Bitcoin Forum

Hodling =>

Low volume, slow merchant adoption, looks like a ponzi scheme from the outside. How do we want any type of credibility from the joes'?!

Be honnest, you are buying bitcoins to get rich. Who ever spent a satochi to book his next travel on expedia?!

I did ..

Price at 500+ isn't stagnant.

If measure by yearly standard, it went up more than 500% this year.

I would love to spend BTC on Ebay, Amazon and many other smaller merchants but they don't accept it

Whenever I shop online I add "take bitcoin" into the comment field. Even here in Europe where wires are easy and free, it is much more mousework to do a SEPA transfer than a BTC payment!
 
Just imagine where prices would be if every site that accepts Painpal now, accepted Bitcoin as well !!  ;D

get rich quick dream won't work, people is getting out of bitcoin and bitcoin is going down, don't be the last bags holder

Looks like you have no idea what a "ponzie scheme" is.

ponzi not ponzie haha..

Anyways the price is not at all stagnant if you compare with any other investment.... if your hand is weak sell.

It is stagnant, if you take the absolute value as compared to the trend, we are in the 100s for a long time now.

Main point is: If you want bitcoin to thrive .. USE A % OF YOUR HOLDINGS REGULARLY !!!!!!!

Enlighten us mr ponzie.

I don't think it is personally, but the major part of my friends not buying into bitcoin think it is. Also, ask at all the bag holders.

stability is what btc needs to gain credibility as a legit currency

I only partially agree.
BTC needs to be used daily by everyone who is lingering here.

Aren't you aware of the wealth storage role of money?

Faillling FUD ....  :-\

"The value of bitcoin is completely determined by what a person is willing to pay for it"
If people traded rocks, then rock will gain value. period.

Stagnating but growing strong considering all those btcs being mined everyday.

In the beginning of 2014 I once woke up at night with these two words in my mind: consolidation centre

Not being natively an English speaking person I did not know what was the meaning of consolidation, so I wrote these words down and checked it in the morning. The definition did not tell me anything but soon I saw many people in the bitcointalk forums talking about consolidation. I then realized the message of that strange dream. Many of my dreams are not reliable though and that's why I don't talk much about them nor take them too seriously. However, I feel confident believing that we have been experiencing a consolidation ever since the last bubble.

Cryptos are my retirement hobby. My latest experiment is to see just how much of my finances I can 'run through' cryptos, here in my corner of Western Australia:

One: we have set up an in-house exchange at my home coin, Unobtanium, and we are sizing up an Australian bullion dealer. I will buy bars of silver; have them mailed within Australia (insured and legally); and receive UNO for them. I have set up several friends and neighbours to take Bitcoin and Uno, so I can have small amounts of groceries and a bottle of beer delivered, and pay in crypto. An Australian company has listed UNO and a number of other small coins as payment options for their gift cards, with which I can buy clothes, records, petrol, hardware, groceries, and other stuff. The mark-up on the cards is surprisingly low. We hope to get our local cafe to accept cryptos. The Community Resource Centre in a nearby town accepts Bitcoin -- we set it up. You can have jams and chutneys mailed as 'Intro to Crypto' gifts (though it's expensive with the postage added). I pay for my computer repairs with Uno. We have sold jams and chutneys for cryptos at local markets.

Ya wanna know the secret? Get up, and walk away from the screen. Take cryptos to The 99%

If any Australian wants to chime in, coms visit at the Uno In-House Exchange. You must trade long enough to establish trust, then you will be able to buy bullion for cryptos.

Mark (IndiaMikeZulu), Australia

This^

The "average joe" most likely won't ever use BTC and that's fine. Another crypto will fill the role of daily use. Bitcoin will serve the role of reserve crypto asset, maybe even used by nations to transfer wealth globally. We don't need the "average joe".

This is unreal.

Ok chief  ::)

Bitcoin and ponzi in the same sentence... In 2014...
/thread

So If I own a few BTC I potentially own a significant share of a nations wealth :)

Good.
But holders (savers) are telling the market the price is not high enough to part them from their bitcoins.
They are probably buying more when they can, because they think it is a bargain.
This increase the price of bitcoins.

The problem is, too many people are vacationing at this time (summer is always a weak season for trading and investing) and sellers don't stop to sell.

Winds will change during Fall and Winter.

Could also be hoarders are selling bitcoin for their vacation. And hence the dropping during Summer and up during Winder and Fall.

Yes stability with tiny bit of inflation. Then BTC will be a keeper!

Bitcoin will continue the downtrend, according to a research note by finance giant Citi. The two main factors that the Bank blames for the price going down are miners and merchants. Citi estimates that mining adds around 3,500 new bitcoins ($1.75 million) every day. Because of the ever increasing difficulty of mining, the majority of these coins are quickly liquidated on the market to cover electricity, cooling and other costs.

”If the miners are a steady source of supply and there is no increase in final demand, we have this overhang of bitcoin being sold in the market. In consequence, we have downward price pressures.”

Citi also thinks that the large merchants that have recently adopted bitcoin (DELL, DISH) will be a net negative for the cryptocurrency. Due to regulatory and accounting rules, these corporations can’t hold the bitcoins they receive, even if they wanted to do so. They have to sell them as soon as possible to avoid taking on ”speculative risk”, thus contributing to lower prices.

Inflation?? That is a dirty word...

Well, I guess the last bubbles got us pretty high, and with all the money that was lost in Gox and all the scams and robberies, people who are interested in Bitcoin don't have that much trust anymore and don't have any money left. We've reached a saturated level. Also, the ecosystem first has to adapt to the high price before we can think about going higher still.

The ecosystem has had 8 months to absorb current levels. That is a lot of time on the bitcoin scale.  :)

More like buyers are vacationing and they stopped buying because they prefer to spend their fiat at the beach.
Now the season is ending, people returning to their desks, we will see what happen in September and October.

We have seen periods where it took even longer than that. You can't expect Bitcoin to continue an exponential growth until eternity. At some point that growth may decline or at least stagnate to a certain degree! Bitcoin can't defy all rules of a market!

We have found an equilibrium! We will remain at these prices! People trying to trade now in order to profit will do so in vain!

there will be another exponential growth soon

+1 The winter is coming ! ;D

oh.. summer is the excuse now, i guess next excuse will be "why are we dropping? because winter is not a good time for bitcoin, people need money for Christmas, people having vacation with family"
stop finding excuses stop tricking yourself and admit the fact that bitcoin is going to nowhere but down to the final capitulation, you gambled and lost, just be a man not a coward

Citi has much to lose as Bitcoin continues to gain. On top of that, Citi appears to be assuming a couple of interesting things with regards to mining. 1) They are assuming that all of the mining rewards must be used to cover electricity and other expenses related to mining.  This is of course absurd, and if it were actually true there would be no miners and no bitcoin ecosystem at all for you to troll amongst.  2) They are assuming that these miners will be selling all of the coins not spent on electricity and other expenses.  That's a big assumption considering that it's more likely that most miners get into mining in the first place because they believe bitcoin is a long term investment. That likely being the case, Miners are probably only selling a portion of their rewards.

Also Merchants accepting Bitcoin and then selling these same coins on the market is necessarily a zero sum game.  There is no added selling pressure.  They Sell the same amount (or less) of the coins they accept per transaction.

You should change your name to "Failing"

Just admit that you are a scammer trying to buy cheap coins by telling people to sell, no other reason why you would be here... Not even the Pope is that helpfull trying to save people.

I don't know if we will see higher prices in winter, when there is too much people expecting a rise usually there is a downfall.

+1 I want to write the same.
failling know that some major events will happen  ;) and the price will raise again, therefore he spread FUD as much as he can in order to trick the people to sell cheap

i ain't buying at all, feel free to buy before i do if you think so, there are "cheap expensive over-price coins" all over the place, you go first

or stop finding excuses stop tricking yourself and admit the fact that bitcoin is going to nowhere but down to the final capitulation, you gambled and lost

You sure do spend a lot of your time on something that according to you is dying. Care to eleborate on that?

Hodlers
/thread

Some major event happen all the time.
Jim Rickard (not a fan of Bitcoin) explained this:
When the side of a mountain if covered of snow so much it become unstable, do not matter what snowflake will start the avalanche.
The avalanche will happen not because of a specific snowflake but because there is an unstable cover of snow ready to collapse anytime for any snowflake.

The same is for bitcoin and the economy.
There is no specific snowflakes to wait for the price to explode. When just enough energy is accumulated everything would be enough to start a chain reaction.

It is true no bottom can be made before all weak hands are shaken and the air is all doom and gloom.
But the rise happen as the strong hands and the bulls on the side become impatiens and collectively decide to buy immediately.

keep clam and hodl