about bitcoin. Once the delusion sets in, you need several years in a padded room to get your mind back.

Let's make a bet. I bet that bitcoin (even when you say the Internet compresses time) will stay in BETA for at least 6 more years. Hell, I don't think it will ever get out of BETA...but I can't do a bet on something that won't ever happen. Bitcoin is 5 years old. In computer years, that's quite old. I guess there are always those BETA FOREVER projects.

Please post a guide on how to steal ready to steal wallets.

Post a guide on how to steal bitcoins? You living under a rock or something? Read a little on the forums and you'll see plenty of thread about bitcoin being stolen from online accounts. I also never said I know how to do it. If you want to go steal other people's bitcoin then go find out yourself and earn it.

Online bitcoins are not your bitcoins. They belong to whoever you gave them to.

This.  All you own is a claim on a counterparty at that point.  In bitcoin, possession is 100% of the law.

Keep your private key secret.  If you do that, you are safe from thieves, period.
 

My bitcoins are all online. On my laptop. Yours if you hack them, go right ahead. I won't even ask for them back.

And please dont add ten empty lines to your posts, it just looks stupid.

Target got hacked and millions of users' data stolen, mostly including credit card information. Yet Target continues to be strong, and the credit card industry continues to be strong.

Bitcoin is certainly strong enough to withstand a few hackers.

OP: registered april 2012. still doesn't know how computer security or bitcoin works.

You may not have had $1 stolen from you, but what about the real purchasing power of each dollar?

That said, I agree with you that security is a HUGE concern for bitcoin.  Too many people are flippant about it just because they think their own stash is secure, but we have to remember that there are many, many decent people out there without the attention span or technical knowledge to take all the necessary precautions.

Ummm, Target isn't in BETA and neither is the credit card industry. When shit gets stolen from you, you actually get it back. Try getting your bitcoin back when it is stolen from you.

Anyone that leaves a bitcoin tip jar in their signature is gay and under the age of 22.

You're are kids, playing on the computer "thinking" you know what you are doing.

1. Over 90% of these wallets have been created in the last 12 months
2. Why would anybody bother to create 10 blockchain wallets? Each blockchain wallet allows for multiple addresses so multiple wallets serve no purpose.
3. Hacking a blockchain wallet with 2FA is almost impossible.
3. If you can think of a better measure of  btc adoption, do say .....

Creating hundreds of blockchain wallets to make it look like bitcoin users are signing up everyday. Using that tactic on impressionable people like yourself solidifies my thinking. Now you think bitcoin is more popular because lots of wallets have been created when it all could of been someone with a fancy script creating wallets to pump up the market. People have their purposes. Maybe it is a CEO of another exchange getting ready to steal everyone's bitcoin and he needs to spread all that bitcoin over a large amount of wallets.

They might be under 22, but your maturity is showing.

Maybe it's new people entering the market.

The number of active addresses is increasing at its highest rate ever.  Active meaning, addresses sending coins to other addresses in the past 24 hours.  Adoption is increasing, no matter what you may claim could hypothetically be happening.  Face it, you had your chance at 400 USD coins, and you didn't go all in.  Live with it.  Move on.

stay calm. bitcoin is a not just a technology. its no new iphone or a new social network or a security. its a revolution, it opposes hard structures of society.

and bitcoin just works fine as a currency, altcoins have become rich, and society is about to learn it. veeery slowly. strong wood to digg.

every person in my peers, about thierty and academics, dont even know bitcoin exist till i tell them, even the liberrarians. many are interested, no one buys, i dont persuade them ... politicians and businessmen and consumers dont know nothing about bitcoin at the moment.

you can buy book about every poops of existing thing, and not a single one about bitcoins. but the media is electrizised, cause bitcoin is exciting. science is also fascinated, cause bitcoin is complicated, business is interested cause bitcoin is money ... and so on


last year they had to realize, bitcoin exists and is no joke.
now they start to realize, how bitcoin works and what its good for

The primary thing that would make it fail is if the majority of bitcoin holders stop believing in it. Until then, bitcoin will continue to rise.

To quote:

"Buy when there's blood in the streets, even if the blood is your own."

This is contrarian investing at its heart - the strongly-held belief that the worse things seem in the market, the better the opportunities are for profit.
...as Warren Buffett warned, "You pay a very high price in the stock market for a cheery consensus." In other words, if everyone agrees with your investment decision, then it's probably not a good one.

Volume tells u all u need