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

[mtnsaa]

Those saying there's no panic, tell that to newcomers. Bitcoin will always be a joke for serious businesses and investors, that's the bottomline. Forks, fights and nonsense only hurt the project longterm. It won't die of course but I'm saying the same thing for months, BTC was never gonna pass 1k, too many people are afraid to buy at those prices, now $700-800 is the new $1k.

Traders love this. I am not a trader myself, but I bought on the way down and so far I am quite happy with the results.

3 BTC bought at $530-$540.
2 BTC bought at $480.

Not bad at all.

You sir are a smart trader. I knew people buying above 600 and even 700 were making a huge mistake.

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[MatTheCat]

Which is exactly why bitcoin will collapse completely.
The price cannot be maintained and will crash lower. Causing miners to quit, causing network stagnation, causing lower prices, causing more miners to quit, causing more stagnation, and the network comes to a complete halt.

I know that you are a perma troll, but in all honesty, I seriously agree with you.

Not going to happen over night (or at least I hope not, otherwise I am fkd along with the rest of BTCland), but this project's days are numbers.....


just so much that is wrong with BTC, that it aint even funny.


Transaction are slow as fuck
System is overly bloated, demanding so much power, that Chinese miners who get massive energy rebates, require a minimum of $500 just in order to not lose money
None of the exchanges are trustworthy.
Thefts and scams are commonplace.


Fuck having money involved with all that...quite frankly.

[JimboToronto]

Quack quack, baa baa baa.



Enjoying the picnic?



@OP: Don't worry about Bitcoin's image. It will be fine. Take advantage of the price dip.

[X7]

This isn't bitcoins first pump/dump - and it wont be the last

[elite3000]

Not the first dump in Bitcoin history.

One must really be dumb to believe BTC reached stability only because of a month of price stability

[ashkanb]

this is no regular dump tho;
119.756 BTC stollen in Bitfinex heist
https://bitfinex.statuspage.io

still btc's image is not going to be "destroyed"!!!
personally i'm just watching waiting to see how this'll all unfold! 

[Ned Kelly]

Honestly, I always believe in the blockchain. But bitcoin as a whole already doesn't have any good reputation anyways. This will definitely destroy the price, but not the technology.

fwiw.....Bitcoin needs $500 MINIMUM in order for it being worthwhile for the miners to continue mining and maintaining the network.

There is no minimum. The fittest survives. And it's a good thing.

This isn't bitcoins first pump/dump - and it wont be the last

I was told there would be a post-halvening pump . This is not the moon I was promised. This is nothing at all like the moon

They were lying to you. Sell your BTC.

[pooya87]

nothing is going to change ever, this was a hack of an exchange service. and the funny thing is that it is not the first hack and it is not going to be the last.

if anything it will destroy the image of bitcoin exchanges not bitcoin itself, because the problem was not with bitcoin. and people will still continue using these services and a couple of months later another one will be hacked!

[log2exp]

Not much for bitcoin, but bad for all centralized exchanges.

It's difficult to determine the theft is done by staff within the exchange and whatnot. My opinion is more likely by rogue employees in most cases.

[ynef]

Not much for bitcoin, but bad for all centralized exchanges.

It's difficult to determine the theft is done by staff within the exchange and whatnot. My opinion is more likely by rogue employees in most cases.

Exactly. People will finally open their eyes and see that keeping your coins on some exchanger isn't a very good idea. Then they will start to use their own wallets and eventually there's no need to exchange Bitcoin any more because we can use it to pay for services directly.

[kokojie]

Honestly, I always believe in the blockchain. But bitcoin as a whole already doesn't have any good reputation anyways. This will definitely destroy the price, but not the technology.

fwiw.....Bitcoin needs $500 MINIMUM in order for it being worthwhile for the miners to continue mining and maintaining the network.

Difficulty will follow price, not the other way around. There's absolutely no minimum on price. PoW is bullshit anyway, PoS is the future.

[Wind_FURY]

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.

The dump is ok there is nothing wrong with it. That comes in the territory if you are actively trading. The reason of the dump is bad. Another exchange hacked and the coins are dumped. There are other stories that BitFinex was insolvent in the first place and the "hack" is just for show so that they could get out of a bad situation. Whatever the reason is BTC will be in the spotlight again with the media giving it a bad reputation again.

[NewbieTreider]

I don't believe in bitcoin. Never again. If you say bitcoin is better than fiat but let someone steal you without any consecuences, then bitcoin is not to me.

Yes, in my opinion this destroy the image of bitcoin. Bye bitcoin, this it's not my world.

[mindrust]

Events like this one do serious harm to crypto's reputation in general, no doubt about that.

It didn't destroy bitcoin when the gox happened and it won't destroy bitcoin now. That is not because bitcoin is the most stable shit out there, that is because it simply has no alternatives. Don't say alternative currencies, they are joke.

[Ned Kelly]

Events like this one do serious harm to crypto's reputation in general, no doubt about that.

How can it harm the bitcoin reputation, if it's most important selling point of bitcoin? Yes, if you lost your bitcoins it's final. However, nobody can take it from you. It's two sides of the same coin.

[Ned Kelly]

Events like this one do serious harm to crypto's reputation in general, no doubt about that.

How can it harm the bitcoin reputation, if it's most important selling point of bitcoin? Yes, if you lost your bitcoins it's final. However, nobody can take it from you. It's two sides of the same coin.

This is correct. Bitcoin is the safest money in the world. As long as you never use it. Because using it is simply dumb, it's not for using. It's for hodling. Like a boss

Yes, it's digital gold. You do not go to a corner store to buy a carton of milk and pay with bullion for it.

[Mauser]

Events like this one do serious harm to crypto's reputation in general, no doubt about that.

How can it harm the bitcoin reputation, if it's most important selling point of bitcoin? Yes, if you lost your bitcoins it's final. However, nobody can take it from you. It's two sides of the same coin.

This is correct. Bitcoin is the safest money in the world. As long as you never use it. Because using it is simply dumb, it's not for using. It's for hodling. Like a boss

Depends on how much you paid for the bitcoins. Your money might be safe, but losing a lot in value if you bought at the wrong time.

Now with the price near $500 it is definitely worth considering storing some wealth in bitcoins.

[xhomerx10]

Events like this one do serious harm to crypto's reputation in general, no doubt about that.

How can it harm the bitcoin reputation, if it's most important selling point of bitcoin? Yes, if you lost your bitcoins it's final. However, nobody can take it from you. It's two sides of the same coin.

This is correct. Bitcoin is the safest money in the world. As long as you never use it. Because using it is simply dumb, it's not for using. It's for hodling. Like a boss

Yes, it's digital gold. You do not go to a corner store to buy a carton of milk and pay with bullion for it.

 That's odd; we used to pay with bullion.  Actually, not gold bullion in my time but I distinctly remember collecting little pieces of silver from the customers on my paper route.  Those shiny little beauties had a distinctive ring.  I wonder why we stopped?  Come to think of it, milk used to come in glass bottles... then cartons and now plastic jugs and plastic bags!  Where do you buy cartons of milk now-a-days?

[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?

[Amph]

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....