It's over. Bitcoin is finished.

[AmericanBit]

The last bubble was bitcoin's last hope for establishing itself, now that it's crashed in the middle of the media spotlight, no one will have confidence in it anymore. Have fun holding the last tulip when it all comes crashing down. Serves the gullible idiots right for buying into a ponzi scheme posing as a fake currency.

then why are you in BITCOIN FORUM?

if you think bitcoin is a ponzi scheme...

what are you doing here?

Educating people and keep them from getting scammed.

People on this forum , especially early bitcoins adopters are the last persons in the world that need education.
And even if , your type of education might be good for lemmings at best.

The early adopters have everything to gain and nothing to lose by perpetuating the ponzi scheme. Most of the shills you see advocating bitcoin on the internet are of this type. Desperately trying to keep people from realizing the nature of bitcoin, while luring gullible people to buy into bitcoins so these early adopters can fatten their own eallets.

But if you can't cash out how do our wallets get fat?

Greed, ignorance, and delusions of getting rich is what fuels these people.

Make NO mistake about it. I will soon be paying your mom bitcoin for blowjobs, and that is a fact

[David M]

Modern example: Without QE, the United States would undoubtedly be in a worse state.

They have been saying that since 2008.

It really is a superb example of untestable propaganda.  You have been played.

[maxxoccupancy]

The last bubble was bitcoin's last hope for establishing itself, now that it's crashed in the middle of the media spotlight, no one will have confidence in it anymore. Have fun holding the last tulip when it all comes crashing down. Serves the gullible idiots right for buying into a ponzi scheme posing as a fake currency.

havent even read the rest of this thread. 

but if this is the general noob sentiment of someone with activity 25 then...

i'm getting ready to buy back in!  woo

I don't think that we should take so lightly the fact that many people will get scared from bitcoin's volatility. And indeed this time is different because of the increased media attention.

yes, soon we will see waves of bad media attention about volatility scaring away new investors.  a few months of uncertainty will follow.  the price will then achieve a placid stability for several days, weeks, or months...until

THE NEXT ROCKET to $10000

Again, I'm forced to ask: Regardless of whether or not it would be possible or practical, should we put together an altcoin that is resistant to this volatility?  The only things worse than having one one printing press cranking out fiat paper and binary numbers without mercy is 77 printing presses doing so.

[greenlion]

Again, I'm forced to ask: Regardless of whether or not it would be possible or practical, should we put together an altcoin that is resistant to this volatility?  The only things worse than having one one printing press cranking out fiat paper and binary numbers without mercy is 77 printing presses doing so.

The fact that it's impossible makes this question basically irrelevant.

How on earth would you even create an altcoin that is "resistant" to USD price volatility?

The only altcoin that would resist volatility would be an altcoin that can't change hands!

[BurtW]

I don't have bitcoins but I post here with hopes of turning young, gullible minds away from falling for the scam that is bitcoin.

Please help me.

I need help too!  Oh wait, I am older than dirt.  Carry on then...

OP gave me a good belly laugh though - thanks for that.

[maxxoccupancy]

Again, I'm forced to ask: Regardless of whether or not it would be possible or practical, should we put together an altcoin that is resistant to this volatility?  The only things worse than having one one printing press cranking out fiat paper and binary numbers without mercy is 77 printing presses doing so.

The fact that it's impossible makes this question basically irrelevant.

How on earth would you even create an altcoin that is "resistant" to USD price volatility?

The only altcoin that would resist volatility would be an altcoin that can't change hands!

Make supply match demand.  Once buyers on an exchange became confident that reward coins for mining would not be issued until demand for the currency caught up (rather than running the printing presses endlessly, as with so many bitcoin clones), there's no more a rush for the door.  As important, there are funds out there that would be invested if they felt that there was much less risk to short- medium- or long-term loss.  Although holders of such an altcoin would only see a 0-1% increase each month, short term speculators would tend to stay away, in favor of those who put more value in for the long haul.

Like any central bank in the real world, what's needed is the certainty that the currency will not be arbitrarily devalued by endless overproduction of paper/coins.

[BurtW]

I assume by your statement:

Make supply match demand.

You want a stable price relative to one of the many fiat currencies.

For example you tie your new alt to the USD and declare that one of your new FiatCoins = one USD.  Then as price moves up over 1 dollar you create more until the price comes back down to 1 dollar, if it goes below 1 dollar you stop making them until the price goes back up to 1 dollar.

Good luck with your new FiatCoin - you are going to need it.

[Impaler]

Again, I'm forced to ask: Regardless of whether or not it would be possible or practical, should we put together an altcoin that is resistant to this volatility?  The only things worse than having one one printing press cranking out fiat paper and binary numbers without mercy is 77 printing presses doing so.

The fact that it's impossible makes this question basically irrelevant.

How on earth would you even create an altcoin that is "resistant" to USD price volatility?

The only altcoin that would resist volatility would be an altcoin that can't change hands!

Make supply match demand.  Once buyers on an exchange became confident that reward coins for mining would not be issued until demand for the currency caught up (rather than running the printing presses endlessly, as with so many bitcoin clones), there's no more a rush for the door.  As important, there are funds out there that would be invested if they felt that there was much less risk to short- medium- or long-term loss.  Although holders of such an altcoin would only see a 0-1% increase each month, short term speculators would tend to stay away, in favor of those who put more value in for the long haul.

Like any central bank in the real world, what's needed is the certainty that the currency will not be arbitrarily devalued by endless overproduction of paper/coins.

I've got some nebulous ideas that you would need a kind of internal prediction market where people bet their existing coins either for inflation or deflation and the block-chain either grows or shrinks the money supply in the opposing direction.  The trick is that the bets need to be self-fulfilling while also being denominated only in the coin itself which I don't know how to resolve.  If your interested in trying to develop this idea PM me.

[CoinGeneral]

The last bubble was bitcoin's last hope for establishing itself, now that it's crashed in the middle of the media spotlight, no one will have confidence in it anymore. Have fun holding the last tulip when it all comes crashing down. Serves the gullible idiots right for buying into a ponzi scheme posing as a fake currency.

Someone say something that rebukes this. So far all I've seen are just people saying 'yeah it will rise again'

The same people that said 'no it won't crash below $1000 again'

Feeling pretty hopeless about BTC right now...

[Buffer Overflow]

It's impossible for the USD to collapse anytime soon. Too many countries have large reserves in it to let it fail.

*facepalm*

[BurtW]

It's impossible for the USD to collapse anytime soon. Too many countries have large reserves in it to let it fail.

*facepalm*

"The USD is just too bloated, big, fat, unhealthy and out of shape to have a heart attack"

[greenlion]

Again, I'm forced to ask: Regardless of whether or not it would be possible or practical, should we put together an altcoin that is resistant to this volatility?  The only things worse than having one one printing press cranking out fiat paper and binary numbers without mercy is 77 printing presses doing so.

The fact that it's impossible makes this question basically irrelevant.

How on earth would you even create an altcoin that is "resistant" to USD price volatility?

The only altcoin that would resist volatility would be an altcoin that can't change hands!

Make supply match demand.  Once buyers on an exchange became confident that reward coins for mining would not be issued until demand for the currency caught up (rather than running the printing presses endlessly, as with so many bitcoin clones), there's no more a rush for the door.  As important, there are funds out there that would be invested if they felt that there was much less risk to short- medium- or long-term loss.  Although holders of such an altcoin would only see a 0-1% increase each month, short term speculators would tend to stay away, in favor of those who put more value in for the long haul.

Like any central bank in the real world, what's needed is the certainty that the currency will not be arbitrarily devalued by endless overproduction of paper/coins.

I've got some nebulous ideas that you would need a kind of internal prediction market where people bet their existing coins either for inflation or deflation and the block-chain either grows or shrinks the money supply in the opposing direction.  The trick is that the bets need to be self-fulfilling while also being denominated only in the coin itself which I don't know how to resolve.  If your interested in trying to develop this idea PM me.

If the method of growing or shrinking the money supply involves adjusting the balance of all inputs proportionally, then nothing is actually solved because the exact same fiat market cap will just be spread over a different number of units that are proportionally in the same hands. That would in essence be exactly like arbitrarily talking about mBTC.

If the mechanism is variable mining block size, the remedy to volatility simply isn't fast enough to counteract the kind of volatility we see in cryptos in practice.

Also there would need to be some mechanism that incentivizes actually using the internal prediction market instead of simply trading for fiat outside of the blockchain.

I think designing around eliminating price volatility misses the boat with cryptos entirely, because pegging against fiat is not necessarily desirable. The endgame on cryptos is not to be pegged to fiat or anything else, it's the utility of the payment network displacing existing inefficient markets, and the fiat valuation is just a secondary consequence of that phenomenon.

[marcus_of_augustus]

... buying opportunity

Back above 1200 by March-April. Some bigger money is getting itself well-positioned, it is how each phase has played out as the total capitalisation value allows bigger players to enter ... as the previous (smaller) fish are trying to exit ...

Good luck, I'd rather wait until it actually starts rising.

If it doesn't rise, then you could be waiting years. Don't forget the opportunity cost of money.

Idiot.

Opportunity cost of holding money has been all fiat negative since bitcoin was created .... how does that compute?

[kwest]

Again, I'm forced to ask: Regardless of whether or not it would be possible or practical, should we put together an altcoin that is resistant to this volatility?  The only things worse than having one one printing press cranking out fiat paper and binary numbers without mercy is 77 printing presses doing so.

The fact that it's impossible makes this question basically irrelevant.

How on earth would you even create an altcoin that is "resistant" to USD price volatility?

The only altcoin that would resist volatility would be an altcoin that can't change hands!

Ask Fuserleer.

[evershawn]

This is nothing. Bitcoin was never intended to be traded by Chinese banks anyway. Who cares.

Pick up some cheap bitcoin while you can folks. It'll be 1200+ again within a few weeks.

[hacknoid]

The last bubble was bitcoin's last hope for establishing itself, now that it's crashed in the middle of the media spotlight, no one will have confidence in it anymore. Have fun holding the last tulip when it all comes crashing down. Serves the gullible idiots right for buying into a ponzi scheme posing as a fake currency.

Someone say something that rebukes this. So far all I've seen are just people saying 'yeah it will rise again'

The same people that said 'no it won't crash below $1000 again'

Feeling pretty hopeless about BTC right now...

The fundamentals of bitcoin have not changed. What it can do (allow anyone in the world to safely, securely, with minimal cost and almost instantaneously transfer funds to anyone else) have not changed.

In fact, things are many times better than they were 6 months ago. Many new bitcoin based businesses are coming online to help with it all. There are tons more places to spend your coin. Governments have issued official policies so they gray area is becoming clearer. The basic technology is sound and the community support has shown that even issues that arise can be overcome (such as the db issue in the spring or Android wallet security in the summer). The demise of silk road showed that the bitcoin is not dependant on drugs or any such nonesense).

Bitcoin has a price driven by supply and demand, as does any unregulated market. There will be price swings, but if your opinion of Bitcoin is solely driven by price then you really are missing the bigger picture.

Personally I am looking forward to more places to use it, so I can reduce my dependence on banks and credit cards and all the dangers and costs of those things. Sure the price increase is nice for any coins in my wallet, but that's not the exciting part.

If you haven't already, I suggest you buy something with bitcoin. It is an incredibly liberating experience and until you do so you won't have a real appreciation of its power.  The OP stated he hasn't used bitcoin, so it's clear why he can't really understand it...

[techstorm2]

The last bubble was bitcoin's last hope for establishing itself, now that it's crashed in the middle of the media spotlight, no one will have confidence in it anymore. Have fun holding the last tulip when it all comes crashing down. Serves the gullible idiots right for buying into a ponzi scheme posing as a fake currency.

then why are you in BITCOIN FORUM?

if you think bitcoin is a ponzi scheme...

what are you doing here?

EXACTLY RIGHT !!!!

FUD alert.

[BurtW]

Although bitcoin is far from finished it was a big hit and everyone that doesn't see that is just a fool.
It was a hit because it remind it to everyone how volatile bitcoin still is and negative press will focus on that from now on.

As far as I'm concerned this is a good thing. Bitcoin isn't yet ready for adoption by the mass public. The number of transactions per second it can handle is tiny. The minimum transaction fee is static and not easily able to float with the changing BTC value. We don't yet have secure hardware wallets which can generate addresses, store addresses, and sign transactions all completely offline. There aren't any well-known reliable producers of ASIC miners which are shipping immediately. There are relatively few well-known exchanges, and even fewer which are convenient to use. Etc. Etc.

This is by far the best post in this thread.  Thanks.  All of the stuff mentioned is in the works.  Once it all gets here Bitcoin can really take off.

[Phinnaeus Gage]

It's impossible for the USD to collapse anytime soon. Too many countries have large reserves in it to let it fail.

*facepalm*

"The USD is just too bloated, big, fat, unhealthy and out of shape to have a heart attack"

And, thanks to Obamacare, a nurse is on standby.

[QuestionAuthority]

It's impossible for the USD to collapse anytime soon. Too many countries have large reserves in it to let it fail.

*facepalm*

"The USD is just too bloated, big, fat, unhealthy and out of shape to have a heart attack"

And, thanks to Obamacare, a nurse is on standby.

Bruno, you can't use a reference to One Flew Over The Cuckoo's Nest here. These people are all children compared to us. They won't know what you're talking about using a movie reference from 1975. That movie is twice the age of the average forum member!