PROUDHON was NOT RIGHT

[Mouser]

PROUDHON's thesis was BTC would drop by itslef

this was an exchange failure not a BTC failure....

Bitcoin would drop by itself?  I don't even know what that means.  My claims about bitcoin's exchange rate collapsing take into account everything about it, including the awful infrastructure built around it so far (poorly designed exchanges) and the fact that coins are so densely distributed in the hands of so few individuals that at any moment so far a single person or small handful of people wanting fiat can easily wipe out any rise brought on my lots of new users who buy up comparatively few bitcoins.

That isn't something you can seperate from the protocol, because its tied to the nature of its design.  If bitcoin is widely adopted it will have gone through many of these catastrophic market events, and yet people will have persisted in adopting it and strengthening the infrastructure around it.  That's not a given, though, as eventually this open experiment can burn enough people that wide scale adoption becomes practically impossible.

Anyway, sorry to those who just lost a lot, and a warning to everyone who is still in the black, this event isn't over and a quick recovery is extremely unlikely.  This will be worse for bitcoin than 2011.

Proudhon I have a few questions for you:

Do you think BTC is enough of a threat to the mainstream fractional usury currencies that the centralbanks would bankroll (pay) people to go on BTC forums and give consistently negative opinions about everything to do with BTC?

Do you believe the 266 to 55 crash was orchestrated by a handful of operators trying to crash BTC completely?

For the record, do you yourself own any BTC? Tens, hundreds or thousands?

[jubalix]

Okay one more time for the its a currecny so use it as one crowd


THE WHOLE POINT OF THE SPECULATIVE/INVESTMENT NATURE OF BTC IS THE SUREST WAY TO GET IT ADOPTED

WHEN IT MEETS ITS MARKET PENETRATION IT WILL STABILIZE AND BE A CURRENCY

can you think of a better way to get something adopted then a means of making money?

nope.jpg



Even the friecoiners reconise this.

[ruski]

No, its a big deal whether you lost money or not.

BTC will not be taken seriously as a currency with 75% swings in value, much less when those swings occur in a couple of days.

I doubt that matters. What matters is if there is a need for it. Do an appreciable number of people really need to anonymously spend (large amounts of) money, and/or really need to cure themselves of exposure to fiat?

Time will tell.

[jubalix]

No, its a big deal whether you lost money or not.

BTC will not be taken seriously as a currency with 75% swings in value, much less when those swings occur in a couple of days.

I doubt that matters. What matters is if there is a need for it. Do an appreciable number of people really need to anonymously spend (large amounts of) money, and/or really need to cure themselves of exposure to fiat?

Time will tell.

Ultimately CC's will have tax and efficiency and security advantages that will out compete FIAT. The distributed exchange will be solved

[yokosan]

Everything proudhon has said will come true given a long enough time frame.

[jubalix]

Everything proudhon has said will come true given a long enough time frame.

the sun will expand and burn out and the Universe go to heat death and then the post Nucleons start to decay


so yeah in that timeframe proundhon will be right though even then there is some quantum theory results that say otherwise