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Author Topic: Why I don't think Bitcoin is Dead, and what it will take to keep it Alive  (Read 1631 times)
johnniewalker
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April 16, 2013, 09:53:09 PM
 #1

I have read other people's reviews, gained a lot of insight, and too feel that bitcoins aren't dead. I'll tell you why.
Its no coincidence that that same [dreadful] night bitcoins dropped almost $100, while gold and silver dropped considerably, too. I can't even buy silver at my local coin store-they're out of stock because everyone bought, because the markets are so low.
Thus, the reason for this drop is artificial. Its a result of the acting of only a few [very powerful] agents. Its the only thing that makes sense.

There was no consensus as to what caused the sudden rise in bitcoins, prior to their drop. Although, debate was minimal (why ask questions if you're getting money thrown at you?). I believe that the aforementioned agents brought about the sharp rise in prices. It was essentially a HUGE pump and dump.

Now we are left with what I believe is a true market (no big players running any schemes). Bitcoins were just gaining publicity, and still are. I am actually somewhat thankful for the prices at the moment, as it may compel more people to buy into BTC. As far as the ease of buying bitcoins-where there is an opportunity to make money, it will be ceased. I am hopeful that someone will come up with a simple way to purchase bitcoins with a credit/debit card. This will make it even easier for new people to get into BTC.

I believe the intrinsic value of bitcoins is their utility, and that their utility is great enough to ensure their survival. By utility I mean ability to send funds anonymously, avoid taxes, etc.

Finally, the infrastructure already exists. There are a number of bitcoin exchanges and services, and what do you think they'll do-just disappear? What I think needs to happen is that Bitcoin needs to become more user-friendly. I guess by that I mean "n00b" friendly. I believe other people realize this, and will capitalize on it as there is money to be made.

Thus, I do believe bitcoins will survive. But I think they will [and must] undergo a major renovation, as they turn into a more  user-friendly form of P2P currency. THAT is the key to their survival.


"With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless." -- Satoshi
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fixxi.net
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April 16, 2013, 10:06:10 PM
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It is not Dead but now with the ASIC mining they are going to limit its exposure to specialized miners.

First was the starter advantage, now has moved to expensive devices. Some people are making money out of this for sure.

Bitcoin must become more available and it is hard to see that happening now with the specialized devices.

antimattercrusader
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April 16, 2013, 10:08:22 PM
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I am hopeful that someone will come up with a simple way to purchase bitcoins with a credit/debit card.


I am looking forward to those BTC ATMs people are working on... I am tempted to deploy one in my local area and list it on localbitcoins

But back to your main point, I agree. When purchasing with bitcoin, sending funds overseas etc, the exchange rate at the moment is irrelevant. As the market cap increases, the price *should* stabilize, and will lead to more vendors being comfortable accepting it. An big step would be an entire BTC economy at some level (Even if a small one) where the exchange rate really doesn't matter so much.

I feel we'll eventually get there, and from there BTC will gain adoption quickly.

Bitcoin is not so user unfriednly, except for getting them to start with. When I teach new people about it, after it clicks.. they've all said, wow, it's so easy, it's awesome. The concept is solid.

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April 16, 2013, 10:10:54 PM
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Frankly the whole conversation about Bitcoin being "dead" is stupid. Absolutely nothing has changed from last week, or the week before.

Other than that, there are some good point on your post.

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antimattercrusader
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April 16, 2013, 10:22:01 PM
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MetArt? SWEET! haha

Edit: Oh, sorry. *Ahem* anyway, yes. I agree. Infrastructure becoming firmly established. Yes. good stuff.

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antimattercrusader
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April 16, 2013, 10:26:39 PM
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On a serious note, why is porn not one of the biggest bitcoin supporters? No transactions to show up on bank statements, alot of people want anonymity etc. It's the perfect payment solution, and a huge industry.

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johnniewalker
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April 17, 2013, 12:12:29 AM
 #7

Never thought of that, but it would make perfect sense. Maybe it's something wayyy down the line or just a crazy idea, but what if bitcoins became the main currency used online? Buying things internationally is annoying and full of troublesome issues. There are exchange rates that are unfair, it's impossible to know the price of say, you're framiliar with USD and the product is in say-pounds, unless you find a converter. But once again, no exchange rate can be nailed down. If bitcoins became the currency of the Internet, or at least the currency of international transactions on the Internet, I believe demand for such transactions would be greater, leading to more money made-which itself leads to good things (more jobs, new markets, etc).

Anyways, @ the person who said the whole "bitcoin is dead" thing is not even applicable term/thing to believe, I are what you mean. You guys should check put this article. Why makes this fall so dramatic? I believe simply the fact that bitcoins were worth more than they ever had been. That means the next crash will be the most dramatic one, into perpetuity. And that's the way it has been, too. The reason for such commotion each time there is a drop has to just be a consequence of the fact that historically we have nothing to compare it to. Unlike a fall in the stock market or something. People need to think about BTC value drops in terms like that, not "The "Bitcoin Bubble has finally burst". TOO BIG TO FAIL!

http://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/
ECore
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April 17, 2013, 12:13:58 AM
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Buy bitcoins, use the services it provides.  That's all it takes.  Keep buying and using, buying and using.  That is the best thing you could do to help bitcoin.

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johnniewalker
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April 17, 2013, 12:18:48 AM
 #9

It is not Dead but now with the ASIC mining they are going to limit its exposure to specialized miners.

First was the starter advantage, now has moved to expensive devices. Some people are making money out of this for sure.

Bitcoin must become more available and it is hard to see that happening now with the specialized devices.



No offense, but first of all there are hardly any people mining on ASICs. And I have a feeling a certain company who was going to be the leader in them won't deliver Wink

Also, do you know anything about mining and difficulty? Difficulty increases as more bitcoins enter circulation, moderating the market naturally. I am certainly not worried about whatever (if any) effects ASIC miners will have on Bitcoins in general.
johnniewalker
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April 17, 2013, 03:33:06 AM
 #10

Buy bitcoins, use the services it provides.  That's all it takes.  Keep buying and using, buying and using.  That is the best thing you could do to help bitcoin.
If you are advocating using bitcoin as a currency rather than a way to store wealth, then I agree, you're right.
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April 17, 2013, 09:22:20 AM
 #11

On a serious note, why is porn not one of the biggest bitcoin supporters? No transactions to show up on bank statements, alot of people want anonymity etc. It's the perfect payment solution, and a huge industry.

Because most porn sites probably would be out of business if they didn't have recurring credit card payments, and customers who are too embarrassed/apathetic/forgetful to cancel.

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