What's the deal?

[knybe]

Butthurt much?

master of the obvious much?

Bitcoin was just as unstable when it was sky-rocketing as it is when it's diving. And just as useful as currency.

We don't have any sort of stability and it's still pretty much a work in progress.

This changes absolutely nothing in this respect.

Hopefully we will lose some weaklings who will run away in tears.

If by losing weaklings you mean the general public (that needs to have trust and faith in a "currency") then that is a serious flaw in how a fiat replacement should work.

This crash just proves that cash is king and as far as the general public, and those who have now dumped btc for fiat, is concerned: In God We Trust.

[1715102293]

1715102293

[1715102293]

1715102293

[1715102293]

1715102293

[1715102293]

1715102293

[kwukduck]

Butthurt much?

master of the obvious much?

Bitcoin was just as unstable when it was sky-rocketing as it is when it's diving. And just as useful as currency.

We don't have any sort of stability and it's still pretty much a work in progress.

This changes absolutely nothing in this respect.

Hopefully we will lose some weaklings who will run away in tears.

If by losing weaklings you mean the general public (that needs to have trust and faith in a "currency") then that is a serious flaw in how a fiat replacement should work.

This crash just proves that cash is king and as far as the general public, and those who have now dumped btc for fiat, is concerned: In God We Trust.

By weaklings i see people jumping the bandwagon without having the slightest clue what bitcoin is all about, how it works and so on, they are only jumping in because they want to get rich quick (like the litecoiners and co). A lot of precisely those bought into bitcoin last week and probably sold at huge losses the past 48 hrs (tnx for cheap coins btw, can i get some more when gox opens pls?).
I think it will take a few more years before the general public really starts using bitcoin on any noticeable scale.

[knybe]

Butthurt much?

master of the obvious much?

Bitcoin was just as unstable when it was sky-rocketing as it is when it's diving. And just as useful as currency.

We don't have any sort of stability and it's still pretty much a work in progress.

This changes absolutely nothing in this respect.

Hopefully we will lose some weaklings who will run away in tears.

If by losing weaklings you mean the general public (that needs to have trust and faith in a "currency") then that is a serious flaw in how a fiat replacement should work.

This crash just proves that cash is king and as far as the general public, and those who have now dumped btc for fiat, is concerned: In God We Trust.

By weaklings i see people jumping the bandwagon without having the slightest clue what bitcoin is all about, how it works and so on, they are only jumping in because they want to get rich quick (like the litecoiners and co). A lot of precisely those bought into bitcoin last week and probably sold at huge losses the past 48 hrs (tnx for cheap coins btw, can i get some more when gox opens pls?).
I think it will take a few more years before the general public really starts using bitcoin on any noticeable scale.

I dunno the only message I get from this is that a majority of maximum btc holders valued fiat much more and traded up for good hard cash.

the science is solid and up until recently I had faith in it. Ultimately people are selfish and rather than holding out and letting it succeed they would rather trade up for fungible MONEY.

[247saver]

I believe in bitcoins so much that yesterday I sold them all at $235, bought again at $120, sold AGAIN at $165, then bought again at $120. Twice as many bitcoins! WOOOOOOOOO!

Seriously, it doesnt matter if you love and believe in either bitcoins or fiat cash. Right now is a great time to get a lot more of either. Happy hunting.

Nice trades!

[muyuu]

I dunno the only message I get from this is that a majority of maximum btc holders valued fiat much more and traded up for good hard cash.

the science is solid and up until recently I had faith in it. Ultimately people are selfish and rather than holding out and letting it succeed they would rather trade up for fungible MONEY.

Simplistic and absurd conclusion.

Someone holding several hundred thousand BTC and squint in fiat would probably be wise to cash out a decent chunk if he has obligations.

But this is obviously not the fuel of the crash. Lots of people are in it merely for trading. Get over it because there is no way to censor people's motives to buy BTC.

[ex-trader]

The deal is two things happening:

1 - recent investors found out BTC doesn't always go up and sold through fear

2 - big early adopters who quite likely have most of their net worth in BTC realised that a little diversification isn't a bad thing, especially into something that can actually pay for groceries, electricity and beer

[knybe]

So, in simplistic terms, someone please explain how average joe will ever take this commodity, er um, currency seriously again?

Like I've said before; the science is sound. It's humans who are not...

[muyuu]

So, in simplistic terms, someone please explain how average joe will ever take this commodity, er um, currency seriously again?

Like I've said before; the science is sound. It's humans who are not...

It's not ready for mass adoption.

Whoever pretends otherwise is misleading people.

It's experimental at this point, and it could go up or down massively in terms of price. This attracts both day traders and techies who want to be "in it" since early on.

This is right now mostly a learning platform for the future and a speculation tool. We have to accept this.

I will be trying to make it succeed, and hopefully developing for it. You can do as you wish.

[knybe]

So, in simplistic terms, someone please explain how average joe will ever take this commodity, er um, currency seriously again?

Like I've said before; the science is sound. It's humans who are not...

It's not ready for mass adoption.

Whoever pretends otherwise is misleading people.

It's experimental at this point, and it could go up or down massively in terms of price. This attracts both day traders and techies who want to be "in it" since early on.

This is right now mostly a learning platform for the future and a speculation tool. We have to accept this.

I will be trying to make it succeed, and hopefully developing for it. You can do as you wish.

Okay I can accept that. Good explanation, thanks

[DeathAndTaxes]

So, in simplistic terms, someone please explain how average joe will ever take this commodity, er um, currency seriously again?

Time.  If the average Joe who has no better reason to exchange funds to Bitcoins other that trying to make 100,000% profitszzzzz per year stays a away for a months or even years that doesn't undermine the value of Bitcoin.  In 2015 or 2016 Bitcoin ecosystem will be even stronger.  ASICs will be online making the network more secure, the clients will be better developed, hardware wallets will exist, there will be more and deeper exchanges who learned lessons (or went out business) from the lag-crash(es) of 2013.

If you believe Bitcoin has UTILITY as value transfer system (i.e. a currency) then it isn't hurt by a little less mainstream attention in the short span.  When Bitcoin is still around a decade or so after launch "the average Joe" will take another look at it.   If Bitcoin never had UTILITY then it didn't matter if the average Joe bought into it or not, the end result was going to be failure either way.

So ask yourself, does Bitcoin have UTILITY?  If the answer is no then sell all your coins now while you can, and logout.  If the answer is yes ....