Bitcoin's Novelty Is Spent

[alyssa85]

http://money.usnews.com/investing/articles/2016-06-10/bitcoins-novelty-is-spent

"Bitcoin is actually unchanged since many years ago: What is different is the focus of the media," says Peter Leeds, the author of "Penny Stocks for Dummies." In it, Leeds mentions bitcoin as an example of what he calls "an investor stampede."

"Much – almost all – of bitcoin's rise in value was driven by the standard media cycle," Leeds says. "And as the story became old news, coverage levels diminished and the currency faded into the background."

[pereira4]

Bitcoin has changed a lot, it's pretty much unrecognizable if you compare it to the early versions, we pretty much only have in common the name and the basic consensus algorithm and 21 million BTC, because if that changes then it isn't bitcoin anymore.
The improvements have been massive and when we have sidechains it will be some next level shit.
Mainstream media is clueless about BTC to be honest.

[franky1]

try spending "penny stocks" in hundreds of thousands of retailers.

would be my reply to the author of a penny stocks book quoted in the OP.

as for bitcoin:
the amount of users is increasing
the amount of retailer accepting is increasing,
the amount of "industry" companies is increasing,
the amount of government awareness and understanding is increasing.

[DonMarco]

I remember when i started with BitCoin about 3 years ago. It was something new and open for everyone. Now actually It's hard for non proffesional miners to get some btc using computer. Before for me it was like i can make my money just by runing my PC. now? hm.. Even with 24/7 1Mh/s scrypt i can not get 0.1 btc per week... i need to buy mostly. Before there was a lot of ppl on internet buing directly Your btc in cash Hand to Hand. now? all this proffesional escrows fees etc etc.. Before i could send transaction without fee and it was done in 1 min now i need to pay fee and sometimes wait even 1 day to get my btc transfered...
But it still something what I like. Its anon, It's for someone who don't like to use CC or PP etc.. easy to understand and use. I hope it's gonna keep like this.

[zimmah]

Bitcoin has changed a lot, it's pretty much unrecognizable if you compare it to the early versions, we pretty much only have in common the name and the basic consensus algorithm and 21 million BTC, because if that changes then it isn't bitcoin anymore.
The improvements have been massive and when we have sidechains it will be some next level shit.
Mainstream media is clueless about BTC to be honest.

exactly, the author just wants some publicity, but he doesn't understand anything about bitcoin.

doesn't matter to him, since his readers are probably even less informed about bitcoin, so he can make any claim he wants.

until bitcoin becomes popular and any statements made by him about bitcoin will bite him in the ass later.

[RealBitcoin]

More sentimentalism and misleading news from mainstream, how typical.

Better just stick to their silly news and dont report what you dont have a clue about.

[crazyivan]

BS. If the price keep rising, we ll have increased media interest and mode stampede. So dont listen to morons trying to sell their books. Simply use your head.

[panju1]

Who cares whether bitcoin has a novelty value or not?
What matters is that adoption is increasing, slowly and steadily.

[unamis76]

Yes, Bitcoin's core principles haven't changed much. That's why Bitcoin is still amazing technology.

Adding to the mystery, bitcoins hinge on tongue-twisting technobabble even most Wall Street pundits can't grasp.

This is good

[aardvark15]

One thing that is changing is that more people around the world know about bitcoin that in years past and that will continue. Also, the price/value has stabilized more over time and I think this will make it more attractive to long term investors and users.

[regor]

Gold hasn't changed much either, but it still has value. I'm a strong believer that bitcoin's value is based on the community that surrounds it, and as long as we promote it and use it for honest purposes, bitcoin's value will rise.

It's a good thing that Bitcoin doesn't change if it's secure. But even if there were a major security flaw found in Bitcoin, the miners could vote to update the protocol. (Someone correct me if I'm wrong, that's just what I'm putting together)

[European Central Bank]

Isn't lack of novelty a positive thing? Once the pointless hype is past it can get one with proving its usefulness out in the big bad world. If the speculation ended tomorrow I reckon that would be a good thing. Let's see the whole thing grow because people actually use it for something.

[yayayo]

Isn't lack of novelty a positive thing? Once the pointless hype is past it can get one with proving its usefulness out in the big bad world. If the speculation ended tomorrow I reckon that would be a good thing. Let's see the whole thing grow because people actually use it for something.

Overall it's neutral, because it really depends on situation and context: Novelty is positive when it is needed. If a company's established product isn't selling anymore because its characteristics are not en vogue anymore, remodeling the product based on current demand might make sense. You could also change the appearance a little bit and market it as something new, hoping that costumers will not take notice that's the same old stuff you were selling before (seems to be the case more often ).

On the other hand it makes no sense to change the design of a product whose demand is constantly increasing.

Besides that Bitcoin is not a product but a currency the latter holds true. Bitcoin's popularity is constantly increasing. Also, there has been constant evolution of improvements in Bitcoin Core that gets better and more secure with every release. So I think the author should inform himself better before blindly transferring his Penny Stock expertise to Bitcoin.

ya.ya.yo!

[BellaBitBit]

Even though it is an article lacking in some areas it is good to see it in USNews.  At the end of the article he does put in a quote of an expected climb back to 1k.  IMO any press is good press.  I especially like "Bitcoins are known as a 'cryptocurrency,' a term that appeals to the James Bond in all of us."  haha