They use it perfectly fine where I am. In shops. Buying stuff. We just need to see the traders move into the background more. As for ponzis...heh. Might as well throw your money into a river.

I've been around long enough and know the price will recover sooner or later, but that doesn't stop the sting.

I realized i was laughing, that sad laugh that escapes you when you are completely powerless.

Kind of like how i'd wake up in a bar and remember i had a final exam in twenty minutes.

So i laughed my sad laugh, and deposited more money to buy more coins, what a confusing world we live in.

Quite true. Short term price will be bad, but we are discussing a long-term technology here. The best situation for me is that it became cheap enough to start a new entry point for normal folk. New blood to revive the markets, etc.

Those miner with free electricity will sit comfortably with their mining rig. Those with expensive electricity will stop the mining and buy coins instead. And those who want to make fiat money through mining will all quit

Yes, but in the stock market there aren't 3600 shares released a day and sold on the market.

100% the reason BTC is falling is because of the 3600 coin reward. I actually just shorted some today. I will add to my position anytime BTC spikes.

Back in the day it may have been the coins were being hoarded by the miners. It's obvious that whoever is controlling most the mining now is dumping them. I don't foresee this changing.

If the price were 10 $/BTC (as it was a couple of years ago), the miners as a whole would receive only 36'000 $/day.  At 0.10 $ per kWh (say), that could pay for 360'000 kWh per day, or 15'000 kW.

Therefore, in that situation, almost all of the current miners would have pulled the plug; but there will be still be the equivalent of 10'000 (say) ASIC rigs in use, each consuming 1 kW and doing 1 TH/s, and their owners together would make 12'000 $/day of profit.  The total network power would then be 10'000 TH/s, or 10 PH/s.  Which, surprise, is about 10$/220$ of the current network power.

cex.io and many cloud mining companies proove they have the equipement!

You're misinformed. Mining isn't going to stop because the price drops. It could drop to $10 per BTC and there'd still be plenty of hashing power to "validate" the transactions. There'd be many desperate and despondent miners, very angry miners, but the network will not suddenly stop because the price drops.

Also, I suggested that the newer members are generally more pessimistic than the elder members, not that they were pessimists. It's understandable, because they bought bitcoins at a higher price. I feel for them. We've all been there. I am a pessimist to my core, but I am not pessimistic about mining. You have to realize that the panic that's taking place right now, many of us have experienced this several times before. We're not as vocal about it, because we know it will pass. Another reason there's so much despair and pessimism about the price is that for many new members, this is the first time they've invested in anything, and they're not used to the pain of losing. How many of these newer members lost equity in the real estate bubble or the tech bubble or the stock market crash of 1987? Essentially, they invested more than they could afford to lose, and they lost. Tough, but that's why good investors are so obsessed with risk.

On the upside—to be an optimist, haha—after these kind of brutal corrections take place, people typically regret selling and typically regret not buying more when the price was low. Most investors are bad at investing. They follow their emotions, behave irrationally, and follow the herd. For such a contrarian group of people that bitcoin miners are, I'm a little surprised they don't have contrarian investing stratagems instead of buying high and selling low like they usually do.

I think most of the Russian bitcoiners already use Tor to secure them from government surveillance.