Bitcoin Forum

Bitcoin => Bitcoin Discussion => Topic started by: evolve on August 08, 2011, 06:10:25 PM



Title: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: evolve on August 08, 2011, 06:10:25 PM
http://gizmodo.com/5828710/the-bitcoin-is-dying-whatever (http://gizmodo.com/5828710/the-bitcoin-is-dying-whatever)


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: Yankee (BitInstant) on August 08, 2011, 06:31:16 PM
Step 1- Watch the price go down

Step 2- Buy

Step 3- Watch the price go up

Step 4- make money  :)


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: stick_theman on August 08, 2011, 06:31:22 PM
Lulz!  Bitcoins are founded by absolutely nothing?  If this is the sole argument to justify Bitcoin is dead then, I would invite the author to think twice.

Founded by absolutely nothing is heck a lot better than founded by debt upon inception.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: Tasty Champa on August 08, 2011, 06:35:11 PM
Step 1- Watch the price go down

Step 2- Buy

Step 3- Watch the price go down more

Step 4- lose money  :/

I fixed that for you,
a good number of us study it and this is the observed correlation.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: the founder on August 08, 2011, 06:39:39 PM
there is one positive aspect regarding the sudden price drop...  people might actually spend them buying services rather than hording them.

people held on to them like no tomorrow because they though the price would go up...  now it's proven that isn't the case...  so they might be more inclined to spend them....  if merchants want to accept that risk now.



Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: jackjack on August 08, 2011, 06:45:04 PM
there is one positive aspect regarding the sudden price drop...  people might actually spend them buying services rather than hording them.

people held on to them like no tomorrow because they though the price would go up...  now it's proven that isn't the case...  so they might be more inclined to spend them....  if merchants want to accept that risk now.
Or they sell all their coins quickly... Which makes the price even lower


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: Mousepotato on August 08, 2011, 06:46:23 PM
Dead? Rofl! Bitcoin != exchange rate


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: malbritten on August 08, 2011, 06:49:53 PM
there is one positive aspect regarding the sudden price drop...  people might actually spend them buying services rather than hording them.

people held on to them like no tomorrow because they though the price would go up...  now it's proven that isn't the case...  so they might be more inclined to spend them....  if merchants want to accept that risk now.



My thoughts exactly.  The hoarders are what will kill BTC.  Hopefully the rate will stay at $7 for a few weeks will work to assuage any merchant's fears. 

Stop hoarding. Support merchants.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: TheBitMan on August 08, 2011, 06:51:05 PM
Bitcoin is still 7x stronger than 1 US dollar soooo.. if Bitcoin is dead the US is in worse condition than every one thought.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: Steve on August 08, 2011, 06:53:31 PM
One day, these people will come to realize that in fact, bitcoin does have fundamental value (I say fundamental as opposed to intrinsic ...no, a bitcoin doesn't make for nice jewelry, but the system itself does enable things that are not possible with anything else in existence...and that, is valuable).  I don't know if they continue to spread this misinformation on purpose, or if they are just too dense to get it.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: malbritten on August 08, 2011, 06:55:10 PM
Bitcoin is still 7x stronger than 1 US dollar soooo.. if Bitcoin is dead the US is in worse condition than every one thought.

I don't think that the article was trying to make the argument that Bitcoin is invalid once it goes lower than the dollar or tied to a specific exchange rate. Rather, I think they were saying that the wild up-down-up-way down of the exchange rate demonstrates that BTC is controlled purely by speculation and has no value outside of that.  I'm not really sure that, at this point, I disagree with that assumption.

I do disagree with the article that BTC is dead and that it will never have any value because you "can't hold it".  Obviously WoW and other MMOs have proven that digital objects have real value.  For a tech website, who ever wrote that article is really tech ignorant.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: foggyb on August 08, 2011, 07:03:03 PM
The US Dollar "backed by the FDIC". HAHAHAHAHHAAHA!

No, they just print more. Its not "insurance".

Imagine if the world reserve currency were famous paintings. Would it be "insurance" if any loss were replaced by a new copy?

Dollars have 'less' intrinsic value than sand. We can never make more sand if we run out of it.

Insurance? Nah, more like assurance. Of devaluation.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: TraderTimm on August 08, 2011, 08:02:14 PM
The Fed better print more money - Dow Jones Index is down over 600 points. But I'm sure that is only a few more trillion to get us into the green, right? (LOL.)

Gizmodo has never been 'into' bitcoin. Them declaring it dead isn't a big surprise. So I suppose every day we persist and don't go to zero means they're wrong? Easy bet to take.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: ampirebus on August 08, 2011, 08:05:45 PM
if anybody calls "the atlantic" www.theatlantic.com the mainstream media thy need to get their head checked... its one of the "real liberal media" sites, you know the ones with contributors who get labelled as crazies if they get the luck to even be mentioned on mainstream media channels/outlets...

the atlantic article worries me.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: Littleshop on August 08, 2011, 08:11:57 PM
I don't see it.  Just because the price is changing, does not mean it is dying.  I just packed up more orders last night for my stuff and spent more coins in the community as well. 



Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: Shinobi on August 08, 2011, 08:15:55 PM
With the value of Bitcoin being derived almost exclusively on optimism of increased value via speculation, Bitcoin's value is precisely what its exchange value is. There is nothing else you can effectively do with Bitcoin. No goods/service economy to speak of. No widespread adoption. Bitcoin = exchange value, and its drop is because (1) people are pulling their money out of the game and (2) Bitcoin's are suffering tremendous inflation as Bitcoin's continue to be mined and dumped onto the market. All the defationary glory comes after mining ends, not now.

Lol.

Dead? Rofl! Bitcoin != exchange rate


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: SmokeAndMirrors on August 08, 2011, 08:28:18 PM
Gizmodo has never been 'into' bitcoin. Them declaring it dead isn't a big surprise. So I suppose every day we persist and don't go to zero means they're wrong? Easy bet to take.

Quite a few people who frequent Gizmodo ended up getting into the bitcoin game when the big "boom" happened. The fact that they're advertising bitcoins is dead won't have much affect though as the ones who did come from Gizmodo have probably already formed their own opinions on whether bitcoins will succeed or fail.

I always say "to each their own," so it makes me sad to see these big-timer sites declaring some bullshit like this. Sure, it's not $32 a pop anymore, but I'm pretty sure you ask anyone in our world who knows about bitcoins in the slightest bit and they'd prefer 25 bitcoins to 25 USD any day of the week.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: hawks5999 on August 08, 2011, 08:31:07 PM
wait gizmodo does something beside aapl keynote coverage??

I did not know that.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: Serge on August 08, 2011, 08:39:16 PM
Good, then we can expect another article form them in the future: Bitcoin is Jesus it came to life again


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: twobits on August 08, 2011, 08:43:52 PM
if merchants want to accept that risk now.
I'll accept the risk.


Stop hoarding. Support merchants.
Ya! Spend em! --> http://www.ogdogg.com/tshirts.html

Nice 404 page...   looks like you meant  http://www.ogdogg.com/shirts.html


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: Littleshop on August 08, 2011, 08:59:01 PM
With the value of Bitcoin being derived almost exclusively on optimism of increased value via speculation, Bitcoin's value is precisely what its exchange value is. There is nothing else you can effectively do with Bitcoin. No goods/service economy to speak of. No widespread adoption. Bitcoin = exchange value, and its drop is because (1) people are pulling their money out of the game and (2) Bitcoin's are suffering tremendous inflation as Bitcoin's continue to be mined and dumped onto the market. All the defationary glory comes after mining ends, not now.

Lol.

Dead? Rofl! Bitcoin != exchange rate

You can eat though bitmunchies.com.  You can be clothed with many people's shirts and you can go online for a year with bitcoin via my clear USB sticks.

There is plenty of economy. 



Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: Shinobi on August 08, 2011, 09:14:54 PM
Phew, I'm starving. I think I'll wait 3 days for an order from Bitmunchies! I'm in the mood for some fresh vegetables and meat. Uh oh...

Please.

With the value of Bitcoin being derived almost exclusively on optimism of increased value via speculation, Bitcoin's value is precisely what its exchange value is. There is nothing else you can effectively do with Bitcoin. No goods/service economy to speak of. No widespread adoption. Bitcoin = exchange value, and its drop is because (1) people are pulling their money out of the game and (2) Bitcoin's are suffering tremendous inflation as Bitcoin's continue to be mined and dumped onto the market. All the defationary glory comes after mining ends, not now.

Lol.

Dead? Rofl! Bitcoin != exchange rate

You can eat though bitmunchies.com.  You can be clothed with many people's shirts and you can go online for a year with bitcoin via my clear USB sticks.

There is plenty of economy. 




Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: TraderTimm on August 08, 2011, 09:37:57 PM
wait gizmodo does something beside aapl keynote coverage??

I did not know that.

Hahahaha, nice.

Gizmodo has it's tongue so far up Apple's ... interface, you wonder if they are just a PR-Arm for them. Maybe it was part of the plea-bargin to keep the idiot who broke the iphone 4 story out of jail.


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: Littleshop on August 08, 2011, 10:00:41 PM
Phew, I'm starving. I think I'll wait 3 days for an order from Bitmunchies! I'm in the mood for some fresh vegetables and meat. Uh oh...

Please.

Go to the Meze grill then!  They will serve you up quick. 

Look, I do not care if you do not like all of the services and products out there that can be bought for bitcoin.  But to say they don't exist is a lie. 


Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: ampirebus on August 08, 2011, 10:09:16 PM
am i the only one who clicked the source article gizmodo referenced... apparently

http://www.theatlantic.com/technology/archive/2011/08/the-bitcoin-economy-is-collapsing-with-no-sign-of-recovery/243253/

if everyones argument is going to be "well gizmodo had it out for bitcoins anyway theyre just a _insert tech company name here_ fanboy"...

the gizmodo article basically re-wrote the atlantic article but more dumbed down. The atlantic is completely unbiased and one of the award winning publications of the modern era. its articles have a higher standard of reporting than most... the facts proposed are legitimate. the value of bitcoin has gone down substantially and is at this point in time showing no signs of recovery...



Title: Re: bitcoin article (gizmodo) one more media source stating the death of bitcoin
Post by: wareen on August 08, 2011, 10:29:02 PM
There is nothing else you can effectively do with Bitcoin. No goods/service economy to speak of.
So amazon.com doesn't offer any goods to speak of - interesting world view you have there ;)
I alone spent ~70BTC on Amazon since spendbitcoins.com went live but yeah - nothing to speak of...

Funny how people were all excited about Bitcoin's price a little over two months ago when it traded at about 8 USD as well. We had a bubble, the price was hyped and now we've come back to the price level before the bubble again - so what? Gavin predicted (https://bitcointalk.org/index.php?topic=249.msg440377#msg440377) this would happen and quite frankly: we all should have known.

The "value" of Bitcoin can't be determined by a quick glance at the current price from Mt. Gox. Give it a few years time and then lets talk again.

Let's face it: the blockchain isn't going to go away - Bitcoin is here to stay.