After reading a lot of posts made by people on this forum, I realized about 75% of them see Bitcoin as a digital Gold. For me, I don't think Bitcoin is a digital gold. Cryptocurrency or Bitcoin to be precise, was developed to be a safer option for transaction of goods and services and also the best mode of payment. Bitcoin was introduced to disable all the restrictions that banks and the financial system presented. A lot of people have lost huge sums of money because they saw bitcoin as a digital gold. I know others will argue that bitcoin has also made people rich but for me, I don't think it is advisable to consider Bitcoin as a digital gold. Bitcoin is a digital currency.

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

it is true that after bitcoin has increased and suddenly falls, it causes investor panic so prices continue to fall. but I believe bitcoin will continue to exist and will continue to experience price increases in the future 

No, this isn't related to the Bitcoinica hack. The hack just makes the choices obvious and straightforward.

I, Zhou Tong (Zhou is my surname), will discontinue all involvement in Bitcoin-related projects after the Bitcoinica incident has been fully resolved until further notice.

I always believe in Bitcoin, or simply anything that brings people financial liberty. I have heavily invested in Bitcoin (I purchased one 1,000 BTC gold coin from Casascius and will keep it for as long as I can). And I have enjoyed what I have done for the Bitcoin community.

Really, thank you for all the wonderful support. It feels great to have an experimental project become the "best thing since sliced bread", and run one of the most profitable businesses in a new economy. Bitcoinica has a total historical revenue equivalent to about 0.67% of the whole Bitcoin economy. Not even Apple can match this record in the real world economies.

The first time I read about Bitcoin was in late 2010. My first reaction was "these coins are cheap, maybe it just doesn't work". I learned about Bitcoin again in mid 2011, when the first bubble started. I bought my first Bitcoin when it fell to $8. I told all my close friends and classmates about Bitcoin, simply because I think it's a cool idea. The idea of a margin trading platform quickly went into my mind, and I started working on Bitcoinica.

I lied about the time it took to build Bitcoinica. (I said I spent one week on it.) I started on September 4, 2011 and launched on September 9, 2011. Just four and half days. In a week, trading volume passed one million dollars. I started making profits like crazy.

In November, an investor approached me to acquire Bitcoinica. Due to regulatory concerns, I agreed to the deal and signed the agreement. Bitcoinica was sold for a good price. However, since the investor is unable to arrange for a replacement team, I continued to become the sole operator until Team Intersango took over two weeks ago. The investor let me keep all profits until late January, the official handover time. After handover, he continued to offer generous salary and performance bonus every month. The investor demands his identity to be protected so I won't share more information on this.

I left school in Singapore and decided to continue my education in Australia. I made the decision because of the Internet industry, and the hacker culture. I'm a web developer and I want to become a really good one. I want to work with smart hackers and wonderful designers to change the world. Singapore isn't particularly good at this. (Obviously, US West Coast should be a better choice, but for some other reasons I didn't consider US.)

I have started working on another project (not Bitcoin-related) that is going to make a little difference on the Internet. So far I have achieved great progress and I'm pretty confident about this new venture.

My life hasn't changed much except that I became more confident after Bitcoinica's success. I realized that I have the power to make something profitable. Such kind of confidence is extremely hard to get, until you really experience a significant success. I worked on several projects before, and all of them failed eventually. I thought I was confident because I kept building new stuff and improving myself. But the real confidence comes from the success itself.

I failed at one thing though, that is generating value for the society. Bitcoinica did create a place for people to trade more efficiently and provide liquidity to the market. However, speculation is a zero-sum game (or negative-sum, strictly saying). I know there can be many justifications for Bitcoinica's value, but all of them are against my intuition and values.

With the confidence and the innate intuition to build wonderful things for a better world, I decided to move on. I didn't quit Bitcoinica because it's the only source of income that I currently have.

I know that my time is valuable and industry establishment is really important. I don't want my name to be remembered by only Bitcoiners. It's true that I believe in Bitcoin's potential, but not everyone believes. If I'm a influential person I wouldn't have to do this, but the best way to be known in the Internet industry is to build products that save people time, money and headaches.

I'm going to be a young entrepreneur that solves problems for everyone. I leave Bitcoin only because it doesn't help address my real needs. Making money isn't that important after all.

I'll be a Bitcoin lover forever, and I will come back to this forum regularly to discuss about the future that's in our own hands! I will keep the 1,000 BTC  gold coin as a lifetime investment and I'm pretty confident that it'll be the best investment ever in my life.

Bitcoin FTW!

What is your Bitcoin End Goal?

Is it to get billionaire by it? Or to use bitcoin for all your transactions one day?
These are just two examples, not the only choices of course.

Share what is your End Goal with bitcoin?

Dear p4ekin,

I think you are not fully aware of the potential blockchain tech usage and how it can disrupt every industry by removing centralisation. And this Blockchain tech came from Bitcoin only.

And Bitcoin has the capability to replace Gold reserves and fiat reserves.

I have run into several Bitcoin "newbies" over the last couple of months, that are spreading the wrong information on forums and/or in person. Their intentions is good, but the results is bad, because they did not do proper research.

Some of these people are selling themselves as experts, because they have been in the scene for a few months. I have been in the scene for years and I still know very little about EVERY aspect of this technology.

I think you should rather admit it, when you do not know something about the technology, than selling your little knowledge as facts. I will regularly tell people that I am not clued up with every aspect of this technology, but I always try to do proper research, when I encounter something that I am not 100% clued up on.

~ Ask, if you not sure.
~ Do not lie, if you are unsure.
~ Do proper research, before you educate other people.
~ Accept that you will not know it all.
~ Fact check what you already know.
~ Do not argue, if you not sure about your facts.

Let's agree that we all learn something new about this great technology almost every day, so only a small amount of us are experts. 

Most of the common people think that bitcoin is used only by hackers and criminals,even one of my friend said that it is used by hackers when I am telling about crypto currency to him.Later I explained what is bitcoin and other crypto currencies but still he confused,he can only get what is bitcoin when he research about himself.

In this situation how can we explain that what is real bitcoin?

What is the nature of the forum? Is the quality post the most important? In my opinion, if a forum is full of quality posts, then it becomes a scientific journal. The forum I like is an easy discussion environment.

21 million ever created.
https://www.coindesk.com/17-millionth-bitcoin-mined-means-matters/

I did hear late last week there were 4 million left to be mined so the race is on for those ASIC manufacteurs to step up their game.

Bitcoin is one of the leading crypto currency in the world but others crypto currency is doing very well in the market based on switzerland bank this is really good initiative that they are doing well also putin statement is quite frustrating for users but in vanezuall they doing really well based on btc.

I never understood why cryptotraders and exchanges support ICO's, my reasoning is this: An ICO gets funded, then they do what, they SELL the BTC they raised for fiat and push the price dive on BTC, thus taking all those BTC out of the trade environment, anyone thinking that an ICO would reinvest into the exchange is naive. This hurts everyone, even the exchanges. You might say "Well the exchanges get fee's on ico" well that is true, but they are losing all future potential fee's on those coins, if they had continued trade on the market.

So in Short - ICO's are killing Bitcoin and CryptoMarkets.

Moving on and ignore Bitcoin is a sign of impatient and doesn't have trust and believes to it. To moving on and just ignoring Bitcoin is the most impossible things that I can do because I'm a true believer of it and I'm embracing and supporting it so much because it really changing my life to a better. It helps me so much and because of it I can say that I already secure my future and my family's too.

Everywhere I look I read about how the bitcoin community wants more clear regulation from governments.

However bitcoins main reason for success thus far is the fact that it is a challenger to governments and central banks and can not be shutdown/turned off by anyone government because of its decentralized nature. Governments would have killed bitcoin years ago already if they could do it.  A political dispute might affect the price of bitcoin in the short term however, Political disputes can not shutdown bitcoin. Bitcoin challenges governments and central banks power. Bitcoin does not answer to no one.

But yet the bitcoin community is always waiting for the largest governments of the world to give their thumbs up "regulation" approval first.

Its like waiting for your wife to tell you "its ok if you have sex with other women"   Makes no sense to me. People all over the world should be rushing to get rid of their government manipulated fiat money.


Just my 2 satoshi worth!

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

Successful currencies meet three criteria:

(1) they are in widespread use as medium of exchange
(2) they serve as unit of account
(3) they are a stable store of value.

Most sovereign currencies fully meet all three criteria.

What about Bitcoin?

Theres alot of people that didint they know that bitcoin is our new future. I all they know that theres many people are so rich even the poor man ever can possiblity to become a richer if he know how to work that bitcoin maybe the bitcoin will arise against to the people who needy some materials or anything that we needed...

The limited supply and the distribution process leads to the analogy of gold. It's not hard to also see the similarity of something that was once a universally used as currency also being considered an asset and therefore an investment. While I don't disagree with what you say I think it is inevitable and unavoidable that many people will view Bitcoin as digital gold and an investment.

Seems like they find a new role in the market, do you see space for it ?

https://www.androidauthority.com/htc-exodus-865928/amp/

The answer is: NO

You’re not the only one who has this feeling. As someone who got into cryptocurrencies 2.5 years ago (It also seemed too late back then), I think you shouldn't spend your timing regretting on opportunities you missed.

Instead, you should make your first step ASAP and learn by getting involved.



 What should you do?

 
Stay tuned - Read a lot about the different cryptocurrencies and try to catch up with the latest news.

 
Know where you are at - Try to understand how this market works and the main technology behind it Understand the Blockchain in Two Minutes

 
Trust yourself - 90% of what you read on the internet is bullshit, follow your instincts.

 
Learn the basics of technical analysis  Crypto Investor's Guides - CryptoPotato

 

I hope it helps,
GuerrillaBuzz