This is why I am out of Bitcoin for the time being

[russelluk]

After the events of the weekend (and what may still be in the pipeline for Bitcoin in the next couple of days) I am out. I am not a newbie to Bitcoin and I have been through many pumps and volatile price changes before but what appears to be going on with Bitcoin and Bitcoin Cash sickens me. Yes I know this is a volatile investment and I have always been prepared to lose all my investment if consensus moves away from Bitcoin in time. I can take the Chinese banning ICO's and I can take regulatory or perceived regulatory intervention which impacts the prices and I can even take greedy Bankers like Jamie Dimon doing his best to destroy Bitcoin but what I can not take is a surprise attack by people in the Bitcoin community where the destruction of one breed of Bitcoin is aggressively attacked like it was this last weekend.  There are many new investors which have put lots of money into Bitcoin and had the attack been successful they would have lost it all. Think about it - how the hell are you ever going to get a friendly regulatory environment if such things are planned. Yes the regulators are sitting and watching and they will act if people start to lose money as cryptos become more mainstream. However what happened on the weekend in my opinion has done more to damage the reputation of cryptos than any other single event so far. I panicked like others and tried to get my Bitcoin from offline wallets onto an exchange to sell. Do you know why because at around 5.30am (GMT) yesterday morning I honestly believed that Bitcoin Cash was going to crush Bitcoin and that I was going to lose all my investment. Why was I going to lose it? Because of the crypto community or certain players in it which quite frankly make me sick. We all complain about Banks and central Banks and Governments but yet look at the behavior of some of the crypto leaders - its worse than the Banks! Anyway when I was trying to get my Bitcoins onto an exchange I couldn't - the network was all blocked up and all my hard work investment was sitting in the mempool completely useless to me. Eventually I got some through with extortionate fees and managed to sell some of my Bitcoins. I know there are many of you that say you should not panic - well this was the first time ever that I did panic and it was because I saw Bitcoin eating itself up by the greedy few that want to manipulate it for their own good. I hope to return to Bitcoin one day but for now I AM OUT!

[Almat]

Yeah, it is sad how the so-called "leaders" (a term very loosely used for the most visible, influential people) are fighting amongst themselves. Anyway, I cannot offer any words of consolation. All I can really say is that things seem to be settling down and future attacks of the same vein are less likely to succeed in the future.

[mashort]

i completely understand your frustrations. i also dont know why we complain of banks while the so callled leaders are working like a centralized system, how comes a few people can sit down and decide the future on behalf of all others. where is decentralization in that? however, i dont think Bitcoin is doomed yet. i think we all need to work hard to make it work. there was also another Bitcoin 'leader' who write a long post on medium expressing his decision to leave Bitcoin. i dont agree with all the viewpoints but i also think everyone has a right to continue or stay with Bitcoin or crypto for that matter. https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7. do you agree with Mike that Bitcoin is failed experiment?

[cioloxl]

Even in the very improbable scenario in which bch overtakes btc in terms of marketcap, btc will not die and it will rise again once people realize who these hijackers are.

I was a bch supporter until a couple days ago. Not as in I wanted it to take over bitcoin, but I thought of it as an altcoin that filled a market segment's need. Yesterday's attack made me see it for what it truly is. A weapon created and backed by the fraud Roger Ver, the bitcoin Judas. It just fills me with anger that this manboy would have the nerve to take us all on with such arrogance and maliciousness. I had hoped he'd go all in on bch by selling his btc. We would've probably crashed to as little as 1k. But the snake would've been crushed, it would've been just a matter of time. But of course, the coward is not stupid enough to go all in on his shitcoin.

Roger Ver and his cronies made a lot of enemies yesterday. From those that supported his side. We will see the snake's head cut off, mark my words.

[blocklancer8]

this is not surprising, most people who have been in bitcoin world would already know how fluctuating bitcoin this. Sometimes stagnant sometimes fall even up and not down and down. If I become you, I will stay and wait for time.

[russelluk]

Anyway the point being it is not really a decentralized system anymore. I don't want to sit around and have my investment controlled by a handful of people.

[lemonscentedbreeze]

Anyway the point being it is not really a decentralized system anymore. I don't want to sit around and have my investment controlled by a handful of people.

It can't be helped since bitcoin gains so much popularity which can easily corrupts a person and see bitcoin as an opportunity to get really rich.

[Faeryl]

I went out of bitcoin at the moment of the fork for bch.

I felt that Ver and Wu had too much control over both chains and will maliciously pump and dump both. I did not forsee the ddos attack.

Bear in mind for any future fork of bitcoin it will be subject to exactly the same issues, precisely because Ver and Wu will have a copy of their original btc holdings in the new chain.

Basically bitcoin is fucked by malicious actors and I went over to Ethereum and never looked back

Although its not to their advantage to screw over BCH, they could do it. If they were so inclined. I just dont have a lot of faith in either fork tbh.

[uslfd]

Indeed it's a shame.
I think we should stand by our principle especially at times like this.
Talk and discuss about it - expose the truth
Say the right thing on forums like bitcointalk

[burnedbyfees]

It's left a bad taste in my mouth, I only hope Ver and friends sell the rest of their BTC and buy Bitcoin Cash, then I'll know which coin to avoid.

I feel like you, but I'm staying in BTC, this was a bad few days for all cryptos, they almost bought the whole thing down with greed and megalomania.

As for "Bitcoin Jesus"...

https://www.youtube.com/watch?v=plZRe1kPWZw

[no0dlepunk]

After the events of the weekend (and what may still be in the pipeline for Bitcoin in the next couple of days) I am out. I am not a newbie to Bitcoin and I have been through many pumps and volatile price changes before but what appears to be going on with Bitcoin and Bitcoin Cash sickens me. Yes I know this is a volatile investment and I have always been prepared to lose all my investment if consensus moves away from Bitcoin in time. I can take the Chinese banning ICO's and I can take regulatory or perceived regulatory intervention which impacts the prices and I can even take greedy Bankers like Jamie Dimon doing his best to destroy Bitcoin but what I can not take is a surprise attack by people in the Bitcoin community where the destruction of one breed of Bitcoin is aggressively attacked like it was this last weekend.  There are many new investors which have put lots of money into Bitcoin and had the attack been successful they would have lost it all. Think about it - how the hell are you ever going to get a friendly regulatory environment if such things are planned. Yes the regulators are sitting and watching and they will act if people start to lose money as cryptos become more mainstream. However what happened on the weekend in my opinion has done more to damage the reputation of cryptos than any other single event so far. I panicked like others and tried to get my Bitcoin from offline wallets onto an exchange to sell. Do you know why because at around 5.30am (GMT) yesterday morning I honestly believed that Bitcoin Cash was going to crush Bitcoin and that I was going to lose all my investment. Why was I going to lose it? Because of the crypto community or certain players in it which quite frankly make me sick. We all complain about Banks and central Banks and Governments but yet look at the behavior of some of the crypto leaders - its worse than the Banks! Anyway when I was trying to get my Bitcoins onto an exchange I couldn't - the network was all blocked up and all my hard work investment was sitting in the mempool completely useless to me. Eventually I got some through with extortionate fees and managed to sell some of my Bitcoins. I know there are many of you that say you should not panic - well this was the first time ever that I did panic and it was because I saw Bitcoin eating itself up by the greedy few that want to manipulate it for their own good. I hope to return to Bitcoin one day but for now I AM OUT!

Honestly, dude I felt exactly the same thing. I had my first bitcoins @ $800 and I had accumulated 3 bitcoins averaging $900 a piece. Yesterday, I played safe and cashed out 0.5BTC from my hard wallet to an exchange but it took forever and I had lost 25% of the value right before my eyes due to very weak confirmations. My initial capital was roughly around $2700 for 3 bitcoins and I took it out yesterday just incase bitcoin crashes below $800. I still have 2.5BTCs and 3BCH today but I am beginning to be frustrated with this kind of community. Assholes are getting manipulated by these greedy gentlemen and that is very alarming... this is not the kind of community that I was expecting when I started bitcoining. I thought the community was dominated by likeminded people who are sick and tired of the banking system, and the government. What I have seen last night was the total opposite, people lost their faith in bitcoins and switched to BCH because of their greed, because all they got inside their heads were profits, they did not even think that once BCH becomes the biggest, Roger Ver will become every government's best friend. Then corruption will take place, and then our freedom over our own money is over. THANKS TO THE ASSHOLES who sold bitcoins for bitcoin cash!

[russelluk]

After the events of the weekend (and what may still be in the pipeline for Bitcoin in the next couple of days) I am out. I am not a newbie to Bitcoin and I have been through many pumps and volatile price changes before but what appears to be going on with Bitcoin and Bitcoin Cash sickens me. Yes I know this is a volatile investment and I have always been prepared to lose all my investment if consensus moves away from Bitcoin in time. I can take the Chinese banning ICO's and I can take regulatory or perceived regulatory intervention which impacts the prices and I can even take greedy Bankers like Jamie Dimon doing his best to destroy Bitcoin but what I can not take is a surprise attack by people in the Bitcoin community where the destruction of one breed of Bitcoin is aggressively attacked like it was this last weekend.  There are many new investors which have put lots of money into Bitcoin and had the attack been successful they would have lost it all. Think about it - how the hell are you ever going to get a friendly regulatory environment if such things are planned. Yes the regulators are sitting and watching and they will act if people start to lose money as cryptos become more mainstream. However what happened on the weekend in my opinion has done more to damage the reputation of cryptos than any other single event so far. I panicked like others and tried to get my Bitcoin from offline wallets onto an exchange to sell. Do you know why because at around 5.30am (GMT) yesterday morning I honestly believed that Bitcoin Cash was going to crush Bitcoin and that I was going to lose all my investment. Why was I going to lose it? Because of the crypto community or certain players in it which quite frankly make me sick. We all complain about Banks and central Banks and Governments but yet look at the behavior of some of the crypto leaders - its worse than the Banks! Anyway when I was trying to get my Bitcoins onto an exchange I couldn't - the network was all blocked up and all my hard work investment was sitting in the mempool completely useless to me. Eventually I got some through with extortionate fees and managed to sell some of my Bitcoins. I know there are many of you that say you should not panic - well this was the first time ever that I did panic and it was because I saw Bitcoin eating itself up by the greedy few that want to manipulate it for their own good. I hope to return to Bitcoin one day but for now I AM OUT!

Honestly, dude I felt exactly the same thing. I had my first bitcoins @ $800 and I had accumulated 3 bitcoins averaging $900 a piece. Yesterday, I played safe and cashed out 0.5BTC from my hard wallet to an exchange but it took forever and I had lost 25% of the value right before my eyes due to very weak confirmations. My initial capital was roughly around $2700 for 3 bitcoins and I took it out yesterday just incase bitcoin crashes below $800. I still have 2.5BTCs and 3BCH today but I am beginning to be frustrated with this kind of community. Assholes are getting manipulated by these greedy gentlemen and that is very alarming... this is not the kind of community that I was expecting when I started bitcoining. I thought the community was dominated by likeminded people who are sick and tired of the banking system, and the government. What I have seen last night was the total opposite, people lost their faith in bitcoins and switched to BCH because of their greed, because all they got inside their heads were profits, they did not even think that once BCH becomes the biggest, Roger Ver will become every government's best friend. Then corruption will take place, and then our freedom over our own money is over. THANKS TO THE ASSHOLES who sold bitcoins for bitcoin cash!

Good comment - this is the whole point I have been making - I got into Bitcoin as a long term investment and for the ideal of having a financial system that was not manipulated by government, central banks and bankers in general. Well the weekend almost destroyed my faith in cryptos. Anyway while I took my money out of Bitcoin I would NEVER prostitute myself and buy Bitcoin Cash. Hopefully I will move my money back to Bitcoin in a few days when the road ahead is a little clearer.

[crptotrader007]

Yeah, it is sad how the so-called "leaders" (a term very loosely used for the most visible, influential people) are fighting amongst themselves. Anyway, I cannot offer any words of consolation. All I can really say is that things seem to be settling down and future attacks of the same vein are less likely to succeed in the future.

I would like to correct you here by saying that the so called leaders were not fighting among themselves but joined hands together and made a group of big whales for their plan of dumping. They pumped BCH and created a hype in the market that BCH will defeat BTC. The foolish people took  part in the pump and lost in the dump. The wise traders exited by taking a good profit. The whales exited at the top and achieved their goals.
People now know the original value of Bitcoin and will not take part in such activities further I hope. It must be a lesson for everyone.
Hold on to your BTC guys, it is the one which will make you rich in the future, don't betray it.

[Nawaytes]

Wow man, and yeah I would still say this: "you should not panic" even if you don't like it. Someone / group has said that BCH will replace the BTC as the main bitcoin or the original bitcoin just to get cheap prices, they are not serious but enough to make everyone panic.
Why don't you try to start again with less investment than before? And when you've got your money back I think it would be nice to treat your frustrations.

[Cloud27]

What do you expect, we are in a decentralized crypto community, we are not governed by some leaders, you should have known better. People have different agenda when there is money involve. Our more experienced members here suggested holding our precious bitcoin during this latest circumstance, expect more different event to come that will crush your faith on bitcoin and to the crypto community.

[alyssa85]

It's not an attack. It's the free market at work.

Nobody owns the miners and their hashrate - they get to decide what to mine. Nobody owns the investors - they get to decide what to invest in. Nobody owns the merchants - they get to decide which coins to accept.

You have to COMPETE for all their business. If you can't be bothered to compete and can't be bothered to listen to your customers you have to expect that some will simply walk away and find an alternative.

Claiming this is an "attack" is like Starbucks angrily denouncing customers who moved to Costa Coffee when they found out that Starbucks wasn't payinhg taxes (and Starbucks share price fell as a result). It's the free market at work - what did you bloody expect?

[bbs98]

I'm sad to hear about you, but I'm sure Bitcoin will be strong and will continue to survive and coins will not be able to replace it, the big news of BCC that makes people panic and leave Bitcoin only for greedy people. , and Bitcoin. No need for greedy people..

[nazimmamun]

most people who  have been  in bitcoin world would already know how fluctuating bitcoin this.  Sometimes stagnant sometimes fall even up and not down and down.

[qiwoman2]

I went out of bitcoin at the moment of the fork for bch.

I felt that Ver and Wu had too much control over both chains and will maliciously pump and dump both. I did not forsee the ddos attack.

Bear in mind for any future fork of bitcoin it will be subject to exactly the same issues, precisely because Ver and Wu will have a copy of their original btc holdings in the new chain.

Basically bitcoin is fucked by malicious actors and I went over to Ethereum and never looked back

Although its not to their advantage to screw over BCH, they could do it. If they were so inclined. I just dont have a lot of faith in either fork tbh.

Yeah these sup[er sharks all they want to do is make more and more money. They have become the Elites of crypto and now want to control and manipulate crypto and all the little people and traders get caught in between and can lose thousands overnight. Jihan Wu and Ver have planned these attacks, got some big whales and corporations behind them and some pumping groups and there you have it. I also prefer now to trade mainly in ETHEREUM and other tokens. I hold no Bitcoin now and when I want to take anything out I take it in eth to fiat.

[burnedbyfees]

I understand being upset at the betrayals and sabotage (Roger Ver and BCH are dead to me), what I don't understand is that some people were legitimately panicking for BTC. Do you not understand BTC does this often?

It's always been 2 steps forward 1 step back. BTC can lose half it's value one day, then triple it's value the following day. It's always done this since as long as I've been in it.

So why do people panic?