Lost my faith

[Pineappleman]

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

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[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.