Do you think that the current dump is going to destroy the image of bitcoin?

[NewbieTreider]

LMFAO when someone say btc and gold in the same sentence.

Sure?... when had you see a 20% dump in gold?. When a hacker can stole that huge amount of gold?.

In my opinion btc can't be a currency. Make no mistake, I love the idea of bitcoin but in my opinion the system has a really serious lack of security issues.

In that sense bitcoin lose.

How do you think people feel with no btc in their accounts after bitfinex hack?. No problems like this with gold or fiat.

To me, this is the main reason why bitoin it's not a secure way to invest. First MtGox, now Bitfinex, next?

you understood that the security issue is due to a third party and not bitcoin itself? it's like blaming gold, when the guard lets, the thief pass to steal it from the safebox....

Yes, I understood and share your point of view, off course.

But, the problem in my opinion, is that you can't go back in the blockchain, in fiat you can reverse tx, here not. That's the problem about security I'm talking about.

And at the end of the day, and at the moment, you can't use only bitcoin, in some moment you must change that for fiat, then, you must believe in those guards... that's the problem in my opinion.

[xhomerx10]

LMFAO when someone say btc and gold in the same sentence.

Sure?... when had you see a 20% dump in gold?. When a hacker can stole that huge amount of gold?.

In my opinion btc can't be a currency. Make no mistake, I love the idea of bitcoin but in my opinion the system has a really serious lack of security issues.

In that sense bitcoin lose.

How do you think people feel with no btc in their accounts after bitfinex hack?. No problems like this with gold or fiat.

To me, this is the main reason why bitoin it's not a secure way to invest. First MtGox, now Bitfinex, next?

 Russian missing 50 Billion dollars worth of gold
 Ukraine lost all but 1% of it's gold
 China missing 500 tonnes of gold
 Germany missing hundreds of tons of gold (apparently the US is holding it but doesn't transfer it)
 There's also the Fort Knox mystery.  The last audit done on the gold reserves there is 60 years old.  Some say it is all gone.

 You don't see the dump in gold price because it is being manipulated by these same governments with paper contracts representing gold.  This is on a scale that would dwarf bitcoin.

[jhenfelipe]

I don't think that it will destroy the image of bitcoin. Bitcoin is still bitcoin no matter what. I mean rise and fall of bitcoin price is just normal. As what others have mentioned, it's not the first fall of bitcoin price so I think no need to worry that much. Everything will be alright, just a matter of time, patience and trust. Just my opinion.

[NewbieTreider]

LMFAO when someone say btc and gold in the same sentence.

Sure?... when had you see a 20% dump in gold?. When a hacker can stole that huge amount of gold?.

In my opinion btc can't be a currency. Make no mistake, I love the idea of bitcoin but in my opinion the system has a really serious lack of security issues.

In that sense bitcoin lose.

How do you think people feel with no btc in their accounts after bitfinex hack?. No problems like this with gold or fiat.

To me, this is the main reason why bitoin it's not a secure way to invest. First MtGox, now Bitfinex, next?

 Russian missing 50 Billion dollars worth of gold
 Ukraine lost all but 1% of it's gold
 China missing 500 tonnes of gold
 Germany missing hundreds of tons of gold (apparently the US is holding it but doesn't transfer it)
 There's also the Fort Knox mystery.  The last audit done on the gold reserves there is 60 years old.  Some say it is all gone.

 You don't see the dump in gold price because it is being manipulated by these same governments with paper contracts representing gold.  This is on a scale that would dwarf bitcoin.

Ok, but you are talking about problems between governments. I don't imagine someone stolen the same amount ($70 millions) of gold in a few minutes like bitfinex hacker. For that reason, and always in my opinion, btc is comprmised.

[NewbieTreider]

LMFAO when someone say btc and gold in the same sentence.

Sure?... when had you see a 20% dump in gold?. When a hacker can stole that huge amount of gold?.

In my opinion btc can't be a currency. Make no mistake, I love the idea of bitcoin but in my opinion the system has a really serious lack of security issues.

In that sense bitcoin lose.

How do you think people feel with no btc in their accounts after bitfinex hack?. No problems like this with gold or fiat.

To me, this is the main reason why bitoin it's not a secure way to invest. First MtGox, now Bitfinex, next?

 Russian missing 50 Billion dollars worth of gold
 Ukraine lost all but 1% of it's gold
 China missing 500 tonnes of gold
 Germany missing hundreds of tons of gold (apparently the US is holding it but doesn't transfer it)
 There's also the Fort Knox mystery.  The last audit done on the gold reserves there is 60 years old.  Some say it is all gone.

 You don't see the dump in gold price because it is being manipulated by these same governments with paper contracts representing gold.  This is on a scale that would dwarf bitcoin.

Ok, but you are talking about problems between governments. I don't imagine someone stolen the same amount ($70 millions) of gold in a few minutes like bitfinex hacker. For that reason, and always in my opinion, btc is comprmised.

Of course not. China reports one year that it holds X tons of gold, next year X+50. Physical gold unaffected. Bitcoin is already paying hefty security costs: 1,800 to miners, to keep the network secured and sorta functioning (~3tps).

Ok, but you are talking about China, a government. Can you move $70 millions of gold in some minutes like bitfinex hacker?. I don't think so. I said not make mistake, I love some features of bitcoin, I really believed in bitcoin, but I don't like the way this security issues happens. Always it's my opinion, I'm waiting for bitfinex solution to see how they can solve this..

[xhomerx10]

LMFAO when someone say btc and gold in the same sentence.

Sure?... when had you see a 20% dump in gold?. When a hacker can stole that huge amount of gold?.

In my opinion btc can't be a currency. Make no mistake, I love the idea of bitcoin but in my opinion the system has a really serious lack of security issues.

In that sense bitcoin lose.

How do you think people feel with no btc in their accounts after bitfinex hack?. No problems like this with gold or fiat.

To me, this is the main reason why bitoin it's not a secure way to invest. First MtGox, now Bitfinex, next?

 Russian missing 50 Billion dollars worth of gold
 Ukraine lost all but 1% of it's gold
 China missing 500 tonnes of gold
 Germany missing hundreds of tons of gold (apparently the US is holding it but doesn't transfer it)
 There's also the Fort Knox mystery.  The last audit done on the gold reserves there is 60 years old.  Some say it is all gone.

 You don't see the dump in gold price because it is being manipulated by these same governments with paper contracts representing gold.  This is on a scale that would dwarf bitcoin.

Ok, but you are talking about problems between governments. I don't imagine someone stolen the same amount ($70 millions) of gold in a few minutes like bitfinex hacker. For that reason, and always in my opinion, btc is comprmised.

 I don't know for sure the amount of dollars per minute.  I do know that there are tonnes of missing gold that Germany thought it had secured away in an exchange.  There's no difference in these two hacks.

[NewbieTreider]

LMFAO when someone say btc and gold in the same sentence.

Sure?... when had you see a 20% dump in gold?. When a hacker can stole that huge amount of gold?.

In my opinion btc can't be a currency. Make no mistake, I love the idea of bitcoin but in my opinion the system has a really serious lack of security issues.

In that sense bitcoin lose.

How do you think people feel with no btc in their accounts after bitfinex hack?. No problems like this with gold or fiat.

To me, this is the main reason why bitoin it's not a secure way to invest. First MtGox, now Bitfinex, next?

 Russian missing 50 Billion dollars worth of gold
 Ukraine lost all but 1% of it's gold
 China missing 500 tonnes of gold
 Germany missing hundreds of tons of gold (apparently the US is holding it but doesn't transfer it)
 There's also the Fort Knox mystery.  The last audit done on the gold reserves there is 60 years old.  Some say it is all gone.

 You don't see the dump in gold price because it is being manipulated by these same governments with paper contracts representing gold.  This is on a scale that would dwarf bitcoin.

Ok, but you are talking about problems between governments. I don't imagine someone stolen the same amount ($70 millions) of gold in a few minutes like bitfinex hacker. For that reason, and always in my opinion, btc is comprmised.

 I don't know for sure the amount of dollars per minute.  I do know that there are tonnes of missing gold that Germany thought it had secured away in an exchange.  There's no difference in these two hacks.

In my opinion exist a difference in that two hacks, government, that can manipulate anything that they want, versus one hacker.

[xhomerx10]

LMFAO when someone say btc and gold in the same sentence.

Sure?... when had you see a 20% dump in gold?. When a hacker can stole that huge amount of gold?.

In my opinion btc can't be a currency. Make no mistake, I love the idea of bitcoin but in my opinion the system has a really serious lack of security issues.

In that sense bitcoin lose.

How do you think people feel with no btc in their accounts after bitfinex hack?. No problems like this with gold or fiat.

To me, this is the main reason why bitoin it's not a secure way to invest. First MtGox, now Bitfinex, next?

 Russian missing 50 Billion dollars worth of gold
 Ukraine lost all but 1% of it's gold
 China missing 500 tonnes of gold
 Germany missing hundreds of tons of gold (apparently the US is holding it but doesn't transfer it)
 There's also the Fort Knox mystery.  The last audit done on the gold reserves there is 60 years old.  Some say it is all gone.

 You don't see the dump in gold price because it is being manipulated by these same governments with paper contracts representing gold.  This is on a scale that would dwarf bitcoin.

Ok, but you are talking about problems between governments. I don't imagine someone stolen the same amount ($70 millions) of gold in a few minutes like bitfinex hacker. For that reason, and always in my opinion, btc is comprmised.

Of course not. China reports one year that it holds X tons of gold, next year X+50. Physical gold unaffected. Bitcoin is already paying hefty security costs: 1,800 to miners, to keep the network secured and sorta functioning (~3tps).

Ok, but you are talking about China, a government. Can you move $70 millions of gold in some minutes like bitfinex hacker?. I don't think so. I said not make mistake, I love some features of bitcoin, I really believed in bitcoin, but I don't like the way this security issues happens. Always it's my opinion, I'm waiting for bitfinex solution to see how they can solve this..

No, I'm agreeing with you.

xhomerx10 confused "stuff governments say about how much gold they have" with actual, physical gold, the metal. And no, "500 tonnes of [physical] gold" don't suddenly go missing.

 German govt is not confused about the amount of gold reserves it has.  The gold is missing; the amount of time for it to disappear is debatable.  The trust-based monetary system was "hacked" and German gold was replaced with a promise.  It could have happened seconds after the US went off the gold standard.  We'll never know.

[PsursV]

no i do not think so, to me the present down fall is not a permanent and that is just for the time being, hope that the price of bitcoin will stop falling any more and will soon recover very soon,therefore i do not think that the present down fall can effect or destroy the image of bitcoin.

[BiTJack]

What image u mean and also not the first time it's happening, so it wouldn't matter

[crairezx20]

Its always happening this is the same as last year that there is exchanging site got hack and the price of bitcoin is going down but bitcoin still alive.
So i think it can be destroy the image but it will rise again back..

[ImHash]

no it will not because bitcoin is pretty much established and not even an earthquake can shake the image of bitcoin imao.

[Bitcoinsummoner]

No is not but in the other people who didnt know about bitcoin its not a normal they think that its scam.. but for those who know about bitcoin it can not be destroy the image of bitcoin instead we are thinking that its normal because its always happening year by year..

[StoreBit]

What image u mean and also not the first time it's happening, so it wouldn't matter

i also think so that it will not have such a bad effect on the image of bitcoin because for this time hope that the situation are not going to be so bad as it was in previous time. hope that this time the downfall is just for the time being and will not increase too much, therefore i do not think that the present situation will have so much bad effect on the image of bitcoin and hope that the previous trend of the popularity of bitcoin will continue.

[DoomDumas]

for about a month the price of bitcoin was stable and everyone was very happy with that and people started to believe for putting all of their money in bitcoin, and it was considered that it will be the next global currency, but now a bigger dump has started, and I think that dump is dangerous for the better future of bitcoin and its continuous happening will deny bitcoin from it success.

Lol, in fact, in the long term, BTC value against fiat is not important, Bitcoin will survive the current fiat money system, so..

I've bought and sold bitcoins at so many fiat rate, from 0.15 to 1200... This is young and very promising, watch out for a 12k U$ value within 2 years, and even at that level it will not be imoprtant.

What's important is that everyone get in control of their whealth/echange without any intermediate or central control to STEAL YOU !

Wake up world !

I'm about to get angry, the world seems so asleep and the wake up is sooo slow :/

[PantminerS7]

So we had Mt. Gox, but people are still confused enough to blame Bitcoin itself when PRIVATE COMPANY(/-IES) are the ones stealing your money?

We don't even know for sure bitfinex was hacked, it might be a giant exit scam. And it sure seems that way considering how eager bitfinex and it's so-called supporters were to discourage any legal action.

Anyway - Keeping your money on an exchange is about as safe as asking a homeless guy to hold cash for you.

[1Referee]

Anyway - Keeping your money on an exchange is about as safe as asking a homeless guy to hold cash for you.

No matter how many exchanges go down due to "hacks", people will not learn from it and store their coins safely offline under their own control. Some are even that dumb to return to an exchange that lost plenty of users funds. Plus, it's an exchange that makes the users pay for the damage while they are the one that should be compensated, lol... Worthless BFX tokens are given to people to somewhat make them shut their mouths. Very sad.

[Denker]

So we had Mt. Gox, but people are still confused enough to blame Bitcoin itself when PRIVATE COMPANY(/-IES) are the ones stealing your money?

We don't even know for sure bitfinex was hacked, it might be a giant exit scam. And it sure seems that way considering how eager bitfinex and it's so-called supporters were to discourage any legal action.

Anyway - Keeping your money on an exchange is about as safe as asking a homeless guy to hold cash for you.

Ignorance, naivete and the ability to forget quick is with a lot of people!!
It often seems like it doesn't concern them what is going to happen with their money on all those exchanges.The greed is just too big!
But when shit hits the fan the whining and crying is huge!
I'm sure we will see this several more times in the future.

[Maesters1-]

i think the present dump cannot destroy the image of bitcoin, i think it is just a temporary downfall and hope that very soon the price of bitcoin will raise to its previous position, as we can see that now the people start buying bitcoin again because the volume is increasing from time to time.

[PacePay]

I think it is now good the dump was just a little dump, and the image of bitcoin is still much better as people are still fan of it and are still putting their money in bitcoin, I hope that bitcoin will be the global currency of the future and no one will leave it because of these small dumps, as it is a currency and the rise and fall occurs in every currency.