How Do we bring the value of BitCoins back up?

[FlipPro]

SilkRoad + Oxycontin = Current BTC value x3

Wasn't the big bump to over $25 USD/BTC was due to speculation of drug availability ?, we should embrace the subculture, as it directly benefits us.....lol

But it's stupid since all online transactions are traceable.

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[cepler]

Buy $10,000,000.00 USD worth of bitcoins, then delete your wallet.  That might help.  Let me know when you're done.

[Jack of Diamonds]

SilkRoad + Oxycontin = Current BTC value x3

Wasn't the big bump to over $25 USD/BTC was due to speculation of drug availability ?, we should embrace the subculture, as it directly benefits us.....lol

But it's stupid since all online transactions are traceable.

The way sales are setup on Silk Road you can't trace the buyer or seller.
You also might be forgetting everything is encrypted and goes over TOR rather than the 'normal internet'.

[Xenland]

I didnt read every post so forgive me if this has been suggested. One thing bitcoins is missing that is described in the faq(i believe) is bitcoin has no value. There is only goods and services onlines that are not in high demand(minus irc and forum methods of buying with bitcoin). Also if suppliers accepted bitcoin....it would have tons of more support at a global scale.

I had a conversation with a family members and he stated "i will never use a bitcoin, i cant buy gas with it, and ralphs dosent accept usb-sticks. Bitcoins are not for me" in my opnion Even if bitcoins were worth $100 I doubt people would adopt using them just becuase your tethered through a the internet and lets be honest with all the identity theft going on with credit cards people relate that to "using the internet" and thus think its already unsafe to purchase stuff online. Imagine if we had just 1 gas station accepting bitcoins how much trust that would add not to mention value and free advertisement...

How much does it cost to start your own gas station anyways?

[Shortline]

The solution is simple. We become Somali pirates, capture a yacht with Brad Pitt on it, demand bitcoins in payment, reap the publicity rewards with both Hollywood and the criminal underworld.

Just kidding. Who cares what the price of a bitcoin is in other currencies? I don't. If you're only posting on this forum because you're the dumb money, I hate to tell you but your time here is almost up. This is not an investment scheme and if you treat it as such you'll get burned. The only thing that matters is that we achieve some small level of stability so that merchants can confidently accept bitcoin, suppliers can in turn get paid in bitcoin, and pay their employees in bitcoin and so forth. You know... an economy, they call it.

[Xenland]

...Just kidding. Who cares what the price of a bitcoin is in other currencies? I don't. If you're only posting on this forum because you're the dumb money, I hate to tell you but your time here is almost up. This is not an investment scheme and if you treat it as such you'll get burned. The only thing that matters is that we achieve some small level of stability so that merchants can confidently accept bitcoin, suppliers can in turn get paid in bitcoin, and pay their employees in bitcoin and so forth. You know... an economy, they call it.

I could have not said it any better

*Cough*

[DrYe5]

Anyone have any ideas on bringing the value of BTC back up?

Wait for the market to bottom. Buy. (Could take months.)
$30 will not happen. $20 will not happen.
The price will go lower than it is today.
Sell now. Buy at the bottom.

[stsbrad]

The value will go back up soon enough. There are SO many projects in the works right now.

[Gerken]

The value will go back up soon enough. There are SO many projects in the works right now.

Like what?  What could possibly be big enough to bring Bitcoin back from it's long slow slide?  Or is this just blind optimism (nothing against that, everyone has their flaws)?

[adamstgBit]

I agree that if a small country started to use bitcoins then this would make a big difference. What stops that right now?

Well many small countries with serious money problems also have dire political situations that would prevent this. Lets put those aside.

Next many governments would not want to cede their currency to one they had no control over. After all you can always print more pound notes, or green backs if the economic situation gets bad, but what can you do with bitcoin? Nothing. So A country that already had any control over its finances could not or would not do this.

Lets imagine we have a country wanting to do this. HOW would they do it? First thing is how does the man in the street get coins? Normally introduction of a new currency is go to the bank and exchange iold currency for new one. That could work, but for many people lack of a physical embodiment would be an obstacle. I mean, for us netizens, its great we never look at a piece of paper, and want our money to be the same, but for your average sheep farmer who doesnt have a computer, much less understand the difference between hash and a random number how can it work?

Perhaps we need a physical currency built on bitcoin, as was discussed in these forums some while back. The idea here was that the actual coin contained a sealed hash that could be broken open and redeemed or could be exchanged still sealed. This is, of course exactly the same as a fiat currency, you are relying on the promise on the coin/note that there is a bitcoin behind it. Just like a Uk £5 note which has a promise to pay the bearer on demand the sum of five pounds, once upon a time this was five pounds weight of silver.  Its a bit better than this because the promise can be verified and and "expert" could check if the coins really exist in the bitcoin chain. I'd say your average sheet farmer would be happy with that. But the problem here is that the cost of making the money would be high, would involve new, possibly unproven  and unfamiliar technologies. I mean look at the notes circulating in turkey, libiya or malasia. Some of these are so old and worn to be hardly reconisable.  The physical bitcoin must be tough!!

Is this possible? I do not know.

the best way would be to make a physical currency backed by bitcoin..

the government prints bills, no sealed hash none of that shit ... the bill only comes with a promise, that it can be exchanged at their local public bank for bitcoins.

the bills are cheep to produce
the bills have value because they are backed by bitcoin
more bills are printed only if the country buys more bitcoins.
removing the private bank and replacing it with a public bank.

money controlled by its government, not by greedy poeple who do not give a F%^K

[bitrebel]

kill everyone who wants bitcoin to go down in value!

Then, when they are all dead, we'll have only people who want the price to rise.

Then, we'll have to make sure they are not killed shortly afterwards.

The victor will have bitcoins, and nobody left to buy them.  

Everything you say can and will be used against you in the court of law .

Hey FlipPro,
   Don't be stupid by taking me seriously.
   Don't be an asshole by taking me seriously.
   Now go back to your sandbox and stay out of mine.

[deepceleron]

You could make up a fake media story, like "Brad pitt uses bitcoins".

hahaha Brilliant!! +1

This just in, photos from the Bitcoin conference after-party...

For a worldwide audience who may not know, these celebrities are Felicia Day (of The Guild, Buffy), Wil Wheaton (Wesley Crusher from Star Trek TNG), and Nathan Fillion (of Firefly, Castle). These would be the kind of celebrities you'd expect to twitter about Bitcoins. Bounty time!

[onesalt]

No merchant is going to accept btc when people have confessed it's a gambling game, and given the horrific breaches of security bitcoin has. You know like mtgox being hacked and all the money in mybitcoin "being stolen".

Smaller merchants will and that will help establish stability. Risk can be removed to a large extent if you immediately convert your costs back in to fiat on sales and keep profits in your own secure wallet!

Smaller buisnesses are less likely to use a highly risk based currency because they can afford to lose the least after being screwed over by exchange fees and volatility.

[Phinnaeus Gage]

The value will go back up soon enough. There are SO many projects in the works right now.

Like what?  What could possibly be big enough to bring Bitcoin back from it's long slow slide?  Or is this just blind optimism (nothing against that, everyone has their flaws)?

Pattaya!


Bitcoin: An Idea Worth Spending

[tvbcof]

No real action required.  Just wait for the alternatives to Bitcoin to go poof.  Bitcoin is not in the 'race to the bottom' which pretty much all fiat currencies are involved in.  So it (and gold and silver) should have a pretty strong long term outlook.  That's my bet...or one of my bets at least.

I have some real questions about whether I even want BTC to go 'up in value' (at this time.)  I would hope to see the maximum distribution.  More and more people are becoming aware of Bitcoin, and if the price is low, the smart ones can snap up more.  At some point, if not already, big money may be Hoovering up everything which turns up for sale I fear.  So there is to my way of thinking a golden time when the price is low to maximize the distribution.  I just don't pretend to know what that time window and price window is.

[deepceleron]

More news!

Google Trends:


Mtgox:

[Mjbmonetarymetals]

What in theory would happen if every bitcoiner went onto the exchanges and bought  ((?) bitcoins)) at  roughly the same time.( Yes I know it a silly question ) 

[Mjbmonetarymetals]

I'll buy some if you buy some 

[Xenland]

So when should we do this syncronized-bitcoin-purchase?

[Mjbmonetarymetals]

The idea doesnt look to have massive support 

You buy 5 and I'll buy 5 . (it might have ripple effect) 

The old saying about the butterfly wings and a tree falling spring to mind