Bitcoin Forum

We are past mid year and so far, this has been the worst year in Bitcoin in terms of price valuation.

maybe the next half of the year will be more fun.

interested maybe end of this year will be grow amazing . i believe bitcoin can touch more than $5000 per btc . someday . when many country in europe . asian . and anywhere legalize bitcoin will be amazing :)
and maybe some altcoin will be like bitcoin later . interested to follow cryptocurrency world . and look millionare in crypto .  ;D

Patience :)

And year-over-year performance with January 1st as a base date is rather arbitrary.

Stills there are more than 5 months to go!, a rally or any movement can be originated in weeks.. so we have enough time still.

The mania phase of a bubble needs new bagholders, a lot of them, and there are none to be seen yet.
OTOH: http://www.coindesk.com/perianne-boring-regulators-will-decide-bitcoins-fate-within-18-months/

A few excerpts:
There’s nobody else in DC that cares about bitcoin, bitcoin has a terrible reputation, people are scared to touch it, nobody wants to be involved with it, and a lot of it is a lack of understanding.
If I worked on the Hill and Western Union had come to me and said, ‘Bitcoin is terrible and we need to ban it’, and we needed to contact bitcoin to get their side of the story, who would I call?

Bitcoin has always risen over a 12 month period. If we reach November/December and are still hanging around this level, I would say that bitcoin is doomed to fail and we'd all be wise to rethink our positons. It wouldn't be the first or last time that a great idea failed to achieve mainstream acceptance.

The likelihood of that happening is still small, IMO, and we're currently consolidating for the new ATH, which should begin any day now...

No Bitcoin does not need bag holders. It isn't a god damn ponzi scheme. Just wait.

loosely speaking, may - november 2013 was also relatively flat, hovering at around $120, then with the closing of the Silk Road & the hearings, the upswing began.

In my view the longer it holds steady the better.

However, I also think it was much "easier" for people to enter bitcoin when the price was $100, although it is less complex to enter now.

$620 (not during a manic run up) may make people think again. Kids, college students etc can probably rustle up $100 to get in the ecosystem but $620?

Ok, I'm going to reword your story to show the stupidity.

"I think it's easier for people when the price was 10 cents per mBTC. I mean 62 cents is a bit expensive with kids or with collage to pay."

what about:

"I think it's easier for people when the price was $0.00001 per Satoshi. I mean $0.000062 is a bit expensive with kids or with collage to pay."

:)

The thing with BTC is that things can turn around in a matter of minutes and we could be at an ATH in days.  Not saying it is happening tomorrow, but 5 months is an eternity in the world of cryptos.

It's not stupid, it's actually how people think, I think he was illustrating the point. Failing to understand how the average person think is also stupid by itself.

Here an example that was on Reddit's TIL today:

TIL A&W introduced a burger that was bigger and less expensive than McDonald's Quarter Pounder, but it failed because customers assumed 1/3 was less than 1/4.
link: http://jamesjchoi.blogspot.com.br/2014/07/why-third-pounder-hamburger-failed.html

So no matter how you reword it, people will still think that $620 is too expensive and they would buy it if it was $10 or something.

That's why I think the best option would be to shift the decimal point in BTC or else Bitcoin could become another 1/3 burger

Exactly. The unit bias issue is a real issue. Because you and I are smart enough to understand it, doesn't mean the average person is, or even fairly well educated people who just don't know a lot about bitcoin. Services like Coinbase, blockchain.info, Bitstamp, etc. need to start showing prices in mBTC. Bitcoinity started doing so about 6 months ago, and I believe Coinbase has an option to display in mBTC, but it needs to be default.

Why is everyone so optimistic about bitcoin when more and more country is banning it.

Because more and more countries are banning it. Anti-fragile anyone? ;)

I've wondered what would be the effect if a bunch of big players in the industry got together and made a big announcement that "Because of bitcoin's many spectacular successes over the past several years, bitcoin is going to do a 1 : 1000 split with one bitcoin divided into 1000 units that industry leaders will call Dorians. At the current price of $620 per bitcoin, the new Dorians can be obtained for only $0.62." Then go on to explain that people are already anticipating another 1:1000 split in 3 years or so, with various names being considered ...

Price stability is good.

If you are expecting to get rich holding bitcoin from this level, you may have better luck buying lottery ticket.

The odds of winning a lottery say otherwise.

Haha Dorians. That would be funny. Bitcoin doesn't need to do a split. The units would just be displayed in mBTC instead of BTC as a default and could be adjusted to display in BTC if the user prefers. Just like the QT client. I have mine set to mBTC.

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin).  The transition will probably happen slowly but surely.

It may seem like we're nearing the end but we stillllll have a while to go. Bitcoin is unpredictable and when it jumps up it most likely won't be gradual. You'd be surprised. :p

This makes no difference.. it's not about allowing the user to change denomination  in the client... it's about what is the default denomination and even more important, what is the default in spoken language, like it doesn't matter what is the default in the wallet if on TV they speak 1BTC = 600USD

Big players are now involved in BTC price. So in near future they can even make price of btc drops if that in there interest off course this can also boom price up skyrocket. This will probably happen but seem like before September this year nothing will. Most of people are using this month and next for vocations so when they come back we will see.

I hope that price will go over 1k like last year in November if you all remember something similar was last year. but if price jump last last time 5-6 time calculate how much will be price over 3k for sure.

That is the way to success. 620 USD for 1 Bitcoin is a lot. The simple use of bits as unit makes the whole thing a lot more handy -- what about this: "need 500 bits to buy quickly a news article worth 30 cent". Nobody would think about buying 10000 bits for 6 USD to choose lots of newspaper articles to read.

On a tangent, and regardless of the terminology used to nominate Bitcoin, what happens if world governments finally hold their hands up and say "you know we said we were solving the financial crisis, well I'm afraid we can't and things are still sliding out of control."

Then bitcoin's gonna seem like a smart investment, whatever its going rate.

People is as scared to touch Bitcoin as they are to miss on the boat. They all know on the back of their mind that this is disruptive technology that could end with people fucking us around with insane taxes.

People seem to be forgetting that 2012 was also another very boring year for Bitcoin price-wise. There were no spikes during that year, and the price only gradually rose from $7 in early January to $13 by the end of December.


Wow. Perhaps the price made them think it was smaller or something. Otherwise, I'm surprised. I thought people were supposed to be smarter than this.

Stamp figures for 2012 were $4.9 on the 1st Jan and $13.17 on the 31st. Ths year was $745 on the 1st Jan so to equal 2012 we would need a year-end figure of $2,002 or 2k in round terms.

Yes I was surprised. And my opinion of the overall population isn't too high as it is ....

There is no default.  Bitcoin is not a centrally managed stock where a split can occur overnight and everyone has to switch.  Coinbase could make their client bits by default but that doesn't mean other people or services have to do the same.  Industry standard will likely slowly transition to bits but is not required.  It is a choice.

Technically yes, there is no default.

But in real life, there is a kind of consensus that BTC is equal to 100,000,000 satoshis right? Isn't this the default? It's the default in most software and also in spoken language.

Exactly, but Coinbase's 100 satoshis = 1 bit is not yet really a general concensus default, but it makes sense and it will make even more sense if prices rise.

No of course not Year 2015 will be much worser. If that is the word.

The word is worse and yes it might be worse for people that don't own Bitcoin (or worse: short them  :o)

This may be a repetition of history, when bitcoin crashed hard the first time all the people said the party was finished but we are still here, only 600 times higher.

It's been a long bear market. Hoping this turns soon.... :'(

We don't depend on a single person, city, country or continent.

There is a new ban? ???

I feel like its a pause, since the community is slowly cleaning up esp. Mt. Gox being gone, and the community correcting itself. 

Seconded. Gox wiped a lot of big players and it often slips minds at present. It's going to take plenty of time for the dust to settle and we still don't know any details about what really happened.

I don't think 2014 will set the world on fire in terms of price. As for what's been and being laid down for the future, you would've been laughed off the internet had most of it been suggested a couple of years ago. The future beyond this year is looking epic.

I still see scams and shady businesses everywhere I look.

2014 isn't finished yet, it may be the best year for bitcoin instead of the worst, just wait and hold your precious coins.

Bitcoin itself wins generally since we do run on a fiat system. So I`m with you on the future etc.

Which also reminds me why I`m invest in this coin 1st place.

People still act like 2008`s crisis was something small w. the banking world which we all rely on.

Ha, ha, no way.  The run up at the end of 2013 clearly got everyone spoiled to the fun of straight line advances.  A year ago bitcoin was still under 100 USD and 250 USD was the peak everyone was sad about missing out on.  2014 may not see us hit a new high, but it is far from the worst year ever!

Well, if we are talking about % and not absolute gains, the picture may not be so dandy.

even if we get a bull-run towards $1,500, the gains would be the worst ever.. at least year-to-year. at least in terms of price.

but so far we've seen a lot of stability and merchant adoption rate.

Exactly.  I'm totally happy if bitcoin valuation takes it slow and we see it more and more used a currency.  Let it gain ground as a medium of exchange.  I personally find the huge bull runs scary because I'm worried about the collapse that happens when the dumping starts.

I honestly wish I could pay more of my bills in bitcoins and get more of my income in bitcoins.  I'd like to see more movement of bitcoins between parties involved in economic exchange, not just currency trading and whatnot.

Hopefully the stability and adoption will provide a platform for future increases, even if they're smaller.  Stability leads to trust, and bitcoin needs more trust....or an ETF. :)

Good idea. I hope they do it.

if you hold throughout the bull-run, then what is there to worry about? everytime we have a meteoric bull run, it ends up higher than where it started (at least in the past few years). if you ended up selling during a bull run, there's a good chance you can buy back at a lower price.

I don't know if you guys are right about this.  I mean you can already set your wallet to display your amount in some relevant units.  If, for example, many many places accepted btc, they would at this point, probably show their prices on their products/menus in mBTC.  And that would be fine. I mean, just think about the opposite, when you go to Korea you pay in 1000s of units.  This is fine, people easily abbreviate it as necessary.

Even in percentage terms bitcoin is up huge from where it was a year ago.  The problem is confusing Nov & Dec of 2013 (which were AWESOME!!!!) with all of 2013.  Yes bitcoin is down from January 2014, but if you look at the average price over the year, so far it is way higher than last year.

Not saying the picture is dandy, but hardly the worst ever.  Now we go back to under 100 USD, now you are talking a bad situation.

I don't think splitting bitcoin into a bunch of smaller units will help, but it might address the whole what do we call subunits of bitcoin (https://bitcointalk.org/index.php?topic=674323.0)  problem.