Wrap It Up, bitcoin Is Done

[LiteCoinGuy]

I come back after three months to see if bitcoiners had given up and gotten jobs yet, here is bitcoin news summary of the three months:

1. No news (other than bad)

2. Lot's of news (none good)

3. Scams, wasteful and inefficient mine losses continue as they always do, and always will until zero. There is not even a point enumerating them, like counting cavities in a meth mouth

4. bitcoin remains confined largely to darknet uses such as child pornography, drug and weapons sales and human trafficking funds for ISIS

5. The vast majority of people (99.99%) when asked, "do you bitcoin?" respond "huh?" whereas the remaining: "yes that's an obvious fraud" (0.009%) or "yes I have been defrauded" (0.0009%) or "yes I am a Chinese/Ukrainian/Silicon Valley hacker that defrauds with bitcoin" (0.0001%).

Let's see...forgetting something...oh yes, price is 10% lower. Cheers! 

Bitcoin has died 70 times

http://bitcoinobituaries.com/

[RodeoX]

I wonder how long it will take before you realize you're being trolled by OP and stop responding here. Every few days there's a topic like that, nothing new. I wouldn't be surprised if it was one of those guys from "speculation".

I assume everyone knows this is not for real. Some claim they are paid to post these disparaging ideas, it could be a need for drama in their life, or perhaps a naive attempt to move the market. I respond because I consider it an opportunity to discuss the merits of their claims and help new users to understand bitcoin better. Ironically, I think it actually helps bitcoin.

Thanks FUDsters! Your building the BTC economy every day. 

[RodeoX]

Bitcoin's not done, but the price will continue to decrease, mainly because heisted BTC almost always get sold for below-market price, but also because there is no real reason for 99% of the population to use it.
The fastest, cheapest, and most secure way to send money is not a good enough reason?
I'm celebrating my 1 year anniversary on this forum and I would say adoption has leveled off.
Hard to say, maybe.
Bitcoin isn't going to be used by the poor masses to wirelessly transfer money to their home countries without having to pay customary surcharges and fees.
Why is that? Are you aware that in Africa this is the way it's done now? I'm not even sure what fees you mean. Who can charge me a fee?
Bitcoin isn't going to be the "go-to safe-haven" investment when all hell breaks loose and the dollar collapses.
Why is that? I would definitely use it more if the dollar collapsed
Bitcoin won't fuel any sort of revolution because you still need electricity and the internet in order for it to be worth anything.
Is electricity going away? I don't think it's a fad.
Nobody wants to download the entire blockchain to have their own QT wallet or much less gives a shit about being a node. The size of it is too unwieldy.
Few will want to run a full node. But fortunately only a few need to.
The only good thing I see coming out of bitcoin is more decentralization of mining as the price falls below profitability for the major miners who are used to paying outrageous prices for ASIC equipment that will soon again be worthless.
bitcoin scales and it is always profitable. But not for every miner. Like say... Mining.

[Mikestang]

1. No news (other than bad)

2. Lot's of news (none good)

It can't be both.

And guess what?  No one missed you, back to your troll cave.



If I could only find a way to monetize these FUD posts...

[nutildah]

Bitcoin's not done, but the price will continue to decrease, mainly because heisted BTC almost always get sold for below-market price, but also because there is no real reason for 99% of the population to use it.
The fastest, cheapest, and most secure way to send money is not a good enough reason?
I'm celebrating my 1 year anniversary on this forum and I would say adoption has leveled off.
Hard to say, maybe.
Bitcoin isn't going to be used by the poor masses to wirelessly transfer money to their home countries without having to pay customary surcharges and fees.
Why is that? Are you aware that in Africa this is the way it's done now? I'm not even sure what fees you mean. Who can charge me a fee?
Bitcoin isn't going to be the "go-to safe-haven" investment when all hell breaks loose and the dollar collapses.
Why is that? I would definitely use it more if the dollar collapsed
Bitcoin won't fuel any sort of revolution because you still need electricity and the internet in order for it to be worth anything.
Is electricity going away? I don't think it's a fad.
Nobody wants to download the entire blockchain to have their own QT wallet or much less gives a shit about being a node. The size of it is too unwieldy.
Few will want to run a full node. But fortunately only a few need to.
The only good thing I see coming out of bitcoin is more decentralization of mining as the price falls below profitability for the major miners who are used to paying outrageous prices for ASIC equipment that will soon again be worthless.
bitcoin scales and it is always profitable. But not for every miner. Like say... Mining.

Thanks for making it super easy to rebut your points. 

The fastest, cheapest, and most secure way to send money is not a good enough reason?

Its not "money." Its bitcoin. Its an intangible series of 1s and 0s. The cheapest, fastest way to send money is known as a debit card. Pop it into an ATM or any retail card swiping device and BAM, money sent. No sitting around waiting for confirmations necessary.

Why is that? Are you aware that in Africa this is the way it's done now? I'm not even sure what fees you mean. Who can charge me a fee?

If by "Africa" you mean Kenya, then yes I am aware of MPesa. Western Union, Paypal, etc. can charge you fees.

Why is that? I would definitely use it more if the dollar collapsed

You might, but your desires will be completely overridden by those of the financial sector. They set the safe haven investments, not us.

Is electricity going away? I don't think it's a fad.

Not the totality of electricity, but there are blackouts and brownouts across the country on a daily basis. If you take away our electrical infrastructure, however global or local, your bitcoin becomes worthless.

[Cruxer]

Bitcoin is great for IT stuff like renting servers/VPS etc., gambling and probably many other.
Future is bright for bitcoin

[RussianRaibow]

"yes I am a Chinese/Ukrainian/Silicon Valley hacker that defrauds with bitcoin" (0.0001%).

Out of all these chaos, one thing I learned from U. Hackers are found mostly in China, Ukraine and Silicon Valley

[tampazeus]

yes sir. BTC is dying as we speak, bleeding out on the floor waiting for the final blow to whack her out! Good riddance.

[OBAViJEST]

funds for ISIS

"The ISIS economy and its fighters predominantly rely on the production and sale of seized energy assets—Iraq has the fifth-largest proven crude oil reserves in the world. ISIS also depends on the steady income it extracts from private donors, the heavy taxation and extortion it levies on its captive population, the seizure of bank accounts and private assets in the lands it occupies, ransoms from kidnappings and the plundering of antiquities excavated from ancient palaces and archaeological sites." source


ISIS makes money every time they loot a town or attack an oil refinery.  On top of that, they're receiving billions in aid from wealthy gulf states and Saudi princes.

If you actually follow either war (syria, iraq) you'd realize that if you put an ordinary laptop in front of the average fighter, they'd cry 'haram' , shoot you, and burn the laptop to appease their invisible sky god.  You MIGHT convince a regional leader to accept BTC, but I'm willing to bet each one would think you're trying to rip them off.

"funding ISIS" is undoubtedly the funniest attempt to slander BTC since its inception - I don't think any future fearmongering can top this

[jjacob]

I come back after three months to see if bitcoiners had given up and gotten jobs yet, here is bitcoin news summary of the three months:

You think three months is enough to judge something like Bitcoin? Come back after three years.

[ensurance982]

I'm under the slight impression that this is just another thread where someone is doing his/her best in convincing no one but themselves that getting invested in Bitcoin is a bad idea. Well, no one is forcing you to invest into it Others like to, actually

[mercistheman]

What is the going rate for selling lies?
People here are going to fall for "pay per fud"?

[OBAViJEST]

I'm under the slight impression that this is just another thread where someone is doing his/her best in convincing no one but themselves that getting invested in Bitcoin is a bad idea. Well, no one is forcing you to invest into it Others like to, actually

That, or they're making themselves feel better after losing it all... 

[TenderLoins]

http://en.wikipedia.org/wiki/Confirmation_bias   

I vote for this, and it's not at all because I still want to jump into bitcoins 

[ensurance982]

I'm under the slight impression that this is just another thread where someone is doing his/her best in convincing no one but themselves that getting invested in Bitcoin is a bad idea. Well, no one is forcing you to invest into it Others like to, actually

That, or they're making themselves feel better after losing it all... 

Ha, yeah! It basically boils down to the same thing, actually. It's a sort of confirmation bias, where people reason in a way to support their own opinion. In this situation he/she either lost their holdings somehow, maybe unable to get back in, or maybe sold them out of fear and is now convincing themselves that it is better to stay out. Or, well, they think Bitcoin is interesting, but they're too afraid to actually invest some money.

[Chef Ramsay]

Oh look, it's slappychop coming out of the speculation den and really trying to snipe on newbs that patrol gd. Yet another sock account that hasn't been retired or kicked out of town on a rail.

[OBAViJEST]

Oh look, it's slappychop coming out of the speculation den and really trying to snipe on newbs that patrol gd.

That remark was beautifully visual. Hat's off to you, sir

[nutildah]

I'm under the slight impression that this is just another thread where someone is doing his/her best in convincing no one but themselves that getting invested in Bitcoin is a bad idea. Well, no one is forcing you to invest into it Others like to, actually

That, or they're making themselves feel better after losing it all...  

Ha, yeah! It basically boils down to the same thing, actually. It's a sort of confirmation bias, where people reason in a way to support their own opinion. In this situation he/she either lost their holdings somehow, maybe unable to get back in, or maybe sold them out of fear and is now convincing themselves that it is better to stay out. Or, well, they think Bitcoin is interesting, but they're too afraid to actually invest some money.

Here's a great reason to stay out: an ever-falling price.

[BADecker]

Bitcoin is still here. Bitcoin is forever! If they couldn't stop it by now, they never will.

 

[Bit_Happy]

OP likes FUD but it gives us a chance to point out that VC funds are pouring millions into Bitcoin companies as they anticipate bright days ahead.