While everyone is busy protesting how 2015 is the year of altcoins. I don't think anyone realize how bad it can get if Bitcoin hits single digit. We're talking business shutting down, all exchanges rely on fees for their income (which they receive in BTC) if BTC hits single digit those fees become pennies. No one is going to run a business to earn pennies.

There is going to be chaos, stock market crashing, people on street begging for food. I'm talking about nightmare that you haven't seen since civil war. I think it's good for everyone that BTC stays above $400 anything below is too dangerous.

cex.io turned off their cloud mining and many businesses will follow them if BTC price keeps crashing.

No altcoins without Bitcoin. At least it'll be 100x harder to buy altcoins if exchanges are gone.

Food for thoughts.

was cloudmining ponzi scam?

Enough of this honeydicking.

I heard they are replacing elliptic curve cryptography with high-fructose corn syrup.

Make sure you check out VIOR https://bitcointalk.org/index.php?topic=834910.0 it's ground breaking, it will be the best coin of 2015 for sure!  Amazing technology to let you video chat with stealth transactions on your phone with a hidden number! 

You've been on the forum for a month.
It's about perspective. We are still in the early stages on Bitcoin and inflation is necessary in the beginning. A decade from now (after a couple of halvings), people are going to wish they were around in 2015 (and earlier).

Big hodlers getting out of the market and maybe a reverse willy bot acting somewhere.

Or maybe Bitstamp is doing it to avenge the hack, so the hacker will get less money in the end.

My bet: nobody has any rationale for this hysterical selling and dumping. Or did I miss something?

Actually, I, too, just heard a very, very bad rumor. Not sure if it's the same one, but I and a couple other Bitcoiners are duly looking into it. During the conference call, us three concurred in hoping it's not true.

This is fucked up on so many levels. And, to think just prior to being informed, I've set up a Twitter account to try to garner a million folks into seeing Bitcoin for the first time. I'm so pissed right about now.

Here's to hoping it ain't true, albeit the proof to date is dictating elsewise.

why should i send you 10 MIL via an unsecured system like Bitcoin? How can I keep 10 MIL in something that can vanish overnight?

I would happily pay a bank wire tax for 10 MIL than using Bitcoin.

Bitcoin is good if you want to "play" some money. That's all. It's a high risk "investment" program

Bitcoin isn't meant to replace fiat. I think you're missing that point.

Comparing bitcoin to fiat is like comparing gold to fiat.

Then I better get ready for the ride then!

I don't think these people will tweet these things for nothing.

Bitcoin is super secure: Yet the blockchain is vulnerable to 51% attack if miners begin a mass exodus out

Bitcoin is ultra fast: 15 minutes average for a confirmed transaction time.  I can pay with something via paypal or credit card in a few seconds, instantly.

Bitcoin is safe: I send 30 bitcoins to a scammer in Europe who promises to deliver goods.  I don't receive said goods.  I am now out 30 bitcoins.   I send $3,000 via a Visa card to a scammer in Europe who promises to deliver goods.  I receive nothing.  I then provide all documentation to the fraud department at Visa and am reimbursed fully within a week.    Seems to me this little increased 'transaction fee' is worth the peace of mind in a scammy society, no?


Bitcoin is convenient:  You have to download a client, then over 8gb's of data just to cold store your coins for the first time.   I can toss a dollar bill in my leather wallet in under a second

Bitcoin is free from government constraints: It's banned in several countries, including heavy restrictions in the second largest global economy (China).   It's also subject to federal taxation just as fiat is in the United States.

Bitcoin isn't an inflationary nightmare like fiat:  (taken directly from bitcoin wiki):

"Inflation is simply a rise of prices over time, which is generally the result of the devaluing of a currency. This is a function of supply and demand. Given the fact that the supply of bitcoins is fixed at a certain amount, unlike fiat money, the only way for inflation to get out of control is for demand to disappear. Temporary inflation is possible with a rapid adoption of Fractional Reserve Banking but will stabilize once a substantial number of the 21 million "hard" bitcoins are stored as reserves by banks.

Given the fact that Bitcoin is a distributed system of currency, if demand were to decrease to almost nothing, the currency would be doomed anyway.

The key point here is that Bitcoin as a currency can't be inflated by any single person or entity, like a government, as there's no way to increase supply past a certain amount.

Indeed, the most likely scenario, as Bitcoin becomes more popular and demand increases, is for the currency to increase in value, or deflate, until demand stabilizes. "

How exactly is the demand the past half year?


Purchasing power: I can store my credit card or cash in my wallet for days or months, and it will always have the same face value or balance  it had when I first stored it.   With bitcoin, I can put away 40 btc in cold storage and pull it out a day later and it can have %10 less purchasing power it had not even 24 hours before.  If I send a moneygram to a relative overseas, I don't have to worry about them having 20% less purchasing power when they pick it up the next afternoon.





Now.  Sell me this bitcoin.

What about a manbearpig ?

The part man can be either one of all the three you named, the part bear makes money and the part pig get slaughtered. How is that possible ?

Only super-intelligent bears may post. Genius coyotes are ok too.

Yeah you're probably right.

He probably bought a shit ton and now wants to see some gains on it by pumping talk.

Thereby creating the "bottom" that is suitable for him, since he's done buying.

-B-