Euro flow is happening. Greeks have internet connections and computers too, you know. Not to mention Spain, Italy and all the other EU countries who are beginning to see cracks in the euro as a means of trade.

Funny thing Re: Slashdot - I never take their future prognostications seriously, after all this is the same group of nerds that derided the first iPod, claiming it would never work and be popular. Oopsie!

I like the blowback that bitcoin has had, the fact that idiot blogs such as Gizmodo take a steaming dump on it whenever possible. It just means they don't understand how it works, and by the time they do - it will be too late to retract their internet archived stupidity.

They've been the only source of real economic and trading news in the financial sphere that isn't afraid to show how the debt is ballooning, all over the world, and the 'characters' that have put us there.

They've become so popular, a recent server move/upgrade was performed in the last month just to keep up with all the traffic. As for particular claims of when the market is going to meltdown, sure, there have been plenty of contributing articles that don't hit the mark.

Try lurking for a while, you'll see what is on target and what is pure speculation. Overall, the information available trumps anything on the internet for finance, bar none.

You forgot "A never-ending supply of people who'd rather crap all over the bitcoin forums than doing something productive with their time."

I'd say more, but I'm sure you are off to your next forum appointment, bile at the ready.

I disagree. Bitcoin priced in fiat currency is only a small part of the picture. The overall health of the network IS what Bitcoin is all about. If the collective tera-hash capacity of the network trends down, then we're in trouble.

As I haven't seen this, I just have to conclude that Bitcoin itself will survive.

Only to those that fail basic logic. Guess we'll have to put you into that group too.


Oh, I see - you're being a complete douchenozzle only for the benefit of humanity and bitcoin. How very noble of you. I can't wait to see what 'quest' you take up next, oh Knight of Nimrods.


Actually 'e' is a constant expressed as such: 2.71828. But I'm sure its a simple mistake, like much of your disorganized rambling. Oh, and I express such SORROW my latin signature isn't perfect. In fact, if it pisses you off, I'll just keep it -- a nice momento for douchenozzles to get steamed over.

Much thanks, you've really given me quite a few laughs along the way. Perhaps you should consider a future career as forum jester?

Take care,

TraderTimm

Love the logic. Bitcoin is crap, but you need to post here to pronounce it so. Is your time worthless? You'd be better off doing whatever it is you do for a living than spewing ASCII here.

Wait, I'm wrong - I am assuming you're not a douchenozzle.

Pardon me, then.

The adult way to protest would be not to purchase any. The douchenozzle way would be to post lengthy detractions and assault the maker verbally.

Guess where you belong?

Krugman is just scared that one day his paycheck will be in gold or bitcoins. The man certainly has no concept of what "Store of value" means.

I'd suggest he contributes his paycheck to pay down the deficit, he can always make more from the Treasury printing press. Inflate your way to prosperity!

I like threads like these, lets you see who is a fear-monger and who understands the system bitcoin is built upon.

In response to the original question, bitcoin value has declined following a multi-thousand percent upswing. This does not fill me with regret or worry, just part of the trading game. Now, had I bought near the top like you did, I'd probably not like seeing single digits.

Here's where it gets interesting though. Investment is about time frame. You needed to make a profit in a week or month? Well, should've bailed - but anyone can tell you that. You'd have to bide your time and look for another opportunity. Longer term, I believe in the solidity of the bitcoin system, so I'm not moving my core position.

I'm gathering though that you are in it for the longer term, just by the fact you didn't liquidate once it went below the highs. In that case, I say holding is worth it. You could listen to the people who still come here and spread fear and misinformation about bitcoin, (to what end, we can only wonder) or you can treat it like an investment and understand all markets have bear and bull trends.

Just make a note of the posters here that have nothing of true value to share. Interesting they consider their time worth the effort of discrediting a monetary system instead of chasing dollar-based opportunities, isn't it? I wonder what is it that makes them try so hard. If the system was so poor and failing, shouldn't we see it in the network hashing metrics?

I suggest taking any advice from one of these FUD-spreaders with a large boulder of salt. There are many hidden agendas lurking here.

All the best,

TraderTimm

Yes, Amazon has done quite well. Not sure how it is relevant, but there you go. Should be interesting to see what happens when CA taxes kick in next year.

I guess paid trolls are too much for people who believe in freeing themselves from financial tyranny. So, how much are you getting? Because if you aren't, you'd better offer your psychopathic services to a three letter agency real quick, son.

But again, you might just be one of those misguided people who like taking a big steamy e-dump on anything you don't agree with.

Gosh, which one could it be?

With a core position under a dollar, I'm doing just fine. But I suppose people who are in it for the get-rich-quick buck don't understand network effects or trading.

What else is new, lol.

Bitcoin is a medium. A secure medium, but a conduit to transfer perceived value. Like air facilitates speech, bitcoin facilitates transactions. Lawmakers and legislators typically have zero ability to adapt to virtual concepts, even though skimming billions off a tax-base is second nature. Oh, the irony.

Netrin,
        Exactly - there are long plateaus before we have spikes. Wouldn't be surprised if we just flatten out for a while before the next event, whatever it may be.

Haha, I know you have to be kidding - but I actually saw an entire broker pool go broke doing that in the Swiss Franc futures. Not a pretty sight. One day they were there, the next day new guys were standing in the pit

I see Synaptic is contributing his usual world-class 'intellect'.

Like I've said before - if bitcoin was doomed, the hashing stats would show a steady decline. They haven't. And it amuses me to no end that Synaptic has occasional hissy-fits about it

Fair enough, I'm not in the same league as chodpaba when it comes to making models for forecasts. All I really wanted to prove was based on prior bubbles, bitcoin doesn't behave like one. Now of course, this is the grand experiment and we don't know precisely where it will go - but my confidence is with bitcoin enduring.

The article was written to counter some of the fantastic claims from the run-up to $20 and beyond. A good number of forum participants thought it meant the destruction of bitcoin to come down from those heights. I wanted to prove them wrong, and I believe I have.

Ah, I see the requisite bitcoin trolls are all here.

They always come out when price trends down, like worms after a hard rain

They have to dust off their topic list a bit though, the old "Early Adopters can CRUSH US ANY SECOND" and "Mt. GOX!! < Insert panic topic here >" is getting a bit long in the tooth.

Funny thing is, hashing power hasn't dropped in any major way. You'd think if bitcoin was as 'dead' as these people keep spouting, it would be trending toward zero.

But carry on, the amusement factor still makes it worth reading

Thread update. End of the month! As of August 31st, 2011 last quote is 8.345 on Mt. Gox @ 5:24pm EST

This is greater than 5.00, of course, and barring any 'discontinuous' events, should remain so.

Conclusion: Not a bubble folks, keep your eyes on the ticker for new developments.

Oldie but a goodie