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Author Topic: A lot of bad news recently for bitcoin, IMO it is going to start to hurt.  (Read 4220 times)
joulesbeef
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August 01, 2011, 04:20:36 PM
 #1

Bitcoin is new and uncertain. With the new and uncertain can come great rewards or great failures, right now it is looking like the later is taking hold. So far we have seen

25k stolen
trojan wallet stealers.
MtGox hacked
dwolla reversing payments.
MtGox glitch sending price to million per coin.
MyBitcoin the largest online wallet service, MIA and no info what so ever and no way to contact the owner as yet.
The 3rd biggest exchange had 17,000 coins go poof. In the normal market even if something like this was to happen and their was no backups, you could get most peoples stocks back, it would just take time and research but with coins, they get destroyed and they are gone, no one can refind them later.


This is a lot for someone looking into bitcoin to handle.

So are you bullish or bearish now on the coin? How many more of these growing pains until it really effects the price? What can be done to help end amateur hour here?

mooo for rent
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Smalleyster
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August 01, 2011, 04:36:19 PM
 #2

And you forgot the most boneheadd move of all: eliminating forum.bitcoin.org

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xcooling
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August 01, 2011, 05:08:02 PM
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And you forgot the most boneheadd move of all: eliminating forum.bitcoin.org
+1 .. but it does indemnify bitcoin.org from legal issues.

kiwiasian
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August 01, 2011, 05:11:07 PM
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You make it sound as if other currencies don't have problems as well.

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whitemist
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August 01, 2011, 07:21:53 PM
 #5

Exactly, look at the dollar - S&P stated this morning that even after the debt ceiling is raised they will still downgrade US credit rating to AA. People are talking more and more about leaving the USD as the reserve currency. The EURO, well lets just say that's a whole sandbox of disaster. It's like kids spent a whole week building a sand city and then a 3 year old came in and went Godzilla on its ass.

Bitcoin is taking shit just like the rest.
phorensic
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August 01, 2011, 07:59:43 PM
 #6

Well so far today MtGox took a 50 cent hit and is struggling to recover.
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August 01, 2011, 08:02:42 PM
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Well so far today MtGox took a 50 cent hit and is struggling to recover.

Yea we're going to hit the $12 range again any time now...

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xcooling
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August 01, 2011, 08:10:44 PM
 #8

People need to stop selling and prices will increase.

datguywhowanders
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August 01, 2011, 08:34:21 PM
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People need to stop buying and prices will decrease.

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August 01, 2011, 08:39:25 PM
 #10

People need to stop trading and prices will stagnate.

Yeah, well... I'm gonna go build my own blockchain, with blackjack and hookers. In fact, forget the blockchain!
Piper67
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August 01, 2011, 09:29:49 PM
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People need to stop breathing and I will be happy.
joulesbeef
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August 01, 2011, 10:16:48 PM
 #12

Quote
And you forgot the most boneheadd move of all: eliminating forum.bitcoin.org

I didnt want to encourage the price to fall any further. So far the destruction of forum.bitcoin.org has remained off the main stream bitcoin news.


and yeah the dollar has problems but these are predictable problems as mentioned. They are economic in nature. And for the most part the dollar is well established in our lives and people know that if you lose a wallet with all your dollars in it, that even if you get the wallet back, it is unlike you will get the dollars. People are used to it and the dollar doesnt have anyone it needs to win over as a viable investment currency(even if you think it is a poor investment)

Bitcoins is trying to win hearts and minds and it already has some things against it. It is technical. It is different. It is hard to explain well. It suffers greatly from all the people who too one glance and said pyramid scheme. It suffers extremely from misinformation. Like on the mtgox hack, people constantly say it was counterfeit coins. It wasnt.

I know our trials and tribulations are not that big in the grand scheme of things, but it will turn off people who are kinda shaky about bitcoin. And I do know many investors who were initially interested who now dont want anything to do with bitcoin.


mooo for rent
Smalleyster
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August 01, 2011, 11:08:05 PM
 #13

Funniest thing I've heard about BitCoin lately; I brought up bitcoin services forum for the second time in two weeks to a starving graphic artist who seems kind of tecchie and was complaining bitterly about not having the resources to sell her services.

"I'm not interested in that bitcoin/Amway stuff!"

No wonder she's starving. 8^)

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
NoobHowTo: http://bitcointalk.org/index.php?topic=27088.msg341387#msg341387
Edward50
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August 01, 2011, 11:25:41 PM
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Bitcoin being so easily hacked is one of the big reasons I say that it will never take off. These hacks will continue and if the mainstream ever uses bitcoin, most of them will lose their coins.

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joulesbeef
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August 01, 2011, 11:40:58 PM
 #15

Quote
"I'm not interested in that bitcoin/Amway stuff!"

No wonder she's starving. 8^)

lol. Well I agree she isnt being smart. There is risk to bitcoin but that would be offset by expanding her market and in the growing bitcoin market, her services should be pretty desirable right now.

mooo for rent
phorensic
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August 01, 2011, 11:45:51 PM
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I agree with joulesbeef.  There is a demand for graphic design here for under $300.  I say under $300 because that's where designcontest.com seems to start off at.
Smalleyster
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August 02, 2011, 12:11:44 AM
 #17

I agree with joulesbeef.  There is a demand for graphic design here for under $300.  I say under $300 because that's where designcontest.com seems to start off at.

The sad part is I've seen some of her work and it's *great* stuff.

Oh well...

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
NoobHowTo: http://bitcointalk.org/index.php?topic=27088.msg341387#msg341387
Smalleyster
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August 02, 2011, 12:14:22 AM
 #18

Bitcoin being so easily hacked is one of the big reasons I say that it will never take off. These hacks will continue and if the mainstream ever uses bitcoin, most of them will lose their coins.

You know not of what you speak.

Bitcoin has *not* been hacked no matter how often people like you say it.

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
NoobHowTo: http://bitcointalk.org/index.php?topic=27088.msg341387#msg341387
datguywhowanders
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August 02, 2011, 01:09:32 AM
 #19

If someone is looking for graphic design work, my wife happens to be an excellent graphic design artist (not that I'm biased or anything.) We posted a few things here and there on various bitcoin job boards, but all we ended up with was more spam in our email.

I'm just not sure the market is there yet, but if someone is looking, feel free to send me a PM.

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CurbsideProphet
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August 02, 2011, 02:06:44 AM
 #20

So are you bullish or bearish now on the coin? How many more of these growing pains until it really effects the price? What can be done to help end amateur hour here?

My outlook on Bitcoin has not changed from the day I first purchased.  I equate it to a penny stock.  An extremely speculative investment with the chance for tremendous appreciation but an even greater chance of failure.  Gambling money, basically.

The bad press is just a symptom of the problem, which is Bitcoin lacks the necessary infrastructure to be widely adopted at this point.  Either Bitcoin gets through the growing pains or gets taken under by them. 

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