Losing Faith in Bitcoin?

[sotoshihero]

For what's been stated by Op, there is no need to lose faith on bitcoin. This is a delusion that most users have as they always focus on increase and profiting. They cannot accept loss, the price falling down or the huge number of transactions getting stuck on the network is common. The same gets running perfect within a short time frame.

Yes,Bitcoin has increased dramatically from $1200 to $1735 and some people could not even bare $100 price drop and start saying that they are losing hope in bitcoin.It must be taken into consideration that besides huge number of transactions stuck,bitcoin has reached this price and there is no need to worry.

Agree, when bitcoin losses $100 it is already the worst in bitcoin according to them but when it appreciates almost up to $1800 all are praising it. I think its a normal market correction until it stabilized and will rose again. We are trading it, and we should expect that there are ups and downs also.

[btcxyzzz]

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

LOL, it's taking a heavy toll for 2 years now. Practically, Bitcoin is dead at this point. Believe it or not.... Do you see other thriving projects, every single one of them is better than Bitcoin in some sense.

BU.... but, it's too late now IMO.

[btcxyzzz]

When BTC goes down $100 in one day, just think about what has been the price movement in the last 1 month or 1 year. There have been unbelievable gains. No reason to lose faith in Bitcoin now.

Unbelievable gains, yes. But for Monero and Ethereum. Some people are so strongly emotionally attached to Bitcoin they just reject the truth they would be much much wealthier if they saw Bitcoin is attacked and killed by Core.

[deisik]

I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s).  Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number)

I'm skeptical about soonest resolution of the issues Bitcoin is currently facing

I don't know about developers, but miners are certainly going to prolong the present status quo as long as possible simply because any solution will put their profits from transaction fees at risk. If Large Blocks are accepted they will just reveal to the world their complete roguishness by not filling up the blocks to their full capacity (with a lot of unconfirmed transactions still sitting in the pool), just like they are (not) doing now. If SegWit gets activated (and Lightning Network soon thereafter), that will cut a gaping dent in their profits right away. Regarding Bitcoin going to 5K dollars per coin, that's unlikely, at least, not in the short term. There is simply not enough money in the cryptomarket to buy up so many bitcoins to support prices at that level in a consistent way

[SingAlong]

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

LOL, it's taking a heavy toll for 2 years now. Practically, Bitcoin is dead at this point. Believe it or not.... Do you see other thriving projects, every single one of them is better than Bitcoin in some sense.

BU.... but, it's too late now IMO.

Yep it's true but we know Bitcoin from quiet a long time, the capabilities, and the potentials it has shown which drive the world into recognizing and legalizing Bitcoin. This issue has been growing a great deal but lets hope for the best that the developers are up to something which would raise the quality of service it can offer together with the increasing users.

[cpfreeplz]

OP is either clearly delusional or desperately trying to shove some agenda down everyone's throat. I'll let the reader decide.

Ya that was my thought. Really? Bitcoins rise 40% in a month then drop 5 or 10% (correction) and there's a doom and gloom thread? I expected it because people here are so greedy and so permabull but wtf. Be realistic. You're in the best investment in the world, so stop expecting better. It's ridiculous.

[Red-Apple]

Do you see other thriving projects, every single one of them is better than Bitcoin in some sense.

you know, when people like you make comments like this about bitcoin, it is just assuring us that bitcoin is still the biggest, best thing out there and people are getting desperate.

otherwise there is absolutely no reason for you to even be in this board, heck even in this forum.

[densuj]

i think down for $100 is better than more than $500 like last dump. bitcoin is more stable for now at least it is better than last day before bitcoin price dumped so much

Yes, actually bitcoin is better than couples years ago related price of bitcoin, the problem of bitcoin right now is about scaling of bitcoin, it is problem bitcoin network (fundamental of bitcoin) that is why price of bitcoin went down $100 in one day, debating without solution and the transaction of bitcoin that still not be confirmed by miners, will makes losing faith in bitcoin.

[Wesimon]

...

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.


I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s).  Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number).

Not because Bitcoin has decreased it value means you have to loose faith in it or stop believing. This might be a great opportunities for other Bitcoin users like traders and investor. And you we all know that we cannot avoid lapses or problems. But what's good is it will be resolved in no time.

[e-coinomist]

i think down for $100 is better than more than $500 like last dump. bitcoin is more stable for now at least it is better than last day before bitcoin price dumped so much

Yes, actually bitcoin is better than couples years ago related price of bitcoin, the problem of bitcoin right now is about scaling of bitcoin, it is problem bitcoin network (fundamental of bitcoin) that is why price of bitcoin went down $100 in one day, debating without solution and the transaction of bitcoin that still not be confirmed by miners, will makes losing faith in bitcoin.

Just most of all other blockchain based projects suffer from the very same scaling bottleneck. The critical timespan will be when somebody somewhere discovers a working solution which can prove itself out in the wild and WHEN will core development pick up there and implement that.
Bitcoins speed to adapt could get challenged all to much. It's somewhat rigid.

[Leonard2016]

we are all angry and sad about bitcoin and how miners are blocking the progress but i don't think any of us is losing faith in bitcoin. specially because we old users of bitcoin uderstand it well enough.
and the new comers are not losing faith either because they just started and paying a higher fee is not a problem when you are coming from a fiat system where you always paid much higher fees.

[Victorycoin]

Normal technical driven profit taking.  Nothing more, nothing less.

Quite well stated and it is actually as simple as that! After the recent all-time high price of Bitcoin 2 days ago, it is as certain as the sun rising in the east that profit taking would ensue, eventually leading to a drop in price, but which most likely would be corrected. There is no cause for alarm or losing faith in Bitcoin, instead it should be seen as another opportunity to join the ride once more at a lower price, that is if one sees a price of over $1500 as low.

[Qunenin]

For what's been stated by Op, there is no need to lose faith on bitcoin. This is a delusion that most users have as they always focus on increase and profiting. They cannot accept loss, the price falling down or the huge number of transactions getting stuck on the network is common. The same gets running perfect within a short time frame.

Yes,Bitcoin has increased dramatically from $1200 to $1735 and some people could not even bare $100 price drop and start saying that they are losing hope in bitcoin.It must be taken into consideration that besides huge number of transactions stuck,bitcoin has reached this price and there is no need to worry.

Agree, when bitcoin losses $100 it is already the worst in bitcoin according to them but when it appreciates almost up to $1800 all are praising it. I think its a normal market correction until it stabilized and will rose again. We are trading it, and we should expect that there are ups and downs also.

$100 loss of price in bitcoin is not anything big. We have been seeing a constant rise in bitcoin prices for about a couple of weeks and there is always a small dump before the prices start rising again. Some week hands sell seeing price is down, make the overall price a little bit more down, but then it is temporary as bitcoin wont fall much and will start rising again.

[notyours]

I still have my faith in Bitcoin intact and through all those years that they have survived myriad attacks will this one will just bring it down and I believe that these skilled developer would find a reliable and best solution regarding this problem in due time. Really hoping that they can identify the source of this issue and upgrade the services it can offer so it will gosmoothly and the potentials that Bitcoin has and been showing would not be gone to waste.

[el kaka22]

we are all angry and sad about bitcoin and how miners are blocking the progress but i don't think any of us is losing faith in bitcoin. specially because we old users of bitcoin uderstand it well enough.
and the new comers are not losing faith either because they just started and paying a higher fee is not a problem when you are coming from a fiat system where you always paid much higher fees.

Yes I am not losing my faith because even 0.15 million transactions are strucking for finding confirmations, I am able to get my transactions by paying 200 to 250 satoshi per byte which might be bigger compared too what I have paid some six months back, still I am good as I am not paying similar to I have do with paypal transactions.

Those 0.15 million transactions were initiated to spam the network for directly empathizing something. I guess they may not be successful with their attempts.

[moviebuff777]

...

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.


I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s).  Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number).

A $100 drop in one day is not very much when the price is $1800. I don't think there is any reason to panic right now.

[LeGaulois]

Similar situation happened last week, Bitcoin price decrased by 100$ in just 1 hour, then what happened next? Price got back to what is was just before this 100$ move. I am not afraid anymore to see such behavior on the price. Unless I see a 400$ drop, then I can say all is fine
I bet you Monday the price will be over 1800$

[FasTroy]

Similar situation happened last week, Bitcoin price decrased by 100$ in just 1 hour, then what happened next? Price got back to what is was just before this 100$ move. I am not afraid anymore to see such behavior on the price. Unless I see a 400$ drop, then I can say all is fine
I bet you Monday the price will be over 1800$

You are right, volatility limits become very large when bitcoin price increase more. So anything could be happen. By the way, I believe that bitcoin price will increase more after this drop of 100$, in the next few weeks.
All is fine.

[Yakamoto]

...

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.


I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s).  Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number).

Not sure why you'd start to worry after something like this, this has happened a lot of other times and I was honestly expecting a correction sooner than later, we just got to see it happen in a bit more of a brutal manner than anticipated. The scaling debate has also been going on for a long time and there is likely not going to be a change anytime soon unless the miners can agree on something. No reason to fret, this is essentially normal in my experience.

[Tyrantt]

we are all angry and sad about bitcoin and how miners are blocking the progress but i don't think any of us is losing faith in bitcoin. specially because we old users of bitcoin uderstand it well enough.
and the new comers are not losing faith either because they just started and paying a higher fee is not a problem when you are coming from a fiat system where you always paid much higher fees.

Absolutely, bitcoin is just taking it's breath and I'm as a lot of people who recently got into bitcoin, paying a lot higher fees with my fiat money, so I think that even tho fees are a little higher, they're still not as high as for fiat. People just got used to low bitcoin fees.