I have lost count of the number of times bitcoin has "died". It is usually pronounced dead by someone who just heard about bitcoin and has discovered a fatal flaw we all missed.  Bitcoin is "dead" once cryptoplebs realise it wasn't that magical ever-growing get rich quick scheme they thought it was. Bitcoin isn't dead until its widespread use stops. Good luck with that ever happening, at this point. I'd say 0% chance of that. The rest? (price fluctuations, scares and shouts of glee, panic sells, bans, etc) ... a circus sideshow to whats really happening. -B- |
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This is great news.
I haven't read this thread yet but the article I saw stated that the CEO plans to start holding coins, and is looking into ways to pay salaries and vendors in BTC.
So all those concerns about big companies hurting BTC by cashing out to Fiat immediately, are gone in this case.
-B-
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Be prepared for BTC to approach single digits and possibly even fractions of a penny before this is over. They stand the theoretical probability to rebound once an agreement or framework is reached but this story is definitely over for a while. Be aware of what you are dealing with - for a period of time you may feel a BTC is worth $1000 but the market may only be giving you 1 penny.  Except that the infrastructure around the world is currently going gangbusters with hundreds of new startups, international conferences drawing tens of thousands, venture capital, wall street investments, ETFs, creation of BitLicenses in NY purely for the purpose of fostering innovation in Bitcoin, and adoption increasing every day. Overstock has almost reached $1 million Bitcoin sales in their first month, and they've announced they will be holding coins instead of immediately cashing in. They plan to start paying vendors and salaries in Bitcoin soon. Argentina is flocking to it in droves. Cyprus. etc... When that starts to fall apart, Bitcoin will fall apart. The trading market / exchanges have absolutely nothing to do with what Bitcoin is doing around the world. BTC could go to $1.00 tomorrow and it wouldn't amount to a hill of beans for its future success. Its important to know whats going on outside of the tiny world of "trading on exchanges". -B- |
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And after all this,
can someone tell me why .... the dev team hasn't fixed it immediately?
If for no other reason than fixing the bad press?
It astounds me how slow the bitcoin dev team seems to be. I could wrong about this, but a lot of uninformed people considered this weeks events a sign that BTC needs some fixing.
Dontcha think it might behoove us to fix the problem, just so someone can publish that it was fixed, and show how flexible and resilient Bitcoin is when something is found wrong?
Are they seriously going to do absolutely nothing to actually fix the problem?
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Considering Ripple is supposed to be the "Regulated" version of Bitcoin (i know its a stretch but those who know Ripple know what I'm getting at), I am amazed at the utter and complete lack of *any* press about it. Its almost as if the people running the show are doing *absolutely nothing* to promote it with the various financial institutions, which completely blows me away. Their price dropped 50% several months ago and it has sat, unchanged at $0.02 ever since. Not a single news article mentioning it. Zero progress. Zero adoption. Zero marketing. Nothing.
-B-
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I wish so much that they could expand their product offerings.
I now go there instead of Amazon.com for everything first. 50% of the time they don't have what I need so I end up buying at Amazon.com, but I am glad I can at least get some of my stuff now through Overstock.
If they had more, Amazon would be history for me.
I encourage everyone who shops amazon to start checking Overstock for the item first, and buying with Bitcoin.
-B-
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I agree that we will all be hearing these words soon:
"And Bitcoin has survived yet another ..."
They've said that about the last 2-3 crashes. Believe me that it impresses the skeptics to see it rebound and grow afterwards.
Its almost "good" that everyone thinks this is the downfall of Bitcoin.
Because they are going to look a wee bit foolish when they see it recover.
-B-
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Yes, please. Everyone cash out.
Like you do every time there is a scary moment.
Weak hands.
Bail. So my stash becomes even more rare.
Thank you in advance. You're making me wealthy.
-B-
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The author is a smart guy.
Unfortunately he clearly believes that the USA and its very specific "Know your Customer" laws .... are the end-all, be-all for failure or success.
While he knows a lot about Bitcoin (as per his comments in the comment section at the bottom), he conveys zero knowledge of what Bitcoin is becoming to people in other parts of the world.
Other countries, with other needs. Places dealing with corrupt governments, and a failing economy.
All he does is focus on Bitcoin failing because it doesn't meet a couple regulatory rules in lil ole USA.
The arrogance of my fellow americans is astounding at times. I constantly find myself having to remind them that we are not the center of the universe, and Bitcoin innovation will go elsewhere if we try to hinder it.
-B-
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Dafar.
Its the 2nd week of February.
Compare Feb 2013 to Nov 2013.
Are humans really this dumb?
I swear I can't take it much longer here...
-B-
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You don't think that there is panic selling during crashes?
A *ton* of people bailed after the first crash.
A *ton* more bailed the second time.
I believe people who continued to hold through those, and this current one, are becoming more rare individuals.
-B-
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They say that as Bitcoins are lost or destroyed, the value of the remaining coins goes up.
Well I have finally internalized today that every crash is a "purifying" process as well. Making the value of my holdings rise.
Because the number of people holding goes down.
Each time there is a crash, the weak hands sell. Hundreds (thousands) of people who were holding batches of coins, no longer are.
By the time the price recovers, they can't get as many if they try to buy in again.
I know that every crash I ride out, makes the fact that I'm holding "X" number of coins that much that much more rare.
Those who hold, have just moved up a few notches on the Bitcoin Rich List.
-B-
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A single exchanger effected & played & scammed all bitcoin exchangers, all bitcoin users so much within one single day, how much money on bitcoin has been lost in 24 hours? Absolutely none. Because it will recover, and surpass the last high. This is almost a guaranteed fact. The real question is, why do so many people, like you, put blinders on when the price drops and forget that this is part of the overall process? It goes up. It goes down. Its both fascinating and infuriating seeing such simple minded nonsense come from higher life forms. Does it really require an IQ over 120 to remember that? Money wasn't lost today. The price dropped. The only people who lost money, are the weak hands who sold on the way down. -B- |
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I am an Italian man 25 y o. i have a daughter and a job which gives me simply enough to buy some food and live in a very small house, and to pay basic things for my daughter. I Came to know about btc from friends. I needed money. I was tempted. I began investing little than quickly brought all my life savings, still not so much, much to me. Now I am here watching btc going down and my life savings going away. I am even working very little in this period and I do not know if I will be able to afford to rent the room where I live or to give food to my daughter. I have always thought to be brave and manly but now I feel very unsecure and empty inside. I am not asking for money, I am just sharing my situation, but if someone more lucky than me would like to help me, you can contact me and I will give a btc address. If you do not want, no problem, I will overcome this thing alone, as I have always done. Thanks all
if you think I am inventing this, I can proof with pictures my identity, I can send a picturere with me and my daughter in our house, with this nickname written on a note. SSimply to tell you.
Here. I'll double your money in 6 months. Possibly triple or quadruple it. I just took care of things on my end. Now all you have to do is: Nothing. Just sit back and be patient. You're welcome. -B- |
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Why don't news outlets write about things like this?
Would be much more interesting, inspiring, and promotional for Bitcoin than the nonsense they love to focus on.
Imagine an article discussing a 26 million dollar transaction with no fees.
Thats interesting.
Someone link Business Insider, the Verge, and Forbes Online to this thread.
-B-
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The next multi billionaire is the guy who founds the first Bitcoin bank, providing funding to startups, loans, and cold storage to Bitcoin holders.
I realize thats a form of centralization, but one could say the same about any company providing a service latched-in to the Bitcoin protocol.
I think it would be safe. And it would meet an immense need.
-B-
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I'm just tired of reading bitcoin was 28 dollars this time last year so bitcoin is doing good. It is not doing good.
No one cares about the past, people care about the future.
Intelligent people take a global view into consideration when determining current environments. The past is relevant. Obviously. You can't just disregard that in 1 year its popularity has increased its value 600%. That isn't irrelevant information. Markets don't subsist entirely upon whats happening "right now". The value of a stock is based on its overall performance. The value of any investment is based on its overall performance. Long term. Anyone in investments knows this. So yes ... The fact that BTC was $13 last year and $650 right now is very important. The problem is the two mentalities of investors. Those (possibly yourself) who can't handle the emotional roller coaster and flip out over every fluctuation. And those who keep their eye on the long term prize, and base their perception on the infrastructure progress instead. As for me? I bail from Bitcoin when I start seeing the infrastructure falling apart. As it stands right now, BTC could go to $2.00 tomorrow and I would still be all in. Because what is coming "infrastructurally" is huge. And that can be proven. -B- |
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Laundry may be a charge they attempt to tack on, but they never would have made the sting without the accessory to a crime part...
This is correct. And honestly should be obvious to everyone already. They had to create a completely unrelated "crime" (going to use this for credit card theft) in order to "create a crime" in these purchases. Granted, they were above the $10,000 limit, but that wasn't sensationalistic enough. This is why many feel that this move on the part of the police was extremely lame. They intentionally sought out a Bitcoin scenario, found dumb people, and turned it into a money laundering situation. I lost a lot of respect for law enforcment in that regard, but it would only have worked with stupid people involved. You can be assured this is the one they succeedded with. There were plenty other people who probably said "Credit card theft? Sorry, I can't do this exchange". That part never gets reported of course... -B- |
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I figure that with the price declines over the last weeks that some long term holders may want to cash out because of the constant losses.
Has anyone here cashed out or are seriously thinking about it?
In fact, I've tried to cash in @503 (a 90 days+ old order!), gox ticker has fallen to 500, but gox never fullfiled my order. Funny isn't it? Its God trying to tell you to stop playing the system, cancel your sell orders, and sit back so he can make you rich in 3 years. -B- |
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Thanks for translating Bugpowder. I think this is the second time you've jumped in and explained one of these things to me.
Yup....this is why the forum needs a thumbs up system. People need a means of showing approval and appreciation without spamming up the thread with posts like this one. +1 |
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