How to save Bitcoin

[dragony]

I know there were a lot of "advices" from people with their opinions how to "save Bitcoin". I have decided to write that mine anyway.

It seems like central bankers are making swings in price of Bitcoin to discredit it. In my opinion it is the only tactic but effective one they can use if they want to fight Bitcoin. And there are plenty of reasons for them to do that. They just pump and dump huge sums. You can spot them when there is a buy/sell at MtGox at round numbers. Let say buy 5000 bitcoins at 75.00.

With these swings bitcoin will remain just for speculation only and no use in the real world. Because who wants to buy bread with 20% different price every week. With no use in real world (I don't mean SilkRoad - that will stay), there will be no value of Bitcoin in the future.

So my advice is: Try to engage as many people in buying Bitcoins as possible so the bankers/forex traders would have less and less power over this amazing currency.

[SeanArce]

Bitcoin will evolve into something else. And there will be competing currencies (ie alt crypto)

[Insu Dra]

I don't believe bitcoin needs saving but I'l play along.

So my advice is: Try to engage as many people in buying Bitcoins as possible so the bankers/forex traders would have less and less power over this amazing currency.

Isn't that what silver stackers tried to do, "Buy silver, crash JP Morgan" ? Lesson learned there should be that you can't win when the opponent has a endless supply of cash at zero cost (aka big banks loan at 0% interest) to counter your buying frenzy ...

[wopwop]

Guys guys we need people to buy my socks this way socks will become a currency and financial freedom is here this is my advice

I'm selling for $100 a pair. everyone get bankers to buy these we need it

guys let's do it!!! otherwise central bankers who are already manipulating the price of bitcoin to the greatest extent under law will continue to do so with their pump and dump schemes on MtGox as you can spot them there

[dragony]

I mean. Not to persuade people around to buy Bitcoin. Just spread the word. Embrace meetups maybe? I am talking about Bitcoin with tech and management people which never heard about it. I hosted one meetup. And there is definitely more to do.

So my edited advice would be: Try to engage as many people in buying Bitcoins as possible so the bankers/forex traders would have less and less power over this amazing currency.

[Kaiji]

Are there any real hints that financiers who are against bitcoins are pushing the price of BTC down? Or is it just a gut feeling?


I just find it hard to believe anyone would risk millions of their own money to discredit BTC especially since they could use that money elsewhere to make profits.

[Alcidas]

Maybe not the central bankers who want to push it down but speculators who can then buy bitcoins at very low prices after the price crashes

[gambit1]

the price of bitcoin isn't even that low guys. it was in single digits a couple of years ago. Low single digits.

[Lethn]

Yeah, I don't understand at all why everyone's running around panicking, they must have been the idiots who bought when it was at the highest and thought it was going to keep going so they're trying to unload.

[Welsh]

Stop panicking. It's happened before. As long as people don't stop using Bitcoin to buy goods/services or what ever then Bitcoin will still be valuable. Bitcoin will become more valuable if people keep using it and the number of Bitcoins left to mine become harder to get.

[IIOII]

I don't see any reason to save Bitcoin.

It's not dying.

The drop in fiat-exchange value is because of the rapid introduction of cheap ASIC mining power.
At some point this will end.

[Rez]

If you're not in this for the long haul, I don't see any point in being in it at all.

[danystatic]

The drop in fiat-exchange value is because of the rapid introduction of cheap ASIC mining power.
At some point this will end.

Bitcoin is worth thousands times more than it has ever reached.


The idea of Bankers doing their shopping sounds very reasonable for
the drop in fiat-exchange.

but what cheap ASIC mining power has been introduced?



-------------------------------------------------------------
Bitcoin has already proven its point, its value.

[nobbynobbynoob]

I don't see any reason to save Bitcoin.

It's not dying.

The drop in fiat-exchange value is because of the rapid introduction of cheap ASIC mining power.
At some point this will end.

The difficulty adjusts itself fairly rapidly to compensate for that. Difficulty does not drive price directly in any case. Seems we're in a bear market, is all. It's been known to happen. How long and how deep remains the big question - anybody's guess really, and that belongs in the Speculation subforum of course.

I agree that Bitcoin doesn't need "saving", and it survived a 94% drop in its fiat spot price in 2011. If it can absorb that...

[jnagyjr]

If you really want to save BitCoin and keep the bankers/forex traders from having such an effect on BTC's value? Quit comparing it to USD. Take only BTC/LTC/devcoin/etc. and ignore these other fiat currencies. As long as cryptocurreny values are compared to fiat currencies and we do not set (and stick with) what we feel the value to be, then we'll continue giving the Big Banks and forex traders all the power they need to destabilize our nascent economy.

[IIOII]

I don't see any reason to save Bitcoin.

It's not dying.

The drop in fiat-exchange value is because of the rapid introduction of cheap ASIC mining power.
At some point this will end.

The difficulty adjusts itself fairly rapidly to compensate for that. Difficulty does not drive price directly in any case. Seems we're in a bear market, is all. It's been known to happen. How long and how deep remains the big question - anybody's guess really, and that belongs in the Speculation subforum of course.

I agree that Bitcoin doesn't need "saving", and it survived a 94% drop in its fiat spot price in 2011. If it can absorb that...

Difficulty adjustments have a time lag. The hashing power growth rate is very high at the moment so this time lag results in a temporary increase in the proportional difference between hashing power and difficulty.

Not all miners use ASICs yet, so ASICs have (because they are more efficient by magnitudes than other hardware) a relative ROI advantage over the rest of the network. This could result in increased fiat-offloading of Bitcoins.

[PassiTheApe]

Lets hope the quantum computer takes as long as possible to be commercially available ;-) once that once hits Bitcoins are goners anyway.

[countryfree]

It's panic which is hurting bitcoin. If everybody would keep quiet, bitcoin would be stable. My only hope is that all the people who just want to make a quick buck leave.

[Zangelbert Bingledack]

Bitcoin is experiencing a healthy correction, just like gold and silver. Relax.

[crumbs]

If you really want to save BitCoin and keep the bankers/forex traders from having such an effect on BTC's value? Quit comparing it to USD. Take only BTC/LTC/devcoin/etc. and ignore these other fiat currencies. As long as cryptocurreny values are compared to fiat currencies and we do not set (and stick with) what we feel the value to be, then we'll continue giving the Big Banks and forex traders all the power they need to destabilize our nascent economy.

Will never happen.  Fiat is Bitcoin's only link to reality, to real economy.  Just like the rest of fiat currencies, Bitcoin is created by fiat.  Unlike other currencies, Bitcoin's worth is not backed by political clout, military might, or an economy -- it's backed by nothing.

inb4 but minerz: Real currency isn't backed by the nice men who make the plates and run the presses that print the bills -- that's just how money is printed.  Bitcoin is similarly not backed by the nice miners who run their rigs 24/7 -- that's just how bitcoins are made.