In my country, there is no increase in ATM fees this year, BTW which country do you live; well you are right that they are targeting mostly on taxpayers and middle class people, we suffer a lot during any crisis, does anyone of you think that moving our money completely to Bitcoin is sensible ?
Which country are you a citizen of? There aren't fees in ATM fees every year, but sometimes its seasonal and people often don't know about it. Moving your money into bitcoin is something I heavily don't advise. It is an investment at the moment, don't expect it to be your bank. Put only the money in btc you wouldn't mind losing  You should put all your money into btc when the time is right and it isn't so volatile. |
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a big crash like that is the worst thing that could happen to diminish the trust in bitcoin, worse than any news or hackers
Yeah, that was the Mt.Gox controversy and they have still left the matter unclear regarding willie. So if such a big crash happens again, you think people will stay? A trustless crypto-based payment system still relies heavily on trusted supports. These 'trusted supports' are mostly unregulated, attracting unscrupulous traders and speculators. What if they attract somebody or something similar to how things went before? |
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If it goes to $100-$200, I'll throw in my entire life savings. but I find it almost impossible
When it goes to $100, maybe BTC is in crisis, it might even go to 0. 
Because if Bitcoin price touches 200$ or less certainly a lot of people will buy Bitcoin and thats will make Bitcoin price up again. Yes, if bitcoin comes down, a lot of people who are waiting for it to drop will invest their money in it. A lot of people who are alrady holding would know what's about to happen, so they would put more and more into it, pumping it up even more. I think this is why the fluctuations keep happening. I just pray for bitcoin adoption and more use of it, that is how we establish the btc empire! |
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From macro level, fiat money disappears when the trust to that currency is totally broken, for example Zimbabwe dollar
It is very easy to break that trust while difficult to maintain it: If suddenly it requires 10X more dollar to eat a hamburg, then everything's price will explode and government suddenly lose the ability to purchase or drive any project with the money they have (even banks raise the interest to 20%), then their only choice is to print more money to handle the situation, which make the situation even worse. So once that trust is broken, there is almost no way to prevent the collapse
But so far, people's trust to fiat money is still intact, this is because they don't have any knowledge about modern money creation
The zimbabwe dollar caused heavy inflation there, so printing money doesn't mean that it is an escape, it is a trap. It traps you and the more you struggle to get out of it, the more it sucks you in. And as far people's trust in fiat money goes, never thought government would benefit by having dumb citizens, atleast the people in btc community know about modern money creation. |
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My biggest bitcoin loss was 30 btc when I bought an altcoin for 1 btc
Which altcoin was that? Did you make any money off it? hence I don't trade now, I only collect coins instead lol.  Which coins have you been collecting?
Our coin qibuck also lost 15 btc to a scammy Dev, that hurt us a lot as a group..took me ages to recover emotionally and monetarily still trying to cope..
I have little/no knowledge about your coin, but I did read a little about it here: https://bitcointalk.org/index.php?topic=711987.1700Sad. |
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Unless major flaw is found, bitcoin will live long. If a major is found, bitcoin will resurrect.
Flaws are found every day and they are patched quite fast... I don't think there are any major flaws in this system I don't think he means flaws when he mentions 'major flaws'. I assume he means what if the bitcoin security isn't up to the mark and a huge hack takes place or a lot of people become victims of a huge scam. That will surely affect bitcoin, and I don't think bitcoin can bear anymore negative media attention, people will just stop believing in bitcoin then man. also even an hacker right now, would not dump his coin seeing this great surge But don't you think if a major hack takes place where a lot of people lose their money, it would be a very negative thing for the bitcoin community? People will be crazy mad and most will just give up on btc, advise people against it and drop in so much of negativity. Same goes for major scam. I think when people stop valuing bitcoin, it will just die. |
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I voted it only has value when people think it has value. That is how I have always thought about any assist excluding maybe gold. I don't even know if I should exclude gold. The only reason I say that about gold as pretty much every person knows of its value.
Everybody thinks that fiat currency is backed by Gold, and Bitcoin is not backed by anything so it does not value. And everybody thinks that Gold is better than bitcoin because it is expensive. Gold is not backed by anything, just like bitcoin. The only thing that makes it that expensive is because people value it so much, if people stopped caring about gold, it will all be worthless. |
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I think a higher inflation rate would reduce the public's ability to make accurate longer-term economic and financial decisions. But also, on the other hand, a lower inflation rate would be linked to an elevated probability of falling into deflation, which means prices and wages, on average. If this happens, we all know how weak the economic conditions would be  |
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half and half.
hahahaha. I would actually take 80/20 because of the rising inflation in ten years the price of gold will shoot up to thee stars and bitcoin 20 percent itself will be as valuable as gold in 10 years. So I get double profit ! yay yay  People still believe that fiat currencies are backed by gold but they are not anymore, that stopped 40 years ago. Cash is just assumption of the value which will be repaid back later and debited and credited like that. I don't think so people will be losing it for gold, gold's value will depreciate in a decade and as far as bitcoin goes, its a gamble too. So you can be optimistic, sure! |
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Who knows.
In 10 years the world will look very different and I find it unlikely that all the world's fiat would collapse. But if it were to happen, it is unlikely Bitcoin would become something that would replace basic goods
Yeah, if fiat currencies collapse, people will stop caring about any other currency and only care about basic necessities. We will be back to square one, become animals. It will be an apocalypse, people will kill each other for water and food. If things don't go that extreme, atleast there would be the start of the barter system. And then slowly, people will start using a new fiat currency and it will all be the same shit again :-/ |
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People in Greece have been making a lot of financial sacrifices and clearly unhappy with the circumstances. The whole world knows that Greece made a default and also about how their banks are shut off, how people are really messed up there. It will affect the tourism for quite a while, so they can lower the tourism prices to attract tourists but I don't think it would even matter. Nobody will care about Greece for a couple years now..
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I think the crypto currency community should be receiving some sort of light in terms of the price increase of their coins. LTC and BTC should rise to the top with the crisis in Greece. Many foreigners, in fear, are running to unregulated currencies (BTC & LTC specifically), to save their financial portfolio from the government in case their economy crashes. Switching to BTC was a smart move.
But the fears remain the same. What if they put most of their life's savings in btc and then some day btc spikes down and they lose so much of their money? You think they will be in a state to hold whatever's left? They will get scared and run away, telling everybody they meet t never invest in btc causing negative publicity for bitcoin. I don't advise using btc as your fucking savings account man. |
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People in the thread have already talked about how it can really really go down, but not go down to zero. If it hits zero at some point, it would mean bitcoin is used by so so less people that it will be non existent. With already millions of people using bitcoin, I think its alright to assume that there might be huge price drops but it certainly won't be disowned, not until a major, much profitable and much better investment & currency alternative comes around
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I don't know, I am kinda skeptical about it. We saw a similar pump and dump before and if we look at it, the pumping has had an impact due to the media attention received during Greece economical fallout and the Chinese stock crash and if such issues keep happening, and media keeps btc in light, then only can we go ahead anything above 600$. 300$ is still not enough, if we go above 600$, that's when I believe its really going to be a trip..
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly. That is the complete exact point, mate. If you believe your investments will turn into millions someday, you don't need to exchange your bitcoins for millions because at such a point where you became a millionaire through bitcoin investment, that phase would include the good bye to fiat currency and complete adoption of bitcoin, where every transaction is digital and life is happy |
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Bitcoin coming up after 260$ is already making so so many people feel that now finally we are going to the moon but a lot of people already know what's up, cuz they've been around for a long time. This is just a temporary spike and its going to fall even lower than 260$ soon, might even slide to 160-180$ and that's when so many people would invest heavy, even I would. And I would sincerely believe we are having a new up-move when we cross 600$
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I agree, and I like it that way. It shows Bitcoin is reaching maturity as a currency, and no longer speculative
wut no more wild swings and volatility. No merchants would like to receive payment knowing price might drop the next day, and no buyers would like to spend knowing price might rise the next day. Stability is the hallmark of a workable currency. you know that volatility is not only when bitcoin is going down, but also when it is going up, and has the same danger, especially for buyers(but good for merchants), because if a buy something that cost $300, and i pay in btc, but then the price go to 400(just an example) i would have lost 100 for that thing Yes, volatility will be around bitcoin for a good period of time, as we say, it is indeed a currency with its flaws. However desirable stability is, volatility does seem exciting when the price increases and is in favor of the seller but also it might be very unprofitable for the buyer so that is something which cannot be avoided now. Its all a gamble for a person who doesn't study price levels |
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Yes, the big picture is much bigger than a really exciting price increase spike, it is much more than just some profit making shit. When there is heavy adoption, and the worth of the bitcoins multiplies so much, and ig pturns a lot of people into millionaires, that's when the big picture takes place. If people hold coins rather than trip about holding them, they'd happily be millionaires. And yes, easily too.
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The decision about the Greece loan default is going to take place today and with its involvement or rather, rumors of involvement with bitcoin considered as a viable currency to use. However, I find bitcoin is a currency of a lot of flaws at the moment and unfit to be Greece's much needed savior. Today's decision will have a heavy effect on the price level of bitcoin either way. |
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Im so poor compared to everyone here  . I only started bitcoin this year so sucks to be me. Be thankful you are one of those people who actually got into bitcoin, imagine how much people are going to regret not joining the train after a few years Don't worry, according to my predictions, the btc spike will go really high right now, might hit 310$ or somewhat more too, and then there will a huge crash bringing it back to 120$/115$ and that would be a great time to buy. I plan to invest heavy then... |
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