Bitcoin: Should you stay or should you go?

[smith coins]

ill never leave the bitcoin world why bother leaving when you can learn more knowledge
here in the forum and the bitcoin world even bitcoin becomes dead ill stay and keep supporting
bitcoin in some ways

We are in a bitcoin related forum, but we don't learn only about bitcoin.
Recently there are many good 3rd party services including bitcoin.
Also learning, buying, selling alt coins seems very impressive, and we can trade here physical goods for bitcoin. Better stay.

[gugo]

I will stay.

[Hugroll]

I will stay.

lol OP isnt asking if you should stay or go hes asking if bitcoin should stay to which the answer is DEFINITELY YES!!

[BruceSwanson]

I will stay.

lol OP isnt asking if you should stay or go hes asking if bitcoin should stay to which the answer is DEFINITELY YES!!

No big deal, but I'm the OP and I was indeed asking if you should stay or go (paraphrasing The Clash) -- or at least that was my intent. But I do agree: definitely yes.

To convince any skeptics, tell them to substitute the word "blockchain" for "bitcoin" in a lot of discussions about the latter. (It doesn't always work but often enough it does.) They will see that the blockchain is really what people are talking about when they talk about bitcoins -- which after all are just tokens designed to reward anonymous workers on a decentralized network. If that network is valuable, it will bring fiat value to the bitcoin token -- which puts in a different light the oft-repeated claim by the skeptics that "bitcoin has no intrinsic value." It doesn't -- but the blockchain potentially has as much pure value, intrinsic or not, as any data-set could have. So what are the long-term prospects for the blockchain?

Pretty damn good -- as a public data-backup for starters. Today, individuals and companies have to publish legal notices in newspapers in order to make those notices a part of the public record by a certain date and time. Tomorrow, individuals and companies will hash whatever data they need to preserve, use that hash to create a bitcoin address, and then send some fraction of bitcoin to that address. Voila, unalterable proof that their data existed by an exact date and time before their newspaper-published notice of it. Banks using their own private "permissioned" blockchains may be required by governments to publish those chains (encrypted and hashed of course) on the bitcoin blockchain as a matter of public accountability well before they are audited.

The good thing about this use is that the confirmation time won't have to be fast. It could be done in snail-mail time for that matter because the transaction still gets published on the blockchain instantly. The fact that the transaction is not yet confirmed is irrelevant for proof-of-existence purposes. Perhaps someday MS Word will offer scientists, writers, and anyone else with a need to establish priority a feature that automatically copies their text, hashes it, and sends it to a bitcoin address, and then makes a record of what text produced each hash and address. Whatever the need, the sheer low cost will ensure the blockchain's widespread use. (It may be that its low cost is the blockchain's truly revolutionary aspect.)

The key point is that confirmation time won't matter for millions of users. Perhaps private blockchains will handle commerce and banking for sheer speed, with their data backed up on the bitcoin blockchain as a matter of routine.

In any case, the blockchain -- and its bitcoins -- would seem to have a future.

[Dotakels]

ill never leave the bitcoin world why bother leaving when you can learn more knowledge
here in the forum and the bitcoin world even bitcoin becomes dead ill stay and keep supporting
bitcoin in some ways

We are in a bitcoin related forum, but we don't learn only about bitcoin.
Recently there are many good 3rd party services including bitcoin.
Also learning, buying, selling alt coins seems very impressive, and we can trade here physical goods for bitcoin. Better stay.

yeah we can say that bitcoin is a commodity money because it has a value as our currency or money we can exchange them for goods or stuffs. So its better to stay because in the future bitcoin will be the mainstream and we are the one who already adopt.

[ANdr0id]

Staying. It is personal preference. If you don't like the roller coaster ride that it is then simply get off. I like chance and risk(not too much) so I am in for the long haul either it be bad or good.
Hoping for good but don't we all?
Have a good ride one and all!

[dothebeats]

We should not leave Bitcoin even if prices drop.
Bitcoin's acceptancy will keep grow, feel secure.

There are no assurances that we will see a big boom in terms of adoption. If the prices drop, some may panic sell, miners might leave the scene. You see, most people came in this community after ATH or after bitcoin hit mainstream news, and most are after profits. If bitcoin is not profitable any more, I doubt there would be more people like what we have today that are going to be interested in using bitcoins.

[chennan]

We should not leave Bitcoin even if prices drop.
Bitcoin's acceptancy will keep grow, feel secure.

There are no assurances that we will see a big boom in terms of adoption. If the prices drop, some may panic sell, miners might leave the scene. You see, most people came in this community after ATH or after bitcoin hit mainstream news, and most are after profits. If bitcoin is not profitable any more, I doubt there would be more people like what we have today that are going to be interested in using bitcoins.

I'm not so sure about that... I mean sure, there are plenty of miners who do this for maybe a hobby and would like to see some profit come out of it... those are the people you are talking about who might leave.  But there are a lot of people who own and run bitcoin mining farms who invested thousands, and maybe even millions of dollars in equipment to mine this stuff.  So to say that if bitcoin's prices were to drop heavily for a while and maybe even stay there for a couple months, isn't an ensured reason that everyone will just pack up and leave bitcoin forever... there's just simply too much time, money, and effort invested into this thing.

[OrientA]

But there are a lot of people who own and run bitcoin mining farms who invested thousands, and maybe even millions of dollars in equipment to mine this stuff.  So to say that if bitcoin's prices were to drop heavily for a while and maybe even stay there for a couple months, isn't an ensured reason that everyone will just pack up and leave bitcoin forever... there's just simply too much time, money, and effort invested into this thing.

These farms are for profit only. When the price drops below their cost, they will shutdown their farms.

[dothebeats]

I'm not so sure about that... I mean sure, there are plenty of miners who do this for maybe a hobby and would like to see some profit come out of it... those are the people you are talking about who might leave.  But there are a lot of people who own and run bitcoin mining farms who invested thousands, and maybe even millions of dollars in equipment to mine this stuff.  So to say that if bitcoin's prices were to drop heavily for a while and maybe even stay there for a couple months, isn't an ensured reason that everyone will just pack up and leave bitcoin forever... there's just simply too much time, money, and effort invested into this thing.

These farms are in it for the money, and with the massive decrease in price, I doubt they will continue on their operations. Only those who are willing to take the risks would stay especially if difficulty decreased, more efficiency for their equipment. But if there are no more interest on bitcoin? It would be a downward spiral from there.  Once it happened, bitcoin is history.

[gaurav jain 116]

The blockchain technology has led to the development of may bitcoin based applications that can help us in our day-to-day life. Some of the bitcoin applications have the potential to bring unimaginable changes to the current banking, governance, law, intellectual property, finance, and other sectors.
For Detailed Info You can Visit :

https://www.digitalcoinsexchange.com/blogs/bitcoin-companies-will-continue-to-grow/

[n2004al]

The blockchain technology has led to the development of may bitcoin based applications that can help us in our day-to-day life. Some of the bitcoin applications have the potential to bring unimaginable changes to the current banking, governance, law, intellectual property, finance, and other sectors.
For Detailed Info You can Visit :

https://www.digitalcoinsexchange.com/blogs/bitcoin-companies-will-continue-to-grow/

Very good post. Agree completely with it. Not to much (not in the same level) the article of the link given on it. There are to many other, much more detailed, and with true examples which prove the words written in the post. I can give another article which show, for example, that 22 from the most important banks of the world are working to implement the blockchain technology on its activity. This is a real example that show the importance that blockchain have as a technology. See here: http://uk.businessinsider.com/13-new-banks-join-r3-blockchain-coalition-2015-9

[Amph]

But there are a lot of people who own and run bitcoin mining farms who invested thousands, and maybe even millions of dollars in equipment to mine this stuff.  So to say that if bitcoin's prices were to drop heavily for a while and maybe even stay there for a couple months, isn't an ensured reason that everyone will just pack up and leave bitcoin forever... there's just simply too much time, money, and effort invested into this thing.

These farms are for profit only. When the price drops below their cost, they will shutdown their farms.

then you need to wait two halving for that, meanwhile in two halving i'm quite sure, that the bitcoin price will increase at least double, which mean that you need 3 halving to see the miners leave and so on...

not gonna happen basically...

[OrientA]

But there are a lot of people who own and run bitcoin mining farms who invested thousands, and maybe even millions of dollars in equipment to mine this stuff.  So to say that if bitcoin's prices were to drop heavily for a while and maybe even stay there for a couple months, isn't an ensured reason that everyone will just pack up and leave bitcoin forever... there's just simply too much time, money, and effort invested into this thing.

These farms are for profit only. When the price drops below their cost, they will shutdown their farms.

then you need to wait two halving for that, emanwhile in two halving i'm quite sure, that the bitcoin price will increase at least double, which mean that you need 3 halving to see the mienrs leave and so on...

not gonna happen basically...

With the increase of difficulty, the less efficient farms will close down.

[HardcoreSuperstar]

Without a defining killer app, I am confident that Bitcoin will, in fits and starts, inevitably return to its 2009 levels. It would be pointless to guess how long that process will take; or when that killer app will appear although I am also confident it will appear at some entirely unpredictable point.

I'm easily old enough to remember the very early days of personal computers. I remember a story from The Wall Street Journal in which a reporter interviewed a small-business owner (I think an auto-repair shop) who had bought an Apple II. The reporter asked the man what he thought of his purchase. The man stared glumly at the Apple for a moment and then sourly commented: "The damn thing just sits there."

Exactly. The world was just never going to buy into a command-prompt environment in a really big way. But the Mac came along and then the world began to change. (Be like the Mac! Bill Gates commanded his troops developing Windows 95.) And so it will be with Bitcoin. The world will never buy into it until an environment comes along that makes it easier, safer, and a lot more fun to use. Until then, the price will suffer periodic whale-dumps and then sort of bounce, spurt, and finally just roll along long enough for people to start talking (again) about "Bitcoin's recent price stability." And then yet another whale-dump will splash the water and the retroactively obvious cycle will begin again.

Perfectly agreed.
I think the main problem for Bitcoin is that it is too complicated for the medium user. Moreover it needs an internet connection, which isn't always available in every place. I hope the killer app will be an easy way for offline payments, something like physical coins, better than the Casascius ones.

[Betwrong]

We should not leave Bitcoin even if prices drop.
Bitcoin's acceptancy will keep grow, feel secure.

There should be at least limit of price drop. Don't just trust Bitcoins. Trust all the factors that can move Bitcoin prices. For example if Bitcoin price will drop to let's say $10 or $2 as an example stated above. Do you think the factors of it that's why it reached that mark will not be taken seriously by some miners or individuals? It will taken seriously starting from $100 like the one poster says.

Yes, but this will never happen. I can see no reasons for such drop in price of BTC. Of course we may speculate about it just for fun but seriuosly it's like speculating about what would happen if the US dollar will be cheaper than the Russian rouble. )

[Amph]

But there are a lot of people who own and run bitcoin mining farms who invested thousands, and maybe even millions of dollars in equipment to mine this stuff.  So to say that if bitcoin's prices were to drop heavily for a while and maybe even stay there for a couple months, isn't an ensured reason that everyone will just pack up and leave bitcoin forever... there's just simply too much time, money, and effort invested into this thing.

These farms are for profit only. When the price drops below their cost, they will shutdown their farms.

then you need to wait two halving for that, emanwhile in two halving i'm quite sure, that the bitcoin price will increase at least double, which mean that you need 3 halving to see the mienrs leave and so on...

not gonna happen basically...

With the increase of difficulty, the less efficient farms will close down.

difficulty increase only because of efficiency, this is proven by the fact that until the new s7 the diff was flat for 9 months straight

the ratio between diff and efficiency can not be altered and miners know that, otherwise they would only lost profit

[harizen]

We should not leave Bitcoin even if prices drop.
Bitcoin's acceptancy will keep grow, feel secure.

There should be at least limit of price drop. Don't just trust Bitcoins. Trust all the factors that can move Bitcoin prices. For example if Bitcoin price will drop to let's say $10 or $2 as an example stated above. Do you think the factors of it that's why it reached that mark will not be taken seriously by some miners or individuals? It will taken seriously starting from $100 like the one poster says.

Yes, but this will never happen. I can see no reasons for such drop in price of BTC. Of course we may speculate about it just for fun but seriuosly it's like speculating about what would happen if the US dollar will be cheaper than the Russian rouble. )

LOL at this. I like your positive strong faith in Bitcoin. Keep it up But....

You said the word "will never happen" because you can see no reasons,,,,for now. We should consider every possible scenario that will happen bitcoin including if the price will land @ $100usd mark. This is possible. Faith on bitcoin alone isn't enough to keep the price up.

[faridkifly]

as long as bitcoin have a "value" i think stay it's good decision dude
except you're invest in btc

[OrientA]

But there are a lot of people who own and run bitcoin mining farms who invested thousands, and maybe even millions of dollars in equipment to mine this stuff.  So to say that if bitcoin's prices were to drop heavily for a while and maybe even stay there for a couple months, isn't an ensured reason that everyone will just pack up and leave bitcoin forever... there's just simply too much time, money, and effort invested into this thing.

These farms are for profit only. When the price drops below their cost, they will shutdown their farms.

then you need to wait two halving for that, emanwhile in two halving i'm quite sure, that the bitcoin price will increase at least double, which mean that you need 3 halving to see the mienrs leave and so on...

not gonna happen basically...

With the increase of difficulty, the less efficient farms will close down.

difficulty increase only because of efficiency, this is proven by the fact that until the new s7 the diff was flat for 9 months straight

the ratio between diff and efficiency can not be altered and miners know that, otherwise they would only lost profit

A1 is not profitable now. So they are switched off.