Bitcoin Forum

I started to read more and more about Bitcoins to know more about it. Some says it is already failing and some says it is hitting high. Those who are experts in Bitcoin, what is the current truth?

Bitcoin has been relatively stable for the better part of 2014.  Remember the context of the word "stable" with respect to how new and volatile cryptos are.  Stability is good, adoption is happening...we have just entered the early adopters stage of the cycle.

In ten years we will look back at the price today and /facepalm...

No one can tell you what is going to happen do you know why??? ..Answer : Because Bitcoins and Crypto-world is always unexpectable .

Bitcoin is the start of something new and great. Great future with great possibilities. It has, however, some nasty enemies...
It sure gonna be an hell of a ride!!

If the question is whether it is currently failing I have to say absolutely not. More and more people are using it every day. The value compared to fiat is only one (small) indicator of its success.

If the question is whether it will fail in the future, who knows.

In my experience the people who say "Bitcoin is failing" or "Bitcoin is a fad" are not very well educated about how Bitcoin works. That doesn't mean they are wrong, but I'm going with the people that understand the technology, and they almost unanimously think it, or something like it, will change the world.

Always remember that BTC is an experiment so there's no such thing as failure.

Main stream media will tell what they want you to hear.
BTC dev's won't tell you that bitcoin is safe investment.
See the difference here?

Why do you think that the price of a bitcoin has be higher as now? seriously.

because its limited? because the difficulty rising? because bitcoins a block get reduced? that arguments is hard to hold seeing other blockchains popping up and the bitcoin is technology driven, which is getting better and better. I dont think its necessary to increase the price of a bitcoin as its a value of code. Whats the price of a calculated code? The hardware and and the electricity.

The only thing to believe, bitcoin will unfold 10x in value, if you see it as art. Can a code be art? Something you are staring at and its giving you a beautyfull feeling. Ehmmmmm.  Maybe for geeks, technofreaks, but even then its hard to believe human kind will change so dramaticly in 10 years.

i think its going to be cheaper to create a bitcoin on a blockchain and on the other hand when the demand is growing, then the price should stay stable. So lets go to the fuuutere

BTC dev's don't really have a clue about economics, nor do they have a vision for the future

Most dev's didn't even think we were gonna reach $1/bitcoin

Stable is already a good thing. Would also like to ask the current value of BTC?

For it to be used by a large chunk of people around the world on a regular basis the value has to be higher. If it wasn't then a few reasonably sized transactions would paralyse the market and it wouldn't be of practical use to anyone.

What are you reading? Is it about technical reasons that Bitcoin is failing or just price action?

According to what I have read. Failing because of security reasons, lots of hacked accounts that could cause some to leave BTC. That could also cause deflation.

That's always been the case. I'm sure it has caused people to leave it behind or not even begin in the first place. A lot of people are working on more secure solutions.

By hacked accounts, are you talking about actual bitcoin wallets or are you talking about some web service that is not bitcoin? - if so, how is that a failure of bitcoin?

"Some says it is already failing" that is why I want some confirmations here. I think they are talking about the actual Bitcoin wallets.

Bitcoin doesn't fail because the P2P and blockchain system still works as expected. The price justs falls.

"Some says it is already failing" is worth nothing without any quote or a link.

In the last couple of months the technical problems of some 1st generation BTC businesses has led to problems (first and foremost Mt.Gox), but that doesn't mean Bitcoin itself is a failure. It's digital cash and it can be stolen as easily as cash. If an online company doesn't take the necessary security measures seriously, well you know what can happen then.

Ultimately these cases lead to a loss of confidence which in turn lets the BTC price go down. However, the current downtrend is still normal market behaviour after a violent run-up like we had in November.

Don't forget the big increase in retailer adoption -- in the last six months a couple of large companies have added Bitcoin to their payment options, most prominently  Overstock.com in January, but more followed. For now this was overshadowed by the bear market, but in the long run it makes BTC increasingly useful for everyday payments which will eventually lead to further increases in BTC price.

Provide some links.

Scheme is not sustainable. It doesn't matter how high the price goes, once most of the Bitcoin supporters jump on the boat, the buying power will get lower. Since less and less people buying coins, those sellers will have to lower the price a lot to sell, eventually price will collapse. When collapsing happens, it should be very fast. A scheme will never get unlimited supporters, that's why it's not sustainable.

I think we have a sockpuppet.

Date Registered:   Today at 01:42:08 PM

 :) ;) :D ;D >:( :( :o 8) ??? ::) :P :-[ :-X :-\ :-* :'(

If you want experts you have definitely come to the wrong part of these forums

Yeah.

Seeing a lot of recently registered accounts that here just to tell everyone that Bitcoin is going down. I don't disagree with them but it does smack of some kind of focused effort to imbue the market with negativity in order to drive it down.

Not just on forums but most media articles on Bitcoin tend to be very negative also.

Perhaps there are forces at work that are actively seeking to push Bitcoin down. If this were the case, and there was institutional money behind the 'smear campaign' (covering press releases for negative media spin, paid internet reddit and forum trolls etc), then I don't suppose it would be wise to bet against these people. If there were any ring of truth to this theory, then the big question would be how low can Bitcoin be pushed down, how long can it be held down, and how many cold store Bitcoins can be emptied out of long term holders wallets and emptied into the koffers of big finance on the cheap?

As short/medium term bearish as I am, I believe that Bitcoin has a future in helping to trash an economy or two of some non-USD hegemony compliant nations and at some point in the future, $500 Bitcoin really will seem cheap. Although that isn't to say that between now and then, that Bitcoin won't be pushed towards the precipice of a seeming death plunge, because it could well be. Although I am reckoning that a reversal will come around somewhere in $200 range, I wouldn't rule anything out. Now that Bitcoin has gotten the heat and now that Western governments seem intent on allowing Bitcoin to live, albeit shakelled down with an ever increasing amount of chains, Big Finance is bound to be taking notice, is bound to be taking a stake, and is bound to use their power to push Bitcoin around however it suits them in order to take their positions at an advantageous price point and I wouldn't consider $400 for a line of code to be that great value.

I find it's really funny people keep dream about Big Finances jumping in, are they really stupid to believe a schema/scam?

Big finance will jump when it'll be worth it mean that the price of btc will need to reach the price of gold for good speculation.
It will be also needed that important retailers use bitcoin as a payment system such as Amazon, Wall Mart, ebay, Paypal, etc.

I believe that France will also make the price go up : Monoprix wants to implement Bitcoin payment till the end of 2014.
We are talking about thousand shops... with million customer each weeks...
http://bitcoinconf.ru/en/french-retail-chain-monoprix-accept-bitcoin-payments-year

believe it or not, mine or speculate, the bitcoin is on the way... devs just need to lower the fee (1 or 10 satoshi) to make it viable.

I have always equated Big Finance 'jumping in' with an ultra depressed Bitcoin market as they take control of the shares in the Bitcoin system on the cheap, or as cheap as they can feasibly get them. Bitcoin has proven it's uses. Western governments appear to allowing it to breath. BRICS nations not so keen. This along with a rather freaked out Dorian Nakamoto admitting involvement in Bitcoin, and then denying it whilst reminding the media of his signing of 'non-disclosure' contracts with Uncle Sam, tell me all I need to know about Bitcoin.

Bitcoin, or something like it, will be used to help sink the economies of nations who aren't playing ball with US foreign policy.

I remember people on tech forums denouncing Bitcoin as a 'scam' way back when it was just hitting $1. I believed in it's potential back then but for very different and more innocent reasons than I do now. Well that 'scam' went to over $1000 (no, I didn't become a millionaire but that is a different matter entirely). It may ultimately prove to be nothing but a big old scam but what will it do between now and then?

Bitcoin has proven uses and benefits. It has proven itself as a legitimate financial product. Why wouldn't Big Finance who dip their wick in every sort of speculative asset imaginable, not want to take a stake in Bitcoin?

Both Big Finance and Bitcoin are scheme/scam for sure, the only different is that Big Finances are sometimes able to get government support, Bitcoin is supported by bunch of what(college kids?)

Yes, and that's all it needs to survive.

But once those kids run out student loan, it'll collapse  ;D

for regular investors it's like ...

http://swerrv.files.wordpress.com/2010/11/scare-prank.gif

No, the average age of Bitcoiners is over 30 years.

What Bitcoin is supported by is a decentralized open-source network capable of over 60 petahashes per second, the most powerful computer entity in history.

As trolls go, you're pretty lame. Try again.

Why you reminds me I am 42 ? LoL

It's failing, but it is failing my way.

all that power and it's only capable of a limited amount of transfers per minute and has other scalability issues as well

why "it is failing", but hashrate and difficulty are still growing exponentially? And who are those "unknown" sources which take over 35% of total network calculation power?

Are credit cards "failing" because of Target?

True, but since "those kids" have hundreds of thousands of bitcoins, they never will...

I'm sure those MIT kids will be drowning in debt and unemployed after they graduate.  ::)

You know, it's too bad that the transaction limit can't be changed by changing a single static value in the code and getting 51% of people to agree...  Oh wait, it really is that simple.

when I wire with the banking system it takes 2/3 days and for some people it can cost up to 1$. wow, such speed; so cheap !

The price is dropping because:
- Early backers are leaving
- no new money coming in because basicly all news regarding bitcoin is bad currently

Furthermore there is a lack of interest in bitcoin for the general public. There has been a drop in volume for months already.
The volume of bitcoin is about 4 times the volume of litecoin, but it's price is 43 times higher, so something is seriously wrong there.

I found the volume, or lack of it, can be a good indicator for the future price of coins. I watched it happen to enough "promosing" upcomming altcoins, when the volume started to drop the price would follow.

Sudden rise in volume usually means an upcomming pump or dump. Or a pump followed by a dump.

Here are some links I just found online;
http://dealbook.nytimes.com/2013/11/27/a-prediction-bitcoin-is-doomed-to-fail/?_php=true&_type=blogs&_r=0

http://techcrunch.com/2014/03/04/fools-and-their-bitcoin/