Bearish Scenario

[ElectricMucus]

there are illegal coffeshops where I live.

Do they sell illegal coffee, or is coffeeshop a euphemism for something else? 

I assumed everybody is familiar with the term, they aren't actually called that way, but you can also drink coffee there. In fact you have to...

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[600watt]

A website going down was one thing but if the MERCHANTS keep getting busted left and right, then the network of trust will be broken and fear will take over, decreasing volume/demand. Get your fiat ready.

but the number of merchants isn´t limited to those who will experience heat from sr bust. there will be new ways, new trust. online drug trade will not come to an historic halt because of this. give it some time.

[ElectricMucus]

A website going down was one thing but if the MERCHANTS keep getting busted left and right, then the network of trust will be broken and fear will take over,. Some business may continue but the average joe will drop out, decreasing volume/demand. Get your fiat ready.

Yes that is how the theory goes.

[Adrian-x]

The optimists also advertise Bitcoin as a tool which supposedly has those characteristics, and while it hasn't much of the speculation is based on these misinformed decisions. 

Hindsight is 20 20, and I have made a lot of mistakes, investing in Bitcoin was a risk I understood, and it solved problems I understood. Although it could possibly be 95% speculation I still remain skeptically optimistic. The Bitcoin experiment looks to be more future proof than the reality I live in now, so albeit problematic I'll keep running with it until I know better.  

[adamstgBit]

ElectricMucus

have you ever bought any drugs?

there are illegal coffeeshops where I live.

I forget where i was going with this....
In any case, 3d printers will soon be able to print drugs!
So its all a moo point

 

[ElectricMucus]

Dwolla stops support for virtual currencies

And another failed Bitcoin business association bites the dust.

[Argwai96]

Dwolla stops support for virtual currencies

And another failed Bitcoin business association bites the dust.

hmmm. i dont really foresee any effect on the market (unfortunately for those of us who want to buy cheaper coins). unfortunate for US people, anyway.

[rampantparanoia]

Dwolla stops support for virtual currencies

And another failed Bitcoin business association bites the dust.

hmmm. i dont really foresee any effect on the market (unfortunately for those of us who want to buy cheaper coins). unfortunate for US people, anyway.

Seems like the only exchange to be affected is CAMPBX.
They will need to reevaluate their business model, and either begin accepting ACH or shut down.

Does anyone know any other exchanges that use Dwolla?

[Argwai96]

CAMPBX was the only one i knew of. gox obviously dropped em quite a while ago. btc-e never did, bitstamp never did (I think). neither do now, anyway.

[ElectricMucus]

gox obviously dropped em

If by dropped em you mean the DHS SEIZED their account, yes.
It seems dwolla isn't into this kind of clusterfuck.

[manfred]

so is the Chinese bitcoin "economy" purely speculation? is there anything going on besides mining and exchange?

Don't forget: most of these asics are manufactured in China, and the Chinese have a track record of making cost-friendlier clones.
Except in this case they don't even need to clone and just use the "faulty" production chips to produce a high performing mining rigs very cheap not anywhere near what anyone else would pay for a rig. How many chips they have pumped out so far is anyone's guess.
No hippster bar or local store accepts coins in china, only internet sales. They only mine because they know they can sell Bitcoins for good money, all else is speculation not a true believe in Bitcoin.

[Scott J]

ElectricMucus, are you possibly hoping that BTC doesn't go on it's next major rally before you are able to buy in?

(Much like I am...)   

[adamstgBit]

ElectricMucus, are you possibly hoping that BTC doesn't go on it's next major rally before you are able to buy in?

(Much like I am...)  

an old school bitcoiner let greed swindled him out of some bitcoin

how sad.

 

[ElectricMucus]

Nah I'm just disillusioned about the whole thing. Pirateat40 was sort of the tipping point for me.

Oh and what rally?

[ElectricMucus]

To answer your question, I don't really care about if there is a rally or not, I buy and sell regardless, but just when I am fairly certain I can exit at any point. I don't give a shit about buying too high or selling too low as long as there is something in for me.
Because one thing I am certain of: Bitcoin will remain ultra volitale as long it'll last. I stay in Dollars most of the time and haven't had a single bad trade since I adopted this strategy.

[600watt]

To answer your question, I don't really care about if there is a rally or not, I buy and sell regardless, but just when I am fairly certain I can exit at any point. I don't give a shit about buying too high or selling too low as long as there is something in for me.
Because one thing I am certain of: Bitcoin will remain ultra volitale as long it'll last. I haven't had a single bad trade since I adopted this strategy.

you hate the cow you milk ?

[ElectricMucus]

It feels more like taking candy from a spoiled brat.

[600watt]

taking candy is one thing. just get out of auto-complain modus from time to time...

[cowandtea]

"Be Fearful When Others Are Greedy and Greedy When Others Are Fearful" by Warran Buffet

[afbitcoins]

Hows the bearish scenario working out ??