Topic title seemed awfully cult-ish lol.

Anyway, there does seem to be awfully few people who use them for daily transactions. Bitcoin has a great concept and technology behind it, but the number of people who actually know about it and use it is still utterly miniscule when compared with the general population. Businesses won't adopt without demand. There's also the issue of volatility which makes pricing a horror.

I do believe it could replace paper money, but we're still hilariously far from that point. It should come naturally once mass adoption has been achieved.

As for the foreseeable future, I'm holding.

How do you even begin to regulate Bitcoins? It's completely decentralized, and thus, I imagine it was built in such a way that it would be resistant to a central regulation. If governments can't control it, then it would be hard of them to take advantage of it in such a way that could boost their economy. China seems to think it's bad for them because it contributes to their capital outflows, and they've probably realized there's precious little they can do outside an outright ban.

There are real advantages of using the technology, but what's good for the people may not necessarily be good for their government. I just hope governments would formally adopt a live and let live policy in the future, as most do now.

I know you haven't invested yet, but you're on the right path. You're correct to be pessimistic, and you're correct to assume that everyone here wants Bitcoin value to rise. People here tend to be more positive towards people compared to the general population, so you should take everything with a grain of salt. You should, then, do your own research, read up on both sides of the coin (pun intended), and form your own judgement.

I'd personally encourage you to invest though!

They'll be out of circulation and are lost forever. Maybe you could try to brute force your way into them, but it's unlikely the lost coins will see the light of day with Bitcoin's security. Either way, it's one of the cons of decentralization. You're in charge of security and safe keeping and you yourself are the only one accountable.

I'd like to contest this. This is true for personalities such as Trump who wants to get people talking. For products and services, though, bad publicity is bad publicity. Would you spend your hard earned money on a product which only ever generates bad press?

As to how this relates to Bitcoins, publicity actually plays a major role. Bitcoin value is for the most part dictated by supply and demand, and bad news, such as China shutting down exchanges can affect its value. I'm glad it rebounded, but China's chain of events plunged us to below $3k, so I won't say that was good publicity.

As far as I know, China is trying to control its capital outflows. Around 10% of Bitcoin trading happens in China, so I can imagine it being one of the larger factors for outflows. They've also been working hard to curb money laundering, which can apparently also be done with Bitcoins, so that doesn't help. That's as far as my knowledge of the topic goes, though.

If China is able to block all bitcoin transactions, I don't think workarounds would matter. We're going to be in for another ride.

I tried looking, but couldn't find it. This seems to be the source of the news:

https://www.market4cast.net/single-post/2017/09/18/First-Bitcoin-Real-Estate-Purchase-Recorded-in-Texas

I'm not entirely sure if it's a reputable site, but man would it be awesome if it were true. I wouldn't sell my house for bitcoins right now, but I would like to live in a world where it's a common practice.

Monetary.

I realize that I may be in the minority here who has no problems with the central bank and centralization in general. It's all messed up in theory, but it has worked for me, and for countless other people. There are checks and balances in place so you can always trust banks to some extent. This isn't to say I'm against decentralization, though. It's better in theory, but it also has clear weaknesses, as evidenced by rather frequent Bitcoin value dips.

The technology behind Bitcoins is certainly a plus, but is not my main driving force. Besides, if you're in this purely for technology, then some altcoins should be more appealing to you.

You're posting this on a Bitcoin forum, what do you think the response will be?

But uh, if it were up to me, yes. Bitcoin is more popular than ever, and is relevant enough (well, along with other cryptocurrencies) to warrant a China ICO ban. It's not at all a reach to say that cryptocurrencies are the future, of which Bitcoin is the best. With that being the case, it's much better to start sooner rather than later, especially noting that the trend is pretty much always upward.

Now's a somewhat good time to put money in because the value is still recovering, but it might not hurt to wait for another dip.

Btctalk name : jseverson
Rank : Sr. Member
Current post count : 409
Btc address : 1PsEmeSg7nxJPvzgWhiQAxunggJZtX4N8m
ETH address(not from an exchange) : 0x2e1cdcdb0a63dbE6E68C1cDF92b3D789D03F9C80
Wear appropriate signature : Done!

Username: jseverson
Post Count: 408
BTC Address: 1PsEmeSg7nxJPvzgWhiQAxunggJZtX4N8m

Hope I'd be accepted. Thanks!

It's a pretty fun investment. It's extremely volatile so you have to keep your eyes open, and the potential for growth is just massive. The community is pretty awesome too. So yeah, you get rich and have fun in the process!

I voted above $8k but I realize that would be wishful thinking. Getting back to $5k is far more realistic.

I do think the market will be far more stable with China out of the picture though. They have one of the more repressive governments in the world, so I don't think any more countries will follow suit. Not to mention we survived the downfall of one of the biggest markets. I'm ecstatic!

If by 'used in daily transactions' you mean its value has already stabilized, and is already used by the general populace, then I don't see why it won't be accepted as tuition and it will most definitely be taught, to some degree, in schools.

We're still quite far from that point though. Imagine how convenient that would be.

Nobody really knows, but at least it doesn't seem like it'll drop below $3.5k again. Hopefully the lower price point will attract more investors so we could get the value to rise again.

At the very least, I do think it will go back to $5k once all this China talk blows over.

It kinda sucks how much these giants can manipulate the market to their advantage. With Bitcoin being the way it is, there's no way to stop them either.

Well that was quick. Reading bitcoin doomsday articles was fun while it lasted but I'm sure I'll encounter more in the future. I hope we get back to 5k soon. China can't have more bad news for us after all. Less speedbumps in the future please!

I'm more concerned that other countries might follow suit just because. But yeah, China bans everything anyway. Bitcoin value should be at least a tiny bit more stable with them out of the picture.

Ashes? I wouldn't call rebounding from $3k rising from the ashes lol. Either way, you can't really blame large holders for panic selling because China is such a huge market. I have zero doubts it will rebound because the sharp drop is sure to attract some investors.

I never really believed it will continue to slide down, but it's still a relief to see it recover. For now, at least. It could easily drop again in the next few hours. I'd probably start sweating if it drops below $2500.