Bitcoin Shrinking - The Long View

[TraderTimm]

Look at the fucking charts, maybe? Idiot?

EDIT: and oh, btw, keep in mind that the value of the USD is falling., especially with the recent Bernanke news. Yeah, always remember that.

Oh I'm so sorry, struck a nerve, have I?

I know it is bothersome to include some charts or links to what you are talking about, but since most people seem able to embed images of all kinds in these forums, I'm sure you can roust yourself to do the same.

And I hate to point things out that turn your argument into so much mud scraped off a boot heel, but a declining dollar value would only change the USD/BTC valuation to the upside. You do know how that works, right?

I'll be here when you get it all together, I know you are too busy queuing up your latest swearwords to answer coherently.

[imperi]

The number of members on the forum grows by almost 1% every day. That's pretty high growth if you ask me. The drop in price is because the growth forecast isn't as great as people expected back in June.

[Synaptic]

Overall, I agree with the OP's sentiment.  I've been quite frustrated with how slowly things have been progressing.  In the last 6 weeks, I have worked with two separate sites to begin accepting Bitcoin as an alternative payment method.  These aren't little mom and pop operations either.  One of the sites is hard coding the exchange rate at $20.  The other is using market price + 0.5, so there is already a huge discount being factor in.  Yet sadly, fewer Bitcoin orders have come in over the last 6 weeks combined than either of these sites typically receives by credit card over the course of a single hour.  The vendors I've talked to absolutely love the idea of getting out from under Visa/MCs thumb, but there's just not enough incentive to accept this form of payment if no one's using it.

However, I also think there are a few relatively minor developments that could turn the trend very rapidly upward.  There is still presently no effective way to introduce the average consumer to Bitcoins.  We're facing a major chicken and egg problem, and this side of it is just as important as getting the merchants to accept it (if not more so).  The only solution I see for this is for someone to build a very professional online wallet service that also sells at least small units of bitcoin (even at 2x market price).

One of the sites I've referred to above is an online game that sells monthly subscriptions.  They have expressed an interest in selling the service on a per game basis (for something like $0.05), using Bitcoin for micro-payments.  They won't move on this until they can also link to a wallet service where their customers can sign up for a Bitcoin account and immediately fund it, even with just $5-10 worth of coin.  Once these initial road blocks to growth are overcome, things could expand very quickly.

HEY!  Tell them about Dwolla.

Interestingly enough, through necessity of selling my mined coins, the bitcoin community introduced me to the only Visa/MC/Paypal alternative I need, bitcoins be utterly dammed.

Check out Dwolla.

Dwolla is what we should all be evangelizing to vendors, not bitshits.

[thebitcoinchannel]

"Except it hasn't stabilized. It's being artificially propped up and failing it at that. Again, BTC has not had any gain in value since Gox opened back up.  It has been a slow bleeding."

Again,

Your view seems to be terribly impatient and shortsighted.  My primary holding are silver and gold and I have continued to convert a small amount of them to bitcoins; I have about 70 now.  2 of my smartest friends who are in high tech laughed and mocked when I explained Bitcoin.  Then they installed the software.  Then I sent them a coin.  Now they are mining them.

At a price of 14 the market cap of Bitcoin 100 million dollars.  That is peanuts.  If you had an IPO of a company which provided immunity to exchange controls, the world would pay 1000 times that to get a part of it.  Look what they did to Quadaffi. They froze 60 billion of his assets and sent in armies to take his gold.  How much would he have paid for a password protected way to secure a large chunk of his wealth that only he can access?  The world changing implicatons of the idea of Bitcoin have yet to even begun to be explored.  Bitcoin will be more revolutionary than the PC and more world changing than the internet.  Sit back and watch.....

[Synaptic]

Look at the fucking charts, maybe? Idiot?

EDIT: and oh, btw, keep in mind that the value of the USD is falling., especially with the recent Bernanke news. Yeah, always remember that.

Oh I'm so sorry, struck a nerve, have I?

I know it is bothersome to include some charts or links to what you are talking about, but since most people seem able to embed images of all kinds in these forums, I'm sure you can roust yourself to do the same.

And I hate to point things out that turn your argument into so much mud scraped off a boot heel, but a declining dollar value would only change the USD/BTC valuation to the upside. You do know how that works, right?

I'll be here when you get it all together, I know you are too busy queuing up your latest swearwords to answer coherently.

Exactly dumbass, that's why the bitcoin valuation is even LOWER than perceived, because USD is taking another big hit to value, yet bitcoin's relative value still bleeds, and will continue to.

And fuck you, do your own research if you want to be a part of this conversation. The evidence is all around you, just open your eyes and shut your mouth.  Or at least, do some research before you flap your trap.

Start here: bitcoincharts.com

[imperi]

Look at the fucking charts, maybe? Idiot?

EDIT: and oh, btw, keep in mind that the value of the USD is falling., especially with the recent Bernanke news. Yeah, always remember that.

Oh I'm so sorry, struck a nerve, have I?

I know it is bothersome to include some charts or links to what you are talking about, but since most people seem able to embed images of all kinds in these forums, I'm sure you can roust yourself to do the same.

And I hate to point things out that turn your argument into so much mud scraped off a boot heel, but a declining dollar value would only change the USD/BTC valuation to the upside. You do know how that works, right?

I'll be here when you get it all together, I know you are too busy queuing up your latest swearwords to answer coherently.

Exactly dumbass, that's why the bitcoin valuation is even LOWER than perceived, because USD is taking another big hit to value, yet bitcoin's relative value still bleeds, and will continue to.

And fuck you, do your own research if you want to be a part of this conversation. The evidence is all around you, just open your eyes and shut your mouth.  Or at least, do some research before you flap your trap.

Start here: bitcoincharts.com

Bitcoincharts.com shows that the value of Bitcoins have doubled almost every month, on average, since the beginning. I think you need better sources to support your flawed arguments.

[Piper67]

The number of members on the forum grows by almost 1% every day. That's pretty high growth if you ask me. The drop in price is because the growth forecast isn't as great as people expected back in June.

It's also because miners have to pay for the costs of the equipment and electricity they incurred when the BTC peaked at $30... and let's not forget the possibility that some early adopter really, really wants to get his hands on that Porsche.

Truly, what Bitcoin is doing today, next week, next month, is almost irrelevant... it works as a currency, it works as a commodity or an asset, and contrary to the fairly baseless statements made by OP, there is a rapidly growing community around it, which includes lots of smart people implementing lots of smart ideas.

[Synaptic]

Look at the fucking charts, maybe? Idiot?

EDIT: and oh, btw, keep in mind that the value of the USD is falling., especially with the recent Bernanke news. Yeah, always remember that.

Oh I'm so sorry, struck a nerve, have I?

I know it is bothersome to include some charts or links to what you are talking about, but since most people seem able to embed images of all kinds in these forums, I'm sure you can roust yourself to do the same.

And I hate to point things out that turn your argument into so much mud scraped off a boot heel, but a declining dollar value would only change the USD/BTC valuation to the upside. You do know how that works, right?

I'll be here when you get it all together, I know you are too busy queuing up your latest swearwords to answer coherently.

Exactly dumbass, that's why the bitcoin valuation is even LOWER than perceived, because USD is taking another big hit to value, yet bitcoin's relative value still bleeds, and will continue to.

And fuck you, do your own research if you want to be a part of this conversation. The evidence is all around you, just open your eyes and shut your mouth.  Or at least, do some research before you flap your trap.

Start here: bitcoincharts.com

Bitcoincharts.com shows that the value of Bitcoins have doubled almost every month, on average, since the beginning. I think you need better sources to support your flawed arguments.

HAHAHA, really?

Like...seriously?

The price of bitcoins doubled *almost* every month....ON AVERAGE...lol and here;s the best part, SINCE THE BEGINNING.

Oh man, what a wonderful glut of qualifiers you've got there imperi....

[imperi]

Look at the fucking charts, maybe? Idiot?

EDIT: and oh, btw, keep in mind that the value of the USD is falling., especially with the recent Bernanke news. Yeah, always remember that.

Oh I'm so sorry, struck a nerve, have I?

I know it is bothersome to include some charts or links to what you are talking about, but since most people seem able to embed images of all kinds in these forums, I'm sure you can roust yourself to do the same.

And I hate to point things out that turn your argument into so much mud scraped off a boot heel, but a declining dollar value would only change the USD/BTC valuation to the upside. You do know how that works, right?

I'll be here when you get it all together, I know you are too busy queuing up your latest swearwords to answer coherently.

Exactly dumbass, that's why the bitcoin valuation is even LOWER than perceived, because USD is taking another big hit to value, yet bitcoin's relative value still bleeds, and will continue to.

And fuck you, do your own research if you want to be a part of this conversation. The evidence is all around you, just open your eyes and shut your mouth.  Or at least, do some research before you flap your trap.

Start here: bitcoincharts.com

Bitcoincharts.com shows that the value of Bitcoins have doubled almost every month, on average, since the beginning. I think you need better sources to support your flawed arguments.

HAHAHA, really?

Like...seriously?

The price of bitcoins doubled *almost* every month....ON AVERAGE...lol and here;s the best part, SINCE THE BEGINNING.

Oh man, what a wonderful glut of qualifiers you've got there imperi....

Nice refutation, just copying what I said. What are you, 6 years old?

[DonnyCMU]

How did this douche become a senior member?

[Synaptic]

The number of members on the forum grows by almost 1% every day. That's pretty high growth if you ask me. The drop in price is because the growth forecast isn't as great as people expected back in June.

It's also because miners have to pay for the costs of the equipment and electricity they incurred when the BTC peaked at $30... and let's not forget the possibility that some early adopter really, really wants to get his hands on that Porsche.

Truly, what Bitcoin is doing today, next week, next month, is almost irrelevant... it works as a currency, it works as a commodity or an asset, and contrary to the fairly baseless statements made by OP, there is a rapidly growing community around it, which includes lots of smart people implementing lots of smart ideas.

Uh, miners costs were no different when it was $30 than it is now...and yes I agree, the "early adopters" can and will continue to bleed as much value out of bitcoins as they possibly can.

And a rapidly growing community means exactly jack shit to such a supposedly AMAZING financial instrument where there NO ECONOMY backing it up.

Welcome to the future.

[Shinobi]

This forum total members is still growing 18% monthly.

Which only proves, in light of a non-existent goods/services economy, that people are playing Bitcoin like a casino, nothing more.

[Piper67]

This forum total members is still growing 18% monthly.

Which only proves, in light of a non-existent goods/services economy, that people are playing Bitcoin like a casino, nothing more.

And casinos really suck at making money, right Shinobi?

[imperi]

And a rapidly growing community means exactly jack shit to such a supposedly AMAZING financial instrument where there NO ECONOMY backing it up.

The Silk Road has thousands of members. Welcome to reality.

[Synaptic]

How did this douche become a senior member?

By doing the same thing all the other Sr. Members did:

Express their inconsequential opinions about a inconsequential hobby on an inconsequential message board on the Internet.

Contrary to minority opinion this isn't some bastion of excellence, relevance, or substance...

[Synaptic]

This forum total members is still growing 18% monthly.

Which only proves, in light of a non-existent goods/services economy, that people are playing Bitcoin like a casino, nothing more.

And casinos really suck at making money, right Shinobi?

Multi-Level Marketers too.

[TraderTimm]

Exactly dumbass, that's why the bitcoin valuation is even LOWER than perceived, because USD is taking another big hit to value, yet bitcoin's relative value still bleeds, and will continue to.

And fuck you, do your own research if you want to be a part of this conversation. The evidence is all around you, just open your eyes and shut your mouth.  Or at least, do some research before you flap your trap.

Start here: bitcoincharts.com

Well, I see I was right about the swear-queue. Lets see if there is anything worthwhile here...

Hmm, no references, except some obtuse comment about bitcoincharts...

I'll check back later to see if you have anything relevant. I still believe in your potential, maybe you're dizzy and feverish. Ate some bad food perhaps? Drank too much after breakfast? I can't say.

Perhaps you are just a chatbot gone awry, feeding upon a constant input of devolving markov-chain references.

[Synaptic]

Look at the fucking charts, maybe? Idiot?

EDIT: and oh, btw, keep in mind that the value of the USD is falling., especially with the recent Bernanke news. Yeah, always remember that.

Oh I'm so sorry, struck a nerve, have I?

I know it is bothersome to include some charts or links to what you are talking about, but since most people seem able to embed images of all kinds in these forums, I'm sure you can roust yourself to do the same.

And I hate to point things out that turn your argument into so much mud scraped off a boot heel, but a declining dollar value would only change the USD/BTC valuation to the upside. You do know how that works, right?

I'll be here when you get it all together, I know you are too busy queuing up your latest swearwords to answer coherently.

Exactly dumbass, that's why the bitcoin valuation is even LOWER than perceived, because USD is taking another big hit to value, yet bitcoin's relative value still bleeds, and will continue to.

And fuck you, do your own research if you want to be a part of this conversation. The evidence is all around you, just open your eyes and shut your mouth.  Or at least, do some research before you flap your trap.

Start here: bitcoincharts.com

Bitcoincharts.com shows that the value of Bitcoins have doubled almost every month, on average, since the beginning. I think you need better sources to support your flawed arguments.

HAHAHA, really?

Like...seriously?

The price of bitcoins doubled *almost* every month....ON AVERAGE...lol and here;s the best part, SINCE THE BEGINNING.

Oh man, what a wonderful glut of qualifiers you've got there imperi....

Nice refutation, just copying what I said. What are you, 6 years old?

Oh, I made sure to emphasize the most idiotic parts.  It wasn't entirely just a childish parroting.

[grod]

OP, you're confusing bitcoins market price with bitcoin itself.  The two have about as much to do with each other as executive compensation and stock performance.

If bitcoin's price crashes through its "true value" then it's once again a golden opportunity for new investors.  Sucks for those who bought in at $20-30, but such is the nature of investing in trends without proper technical and fundamental analysis.   Riches to rags stories are just as sensational as rags to riches, as are "I told you so" analysis from the self-important.  Media coverage will continue, attracting more and more attention.

You also underestimate the importance of grass roots word of mouth advertising.  I'm here because of a posting in a GPU forum (anandtech, for the curious).  Had I known earlier I'd have been involved earlier.  Since I found out about bitcoin I've introduced 20 people to it, several of whom are now following the story as it develops.

TL;DR -- If you view this as a flash in the pan get rich scheme you're right, the easy money is gone.  Long term is still a giant questionmark.

Oh, and by the way, how'd your return to Newegg go?

[Synaptic]

And then, almost 3 pages in, not a single one of these antithetical "contributors" has posted anything thoughful or comprehensive in refutation of my post. Just hollow quips, ad hominem, and "nothing to here"s. Yes, truly all of the growth in this community is of intelligent, well reasoned individuals.