2014 - A good year for Bitcoin because...

[nanobrain]

I'm hoping perhaps forum members can share information about why 2014 will be a good year for Bitcoin.

Essentially optimistic/bullish fundamentals (although TA if that's your thing).


So for example:

Cyprus
The stuff they are doing in Cyprus is pretty exciting and could prove to be a model for larger countries including NEO-BEE, a BTC Bank based in Cyprus, opens it first branch in early 2014 and a university Masters degree in crypto at the national Uni is being offered from April. Cyprus is small enough to affect change yet has a relatively affluent society that, after the nightmare of the EURO, could embrace BTC. 

Personally, I don't think NEO-BEE will last the year in its currents form - I suspect it will get bought out by a larger, global bank who wants to get a foot hold in the BTC market.

[Ibian]

Easy. The fiat economies (that's ALL of them) will continue to get worse. The worse things get, the more people will look to alternatives.

Or you could just look at the historical bitcoin price on a logarithmic chart.

[nanobrain]

Easy. The fiat economies (that's ALL of them) will continue to get worse. The worse things get, the more people will look to alternatives.

That's more the global economic environment which is a different topic.  I was suggesting individual moves/news or strategic developments which you either know of or posit will happen that will impact positively upon the BTC price.

Yeah, one could look at a chart and make bullish/bearish statements but again, that's another discussion.

[kireinaha]

Easy. The fiat economies (that's ALL of them) will continue to get worse. The worse things get, the more people will look to alternatives.

Or you could just look at the historical bitcoin price on a logarithmic chart.

I'm not sure where you live, but in the US this week there was a major credit card breach with Target department stores, which potentially compromised millions of numbers. But even an event like this will have little effect toward bitcoin adoption, because it's merely switching from one form of risk (which is quite low since banks are insured to cover fraudlent credit charges) to another form of risk (bitcoin). I still have not found a way to lose all of my money with a credit card by accident or hardware failure, so fiat currencies and our traditional credit card payment systems are still the superior method for the time being. In a few weeks time, consumers will put this Target fiasco behind them and will be swiping the cards per usual.

Let's face it: the majority of interest this year for bitcoin was in the form of speculation. Economic scare stories such as Cyprus in March was a good catalyst to bring such people to bitcoin and raise awareness, but very few view bitcoin as a good alternative to banks for safekeeping their money. Hopefully 2014 will continue to raise awareness and bring in more speculators so we can continue to push the price up.

[Ibian]

Fundamentals have to be in place for an idea to gain traction, even a good one. It is unlikely that bitcoin would have grown this much if we were in an economic upswing as opposed to the current decline. Whoever invented bitcoin knew exactly what is happening to the economy and where it is going, the timing and the way it works is too perfect for a coincidence to be believable.

Given the current level of adoption, we don't need the general public to adopt it to grow. We just need a small part of them, and every major failure will add a bit more. Cyprus was a test case, more european nations will be forced into debt servitude, the us debt ceiling will continue to make headlines etc. That is the real driving force behind bitcoin.

[nanobrain]

Given the current level of adoption, we don't need the general public to adopt it to grow. We just need a small part of them, and every major failure will add a bit more. Cyprus was a test case, more european nations will be forced into debt servitude, the us debt ceiling will continue to make headlines etc. That is the real driving force behind bitcoin.

The Cyprus example I cited was of positive things happening rather than of previous negative circumstances.
So, granted there are external economic circumstances that allow a new paridigm/currency/store of wealth to be considered even thrive but as you say it also needs further agency.  You talk of 'major failure' but instead what about the potential successes, what are the positive 'yellow' thoughts around that "small part" needed for adoption?

[Ibian]

Yellow thoughts?

I don't believe there will be any major upswings in the economy. There will be headlines and articles, but unless the average person actually feels that the economy is improving it ultimately will not matter.

[nanobrain]

Yellow thoughts?

I don't believe there will be any major upswings in the economy. There will be headlines and articles, but unless the average person actually feels that the economy is improving it ultimately will not matter.

As in Yellow Hat...read some Edward de Bono.

[nanobrain]

Other examples.

Indonesia
Country with fourth largest population gets its own BTC exchange.  Most Americans* wouldn't be able to place Indonesia on map...and after China perhaps they'd prefer not to  But its a very different country to China. And as other Aussies will tell...there's some money in Indo.

*Although not the erudite users of this forum of course.

http://www.coindesk.com/new-bitcoin-exchange-service-indonesia/

Mt Gox
Everyone's least favourite exchange is still with us...for better or worse it survived the travails of 2013 and will (supposedly) launch its new trading engine in the new year.

I appreciate this is somewhat 'uninternetty' - just listing the positives, without immediately arguing a negative point of view and then getting lost down a warren of conjecture....but exploring one facet of situation individually can be useful.  

[zoinky]

History shows that once technology is invented it only gets better, not worse.

[BitchicksHusband]

History shows that once technology is invented it only gets better, not worse.

Somebody has never used Windows 8.

[Odalv]

History shows that once technology is invented it only gets better, not worse.

Somebody has never used Windows 8.

+1

[Domrada]

I predict 2014 will be the year of the bitcoin. By mid-summer everyone will have at least one place where bitcoin is accepted where they live.

[nanobrain]

Asia's richest man gets involved
http://www.techinasia.com/asia-richest-man-li-ka-shing-invests-bitpay-bitcoin-payments/

[Walsoraj]

It won't be a good year after all the chinese exchanges are shut down and arrests are made for price manipulation. I give it until the end of Jan.

[traderCJ]

It won't be a good year after all the chinese exchanges are shut down and arrests are made for price manipulation. I give it until the end of Jan.

K

[macsga]

Hi nanobrain. Let me contribute to your thread with some of the news I find significant for bitcoin...
Fortress fund is diving into Bitcoin:
http://finance.fortune.cnn.com/2013/12/31/fortress-is-forming-a-bitcoin-fund/

Coinbase Raises $25 Million From Andreessen Horowitz
http://blog.coinbase.com/post/69775463031/coinbase-raises-25-million-from-andreessen-horowitz

Bitcoin Value Continues to Puzzle Economists
http://www.webpronews.com/bitcoin-value-continues-to-puzzle-economists-2014-01

Goldman Sachs Director to Join Board of Bitcoin Startup Circle
http://www.coindesk.com/goldman-sachs-director-board-bitcoin-startup-circle/

Some sites I regularly visit for news:
http://www.reddit.com/r/Bitcoin/
http://www.coindesk.com/
http://www.businessinsider.com/
http://blog.coinbase.com/
and the wall-of-troll here: https://bitcointalk.org/index.php?topic=178336.new#new 

[e521]

...because all governments in the world will stop fighting bitcoin
Many company will then be able to invest without worrying much
If so, I will book a worldwide trip to celebrate! :-)

[macsga]

...because all governments in the world will stop fighting bitcoin
Many company will then be able to invest without worrying much
If so, I will book a worldwide trip to celebrate! :-)

You might as well consider visiting here:
https://bitcointalk.org/index.php?topic=178336.msg4266942#msg4266942
Bitcoin accepted

[zimmah]

History shows that once technology is invented it only gets better, not worse.

Somebody has never used Windows 8.

obviously you have never used windows 95 then