An Open Message to all Bitcoin Investors

[BittBurger]

Dear Investors:

Anyone who bothered to educate themselves on Bitcoin, would know that it faces years of opposition from governments and federal banking systems. That's the *entire* reason it was created.  It's going to get banned, outlawed, and fought every step of the way, because it is designed to take power away from governments and banks.

Weak hands and "get-rich-quick" investors saturate the buying and selling market right now. They frenzy buy, then panic sell. *They* are the reason the price is volatile. Not Bitcoin. Informed companies and investors continue to pour hundreds of millions into start ups and infrastructure because they know what's coming. While "day traders" and the ill-informed exhibit bipolar manic/panic behavior on the trading exchanges. These people have absolutely nothing to do with the technology and infrastructure related to Bitcoin.

This isn't a "stock" that's going down in value because "the company is tanking".  The crashes are just as much speculation as the rises were.  Bitcoin itself remains unchanged. Actually, its growing. The price could drop to $1.00 tomorrow and it wouldn't phase me. If it phases you, I recommend you get out while you still can.

-BittBurger-

[cbeast]

Hear hear! Except for the last part, that can't happen.

[AnonyMint]

Agreed all except where you wrote "Bitcoin" replace that with "cryptocurrencies ecosystem including altcoins". Bitcoin is not sufficient to defeat the corrupt governments (which is all of them in my opinion). It lacks several critical things. That will have to come from an altcoin that does not yet exist.

[poblico]

That's the *entire* reason it was created.  

I wouldn't go so far, bitcoin was created to give people more freedom with their assets not to oppose gov.
But also gov’s can be corrupts and make “mistakes” bitcoin gives you the ability to make your own mistakes

If it phases you, I recommend you get out while you still can.

First rule of bitcoin!!!

[Melbustus]

Each of these boom waves generates a lot of headlines, and a lot of people who don't really understand bitcoin and are just fickle momentum chasers. But these phases also leave behind a new layer of bitcoin believers, advocates, and infrastructure builders. It's happened with every wave. The ecosystem gets stronger. The weak-hands (weak minds?) can do what they please.

[BittBurger]

That's the *entire* reason it was created.  

I wouldn't go so far, bitcoin was created to give people more freedom with their assets not to oppose gov.

What Bitcoin does, equates to taking economic power away from the Government.  By definition.  That will be viewed as "opposition".  And rightly so.  We can argue Satoshi's motives if you want, but neither of us knows.  His comment on the first Bitcoin transaction however is telling. Do you know what he wrote? If you think Bitcoin doesn't forcibly remove economic control from Govts and Central Banking Systems, then I don't believe you understand Bitcoin. I am not Libertarian.  Nor am I anti-government.  In fact I also love Obama, and hate the Tea Party. (The very people who are most prone to adopt Bitcoin / Gold / and be anti-government).  But I am realistic about what Bitcoin is.  And what it does.  I see a lot of new posters (fewer than 30 posts) who are pro regulation.  And afraid that Bitcoin will get labeled as "distruptive".  Bitcoin is disruptive.  Assuming its elements are not changed by the Dev teams, governments will need to change to accommodate it.  Not the other way around. 

[DGulari]

The functionality of bitcoin is not 40% less from its peak.  The functionality is almost the same or better than it ever was.  Only the price is down.  The only people who care about the price are those speculators caught on the wrong side of the swing.  Nearly everyone in the bitcoin community who is working to build something nice - does not depend upon the high prices.  They work to make bitcoin better whether the price is $1 or $1000. 

Only the speculators are hurt by this.  Nearly all of us are busy building something good - and don't care about price in the least.  This isn't the first crash - and it isn't going to be the last.

[BittBurger]

The functionality of bitcoin is not 40% less from its peak.  The functionality is almost the same or better than it ever was.  Only the price is down.  The only people who care about the price are those speculators caught on the wrong side of the swing.  Nearly everyone in the bitcoin community who is working to build something nice - does not depend upon the high prices.  They work to make bitcoin better whether the price is $1 or $1000.  

Only the speculators are hurt by this.  Nearly all of us are busy building something good - and don't care about price in the least.  This isn't the first crash - and it isn't going to be the last.

Brilliant rephrasing of the first post.  Well put!

-BittBurger-

[superduh]

makes sense- except if the price goes down to 1.. something really bad possibly fatal just happened.

[nastybit]

BittBurger, DGulari, I completely agree with you except for the $1 part, not going to happen!
The network and the block chain, "Bitcoin", is unaffected and it's growing as we speak, it doesn't depend on FIAT so it's immune to crashes.

Only the speculators are hurt by this.  Nearly all of us are busy building something good - and don't care about price in the least.  This isn't the first crash - and it isn't going to be the last.

this ^^^

[DGulari]

BittBurger, DGulari, I completely agree with you except for the $1 part, not going to happen!

Nobody is predicting $1 - we just say that whatever the price, everyone except the speculators just keeps on working the same. 

[monkeybars]

We can argue Satoshi's motives if you want, but neither of us knows.  His comment on the first Bitcoin transaction however is telling. Do you know what he wrote? 

Where can you find that out?

[SuperHakka]

The price could drop to $1.00 tomorrow and it wouldn't phase me. If it phases you, I recommend you get out while you still can.
-BittBurger-

Obviously it does phase you to some extent, otherwise you wouldn't have bothered creating this post. psichological for ya!

[bassclef]

We can argue Satoshi's motives if you want, but neither of us knows.  His comment on the first Bitcoin transaction however is telling. Do you know what he wrote?

Where can you find that out?

In the Genesis Block there's a headline from a 2008 bank bailout. Very telling.

[BitCoinDream]

Dear Investors:

Anyone who bothered to educate themselves on Bitcoin, would know that it faces years of opposition from governments and federal banking systems. That's the *entire* reason it was created.  It's going to get banned, outlawed, and fought every step of the way, because it is designed to take power away from governments and banks.

Weak hands and "get-rich-quick" investors saturate the buying and selling market right now. They frenzy buy, then panic sell. *They* are the reason the price is volatile. Not Bitcoin. Informed companies and investors continue to pour hundreds of millions into start ups and infrastructure because they know what's coming. While "day traders" and the ill-informed exhibit bipolar manic/panic behavior on the trading exchanges. These people have absolutely nothing to do with the technology and infrastructure related to Bitcoin.

This isn't a "stock" that's going down in value because "the company is tanking".  The crashes are just as much speculation as the rises were.  Bitcoin itself remains unchanged. Actually, its growing. The price could drop to $1.00 tomorrow and it wouldn't phase me. If it phases you, I recommend you get out while you still can.

-BittBurger-

Thinking clearly inside the foundation

Please give me a way to SuperLike this post.

[GeniuSxBoY]

Agreed all except where you wrote "Bitcoin" replace that with "cryptocurrencies ecosystem including altcoins". Bitcoin is not sufficient to defeat the corrupt governments (which is all of them in my opinion). It lacks several critical things. That will have to come from an altcoin that does not yet exist.

[jamesc760]

No, let's not try to rally the investors who are in fear and in panic mode. Let them sell low. More and cheaper coins for the rest of us. If you are panicking, you deserve to lose all your coins. Sell them now and get out. I want them cheap coins now.

[Wilhelm]

Dear Investors:

Anyone who bothered to educate themselves on fiat, would know that it faces years of abuse from governments and federal banking systems. That's the *entire* reason it was created. It's going to get worth less every step of the way, because it is designed to take power away from the people.

[David M]

The functionality of bitcoin is not 40% less from its peak.  The functionality is almost the same or better than it ever was.  Only the price is down.

This is almost an exact replica of the conversation I had with my father when I finally convinced him to buy 1000BTC at $8.
The $8 dollar was in September 2011 after the $32 peak.

Dad:  What's causing it to drop?
Me: Fear
Dad: So the code is still good?
Me: Yes.
Dad: Buy a 1000.
Me: It's still in a down trend.
Dad: I don't care.  I consider the money gone now.  Buy them.

[BitChick]

Libertarians unite.

I am realizing I am way more libertarian then I ever thought for sure.  I don't have a gun yet though. 

Anyways,  I am not to fazed by the drop.  In the back of my mind I figured it was probably likely.  I tend to be optomistic though and bullish so I think that there will come a day when we can avoid these ups and downs, but this week is tough with China and even Christmas thrown in.

Sigh, oh well. 

I feel bad for my friends that just finally decided to invest and are underwater.  I guess I can't feel too bad because I told them to buy at $200 right before the big price increase and they did not listen fast enough. 

That is just the way it goes.

I have a feeling this will repeat itself ever few months.  We just have to get used to it.  I can bring myself to daytrade though.  I just can't time it right.