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921
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Bitcoin / Bitcoin Discussion / Re: I was high on bitcoin - now I feel bad
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on: April 12, 2013, 04:40:00 PM
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The BTC crash these days make me feel disheartened. Not so much for the loss of money as for the potential loss of an great idea. I knew it was a bubble, and that some correction would take place. But this! A low $54! And who knows if that's the bottom? This must be something more than a correction, and my candidadates are:
1. Large money investors got in. (bitcoin volume is to small for mega-traders)
2. Sabotage by FED or other bankers - remember those people have free FIATs.
3. Too many people get worried, gain disbelief in the idea of bitcoin.
4. The lack purchasing power in BTC - beyond alpaca socks
I am confused now, and uncertain for the future of cryptocurrencies. I want to buy in again with what I managed to change back to FIAT during the fall, but have lost my guts right now. If market is manipulated as in pt.2 - I cant see how me and the bitcoin community can pick up the fight. Bitcoin is definitly a genious idea - but is to vulnerable? Someone cheer me up here?
Heard some people claim Bitcoin might be worth 3 mil USD per coin one day, even though it is clearly an exaggeration it makes you think... |
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923
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Bitcoin / Bitcoin Discussion / Re: Lawyer posts an interesting comment regarding suing Mt.Gox
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on: April 12, 2013, 04:32:31 PM
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They won't get far. All the people who are shouting and screaming and about to jump off some high building somewhere, were in this to make money quickly. To do that is a gamble, just like most games in a casino or a race at the track. They gambled, they gambled money they could not afford to lose. They are fools, and will be laughed at. Playing the cryptocurrency game for me is a nice steady trickle of earnings that pays for social and the odd holiday. If you've got the money and the cojones to take the risk, then good luck to you. I only ever took a risk once, during the Namecoin run, and lucky for me it paid off. But I never risked more than I could afford to lose. Even though I came way out on top, it still brings chills to me, thinking about the money spent on those trades. I sure as hell ain't got BIG cojones... just happy with the trickle of earnings  /thread |
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925
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Bitcoin / Development & Technical Discussion / Re: A mistery hidden in the Genesis Block
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on: April 12, 2013, 06:47:57 AM
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..."By the seventh day Satoshi had finished the work He had been doing; so on the seventh day he rested his miner from all his work. And Satoshi blessed the seventh day and made it holy, because on it his miner rested [or ceased] from all the work of creating that he had done." (Bitcoin 2:2-3)
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934
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Bitcoin / Development & Technical Discussion / Re: Significant slimming of Blockchain
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on: April 10, 2013, 03:24:42 PM
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Ancillary evidence that this problem is growing, as this happened to me last week.
"Dad you should look at these bitcoins" - Me
"I read about them, how do I do it" - Dad (age 65)
"You need to download the client" - Me
"Dad, ok show me how" -
--- instructions on going to bitcoin.org, etc ---
--- several hours later ---
"I feel like I am on the first computer I got you, the Commodore 64... this is going to take forever... can we just do this another day" - Dad
--------------------------------
What happened is he was downloading the blockchain ... and his internet access, though decent though comcast still took a very long time... He got frustrated and gave up.
For the record, my dad would be considered an old school Bitcoin guy.. if he grew up today he would be buying bitcoins like mad... but he grew up years ago and his "bitcoins" were gold and silver coins and bars.... in other words he IS our target market.
The blockchain wasn't meant to be downloaded by the individual bitcoin user right from the start, Satoshi has predicted that only servers would download the blockchain. If you wanted to introduce your father to bitcoins you should have used blockchain.info or any other similar third party. As for reducing the size of the chain wouldn't it be possible to eliminate any spent transactions which are older than a month for example? This would not only decrease the size of the chain but would cap it effectively eventually. |
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936
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Bitcoin / Bitcoin Discussion / Re: Why so many grumpy people?
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on: April 10, 2013, 02:27:16 PM
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It's pretty funny reading old posts on buttcoin claiming Bitcoin will go down in flames, discouraging people to invest, claiming the whole network will be hacked, burnt, inflated, that the price will fall so low that Bitcoins will be the same as testnet, ridiculing people that invest funds into the economy, now the same people are bitching here on bitcointalk making the same predictions after they have deleted the old posts.
Honestly I have been speculating probably since there has been a handful of members on the forum and I am not one bit sorry for not having enough coins to really enjoy the recent price rises along with loosing wallets with hundreds of BTC in the early days, I am just happy to be a part of this. Quite frankly all the arguments against Bitcoins are ridiculous to anyone who is even remotely intelligent, e.g. such blatant claims as "Bitcoin is not backed up by anything".
I am hoping I will be lucky enough to live and see a world where cryptocurrency use is more common than all of the currencies combined one day.
Exactly if I hadn't been such an Idiot in the past (investing Bitcoins to make more Bitcoins  ) I could lean back and drink champagne by now and really enjoy the ride. Right now every Price Jump is like a kick in my balls, but yet I'm not complaining (except this post). Bitcoin probably is the greatest experiment we have the opportunity to be a part of in our lifetime and no matter how it ends everyone of us can be happy to participate in it at such an early stage. Haha I can relate, made a little more than a thousand $ with the recent price rises but still it's nothing in comparison to what I could have made, kinda funny looking back at it in retrospect, loosing coins carelessly in casinos, storing wallets full of bitcoins and then wiping the HD and forgetting about them since "they are only worth 5$ total". No point in crying over spilled milk though. I am looking at the whole situation from the perspective of a creative person rather than a competitive one and you really can't not feel happy about it if you adopt this way of thinking. |
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938
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Bitcoin / Bitcoin Discussion / Re: Who is Satoshi Nakamoto?
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on: April 10, 2013, 02:10:29 PM
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Satoshi Nakamoto is an harmonic wave that balances the equation, who he is is irrelevant really, it doesn't really matter to the people who think on the grand scheme of things. If he wouldn't do it then someone else would, perhaps a year, two, maybe even ten or a hundred down the road.
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939
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Bitcoin / Bitcoin Discussion / Re: Why so many grumpy people?
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on: April 10, 2013, 01:57:07 PM
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It's pretty funny reading old posts on buttcoin claiming Bitcoin will go down in flames, discouraging people to invest, claiming the whole network will be hacked, burnt, inflated, that the price will fall so low that Bitcoins will be the same as testnet, ridiculing people that invest funds into the economy, now the same people are bitching here on bitcointalk making the same predictions after they have deleted the old posts.
Honestly I have been speculating probably since there has been a handful of members on the forum and I am not one bit sorry for not having enough coins to really enjoy the recent price rises along with loosing wallets with hundreds of BTC in the early days, I am just happy to be a part of this. Quite frankly all the arguments against Bitcoins are ridiculous to anyone who is even remotely intelligent, e.g. such blatant claims as "Bitcoin is not backed up by anything".
I am hoping I will be lucky enough to live and see a world where cryptocurrency use is more common than all of the currencies combined one day.
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940
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Economy / Speculation / Re: The Mythical $10,000 USD bitcoin
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on: April 10, 2013, 01:36:23 PM
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Problem is that the price of bitcoin rises and many people that have absolutely no idea about bitcoin or computers in general are making "investments" to try and profit off the phenomena.
It's good for them and it's good for all of us too. People like stability when it comes to currency, it is good for bitcoin as an investment and as a virtual commodity but not as a currency which most of the forum supports according to my understanding. |
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