Bitcoin Forum

Observing for these months, my strongest feeling is that Bitcoin is fading away with no material object backup. Apart from the geeks, ordinary people who first know about Bitcoin always say "this matter is vague and insubstantial".

Geeks have confidence in crypto-algorithms but ordinary people don't.

So linking Bitcoin to gold may be a good idea.

The main feature of bitcoin is being decentralized, turning it into e-gold would be killing it.

No, it's actually gaining traction. But could you explain, how you would 'link' Bitcoin to Gold without making it centralized?
edit: centralized, of course

Yes, things are getting slower, even in this forum and in the exchanges, with lower volumes.

But there are things happening, like the Dell stuff, and things take some time to gain critical mass and boom, so I would wait some months before call for bitcoin fading away.

August usually is a slow month, anyway, by september/november more things happens.

yep, sept/oct is a boum usually (in crash system, boooouuum  ;D it's gone, the FIAT system !)

I think it feels a bit that way because the price has not been doing anything spectacular. Also, people who were maybe thinking about Bitcoin are just getting lazy again and rationalizing to themselves how their money is safe in the bank. We just need some news of bank bail-outs, bail-ins, or some other trigger and it'll wake people up to Bitcoin again.  :)

Bit coin is on a downward trend and has been for the last 8 months. We will be lucky to the heady heights of November 2013 again.

material backing.. formally known as tangiable or intrinsic are 'hype' words of the commodities market.

i am truly sorry that you are only versed in the commodities market. but WE bitcoiners are in the ASSET market.

digital property such as music, intellectual property, art, movies. have no 'physical' backing. but all hold value. these are all assets.

i wil now leave you to learn the differences of assets and commodities

have a nice day

People en masse need educating and incentivising to give it proper consideration. Serious heavyweights are coming on board who will push exactly that.

I don't think there'll be any amazing action until more evidence of that approach emerges. This is an under the radar phase.

I notice that the people complaining about Bitcoin "fading" have only been registered through the latest boom-and-bust cycle.  Having been through 3 of these, this lull after the hype is pretty much standard.  That said, I don't expect anything huge to happen until late 2015/2016 when the next block halving happens.  Right now, bitcoin inflation is around 10%, which is huge for any currency.  Keeping prices level at this point is somewhat surprising, especially considering that loads of bitcoin are currently being exchanged for fiat through huge mining enterprises and major retailers accepting bitcoin.

No, and you should be ashamed of yourself. This is wrong on so many levels. Please go and do your homework.

It's always geeks aka intelligent people with their fingers on the pulse of new technology that have confidence in new and pioneering things. See: The Internet.

bitcoin is not fading away. its just those moaning were hoping for a 2000% rise in 3 months. and now their getting bored waiting.. these people are not bitcoiners, they are fiat lovers waiting to get back to fiat.

they are not researching that the tax offices of multiple countries is declaring bitcoins a legal asset
they are not researching that US government has said its like gold
they are not researching that multiple international companies are accepting bitcoin
they are not researching that hundreds of thousands of smaller businesses are accepting bitcoin
they are not researching ......... the list goes on and on

they are just peeing their pants that bitcoin has dropped this month 10%.. yet from march onwards it has risen 50%..
now i see why the FIAT market asks its market traders to sit an exam (http://www.sec.gov/answers/series7.htm). because sometimes proving you know something actually helps you use it properly.

I'm going to have to say no it's not.

There has been big news recently, such as with Dell accepting Bitcoin as well as the Bitlicenses.

Yeah, it's faded away from the mainstream media, and that's because the news is encouraging people to use Bitcoin as opposed to discouraging them, as they thought it would at first. So Bitcoin will be very hush-hush on the news from now on, unless something monumental happens.

Yes bitcoin is gaining traction.. That's why the price keeps crashing like a burning airplane without wings or engine...

keeps crashing?

ok its july now
july 2009 - $0.002
july 2010 - $0.08
july 2011 - $6
july 2012 - $6
july 2013 - $120
july 2014 - $590

will th fiat lovers please stop watching the prices every 10 minutes and stop treating every movement as a need to scream and bitch on the forums..

have patience!!

Oh really ? Bitcoin does not need to be baked by the yellow metal. It is backed by a strong community that is growing every day. And FIAT exchange rate of bitcoin has nothing to do with bitcoin's true value. That is just an index for traders. :)

I don't think this is true. We are just recovering from the last bubble.

Bitcoin is hardly fading ...

More and more companies are accepting Bitcoin. The main problem is that existing Bitcoiners are HOARDING and mainstream adoption by consumers is lagging. But that will come around ...

It's still too difficult to obtain bitcoin.

It can't be mined and with the exception of a few places, it is really difficult to get a fair price without opening a risky account at an exchange.

Given what has happened at exchanges (e.g. Mt Gox) people are understandably hesitant to acquire it that way.

If people can't play with it, they can't evaluate it to see how it benefits them.

There's also a problem that the most commonly used operating system is heavily targeted by viruses and the general population doesn't know how to stay secure, viruses are something most people accept happens from time to time. Restore from backup and you are good. But with bitcoin, you can't restore funds stolen. That makes it scary.

If hardware wallets were readily available that made it easy to use bitcoin securely even if your PC gets p0wn3d, perhaps it would gain better adoption.

The main problem now is to make more people to accept Bitcoin. Do you think ordinary people would care about decentralization or whatever? Linking Bitcoin to gold won't jeopardize its decentralization property.

Sure it will: Where are you storing the gold and what will stop the Gov't from moving in and taking it?

The recent NYS and Dell news provide good indication that momentum is only gaining.

We have a major US State writing laws around it, which even if the laws restrict some use it validates Bitcoin as more than a fad, as something legit.

And, more importantly, we have Dell making it easier for consumers who have yet to use Bitcoin to be come more familiar with it and to consider it as a legit payment option.

Remember when PayPal was brand new? It was cool but suspicious and now it's one of the easiest ways to pay for something online.

All in good time, less chatter isn't a bad thing. No one chatters about gold and it's something that is incredibly significant and valuable in the world.

bitcoin is fading for the guys who are here to get rich quick.. as a cryptocurrency, it's still growing.. just not in the way that people expect (in price).

Adoption and business development is at an all time high. I think you just mean the price appreciation is slowing down. The price will catch up soon enough, have patience

Even if Bitcoin were fading away linking it to gold would be an odd choice. How would someone do that? And why would they?

I personally don't think that we will see bitcoin fall below whatever the cost it takes to mine it. For example if it costs about $500 in electric to mine 1 bitcoin then it shouldn't fall below that price. If it does fall below that price then I would say it is in a downward spiral but until then its simply market fluctuation. Linking it to gold is not the answer and the government would not allow it. Years ago the government banned private hoarding of gold and nothing is stopping them from doing it again.

Do you not believe BTC? It seems that some people have achieved their purpose,
 and I believe that BTC over the next 3 months will be innovative high

Sure it will, check: https://en.wikipedia.org/wiki/E-gold

could u explain this in laymens terms,

How is Bitcoin fading away? That doesn't make any sense it's dropped by a small amount but has major companies accepted it. I don't think you've done your homework.

he is saying because bitcoin is NOT a commodity people dont understand it. so it needs to be backed by a commodity to be understood..

my reply is that bitcoin does not need to be backed by anything, and being an asset is actually better.. but its a damn shame that people cant tell the difference between a asset and a commodity and only want to deal with their comfort zone and narrow minded knowledge of commodities


dont worry its FUD spreading season again, people trying to spout out lies trying to get a panic crash. simply because they missed out on the cheap coin at $450 and know that the next jump would be $1000, so they are hoping to crash the market just to get the coins they missed before it jumps over $1000 again

its neither an asset or a commodity though its a currency, and its dosn't even need to be backed by labour because its backed by a computer

network that cannot even be matched by any amount of physical labour

I thought the community has matured and got over this sort of thing from trying it last year. I remember seeing thread after thread in summer 2013.

trying to shake out weaker hands, same theory is everywhere from stocks to houses nothing beats a good investment

look at silver it has undergone a radical price increase because people started to become knowledgeable on its electrical properties

its was quite a stunning price increase and even a more difficult bull run to catch hold of that bitcoin itself

even if we ignored the tax classification...

bitcoin is like intellectual property, art, graphic design, game code... which (nothing related to tax) still puts it in a description of an asset.

that being said an asset, commodity, fiat, or ANYTHING else can ALSO be a currency.. so relax, bitcoins is a currency and an asset.. it just is not a commodity..

as you say summer last year.. its seasonal.. you will see this cycle repeat each year. there is usually an uptake of people joining into bitcoin this time of year, but the main bit about summer is that kids are at home, not in classrooms, so you will see alot of childish FUD spreading where kids want to get their bitcoin for a dollar (pfft). cant wait till September when the grown ups like many of us get to play around with bitcoin properly again. but take my word on it, you will see this happen again and again.

its just best to be quick to get the fud spreaders proven wrong before the chain reaction of lies spreads to far and lots of people believe it purely because everyone is singing from the same hymn sheet of lies

Hear hear. Anyone who invests will tell you that the Bitcoin year-on-year growth has been fantastic! I check the markets every day, when I am holding coins it disheartening to see the price tank, but then it always recovers in some capacity. The year-on-year growth has been strictly none decreasing according to the figures you have posted - that's tasty.

I've only been involved with Bitcoin for about 9 months now, and I only heard of it about 14 months ago. From what I see Bitcoin is doing just fine :)

It is the calm before the storm.

Problem with bitcoin is that too many people are expecting insane returns in 1 month timeframe.
That being said, if you are looking bitcoin as a daytrader, its going down, but in the longrun things may be different.

We have some good progres with merchants, and with infrastructure, so thats in our favor.

But this is what freaks me the most; damn useless earwax removal thingy is on comercials and all over tv, and bitcoin is away from public coverage like it has mental illnes.
A little bit of advertisement effort would bring lagre inflow of fiat, but nothing is being done because there is no real bitcoin central authority that would recieve certain fee from bitcoin transactions to use it for the good of the entire network.

im a day trader and i dont see it going down. i just see a nice spread in the middle to run back and forth between :D

but i do agree those fiat lovers hoping for a doubling of money within 3 months do seem to be losing their patience..

Where is that 10 percent squared your brain isn't using?

Linking it to gold will make it centralized, and, not everyone has gold either. Surprise. Not to mention who do you think has the most gold? Who can buy hectos of gold?

Okay then.

That's something which I think the community should pull together and fund a advertisement campaign I agree that we are out of public exposure but finding good advertisement material which isn't going to be too complicated and to long will be difficult to explain the whole of Bitcoin.

No buddy, no fund raising since that would be one time promotion.
What bitcoin realy needs is to make #dev wallet that would recieve 5-10% of transaction fees, while the remaining amount would still go to the miners themselves.

In that way, there would be enough money to fund many campaigns to promote bitcoin and they would be able to hire more people to work on bitcoin development.
I know its a bit more centralised that way, but its needed for the survival of bitcoin itself.

Am i realy the only one that thinks blockbuster "Bitcoin - the movie" would bring INSANE  amount of hype and trending, and spread the word about the bitcoin unlike ANY other thing that happened to bitcoin 2009-2014 ?!
Is it realy that much impossible to expect project like this, worth ~200 milion USD , from an 8 billion dollars comunity ?

On the Dev wallet; make sure people know that it IS a dev wallet, otherwise people will be turned off VERY quickly.

And a Bitcoin "movie" would have to be REALLY good to actually generate hype. I'm meaning Avengers "quality"/hype in order for it to gain any traction. And you'd have to be doing a lot of brainstorming in order to have a good plot.

That's kind of like asking to make a movie based on the internet, there's not a lot of exciting things to start with.

You could always gather inspiration from the wikileaks movie, however.

The only reason it seems like Bitcoin is "fading away" is because we're not in that crazy period of high price and volatility that exploded bitcoin into the mainstream at the end of 2013. In reality, Bitcoin is still getting stronger by the day, the most obvious indication being its continued acceptance as a payment method by large companies like Dell and Expedia.

Exactly. I'm not sure what they are expecting? If Bitcoin is to work like a currency it's not supposed to make a 100% price difference every 2-3 months.
If you look at the investments in Bitcoin in 2014 (even though we just passed the first half), they have increased by a decent amount.

1.People would not get turned off if 5-10% of the fees would go to development, note that im talking about the fees, not block reward

2.For 200 mil. USD u can produce awesome movie, since alot of great movies were produced with much less money.
  Also, the movie itself would also bring out profit, so it wouldnt be money wasted, but invested.

The sadest part of this is that noone is even considering anything. And due to that lack of interest i believe this last bubble was indeed the "last" bubble.

1. I see what you are referring to, but I wasn't talking about the block reward, I was talking about extra fees (5%-10%), but I see that it's just 5-10% of the original fees.

2. Yeah, I know that a lot of good movies have a smaller budget than that, but what is the actual PLOT of the movie? That's what I'm referring to. It's a lot harder coming up with a movie about Bitcoin than it is coming up with a movie about superheros fighting off aliens, or whatever is popular nowadays.

I don't see BTC fading at all.  In fact I see the intensity in which it is being adopted increasing, not decreasing.

The fact that it's no longer a shocking notion is what makes people think it's losing steam. 

Bitcoin isn't a share it's price varies on many factors. It's not like a company where it's based on trends or how well the company performs it's much, much more than that.
Bitcoin is a currency, not a stake in a company.

I personally think Bitcoin has a long way to go, we're still in the early phases.

bitcoin is not fading.. its just people greed and impatience is growing.

as for fundraising. the US mint does not advertise dollars
companies do

so bitpay would advertise, coinbase would advertise.

as for trying to advertise to average joe.. you noobs still do not get it, bitcoin is still new and growing if you cant see it (obviously you cant, to believe its fading) then maybe you are not bitcoiners, but fiat investors, and the sooner you return back to fiat the better.

here is a serious thing to learn about bitcoin.
bitcoin is about individual control.
so dont whinge and moan about what the community is or isnt doing for you.. but ask yourself what are YOU doing,

and i dont mean getting the community to do something for you. EG fundraising. but what are you doing in your own little corner of the world with your own time, experience, idea's and funding..

what are YOU personally doing to help bitcoin solo style without needing others to do things for you?
what can YOU do personally on your own to help bitcoin grow?

Every week I get asked by another few people about this BTC-thingy and how it works. I commonly tell them it is like an open bank ledger with miners performing the work of a banking mainframe, balancing the books. They want to know the advantage for them, I respond with practically zero fees or forex costs when purchasing from overseas - saving around 9% by $AU > $US (3%) + Credit card fee (3%) + bank processing fee (3%). After that talk, they generally want to sign up...

Tell me how you get them to talk about it.

I've tried many times and failed, and I REALLY like explaining Bitcoin.

I'll definitely keep in mind how you explain it, though. That is probably the simplest way I've seen it explained...

You can't really use transaction volume as any real measure of the bitcoin economy. It's quite normal (and recommended) for owners to transfer their coins between multiple wallets for a variety of reasons.

yo mama is going to fade away.

Does it look like things are fading away?

http://www.btcinstant.com
http://www.videos4btc.info ( NSFW)
http://www.bitcoinstarter.com

Things are just starting!  ;D

The start-up community is rallying around Bitcoin and we're seeing millions invested in upcoming business centered on it. That, as well as the increased trading, and more merchants adopting ie: Dell, proves that Bitcoin is continuing to become more widespread.

You got it backwards. Gold should be linked to bitcoin. I have no use for gold in my day to day life. With bitcoin, I can easily buy anything I need, pizza, cars, computers, etc. With gold, I can hide it in a safe and that's about it. It's not easily divisible. It's not easily transferred. It's generally useless in day to day activities.

Technically, that's not true.  The thing about commodities is that there's a fixed amount of them, and in that sense, bitcoin is far more like a commodity than a currency because there will never be more than 21 million bitcoins.  You can't say that (with any amount) about dollars, yen, yuan, euros, any currencies.  But you can say it about: gold, oil, copper, etc. 

What gets mined?  Copper, gold, and in a way, oil itself if you consider drilling a form of mining.  And bitcoins also get "mined", just in a technological way, rather than by digging for something.  So in every way except for the fact that it treats itself like a currency, bitcoin is more like a commodity than a currency.  Which, of course, doesn't mean that bitcoins can't be used as a currency.

I don't understand why it needs to be linked to anything? Can some people really just not get over the fact that not everything needs to be backed by something physical? Cash isn't either but people seem to use that ok. Gold is just not useful as a currency at all. Bitcoin is far better, but if you want to hold something physical buy gold instead.

True - the Cyprus bail-in did wonders for bitcoin back when it happened.

That is  so true yes such a small number of bitcoin users remember it. I as a Greek was surprised that local media had no coverage on that matter.

it cannot fade away, i just bought my bitcoin miner, still shipping ..

I agree too.  Not many people related it to that Cyprus fiasco but I think they were very correlated.  And, I think something like the Cyprus deal will happen again relatively soon, and it might be worse, so that could cause the BTC price to spike.

Greek have no media, now ...  ::)

But we do need competent people building those companies. If the companies goes bankrupt after a month, we can just skip the whole endeavor and be done with it!

It cant and will not fade away, I want to be able to live completely and independently on bitcoin, even if its 10, 15, 20 years :(

No way is Bitcoin going away. Just pick up the newspaper or search online. The thing is Bitcoin is what the masses worldwide want especially since it is so difficult to pay for things without restrictions in some countries. The value of Bitcoin has been moving in an upward trend and as things go by, it will likely level off in the near future.

No!

The proof that it is not fading away is that there is a constant stream of newbs coming to these boards and posting fudsy threads such as these.

Pretty much what I'm thinking.

Bitcoin will be fading away from the mainstream media, because we haven't had any massive swings in recent months. Or any big collapses. Those are what gets the media's attention.

Plus, after the original coverage of the $1,000 spike, even though it was followed by Mt. Gox, more and more people started searching for Bitcoin, which was not what the corporations wanted. They're going to broadcast the bad about it, but you'll rarely see the good from now on.

We're still going strong, don't worry.  ;)

Bitcoin isn't fading away, it's sticking around, but needs to get over the hump for true acceptance with the masses.

Need that one spark (acceptance from eBay, Amazon, Facebook, major advertisement campaign, famous sponsored athlete etc) that'll provide the domino effect for Bitcoin to be successful.

Still hasn't happened yet.

Yeah,I remember OSGold. It was supposed to be based off E-Gold,but turned out to be a ponzi scheme exploiting the craze of the e-gold rush. People still remember what happened it and would'nt come close to it if is somehow became centralized. Of course,the present algorithm makes it impossible to do such a thing.

It is growing in its early stage, rather than fading away
More and more people are beginning to accept it.

Its still on an upward phase. Each day new retailers are accepting it and its getting more mainstream. I can actually mention the word Bitcoin no and not have people staring blankly back at me.

If by fading away you mean in the sense the rocket ship fades away in the sky as it ascends to the heavens..?  Then yes yes you're correct Bitcoin is "fading away" at a rapid pace.   ::)

How could it be fading away with huge companies like DELL just starting to use it. Come on, think about it.

man, i love this meme  ;D !

Not a chance, the amount of BTC based start-ups and growing interest has never been higher...

Before we can move forward we urgently need an easy way to obtain BTC in quantities we wish to acquire.

Debit card, credit card, PayPal etc - yes people will argue it is reversible but I would never transfer funds via bank transfer to a country in Eastern Europe that is not regulated.

Virwox helps a bit but the fees are too high.

sep will be a fine month!

NO.

It is not fading away. People are still using it. Now the issue we face is that it is becoming worth less and less over time, but before it wasn't worth much to begin with. So currently we are still in an upswing position.


We need more things advertising in places where "joe six pack" will see it and read it. THey don't have to know what it is, just that they can use it.

Be patient. Eventually something good will happen. Turning bitcoin into gold i don't think it will be a good idea.

Bitcoin isn't fading away , its growing fast!! Did this thought came out of nowhere?

Gaining significant traction and adoption for large box merchants
They may be a tad nerdish in nature now and technologically proficient but technology tends to dumb down or level down from the top
Example the distribution of the internet, to the distribution of social media services like facebook, the adoption of cellphones and other recent technological improvements.

Following that bell curve Bitcoin is starting to enter that term where mainstream is aware but not yet using it, that birthing will occur over the next few years in increasingly significant amounts and will be something to look forward to.
The next rally will be huge.

It's always going to feel like bitcoin is fading away mainly because it's not as well known as any other currency. I personally do not think bitcoin is going to fade away to be honest but merely have times where it may be a little slower than usual. It's going to take time but sooner or later more will know about and understand it, you have only got to look at the companies that have started to accept it to see it's got no chance of fading out.

Is Bitcoin fading away?
If you learn even a little about the history of Bitcoin, then you would know how amazing the current growth pattern is.  :)

Bitcoin is definitely not fading, I just had a friend who I had never talked to about Butcoin bring it up as the start of a conversation today.

Just because the media says nothing doesn't mean it's fading, you just have to know what you're looking for.

Them depressing price drop topics...lol

yes actually see the first bitcoin history better now higher priced and better :)

bitcoin hopefully stable and the price is not too high and not too low middle enough, because I was afraid that if the price is too high bitcoin afraid to die quickly -_-