In for the money? Get lost and good riddance!

[hels]

How can anyone with intelligence believe this is a positive? 

1 step forward and 2 steps back is never a good thing. 

[joecooin]

Imagine, people into a new form of money are in it for the money!

Quelle horreur!

Imagine, people who are into a new form of money because it implies a new, fairer, better and more capable financial and economical system for the greater good are not in there for the fast buck.

You have failed to undestand that difference so of course you have failed to understand my point and only therefor you actually think you summed it up with your answer.

Fail on!

Joe

[saddambitcoin]

How about this: instead of get lost new bitcoin users (aka dump your coins), lets educate about the values of cryptocurrency? 

[joecooin]

How can anyone with intelligence believe this is a positive? 

1 step forward and 2 steps back is never a good thing. 

This was two steps taken forward at one time and that can only lead to hitting the floor.

What I have tried to say is that taking one step after another is a better strategy.

And that I appreciate the hit on the floor happening rather now than at a moment at which Bitcoin would fall from a height that it could not survive.

Joe

[Kao]

As one of the former I am relieved that this market overheating bullshit has come to a halt and that people who are after the money will now most likely stay away again for a while, so we can keep on developing this wonderful technology and watch it grow slowly, gradually and sustainably.

Actually, from every aspect I look at this event I find it positive for the further development of Bitcoin. This is worth much more to me and the most people in the community than what or what not our coins might be worth in fiat right now. And if people who came in for the money are getting out again now:

I generally agree with your point of view Joe but there is a real risk that there will be real long term consequences to adoption of bitcoin because of these early incidents (for lack of a better term).  I don't just mean the people who were stupid enough to put in money and lost it but people the two types of people who didn't and might think twice now because of this. The first being the ones who just saw the idiot hit pieces on Huffington Post, CNBC.com, et. al. The latter being ones who maybe didn't but will through searching before they buy or from secondhand searches who lost money or read/saw these things will decide not to invest.

These are not issues that are going to go away either, MTGox being for all intents and purposes burn at this point as an exchange, at least for serious people, is a good example of this. The fear and uncertainty that this bubble bursting has stirred up, especially after the previous hacks on wallets and the ones that are sure to happen sporadically in the future, are something that will be tough to overcome. That is especially true since bitcoin has no spokesperson or central authority to run PR, now and in the future, aimed at people like you and the people who just want to experiment with a non-fiat currency and/or hedge their bets against the USD/GBP/EUR/etc... .

[Luceo]

Bitcoin prices fluctuating wildly is not good for Bitcoin. Hopefully this will put off the speculators who have been making that happen.

Agree with the OP.

[Bitobsessed]

This just shows is that we cannot rely on one exchange for the price.  Decentralization depending on centralization?  What we really need is a decentralized exchange and things would get really interesting.  For a while told everyone I know about Bitcoin and they had all the excuses in the world on why they will not buy into it.  I am talking about back when it was <$10.  You cannot imagine the calls I got from them wanting to buy in this week when the price skyrocketed.  There are a lot of people that bought in that do not even understand this market and will (and did) get burned and lose it all. 

This is all healthy for Bitcoin and will only make it stronger.  So OP I completely agree. 

[yocko06]

I am in bitcoin for the money and for the absolute genius of the bitcoin design. The new comers will panic because they don't understand what they have bought they only see a quick earn then an even quicker loss. lol. any investment you make you should be at least willing to ride out 12 months or so and all these new people now need to do exactly that or panic and sell for a loss. There is no reason for this panic, bitcoin has not changed at all, it's useability is no less, so selling your bitcoins for under what you payed is your own stupidity. I personally saw hundreds of thousands of AUD vale drop from my bitcoins. am I stressed? NO! bitcoin will be back and go further than it's highest point. It has always done this in the past and there is no real or new reason as to why it wont again.
       

[SalvorHardin]

This is what I posted a few weeks ago on educating people about bitcoin.

"Also, try to dissuade people from promoting Bitcoins from an investment angle, i.e. its potential returns. Viewing Bitcoins in terms of fiat is completely missing the point, and hence totally irrelevant.  BTC is a tool or an "enabler" for the people against the government and the banks. If serfs and slaves escape a life of indenture by fleeing into the sewers, you should lead them out of the sewer and into a better life, not by leading them back to the old world of enslavement!  Bitcoins is the ticket into the sewers and hopefully out of it into a better world.  By thinking BTC in terms of fiat, and how much fiat one can made, one is at risk to becoming like Cypher from the movie Matrix, i.e. wishing that he had never learned the truth and leave the Matrix (fiat world) in the first place. They will be the first to betray Bitcoins if given enough incentive by the fiat world ruler."

That being said, having a deflationary currency by design and periodic mass exposure by the media, first in 2011 and now in 2013, is going to cause huge volatility in BTC exchange rate as people rush in and out, hoard and dump, from time to time.

[silverback]

Yeah, all that pesky money coming into bitcoin, allowing new services to be produced and attracting retailers. Assholes! Not like you guys, who mined millions of bitcoins before anyone else knew about it and leached million of dollars out of the economy. You're the good guys!

Hypocrites.

[bitsalame]

Yeah, all that pesky money coming into bitcoin, allowing new services to be produced and attracting retailers. Assholes! Not like you guys, who mined millions of bitcoins before anyone else knew about it and leached million of dollars out of the economy. You're the good guys!

Hypocrites.

Let me correct you, "who mined millions of bitcoins before anyone else gave a crap about it, and when it was just worthless experiment"
My dear n00bs, you guys should be careful at  https://en.wikipedia.org/wiki/Hindsight_bias

[silverback]

'Let me correct you, "who mined millions of bitcoins before anyone else gave a crap about it, and when it was just worthless experiment"
My dear n00bs, you guys should be careful at  https://en.wikipedia.org/wiki/Hindsight_bias'


Guess that must entitle you to extract millions of dollars out of the bitcoin economy, then. Crashing the price, destroying enthusiasm and making the whole thing look like an amateur joke. Which it is. My bad.

[Bitobsessed]

'Let me correct you, "who mined millions of bitcoins before anyone else gave a crap about it, and when it was just worthless experiment"
My dear n00bs, you guys should be careful at  https://en.wikipedia.org/wiki/Hindsight_bias'


Guess that must entitle you to extract millions of dollars out of the bitcoin economy, then. Crashing the price, destroying enthusiasm and making the whole thing look like an amateur joke. Which it is. My bad.

Dude you have no idea what you are talking about.

[silverback]

'Dude you have no idea what you are talking about.'

You have no rebuttal, because you know I'm right. There is no difference between a central bank taking people's wealth by printing and you bunch taking people's wealth by knowing about bitcoin early. None at all. You are taking wealth out, leaching it away from people who want to use the bitcoin as a currency. In your position you are acting rationally, nothing to be ashamed of. But if you're honest you know I'm right.

[tvbcof]

I 'lost' a few 100 large over the past few days, or more accurately, failed to capitalize.  I worked all day moving some logs (of the dead tree variety) and I don't believe I thought about it even once for the whole 6 hours.

The reason for my relaxed attitude about it is exactly because at this point I am pretty much in it for the money and nothing much else.  Had I really cared about Bitcoin specifically I might be more upset.  Actually, I might have been somewhat happy since I can see ways in which the behavior may ultimately be helpful.  I myself missed the first blip but made good use of the trough between and I could see more people doing such a thing today simply because more people know of the solution.

It was not always the case that I lacked hope for Bitcoin.  I was pretty excited about it as a 'revolutionary' thing although I always had some nagging reservations.  At this point I believe that Bitcoin has fulfilled it's most useful purpose.  That is, to demonstrate the viability, in concept and practice, of user-controlled crypto accounting systems.  If Bitcoin fails it is almost certain that others will crop up to take it's place.

Even more than that, one of the most fascinating 'features' to me about Bitcoin is that it actually can fail.  Gold cannot.  Gold will rip apart nations and societies but never fail.  Bitcoin, on the other hand, can be democratically replaced if there is sufficient reason to do so.  If the 'owners and managers' of the solution fail sufficiently it is possible, in my theory, that a much less bloody re-boot can transpire than has been the case in the past.

So, even if my 'losses' go through their terminal doubling from what we I've seen over the past double-digit hours, there is still the opportunity to find out if my theories about the families of solutions are sound in practice.  I'd rather not pay $0.5M for the experiment, but would be no worse off than I was several years ago...and I had no complaints back then.  I've always considered my 'investment' in Bitcoin to be highly speculative and likely to yeild a 100% loss.  Unfortunately this means that you (the OP) are unlikely to get rid of me completely.

edit: minor syntax.  edit2: the day before I move logs of the digital variety.

[silverback]

If you put real money in you have added something to the project. It is money that attracts investment and retailers. It does not matter if you put the cash in for speculative reasons. The problem is people who put nothing in expecting millions of dollars. Reading this forum they even seem to think they somehow deserve it.

While the bubble callers have been correct so far, I don't think there really was a speculative bubble. I think bitcoin keeps getting crushed under the weight of people who got in early and now want something for nothing.

[bitsalame]

If you put real money in you have added something to the project. It is money that attracts investment and retailers. It does not matter if you put the cash in for speculative reasons. The problem is people who put nothing in expecting millions of dollars. Reading this forum they even seem to think they somehow deserve it.

While the bubble callers have been correct so far, I don't think there really was a speculative bubble. I think bitcoin keeps getting crushed under the weight of people who got in early and now want something for nothing.

You think wrong.
Those who have enough bitcoins to crush it were in it mainly for ideological reasons.
Those who like to speculate are all latecomers.

[silverback]

If you put real money in you have added something to the project. It is money that attracts investment and retailers. It does not matter if you put the cash in for speculative reasons. The problem is people who put nothing in expecting millions of dollars. Reading this forum they even seem to think they somehow deserve it.

While the bubble callers have been correct so far, I don't think there really was a speculative bubble. I think bitcoin keeps getting crushed under the weight of people who got in early and now want something for nothing.

You think wrong.
Those who have enough bitcoins to crush it were in it mainly for ideological reasons.
Those who like to speculate are all latecomers.

Guess that's what retailers want, eh? People with ideals. No need for that crappy, worthless money.

But here's a thought. If you're not in it for the money you are getting for doing basically nothing at all give all your bitcoins to charity. Oh, but that's right. You need the free money you are extracting from the bitcoin economy to buy nice things for yourself.

[Herodes]

Nice post - I take it calmly myself.

[SalvorHardin]

Just to note that many who got in early are not doing it for money, but for ideological reason or intellectual/academic interest, hence quite unlikely to sell, especially for fiat.  In the 2011 crash, many also blamed the early adopter for cashing out and crushing the market, but that has turned out to be mostly false.   In any crash, it is the weakest hand that always get shaken out, because they can't afford to lose the money and/or lack conviction.   If one truly understand bitcoin and its implication, then one should care less about its market price, especially in fiat terms.