Lost my faith

[bitcoinscanada]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

[1715109802]

1715109802

[1715109802]

1715109802

[1715109802]

1715109802

[1715109802]

1715109802

[rikur]

I'm afraid I'm lost my faith in Bitcoin. Somebody save me..

Quoted for year 2018, when Bitcoin is worth more than USD 100 000 each (if USD still exists..)

[grue]

I'm afraid I'm lost my faith in Bitcoin.

>no reasons given
>lucrative question
nice bait

[Anon136]

I'm afraid I'm lost my faith in Bitcoin. Somebody save me..

good, you should never have faith in anything. faith is the antithesis of reason and evidence.

[Anon136]

good, you should never have faith in anything. faith is the antithesis of reason and evidence.

I have more faith in gold.. but I appreciate what Bitcoin is trying to achieve.

is it just me or is this the sort of reply a computer program would come up with?

please look at my comment and your reply and see if you can explain to me why it doesn't make sense.

[Littleshop]

>no reasons given

I believe central banks will buy bitcoin and therefore control it's destiny.

This would fail and be hugely beneficial to most current bitcoin holders. 

[Anon136]

is it just me or is this the sort of reply a computer program would come up with?

Umm.. I'm not a computer program, but interesting observation.

ok now can you answer the other half of my last comment please.

[nottm28]

is it just me or is this the sort of reply a computer program would come up with?

Umm.. I'm not a computer program, but interesting observation.

Have you checked that?

[CurbsideProphet]

I'm not selling the BTC I hold, just in case..

You should be alright then.  If it takes off, you'll reap some of the benefit, if it crashes and burns, you had good foresight.  Bitcoin is still very early in its develop and is subject to substantial risk, we all need to individually assess our own risk tolerance and make our decisions accordingly.

[franky1]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

[franky1]

is it just me or is this the sort of reply a computer program would come up with?

Umm.. I'm not a computer program, but interesting observation.

ok now can you answer the other half of my last comment please.

I believe that central banks can buy/sell bitcoins in volume to manipulate the price, as they do with precious metals certificates. Banks have no control over physical metals.

central banks play about with investments using peoples money. they are only allowed to play about with peoples money on certain legal exchanges such as the NYSE LSE etc. they cant just withdraw peoples money, throw it into dwolla/moneygram to then play the mtgox market.

BUT private investment companies CAN play up and manipulate MTGOX/Bitstamp

[nottm28]

is it just me or is this the sort of reply a computer program would come up with?

Umm.. I'm not a computer program, but interesting observation.

Have you checked that?

Does not compute.. does not compute..

Now I'm suspicious. A real ellipses has three dots ...

[Anon136]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

wow franky that's really smart. i never thought about it that way.

[grue]

Just because no one here seems to notice: THIS GUY IS BAITING FOR REPLIES. STOP FEEDING HIM.

I believe that central banks can buy/sell bitcoins in volume to manipulate the price, as they do with precious metals certificates. Banks have no control over physical metals.

>>>/r/conspiracy
>>>/x/
>>>infowars.com
>>>theIlluminatiZionistLiberalMediaCIATruth.org

Also, what makes you think that if they can manipulate bitcoins and metal certificates, they can't manipulate physical metals?

Now I'm suspicious. A real ellipses has three dots ...

You're doing it wrong: …
It's supposed to be one character.

[Severian]

I believe that central banks can buy/sell bitcoins in volume to manipulate the price, as they do with precious metals certificates.

They're already doing it. Coinbase is a Goldman Sachs operation. The Big Dogs are quietly trying to accumulate as many bitcoins as they can without driving the price up. At the same time, banks are making it difficult for smaller bitcoin businesses like Mtgox and others to use the banking system.

I have great faith in Bitcoin's concept and the crypto behind it. I have no faith in the majority of Bitcoin's users and developers to have an inkling about who and what they're up against.

[nottm28]

I have great faith in Bitcoin's concept and the crypto behind it. I have no faith in the majority of Bitcoin's users and developers to have an inkling about who and what they're up against.

me too

[Anon136]

I believe that central banks can buy/sell bitcoins in volume to manipulate the price, as they do with precious metals certificates.

They're already doing it. Coinbase is a Goldman Sachs operation. The Big Dogs are quietly trying to accumulate as many bitcoins as they can without driving the price up. At the same time, banks are making it difficult for smaller bitcoin businesses like Mtgox and others to use the banking system.

I have great faith in Bitcoin's concept and the crypto behind it. I have no faith in the majority of Bitcoin's users and developers to have an inkling about who and what they're up against.

why do you think coinbase is a "goldman sachs operation"?

[nottm28]

I believe that central banks can buy/sell bitcoins in volume to manipulate the price, as they do with precious metals certificates.

They're already doing it. Coinbase is a Goldman Sachs operation. The Big Dogs are quietly trying to accumulate as many bitcoins as they can without driving the price up. At the same time, banks are making it difficult for smaller bitcoin businesses like Mtgox and others to use the banking system.

I have great faith in Bitcoin's concept and the crypto behind it. I have no faith in the majority of Bitcoin's users and developers to have an inkling about who and what they're up against.

why do you think coinbase is a "goldman sachs operation"?

It prolly is...

[papaminer]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

+1 this

[Severian]

why do you think coinbase is a "goldman sachs operation"?

Fred Ehrsam joins Coinbase

Prior to joining Coinbase, Fred worked at Goldman Sachs as a foreign exchange trader, where he traded both manually and managed their electronic market making platform, supporting in the $ billions in flow a day.  Fred has also worked at BlackRock, one of the largest asset managers in the world, and has been published in the Duke Journal of Economics.  Fred graduated with latin honors and departmental distinction in computer science and economics at Duke.

I find it hard to believe that a young man would leave a promising career at GS to work at a shitty little startup. He's been tasked to get bitcoins.

The Blackrock connection is a giveaway. They're the Jesuits of Money.

[Anon136]

why do you think coinbase is a "goldman sachs operation"?

Fred Ehrsam joins Coinbase

Prior to joining Coinbase, Fred worked at Goldman Sachs as a foreign exchange trader, where he traded both manually and managed their electronic market making platform, supporting in the $ billions in flow a day.  Fred has also worked at BlackRock, one of the largest asset managers in the world, and has been published in the Duke Journal of Economics.  Fred graduated with latin honors and departmental distinction in computer science and economics at Duke.

I find it hard to believe that a young man would leave a promising career at GS to work at a shitty little startup. He's been tasked to get bitcoins.

The Blackrock connection is a giveaway. They're the Jesuits of Money.

goldman sachs i could write off, blackrock i could write off. goldman sachs + blackrock not so much. thanks for the info. i think you are definately right then, they plan to buy quietly and slowly and at some opportune time dump it all in a split second.

if the bitcoin community understand this than it will be nothing more than a great buying opportunity, if they do not than it could start a panic. we shall see.

[Severian]

they plan to buy quietly and slowly and at some opportune time dump it all in a split second.

I think they're planning to buy them and just keep them for their own private shorting sessions. They don't want the world to have Bitcoin unless they control Bitcoin and the world.

[franky1]

goldman sachs is a commercial investment bank not a central authority bank right?

[Severian]

goldman sachs is a commercial investment bank not a central authority bank right?

Goldman Sachs is whatever they wanna be.

[Anon136]

goldman sachs is a commercial investment bank not a central authority bank right?

the federal reserve bank is chaired by member banks like goldman sachs. so in a way they are the central bank also.

[BitChick]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

+1 this

Unfortunately I seem to buy higher than the lows.  I guess the new "low" should eventually catch up to my average bitcoin price I paid of $120.  Hopefully anyways . . .

[bbit]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

Never loose faith!

[Liquid]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

Never loose faith!

Bitcoin does not need faith but numbers 

[franky1]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

Never loose faith!

Bitcoin does not need faith but numbers  

Bitcoin does not need faith, but needs acceptance

accepting that its a currency and not a pipe dream of coders
accepting of coins by merchants to increase usefulness
accepting that it will never overtake a government currency, but can work along side it, without government control
accepting that government currency is not the only way to trade

[BitChick]

Take heart people.  We are still early in this.

I just read this article, and posted it in the press section that shows we are all very early investors, which is great news!

http://www.huffingtonpost.com/michel-floyd/bitcoin-huge-hype-belies_b_3499192.html

[pizza]

you need to be baptized in a pool full of bitcoins my son

[QuantPlus]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

You should consider moving to Canada.

[Severian]

the federal reserve bank is chaired by member banks like goldman sachs. so in a way they are the central bank also.

Goldman Sachs has been part of the American central bank scheme since the beginning. GS and JPMorgan are two faces of the same beast anyway.

The scandal that many people do remember nowadays comes from the financial crisis of 2008. In September of that year, it looked like "all of Wall Street was literally imploding overnight," Cohan says, with Goldman Sachs and Morgan Stanley the last two remaining firms. The Federal Reserve decided to make those two bank holding companies, an unprecedented move that gave them access to the resources of the Federal Reserve.

Because so many of its former bankers have gone into government work, Goldman Sachs has an unflattering nickname — Government Sachs. One of the founding partners of the firm, Henry Goldman, was asked by the Cabinet members who would create the Federal Reserve system in 1913 how he would go about doing it, Cohan says, and they mostly followed his lead.

Cohan also points to Sidney Weinberg, a longtime Goldman Sachs partner, who advised presidents from Franklin D. Roosevelt to Eisenhower on financial matters. One day on the subway, Weinberg came up with the name of a man he thought should be Treasury secretary, Cohan says. Weinberg told Eisenhower, who had never heard of the man, and the president appointed him right away.

"This had been going on for a very, very long time, and just continued through every senior partner of Goldman Sachs up until Hank Paulson, as we know, when he was named Treasury secretary," Cohan says.

http://m.npr.org/news/Books/135246269

[coretechs]

Bitcoin is the first a global commodity that is available to anyone with internet access.  It is able to function as the first stateless world currency.  Cryptographic technologies are going to bring on globalization in a way that most of us didn't expect, and the truth is that the reality is ours to construct.  Bitcoin is so much bigger than any single group that uses it.  Find your faith and embrace the possibilities.   

[franky1]

Bitcoin is the first a global commodity that is available to anyone with internet access.  It is able to function as the first stateless world currency.  Cryptographic technologies are going to bring on globalization in a way that most of us didn't expect, and the truth is that the reality is ours to construct.  Bitcoin is so much bigger than any single group that uses it.  Find your faith and embrace the possibilities.   

that would have been the best bitcoin speech i seen. if used in the future though can you please change the word commodity for the words asset or currency. (you choose)

as a commodity is a raw material that has a world wide standard of quality, used in the production of other materials.

then you will have a great and accurate speech

[grue]

why do you think coinbase is a "goldman sachs operation"?

It prolly is...

"it's probably true therefore it must be true!"

[papaminer]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

+1 this

Unfortunately I seem to buy higher than the lows.  I guess the new "low" should eventually catch up to my average bitcoin price I paid of $120.  Hopefully anyways . . .

When USD's reign is over (AND IT WILL)...

CRYPTO will take the crown..

[BitChick]

When USD's reign is over (AND IT WILL)...

CRYPTO will take the crown..

Hence why I will just keep on holding.  It is a very good idea to diversify investments.  Bitcoin is one of the best ways to do that right now!

[MrBubbles007]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

great, sell me your coins

[foggyb]

I'm afraid I'm lost my faith in Bitcoin. Somebody save me..

good, you should never have faith in anything. faith is the antithesis of reason and evidence.

Sounds like advice from Hannibal Lector's autobiography.

The word faith is derived from Latin, to trust.

[Pineappleman]

Would be somewhat interesting to know if bitcoin is truly worth one's time in the long run of 5 to 10 years.

[tvbcof]

I have great faith in Bitcoin's concept and the crypto behind it. I have no faith in the majority of Bitcoin's users and developers to have an inkling about who and what they're up against.

me too

I as well.  Ironically, Severian and a number of others in his/her class are a big part of the reason for this...I hate to say.

To clarify slightly, I feel that most of the developers with the possibly exception of Garzik are under-estimating the type of pressure that can and likely will be brought to bear against Bitcoin as/if it continues on it's present trajectory.

From the user's perspective, I think that relatively few fully conceptualize the technical issues associated with trying to operate at scale, and particularly if there is any sort of coordinated technical attack.  Most Joe Sixpack types have way to much confidence that the future environment will look a lot like the present and/or place confidence in the types of organizations who have the technical and political power to scale up making it A-OK-ish with them if the solution is centralized.

Again though, I have confidence in the blockchain itself and my position within it.  Come what may, I expect with a fair degree of confidence that it will have residual value regardless of what happens to messaging aspect of the solution.  How much value is difficult to know.  And if I am wrong about this, a lot of scumbags and thieves will also end up getting burnt so there would be a silver lining to an unfortunate outcome.

[worldinacoin]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

You can send them all to me, I don't mind saving you

[Severian]

Ironically, Severian and a number of others in his/her class are a big part of the reason for this...I hate to say.

It makes me happier than I could express to be of service in some manner or another, I don't hate to say.

It's frustrating as hell having as amazing a tool as Bitcoin at our fingertips and a userbase that appears to have little knowledge of the history of the money powers and political forces that oppose it. My only consolation is that I know the userbase will grow into the technology and some of them might even pick up some history along the way. I suspect that Bitcoin will outlive the Federal Reserve and I hope I can live to see the day.

[luv2drnkbr]

good, you should never have faith in anything. faith is the antithesis of reason and evidence.

It's nice to be in a forum where people just gloss past posts like this rather than instantly argue against this most obvious of truths.  I guess I've been redditing too much.

[Hippie Tech]

I'm also losin it thanks to the pre order scams, the asic centralization of Bitcoin and this cult like rush to make it the cashless wonder the bankster's have been dreaming about.

pEACe

[legitnick]

Never lose faith, Bitcoin will surge far past its current value in time.

[saddambitcoin]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

wow i appreciate this info, i was getting pessimistic as well about to dump...but NO I will not dump

[legitnick]

why do you think coinbase is a "goldman sachs operation"?

Fred Ehrsam joins Coinbase

Prior to joining Coinbase, Fred worked at Goldman Sachs as a foreign exchange trader, where he traded both manually and managed their electronic market making platform, supporting in the $ billions in flow a day.  Fred has also worked at BlackRock, one of the largest asset managers in the world, and has been published in the Duke Journal of Economics.  Fred graduated with latin honors and departmental distinction in computer science and economics at Duke.

I find it hard to believe that a young man would leave a promising career at GS to work at a shitty little startup. He's been tasked to get bitcoins.

The Blackrock connection is a giveaway. They're the Jesuits of Money.

Lol, interesting perspective.

[dserrano5]

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

I'd wait a month before saying that. We're dangerously close to the June $88.

[kwukduck]

Im pretty sure we will hit 60 within a week from now, people are losing faith in bitcoin faster than they ever gained it. Mainly because of the bad news surrounding it and the promise of a stable and more rare usd

.

[herzmeister]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

Entering fear / capitulation.

[Hippie Tech]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

Entering fear / capitulation.

Plz stop reading my mind. Thx. 

[jerfelix]

good, you should never have faith in anything. faith is the antithesis of reason and evidence.

Do you really believe that?

[jerfelix]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

> check out the monthly low price.. you will see there is a constant rise.

This claim can be debunked at this link: http://bitcoincharts.com/charts/mtgoxUSD#rg60zigWeeklyzczsg2012-01-01zeg2012-02-29ztgSzm1g10zm2g25zl

February 2012's low was less than January 2012.

[beaconpcguru]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

> check out the monthly low price.. you will see there is a constant rise.

This claim can be debunked at this link: http://bitcoincharts.com/charts/mtgoxUSD#rg60zigWeeklyzczsg2012-01-01zeg2012-02-29ztgSzm1g10zm2g25zl

February 2012's low was less than January 2012.

Nobody was looking at the artificial dump/short low... he is reffering to average trade value on the incline..

[tvbcof]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

Entering fear / capitulation.

 - bubble image snipped.

My guess is that you are correct.  The main question is what is the level and decline pattern to get to 'despair'?  I had guesstimated that the cycle would be shorter this time and get us into the $40's.  Now I am more inclined to suspect that it will be of similar duration to the last time and take half a year getting well below the previous peak.  That is, into the $20's.  And the next leg up (hopefully into the 4 figures) will be a couple years out.

Of course significant external events could change the 'natural' dynamics significantly.  So if we see the Cypress solution employed in other EU countries, for instance, I could see it short circuiting Bitcoin's native cycle and we could be off to the races.

[hmmmstrange]

Bitcoin is the first a global commodity that is available to anyone with internet access.  It is able to function as the first stateless world currency.  Cryptographic technologies are going to bring on globalization in a way that most of us didn't expect, and the truth is that the reality is ours to construct.  Bitcoin is so much bigger than any single group that uses it.  Find your faith and embrace the possibilities.   

that would have been the best bitcoin speech i seen. if used in the future though can you please change the word commodity for the words asset or currency. (you choose)

as a commodity is a raw material that has a world wide standard of quality, used in the production of other materials.

then you will have a great and accurate speech

If other assets are built on top of bitcoin, does that not make bitcoin a commodity. I am of the belief that bitcoin does indeed serve as a an "information" commodity.

[legitnick]

Im pretty sure we will hit 60 within a week from now, people are losing faith in bitcoin faster than they ever gained it. Mainly because of the bad news surrounding it and the promise of a stable and more rare usd

.

I dont see us ever hitting 60 again. People are not losing faith, Stability in the Bitcoin economy is a sign of strength. Watch us shoot up to 500$+ a coin within the next year.

[dserrano5]

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

> check out the monthly low price.. you will see there is a constant rise.

This claim can be debunked at this link: http://bitcoincharts.com/charts/mtgoxUSD#rg60zigWeeklyzczsg2012-01-01zeg2012-02-29ztgSzm1g10zm2g25zl

February 2012's low was less than January 2012.

Nobody was looking at the artificial dump/short low... he is reffering to average trade value on the incline..

No he's not. He mentions "monthly low", not any kind of average.

[ThatDGuy]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

This was a fascinating chart and I checked out the numbers for BTC since 1/2011.  Was shocked to see that this trend has continued for quite a while:

Google Spreadsheet with Monthly Lows Summary Data

Interesting findings:

• 23 of 29 months since the beginning of 2011 have seen an increase in the monthly low price
• We are in the 16th consecutive month of an increased monthly low price.
• The average change from one monthly low price in this time period: +35.70%

[nottm28]

This was a fascinating chart and I checked out the numbers for BTC since 1/2011.  Was shocked to see that this trend has continued for quite a while:

Google Spreadsheet with Monthly Lows Summary Data

Interesting findings:

• 23 of 29 months since the beginning of 2011 have seen an increase in the monthly low price
• We are in the 16th consecutive month of an increased monthly low price.
• The average change from one monthly low price in this time period: +35.70%

Nice spreadsheet -even assuming the increase per month settles at only 10%/month, that would still see the price of BTC rise to around 160 USD in 6 months from now...

[ThatDGuy]

This was a fascinating chart and I checked out the numbers for BTC since 1/2011.  Was shocked to see that this trend has continued for quite a while:

Google Spreadsheet with Monthly Lows Summary Data

Interesting findings:

• 23 of 29 months since the beginning of 2011 have seen an increase in the monthly low price
• We are in the 16th consecutive month of an increased monthly low price.
• The average change from one monthly low price in this time period: +35.70%

Nice spreadsheet -even assuming the increase per month settles at only 10%/month, that would still see the price of BTC rise to around 160 USD in 6 months from now...

Thanks! I was surprised by a lot of the information.  Seeing the percentage changes was pretty staggering.

Out of curiosity, I also took the average decrease during the 4 consecutive months from 8/11 - 11/11 (-32%) and applied it to our current low of 88, just to test out a few months, and it showed a drop from:

June - 88
July - 60
August - 41
September - 28
October - 19

Honestly I don't see it dropping below 50 on even the worst of slides, but if we do experience a similar set of consecutive lows for the next 4 months it would put us at $18/BTC - which is still even with February's low of this year!

[Hippie Tech]

The markets are losing it too. $71 USD and dropping... 

[fenican]

I'm afraid I'm lost my faith in Bitcoin. Somebody save me..

Quoted for year 2018, when Bitcoin is worth more than USD 100.000 each (if USD still exists..)

Do you think it will get back to $100.00 by 2018?

[ImI]

why do you think coinbase is a "goldman sachs operation"?

It prolly is...

"it's probably true therefore it must be true!"

 

its funny to see how everytime the btc price dips. those conspiracy-idiots come into play and are telling everybody that goldman sachs is the reason.

[ImI]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

+1 this

Unfortunately I seem to buy higher than the lows.  I guess the new "low" should eventually catch up to my average bitcoin price I paid of $120.  Hopefully anyways . . .

When USD's reign is over (AND IT WILL)...

CRYPTO will take the crown..

FIAT and cryptos can coexist for a long period of time, without any need for one of them to rule the other. its a silly understanding of things that there always has to be one thing/currency that rules the others.

and yes cryptos will succeed, but its not written that it has to be BTC. BTC hat many flaws (i.e. 51%-problem) that remain unsolved and that makes it vulnerable.

in fact the 51% issue and the possibility that the network gets stuck after a big price drop is a very strong argument against BTCs. when i first heard about BTC i was told that its unhackable, absolutely safe and reliable. now i know that its not so relialbe. the network could be easily attacked and wrecked...

BTC will rise again and will succeed, but longterm another currency is needed.

[spartanmorning]

I have great faith in Bitcoin's concept and the crypto behind it. I have no faith in the majority of Bitcoin's users and developers to have an inkling about who and what they're up against.

me too

which perhaps is better lest they decide not to travel down the road otherwise. this thing needs numbers.

[peonminer]

The markets are losing it too. $71 USD and dropping... 

Show me where you see $71 USD.

[omgitsmehehe]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

That constant low price rise each month is now something you can disregard.

[peonminer]

DAFAQ^^^^?

[Hippie Tech]

The markets are losing it too. $71 USD and dropping... 

Show me where you see $71 USD.

Oops.. I meant 81. lol  and dropping..

[Crypt_Current]

The markets are losing it too. $71 USD and dropping... 

Show me where you see $71 USD.

Oops.. I meant 81. lol  and dropping..

"dead cat bounce" now... almost back to 81

[BIGMERVE]

This was a fascinating chart and I checked out the numbers for BTC since 1/2011.  Was shocked to see that this trend has continued for quite a while:

Google Spreadsheet with Monthly Lows Summary Data

Interesting findings:

• 23 of 29 months since the beginning of 2011 have seen an increase in the monthly low price
• We are in the 16th consecutive month of an increased monthly low price.
• The average change from one monthly low price in this time period: +35.70%

Nice spreadsheet -even assuming the increase per month settles at only 10%/month, that would still see the price of BTC rise to around 160 USD in 6 months from now...

This is a good indicator I never considered. I'm glad you brought it up and it really makes sense. Even through all the shit and bad news bitcoins low point continues to rise.

[marvinrouge]

Here is the chart of the monthly low since 01/11.
I redraw it, you have the monthly low in blue, the increase rate in orange.

[vokain]

Here is the chart of the monthly low since 01/11.
I redraw it, you have the monthly low in blue, the increase rate in orange.

Where'd you get the raw data for that? as in, how'd you get a list of all the data without manually entering in each day

[marvinrouge]

Here is the chart of the monthly low since 01/11.
I redraw it, you have the monthly low in blue, the increase rate in orange.

Where'd you get the raw data for that? as in, how'd you get a list of all the data without manually entering in each day

I found the raw data in this thread, just above
Google Spreadsheet with Monthly Lows Summary Data

[marvinrouge]

Well... It was usless. I didn't see but there was already the same chart in the doc

[Hippie Tech]

The markets are losing it too. $71 USD and dropping... 

Show me where you see $71 USD.

Oops.. I meant 81. lol  and dropping..

"dead cat bounce" now... almost back to 81

Or.. $63 CAD.. if you're sellin.

https://www.canadianbitcoins.com/

[bitster]

I know i lost my faith their is no real adoption in this economy the Chinese bitcoin video went on for weeks and has done nothing. Also the Winklevoss story, i dont think their idea will ever be approved anywhere. Dont get me wrong i like the idea i just dont think it will be approved as we know the US hates btc. It doesn't matter how good an idea like BTC is if the masses are to dumb to use it.

[tokeweed]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

pfffft.  c'mon, btc will trend up again.  only question is when.

[BitChick]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

pfffft.  c'mon, btc will trend up again.  only question is when.

TODAY!    

[KnCMiningOp]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”

― Warren Buffett

[IIOII]

There's no reason to loose faith. BTC/fiat valuation drop is mainly due to mass activation of highly profitable asic devices while difficulty adjustments always lags a bit behind.

Bitcoin acceptance is constantly growing.

Just be patient and use Bitcoin.

[Hippie Tech]

There's no reason to loose faith. BTC/fiat valuation drop is mainly due to mass activation of highly profitable asic devices while difficulty adjustments always lags a bit behind.

Bitcoin acceptance is constantly growing.

Just be patient and use Bitcoin.

The price is dropping and will likely continue to do so because of the asic scams and the way they have hoarded the hashpower and coins.

Who will want to invest if/when the full scope of the asic scam becomes known ? eg. 30-50% of the new coins mined this year should be considered, stolen property.

Bitcoin seems to have become nothing more than a CIA backed cashless fiat knock off. :/

HT xD

[vokain]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”

― Warren Buffett

Or my favorite,
"Buy when there's blood in the streets, even if the blood is your own."
—Baron Rothschild

[cryptoanarchist]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

Faith? Faith is dumb. If you base your investments on faith maybe you should be saving tulip bulbs.

[KnCMiningOp]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”

― Warren Buffett

Or my favorite,
"Buy when there's blood in the streets, even if the blood is your own."
—Baron Rothschild

I like that one as well.

[JahPowerBit]

thats because you are reading the high price which is always volatile.. check out the monthly low price.. you will see there is a constant rise. the low price is more of the indicator of true value and growth indicators.. the high price is just pure speculation and should be ignored for long term investors

good, you should never have faith in anything. faith is the antithesis of reason and evidence.

WOW!!  2 jewels on only one page !!! thks guys!

[dserrano5]

/mewants this chart updated.

[tokeweed]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”

― Warren Buffett

buffet is leveling everyone to lose your money.

[saddambitcoin]

i cashed out but i'll be back, with ten stacks

[ThatDGuy]

/mewants this chart updated.

While I didn't do that chart, it was the reason I created this spreadsheet, only tracking the lows:
Google Spreadsheet with Monthly Lows Summary Data

Updated it to include the current lowest price from July and added a chart that tracks the monthly lows in addition to the percentage change chart.  The data is all pulled from BitcoinCharts tracking of MtGox numbers daily.

[dropt]

There's no reason to loose faith. BTC/fiat valuation drop is mainly due to mass activation of highly profitable asic devices while difficulty adjustments always lags a bit behind.

No, no it's not.  You need to re-evaluate the total number of coins mined per day and the total volume of coins traded on the exchanges in a day.

DROP IN A BUCKET.

[wopwop]

I'm afraid I've lost my faith in Bitcoin. Somebody save me..

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”

― Warren Buffett

Or my favorite,
"Buy when there's blood in the streets, even if the blood is your own."
—Baron Rothschild

I like that one as well.

I personally like this one: