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Author Topic: Bears, it's over.  (Read 3321 times)
The Fool
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January 28, 2013, 04:29:27 PM
 #1

I'm sorry. May god have mercy on your soul.

http://www.bloomberg.com/news/2013-01-28/bitcoin-s-gains-may-fuel-central-bank-concerns-chart-of-the-day.html
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January 28, 2013, 05:06:03 PM
 #2

Wow, great find!

Yes, the CB's are doomed and Bitcoin will rise like a Phoenix.
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January 28, 2013, 05:18:09 PM
 #3

Yes, the CB's are doomed and Bitcoin will rise like a Phoenix.
Let's not be hasty. I think Bitcoin is on the way up, but no matter the usefulness of bitcoins, government-issued currency can do certain useful things bitcoins can't. Legally unambiguous settlement of debt or tax obligations, for example.

Also, doesn't "rising like a phoenix" imply that Bitcoin will have to die first?

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
The Fool
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January 28, 2013, 05:20:02 PM
 #4

Yes, the CB's are doomed and Bitcoin will rise like a Phoenix.

Also, doesn't "rising like a phoenix" imply that Bitcoin will have to die first?

See the 2011 bubble and crash.
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January 28, 2013, 05:20:05 PM
 #5

Yes, the CB's are doomed and Bitcoin will rise like a Phoenix.
Let's not be hasty. I think Bitcoin is on the way up, but no matter the usefulness of bitcoins, government-issued currency can do certain useful things bitcoins can't. Legally unambiguous settlement of debt or tax obligations, for example.

Also, doesn't "rising like a phoenix" imply that Bitcoin will have to die first?

$32-->$1.98 was it's death, albeit premature.
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January 28, 2013, 05:55:51 PM
 #6

Quote
Pyramid game, payment system for illicit goods, swindles, massive valuation gyrations, hackable code, difficult to use, and anonymous "managers" that we are supposed to trust

Someone with no idea how Bitcoin works has a lot to say.

Pyramid game

Reward for work is not a pyramid. Neither is the ability to send money.


payment system for illicit goods

As are most currencies.


swindles

Again, not unique/a fault of Bitcoins.


massive valuation gyrations

This is true. But it's still around and going strong, unlike other wildly fluctuating currencies.


hackable code

One does not simply "hack", SHA256


difficult to use

Kinda true, it's less convenient than traditional payments methods.


anonymous "managers" that we are supposed to trust

NO! There are no "managers" of bitcoin. The only person who manages your BTCs is YOU. If you leave them lying around unprotected, or give them to someone who rips you off, it's your own fault.
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January 28, 2013, 06:08:46 PM
 #7

Quote
Pyramid game, payment system for illicit goods, swindles, massive valuation gyrations, hackable code, difficult to use, and anonymous "managers" that we are supposed to trust

Someone with no idea how Bitcoin works has a lot to say.

...

https://twitter.com/Corbenic

Just some CEO of a failing venture capital company.
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January 28, 2013, 06:15:05 PM
 #8

Yes, the CB's are doomed and Bitcoin will rise like a Phoenix.
Let's not be hasty. I think Bitcoin is on the way up, but no matter the usefulness of bitcoins, government-issued currency can do certain useful things bitcoins can't. Legally unambiguous settlement of debt or tax obligations, for example.

Also, doesn't "rising like a phoenix" imply that Bitcoin will have to die first?

$32-->$1.98 was it's death, albeit premature.

Hard to call it a death, really, when it was still over 100% higher at that lowest point than it had been at the start of the year Wink
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January 28, 2013, 06:27:27 PM
 #9

Bitcoin is not more difficult to use than banks or credit cards. Converting between bitcoin and fiat is another matter entirely.

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January 28, 2013, 06:39:27 PM
 #10

That is why I called it correction earlier.Smiley
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January 29, 2013, 01:38:35 AM
 #11

Bitcoin is not more difficult to use than banks or credit cards. Converting between bitcoin and fiat is another matter entirely.

This is just your single opinion. Tell that to the average joe who only knows how to check his email and nothing more.

Bitcoin needs to reach Mr. Average Joe in order to go mainstream and completely viral.

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fcmatt
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January 29, 2013, 01:40:52 AM
 #12

Bitcoin is not more difficult to use than banks or credit cards. Converting between bitcoin and fiat is another matter entirely.

This is just your single opinion. Tell that to the average joe who only knows how to check his email and nothing more.

Bitcoin needs to reach Mr. Average Joe in order to go mainstream and completely viral.

In other words facebook needs to integrate it for some reason :-)

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nobbynobbynoob
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January 29, 2013, 01:44:32 AM
 #13

Bitcoin is not more difficult to use than banks or credit cards. Converting between bitcoin and fiat is another matter entirely.

This is just your single opinion. Tell that to the average joe who only knows how to check his email and nothing more.

Bitcoin needs to reach Mr. Average Joe in order to go mainstream and completely viral.

Of course it's only my opinion, but I've seen how banks and CC issuers operate, and their requirements and procedures are, partly as a result of government regulation, far more involved than installing a BTC wallet.

The 'average joe' seems to know, even if only a little, how to bank online and how to log into social media on mobile devices. Or am I missing something obvious? I agree that Bitcoin isn't dummy-level stuff, though, but nor does it require Einsteinian intelligence or a PhD.

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smoothie
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January 29, 2013, 02:01:20 AM
 #14

Bitcoin is not more difficult to use than banks or credit cards. Converting between bitcoin and fiat is another matter entirely.

This is just your single opinion. Tell that to the average joe who only knows how to check his email and nothing more.

Bitcoin needs to reach Mr. Average Joe in order to go mainstream and completely viral.

Of course it's only my opinion, but I've seen how banks and CC issuers operate, and their requirements and procedures are, partly as a result of government regulation, far more involved than installing a BTC wallet.

The 'average joe' seems to know, even if only a little, how to bank online and how to log into social media on mobile devices. Or am I missing something obvious? I agree that Bitcoin isn't dummy-level stuff, though, but nor does it require Einsteinian intelligence or a PhD.

In case you missed my point:

The average joe knows how to use a credit card and how to go to the bank to get money (i.e atm). Bitcoin isn't that simple...yet. So yes it is more difficult to use than the current way people are used to banking.


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nobbynobbynoob
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January 29, 2013, 02:06:13 AM
 #15

In case you missed my point:

The average joe knows how to use a credit card and how to go to the bank to get money (i.e atm). Bitcoin isn't that simple...yet. So yes it is more difficult to use than the current way people are used to banking.

If we include the conversion of fiat to BTC as part of the Bitcoin process, then yes, I agree with you.

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cheat_2_win
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January 29, 2013, 02:08:06 AM
 #16

Bitcoin is not more difficult to use than banks or credit cards. Converting between bitcoin and fiat is another matter entirely.

This is just your single opinion. Tell that to the average joe who only knows how to check his email and nothing more.

Bitcoin needs to reach Mr. Average Joe in order to go mainstream and completely viral.

Of course it's only my opinion, but I've seen how banks and CC issuers operate, and their requirements and procedures are, partly as a result of government regulation, far more involved than installing a BTC wallet.

The 'average joe' seems to know, even if only a little, how to bank online and how to log into social media on mobile devices. Or am I missing something obvious? I agree that Bitcoin isn't dummy-level stuff, though, but nor does it require Einsteinian intelligence or a PhD.

In case you missed my point:

The average joe knows how to use a credit card and how to go to the bank to get money (i.e atm). Bitcoin isn't that simple...yet. So yes it is more difficult to use than the current way people are used to banking.



That is why price is still hovering around $18. When Bitcoin becomes so simple that average joe is able use just like credit card, we will be seeing price a lot higher than this.
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January 29, 2013, 02:11:31 AM
 #17

That is why price is still hovering around $18. When Bitcoin becomes so simple that average joe is able use just like credit card, we will be seeing price a lot higher than this.

Easily $10k per BTC. Grin

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January 29, 2013, 03:03:17 AM
 #18

Bulls, I would just like to remind you that the Cnet article "A guide to the future of currency" coincided with the 2011 bubble peak. Wink
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January 29, 2013, 03:11:11 AM
 #19

Bulls, I would just like to remind you that the Cnet article "A guide to the future of currency" coincided with the 2011 bubble peak. Wink

Cnet and Bloomberg have very different demographics

Yes, but where is your argument?
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January 29, 2013, 06:20:35 AM
 #20

Easily $10k per BTC. Grin

Actually very likely but the road to 10000 USD per 1 BTC will wind through bear country with many healthy and hungry bears along the way. If one believes even for a single moment that all the bears are dead, then it becomes almost certain that one gets eaten by a bear along the way.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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