Warren Buffet - The New Proudhon

AFAIK there hasn't been real good news today, so I guess it's just some manipulation by people pumping and dumping.

Warren Buffet didn't "DECLARE BITCOIN IS A BAD INVESTMENT" he just said he doesn't see it still being around in 10 years.... which means he thinks it WILL be around for close to ten years... he also said this as a passing comment when QUESTIONED about Bitcoin. Warren Buffet would probably tell you himself he doesn't even understand Bitcoin in the first place. He isn't making an announcement or a declaration, he just happened to mention .... something about bitcoin when asked about it. I'm sure he has bigger investments and other concerns going on in his head than to really take the time to understand bitcoin. Its too progressive for an old dinosaur like Warren Buffet to understand. (No disrespect intended to WB, He is obviously a great investor and a very smart man.) He's just too involved in the current monetary system to have a good opinion on Bitcoin at this point.

Warren Buffet didn't "DECLARE BITCOIN IS A BAD INVESTMENT" he just said he doesn't see it still being around in 10 years.... which means he thinks it WILL be around for close to ten years... he also said this as a passing comment when QUESTIONED about Bitcoin. Warren Buffet would probably tell you himself he doesn't even understand Bitcoin in the first place. He isn't making an announcement or a declaration, he just happened to mention .... something about bitcoin when asked about it. I'm sure he has bigger investments and other concerns going on in his head than to really take the time to understand bitcoin. Its too progressive for an old dinosaur like Warren Buffet to understand. (No disrespect intended to WB, He is obviously a great investor and a very smart man.) He's just too involved in the current monetary system to have a good opinion on Bitcoin at this point.

"This guy has been right ALL THE TIME and is smarter than the piglets and peasants on this forum"

That may be one of the dumbest things i've ever heard.

The total of all world currency is about $21trillion.
That means the price could go up to $1million for each bitcoin.

bitcoin is gonna have an incredible network effect, so i highly doubt $100k+ isnt possible in less then 8 years

For the record, I just sold all of my Bitcoins.  I bought my first Bitcoins in June 2011 at around $28 and continued buying all the way down to $2.  I actually bought about 8000 BTC around the time I made this post: http://www.thebitcointrader.com/2011/10/im-calling-bottom.html.

Needless to say, my return on investment was massive. We're talking 25,000% plus.  For someone to see that kind of ROI today, Bitcoin would have to hit $125,000 each, or a market cap of $2.6 trillion on 21 million coins. Which brings me to my first point:

There's significantly less incentive for someone to speculate on Bitcoin today. To see a return comparable to what we've been seeing over the last couple of years, the amount of capital that would have to be injected into the markets is exponentially more than it was just over a year ago. This is going to cause investors to really do their homework before buying Bitcoin, and recent news events are exactly the sort of thing that will deter new investors.

Next, the vast majority of merchants are using Bitcoin as a protocol, not as a store of value. Anytime we hear of a new merchant choosing to "adopt Bitcoin," what they're actually doing is two-fold. One, they're getting free advertising for themselves, especially local businesses that find themselves on the front of the business sections of their local papers. Two, they're not adopting Bitcoin, they're adopting BitPay or Coinbase. These merchants care about lower fees and irreversible transactions, not so much the value of a Bitcoin itself. There are a few exceptions where the merchants retain some or all of the Bitcoins, but they're the minority, by far.

Third, Bitcoin early-adopters are cashing out. When you hear about Overstock, TigerDirect, Fancy, and others doing hundreds of thousands, if not millions of dollars of business in Bitcoin, those are old Bitcoins that are being sold. No one is going out to buy Bitcoins so they can make purchases they could already make with PayPal. It's inefficient and expensive.

Finally, there are better protocols that are being derived from and have improved upon Bitcoin. If Bitcoin is more useful to businesses as a protocol, then why wouldn't a better protocol oust Bitcoin in the long run? The Bitcoin 2.0s of the world (Ethereum, Open Transactions, Ripple, etc) will eventually unseat Bitcoin. Some say that Bitcoin will remain an ideal store of value, and the other technologies will become the ideal "payment rails," but is Bitcoin really a good store of value if 35% of Bitcoins are held in only 500 addresses?

Anyway, suffice it to say that I'm not done in the crypto-currency space. I've divested into Bitcoin 2.0 technologies, and look forward to seeing the space grow. I expect to see better returns on those investments than I would if I simply held Bitcoin.

If it turns out that the "lost" 800 kBTC still exist and can be spent by someone, that will definitely push the prices down.

Judging from Gox's fiat liabilities, the BTCs were mostly from an era when BTC was much cheaper than now. The hundreds of millions of $ never existed, the BTC were just sitting on Gox waiting to be sold at a much higher price.

Nobody will.

If you want your coins back you'll have to buy them back at market rate.

Did you ever stop to consider, that maybe it indicates that people (The market) have more confidence in the product than *you* do ? That *1* company going down *isnt "huge" ??

Perhaps they actually *understand that because a single company (amongst many) that dealt in a product went down due to the mismanagement and incompetence of its staff, that it isnt the fault of the product they traded ?

Or are you *really bemoaning the fact that your hopes to get your hands on this *irreplaceable product at a bargain price as the uneducated were hopefully spooked by the failure of a *distributor did not happen ?

"Darn, All this bad news, and they *Still aren't running scared and dumping ?  Why isnt the market reacting to this seeming bad-news ? What *is this thing they HODL so tight *worth to them ?"

All of you people trying to spread your FUD in *either direction for your short term personal gain remind me of spruikers at a market hawking your wares to try and make a sale by shouting the loudest.

Bitcoin should and *will succeed or fail purely on its merits and usefulness, not on how many uneducated people can be stampeded with pathetic self-serving attempts to tarnish its image and confidence for personal gain.

I bought my coins in wide range $20 - 1100, but most of them below 100$
recently lost 25 goxcoin  but overall  I feel fine

yeah, theres there are millions of dollars missing, BUT THERE ARE 750K BTC MISSING!!! Thats a much higher value than the dollars that are missing. please read topic i linked and think ik trough.

Please think, your not getting the big picture, read this topic:

https://bitcointalk.org/index.php?topic=493397.0

Price is going down because speculators expect a panic or try to create/accelerate one, but if you think about it, Bitcoin investors now own ~500K less bitcoins then they thought they did. If anything that should eventually drive prices up.