I think it's just overpriced.  I wrote this on another thread and I think it sums it up: Mining needs to be a literal loss of money after electricity so all those people mining for profit stop and the only miners are people who find it too burdensome to buy bitcoins--this way it helps by getting lots of new buyers of bitcoin related goods.  https://bitcointalk.org/index.php?topic=41886.0

Credit cards are friendly for the buyers if they know their chargeback rights.  But a lot of them don't and get scammed and those that know will abuse them and claim the card was stolen after a "friendly fraud" shopping spree with everything delivered to their home and the bank.

I had a merchant account and I've proven stuff delivered to the buyer's home in their name, sometimes even with their signature and the banks just decide in favor of the "friendly fraud" buyer.  And then when I have basically no evidence at all, and merely by writing an angry letter about how all people who file chargebacks are scammers, the bank filed in my favor.  Then I kept writing angry letters each time and winning.  But I got out of that business to do something else.

Umm anyway, credit cards are easy for buyers and well it doesn't matter for sellers because they'll sell stuff if there's buyers.  Look at eBay.

Echecks are kinda funny because they only let people dispute for unauthorized so scammers can file disputes but not people who were ripped off.

As for escrow, we only need something that simply makes sure the seller shipped something to the buyer.  If you do a "not as described", nobody can prove anything unless you video tape the packing and dropping off at the post office, or else if the weight on the package is way too light.  And this tracking requirement can be done really easily and cheaply.   You just need to pay miners some transaction fee to check, basically make them enter the zip code if it's delivered or "0" if not delivered and all 10 people must have it match the zip code for it to be good.  The only problem is when the post office screws up and enters a zip code 2 digits off.

6.66 now

I bought 100 shares of Oneida stock when it was about $5.50/share.  It had collapsed and I expected it to go back up.  It kept falling and I figured well it's stock and I'll hold on for ten years.

A year later, the stock all dissapeared and I called the company and they claimed the stock hit $0 and the creditors just somehow stole everyone's stock and own the company now.  I was pissed and made sure never to buy their silverware for this no matter how much the sales reps claim it's good.

Help me decide on how to bid.

I think it will hit bottom and then not rise back up because this time so many people have lost confidence.

mybitcoin had their coins stolen over a month ago.  I don't know with allinvain is recent or not, but the gay rich movie producer who lost his costs had them gone a month ago too.

So I don't think these are the recent thefts.

Buying normally is like this.
* Buyer goes to website,clicks products to buy and then when they pay, they enter their credit card.
* Then in 30 seconds maximum, they get a confirmation their payment went through.
* They also have dispute rights with their credit card if the buyer scams them.

Buying with bitcoins is like this.
* With bitcoins, well let's skip gettng the coins.  And we'll skip price fluctuations and pretend the price is stable.
* Okay so buyer has coins in Mt. Gox.
* Buyer downloads the software and then they start downloading transactions.  This is about a gig to download now, but may be 100 gigs in the future.  At a cable modem, I can download a 1 gig movie or tv show in about 5 minutes if everyone is seeding, but with bitcoin transactions, I get new information at about 10k per second so it takes a month to get most.  And then when I get closer to getting them all, it goes really slow because the other clients just wont share their shares.  I had the same issue in spring 2010 when the transaction table was almost nothing, just because clients just won't share the transactions.
* So buyer gives up after a day waiting.  They then figure it's faster to transfer right from Mt. Gox, which is bad because bitcoins are about not being dependent on some website.
* Bitcoin shopping cart has their order ready and saved and they must transfer their coins.
* The buyer then copy and pastes a bitcoin address and hopes they didn't enter it wrong and lose their money.
* Buyer transfers their coins and waits several hours for them to arrive, then even longer for the seller to verify and tell them the products haven't run out of stock during the wait.
* Buyer has no escrow and bitcoin escrow are even more cumbersome.


You see the problem?  Bitcoin shopping needs to be ecommerce-friendly.

* The transaction table should be transmitted much better.  It should condense or purge old transactions more than a year.  It then needs to send the data compressed.  Next, clients should be forced to upload it faster to the other clients.
* The system needs some good shopping cart and escrow system that cannot be stopped by the government shutting down escrow websites.  If we depend on escrow websites, then the government can just shut them all down.
* Transactions need to be processed within under a minute.
* Store transactions need a link like this...  btc://[ip address]:[bitcoin address]:[bitcoin amount]:[identifier]  ... and then the buyer hits "query" and it connects to the store's IP address, then it sends data via encryption back and forth and the store will confirm like "Thank you for shopping at S-Mart.  Jane Smith, your order of 1 purse, and a pair of socks is ready."  Then the buyer must hit "send coins" to confirm and send the order and this query system lets people know they didn't send coins to the wrong place.



Lastly, you people may call this stuff whiny or what not, but this is what most people will deal with when shopping with bitcoins.

Where was it stolen from?

Most of the rumors indicate it was Mt. Gox that was hacked somehow.

At one time Mt. Gox rolled back transactions.  But then what happens when people withdrew all their money and coins before the rollback?

First to evolve on this planet, but oh they came from this other one.  If anoher civilization evolved here, there would be records.

People that say this stuff eventually say they're fourth dimensional or something, but that means spirit.  99% of the matter in this universe is plasma and it's likely most lifeforms in this universe are energy-based.  But energy based are not reptiles, mammals, etc.  And energy beings would likely be animals interest in people purely as parasites.




I read that same story from someone else that reptilians were a race billions of years old and then this race called asa-rrr came and waged war.  I eventually saw they came to earth to mine for gold.  A race billions of years old would be able to shift the strings that make up reality (string theory) to change whatever they want to gold with ease.

Bitcoins should be a currency and be somewhat close to the new universal currency, the euro, which is usually about $1.50.

All this extra price has caused people to buy all these mining rigs and mine coins.  I think this hurts bitcoins.  Mining should be done as a hobby.  Mining should be done by individuals with cheap NVIDIA cards at 1Mhash/sec not for money but just to get a sample of bitcoins.



When mining for a month on normal hardware (not expensive stuff miners use), gets you less than one bitcoin a month, it's bad.  Mining should be to get people something to play with, not as a profit.  It's best if electricity costs more than mining so it's worthwhile for some kid who just wants to buy a dime bag on The Silk Road to mine for a month to get that $10 plus shipping to try it.  I do support mining pools as they make it easier for people with cheaper hardware to get a few coins without buying them, however currently mining for a month with cheap computers most people have (not the mining rigs and expensive video cards most miners have) won't even get one bitcoin.

I'm not speculating if it will fall this low.  I am just saying it would be good for bitcoins.

Bitcoins are not going back up.

"The stock is crashing, when it hits 18, buy it all." -- Wall Street, the movie.
I am waiting for bitcoins to reach $18/coin then I buy.

I hope it falls to a penny so I can get a lot.

Last time it did that I held onto them and they never came back up.  So I learned to sell early in a freefall and wait to buy later.  But I don't think it will go back up from when it hits bottom at $3.

Someone told me the more threads posted in this forum, the more it makes the price drop.  I'd like it to drop to a penny so I can get me lots of bitcoins.

This is actually true.  David Icke said he was basically Alex Jones until he had all these spiritual experiences and spirits telling him this or that.  Basically he has spirits controlling him while at the same time he says the world leaders who are reptilians are not actually reptilians but people who are slightly hybrids and just controlled by "fourth dimensional reptilians" (spirits).

It might drop to 4 and then just sit at 4 for a month.

I hope it doesn't rally up now while I'm still waiting to buy.  So far none of the big buy attempts have lasted.

Thing is, people are expecting it to jump back up so they gotta rush to buy it when it hits bottom.  What if it bottoms out and doesn't rush back up so that means there's no rush to buy the coins?

Why did someone just put up 2400 coins for sale at $6.80 at Mt. Gox?