Why?

[molecular]

Definitely, Cheap bitcoins! There is strong evidence that this is last chance before halving. Look at RSI. I hnow it is just a friday. But we are getting near end.

Exactly my thoughts; I have no idea what the sellers are doing a month before a halving but I will take it - paycheck coming in in ~4 days

I will eat my words if the price does not climb at least 50% during December/January.

I have just started using BTC instead of Western Union and its both easier and cheaper - even if the price dropped to 0.01 I would still be using this stuff. So yeah I'm not worried about BTCs value or adoption rates.

Same in here. I can and I do use Bitcoin network. It saves me money and time, compared to international wires or WU.  Volatility is even good, as I can usually afford to wait a day or two for a good arbitrage opportunity between the two markets (in my case CAD/USD). Sure, I've got a few coins in my savings and investments, but that's a long-term game based on my assesment of long-term chances of Bitcoin going "big". Again, no problem with short-term swings, panic-sells, and pump'n'dump episodes.

It's good to hear that use-case is developing. Hear that story about the Iranians sending 2.5kUSD using Bitcoin to their kid who studies in the states or somewhere? Cost them $20... pretty awesome: https://bitcointalk.org/index.php?topic=118940.msg1291361#msg1291361

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[majamalu]

What possible value did bitcoin provide you in "settling small everyday stuff" that couldn't have been accomplished with dollar cash? What percent of the world do you think has vaguely any interest whatsoever in participating in the economy in this "bitcoin enthusiast" fashion?

Today, less than 0.01%. Within a few years, probably 90%. In my opinion, this will be a consecuence of the collapse of the financial system based on fiat money. Panic is a powerful driver.

At first we are in this "collapse" since 2008.

Second: What makes you think the majority would head to Bitcoin?

I don't know the date; I just know this is not sustainable.

If they know how to use email, they will head to Bitcoin.

[Realpra]

Would you like to bet BTC10 with me? I wager BTC10 that the price will not be equal to or above USD 15 on the stroke of February 1 2013 at 00:00 UTC. If the price is below USD 15 at that point, you pay me BTC10. If the price is equal to or above USD 15, I pay you BTC10. Sound good?

That's a bit much, lets say 1 BTC and it's a deal - I'm not a (very) betting man;)

[ElectricMucus]

What possible value did bitcoin provide you in "settling small everyday stuff" that couldn't have been accomplished with dollar cash? What percent of the world do you think has vaguely any interest whatsoever in participating in the economy in this "bitcoin enthusiast" fashion?

Today, less than 0.01%. Within a few years, probably 90%. In my opinion, this will be a consecuence of the collapse of the financial system based on fiat money. Panic is a powerful driver.

At first we are in this "collapse" since 2008.

Second: What makes you think the majority would head to Bitcoin?

I don't know the date; I just know this is not sustainable.

If they know how to use email, they will head to Bitcoin.

Bad analogy, since Bitcoin is not a mere protocol it includes a semi-mandatory checking system.
Might the concept or even the source code play a major role in the aftermath of a fiat-system collapse, possible who knows. But the voluntary creation of a new elite? (us, the people who already own bitcoins, not a few satoshis)

Definitely not.

[nobbynobbynoob]

Would you like to bet BTC10 with me? I wager BTC10 that the price will not be equal to or above USD 15 on the stroke of February 1 2013 at 00:00 UTC. If the price is below USD 15 at that point, you pay me BTC10. If the price is equal to or above USD 15, I pay you BTC10. Sound good?

That's a bit much, lets say 1 BTC and it's a deal - I'm not a (very) betting man;)

Yes, still a deal. BTC1 it is then.

[molecular]

Would you like to bet BTC10 with me? I wager BTC10 that the price will not be equal to or above USD 15 on the stroke of February 1 2013 at 00:00 UTC. If the price is below USD 15 at that point, you pay me BTC10. If the price is equal to or above USD 15, I pay you BTC10. Sound good?

That's a bit much, lets say 1 BTC and it's a deal - I'm not a (very) betting man;)

Yes, still a deal. BTC1 it is then.

quoting as witness

[nobbynobbynoob]

Would you like to bet BTC10 with me? I wager BTC10 that the price will not be equal to or above USD 15 on the stroke of February 1 2013 at 00:00 UTC. If the price is below USD 15 at that point, you pay me BTC10. If the price is equal to or above USD 15, I pay you BTC10. Sound good?

That's a bit much, lets say 1 BTC and it's a deal - I'm not a (very) betting man;)

Yes, still a deal. BTC1 it is then.

quoting as witness

Thanks for the assistance. I'm honest and so certainly won't be trying to weasel out if I lose the wager, unless I happen to have died. So it is agreed that the wager is BTC1, down from the original BTC10.

[molecular]

Thanks for the assistance. I'm honest and so certainly won't be trying to weasel out if I lose the wager, unless I happen to have died. So it is agreed that the wager is BTC1, down from the original BTC10.

oh, I thought it was common practice for an unrelated party to quote the bet as a simple, effective and cheap measure against people deleting posts relevant for possible dispute-resolution. Now that you told me you're honest I certainly don't think it would've been necessary.

[nobbynobbynoob]

Thanks for the assistance. I'm honest and so certainly won't be trying to weasel out if I lose the wager, unless I happen to have died. So it is agreed that the wager is BTC1, down from the original BTC10.

oh, I thought it was common practice for an unrelated party to quote the bet as a simple, effective and cheap measure against people deleting posts relevant for possible dispute-resolution. Now that you told me you're honest I certainly don't think it would've been necessary.

Haha, yeah I guess not too many scammers would say "I'm a crook". Then again, if they had any brains, they wouldn't be low enough to try to scam someone out of BTC1 or even BTC10. But yes, some peeps are that low.

It is a fairly obvious thing to do, yes, and thanks again.

Does this post make me a "senior member" here? ZOMG I needs to getz a life.

[MooC Tals]

No bad news??? There re so much talks about asics, cant see another reason.
For GPU miners, indeed this is bad news.

Yea what he said.


Also I took a snap shot of this last night WTF?

[molecular]

It is a fairly obvious thing to do, yes, and thanks again.

you're welcome

Does this post make me a "senior member" here? ZOMG I needs to getz a life.

CONGRATULATIONS! Now you can post in "Topic: You really are a TRUE bitcoiner when..." (https://bitcointalk.org/index.php?topic=120779) :-)

[bitster]

Maybe a good time to pick up some cheap coins long term bitcoin up, the central banks "sugar high" has been ongoing since the crash of 2008 will only weaken the dollar. Also the low/no fees of bitcoin can only attract new users.

[majamalu]

What possible value did bitcoin provide you in "settling small everyday stuff" that couldn't have been accomplished with dollar cash? What percent of the world do you think has vaguely any interest whatsoever in participating in the economy in this "bitcoin enthusiast" fashion?

Today, less than 0.01%. Within a few years, probably 90%. In my opinion, this will be a consecuence of the collapse of the financial system based on fiat money. Panic is a powerful driver.

At first we are in this "collapse" since 2008.

Second: What makes you think the majority would head to Bitcoin?

I don't know the date; I just know this is not sustainable.

If they know how to use email, they will head to Bitcoin.

Bad analogy, since Bitcoin is not a mere protocol it includes a semi-mandatory checking system.
Might the concept or even the source code play a major role in the aftermath of a fiat-system collapse, possible who knows. But the voluntary creation of a new elite? (us, the people who already own bitcoins, not a few satoshis)

Definitely not.

I would call it voluntary protection of their own wealth.

[ElectricMucus]

What possible value did bitcoin provide you in "settling small everyday stuff" that couldn't have been accomplished with dollar cash? What percent of the world do you think has vaguely any interest whatsoever in participating in the economy in this "bitcoin enthusiast" fashion?

Today, less than 0.01%. Within a few years, probably 90%. In my opinion, this will be a consecuence of the collapse of the financial system based on fiat money. Panic is a powerful driver.

At first we are in this "collapse" since 2008.

Second: What makes you think the majority would head to Bitcoin?

I don't know the date; I just know this is not sustainable.

If they know how to use email, they will head to Bitcoin.

Bad analogy, since Bitcoin is not a mere protocol it includes a semi-mandatory checking system.
Might the concept or even the source code play a major role in the aftermath of a fiat-system collapse, possible who knows. But the voluntary creation of a new elite? (us, the people who already own bitcoins, not a few satoshis)

Definitely not.

I would call it voluntary protection of their own wealth.

Don't try to be a smartass.

Get into my argument or leave it before you embarrass yourself.

[majamalu]

What possible value did bitcoin provide you in "settling small everyday stuff" that couldn't have been accomplished with dollar cash? What percent of the world do you think has vaguely any interest whatsoever in participating in the economy in this "bitcoin enthusiast" fashion?

Today, less than 0.01%. Within a few years, probably 90%. In my opinion, this will be a consecuence of the collapse of the financial system based on fiat money. Panic is a powerful driver.

At first we are in this "collapse" since 2008.

Second: What makes you think the majority would head to Bitcoin?

I don't know the date; I just know this is not sustainable.

If they know how to use email, they will head to Bitcoin.

Bad analogy, since Bitcoin is not a mere protocol it includes a semi-mandatory checking system.
Might the concept or even the source code play a major role in the aftermath of a fiat-system collapse, possible who knows. But the voluntary creation of a new elite? (us, the people who already own bitcoins, not a few satoshis)

Definitely not.

I would call it voluntary protection of their own wealth.

Don't try to be a smartass.

Get into my argument or leave it before you embarrass yourself.

I would get into your argument, but I can't find it. Maybe it's because I'm looking for consistency.

[ElectricMucus]

I think my criticism of blind Bitcoinism™ is anything but inconsistent.

You people get ahead of yourselves and miss so many opportunities by desperately trying to hard to make it something it can never be. Worse because of fear your devious plans to get wealthy at the expense of others fail you can't see the opportunity for innovation. Every proposal to provide at least some environment where people can actually trust each other (like for example third party signed transactions or taint systems) is trampled down while at the same time the scammers seize the opportunity to take the rest of what you once had - The potential to grow into a self sustaining economy.

This now also answered the question of: "Why?"

[Realpra]

Every proposal to provide at least some environment where people can actually trust each other (like for example third party signed transactions or taint systems) is trampled down

I have only seen bad ideas trampled down - taint very much one of them. Good ideas like decentralized stock exchanges and the like usually gather at least interest.

[molecular]

Every proposal to provide at least some environment where people can actually trust each other (like for example third party signed transactions or taint systems) is trampled down

I have only seen bad ideas trampled down - taint very much one of them. Good ideas like decentralized stock exchanges and the like usually gather at least interest.

It's a little more than just gathering interest. People are actively discussing and multiple implementations are on the way.

I have to admit, though, that a certain tunnel vision of the crowd exists. Ideas that have the potential to threaten the throne of bitcoin are less likely to be welcomed than others. The reason is clearly fear.

[Spekulatius]

back to topic: "WHY?"

A friend pointed out to me, that the recent drop was due to the latest of some Fibonacci retracements, that balanced the price.
If you look at historic MtGox data, Fibonacci retracements work suprisingly well, the better the stronger the triggering price movement and the less distracting news, like with the past mini bubble burst from 15.xx USD to 7.8x USD with few big news or even fundamental changes.

[molecular]

back to topic: "WHY?"

A friend pointed out to me, that the recent drop was due to the latest of some Fibonacci retracements, that balanced the price.
If you look at historic MtGox data, Fibonacci retracements work suprisingly well, the better the stronger the triggering price movement and the less distracting news, like with the past mini bubble burst from 15.xx USD to 7.8x USD with few big news or even fundamental changes.

"Fibonacci retractments" doesn't answer "why" the initial decline happened. Only says something about what might or might not happen after wards.

nice way to lmgtfy us, though