[2014-02-10] Disappointing week for Bitcoin

[ujka]

@stompix
Ok, not very exact title of this thread, but article states:

The week ending on February 9th, 2014 was not a great one in the world of bitcoin.

[stompix]

@stompix
Ok, not very exact title of this thread, but article states:

The week ending on February 9th, 2014 was not a great one in the world of bitcoin.

Ah , OK.
I never checked the date of the article itself.  Usually articles get here the moment they are published so I didn't thought it could have been such a delay.

[BitChick]

I am honestly a little relived that all of the issues at Mt. Gox are coming to the surface.  For Bitcoin to be taken seriously we need to weed out the weaknesses.  Silk Road was a problem.  With it gone Bitcoin is better off.  Mt. Gox was a problem.  It if is gone hopefully better more professional exchanges will come along and just help Bitcoin grow that much more.

It was all a matter of time.  Of course I hope that most Bitcoin users do not lose trust in Bitcoin and that the funds and Bitcoins are returned at some point.  That is the biggest issue in all of this.

[hilariousandco]

I am honestly a little relived that all of the issues at Mt. Gox are coming to the surface.  For Bitcoin to be taken seriously we need to weed out the weaknesses.  Silk Road was a problem.  With it gone Bitcoin is better off.  Mt. Gox was a problem.  It if is gone hopefully better more professional exchanges will come along and just help Bitcoin grow that much more.

It was all a matter of time.  Of course I hope that most Bitcoin users do not lose trust in Bitcoin and that the funds and Bitcoins are returned at some point.  That is the biggest issue in all of this.

Silk Road is up and running, but what was the problem with it? Bitcoin probably wouldn't be where it's at today without it. In fact, I heard about Bitcoin through the media coverage of Silk Road.

[BitChick]

I am honestly a little relived that all of the issues at Mt. Gox are coming to the surface.  For Bitcoin to be taken seriously we need to weed out the weaknesses.  Silk Road was a problem.  With it gone Bitcoin is better off.  Mt. Gox was a problem.  It if is gone hopefully better more professional exchanges will come along and just help Bitcoin grow that much more.

It was all a matter of time.  Of course I hope that most Bitcoin users do not lose trust in Bitcoin and that the funds and Bitcoins are returned at some point.  That is the biggest issue in all of this.

Silk Road is up and running, but what was the problem with it? Bitcoin probably wouldn't be where it's at today without it. In fact, I heard about Bitcoin through the media coverage of Silk Road.

Bitcoin being used primarily for nefarious purposes taints it as being legitimate.  I am sure the price it has reached was on the coattails of drugs and porn, but is that really a good thing?  I believe that the world would be a much better place without drugs and pornography but I know many of you do not agree with that statement.

[smith88]

lets face it.. it really has been not the best week for bitcoin.. mtgox is crumbling but i'm hoping they won't disappoint further in their upcoming PR

and what could one say about Apple... let's just say the lost a customer for life!

https://coinreport.net/bitcoin-weekly-february9-2014/

I don't know where you live but here is barely Monday evening , and there is much more from this week to still unfold.
Just like the SR crash , this could easily turn into a bull stampede.

Absolutely.  Folks are forgetting Bitcoin is relatively new technology.  We are going to have some hiccups along the way.  As well as pruning of the garbage... of which I would call MTGox at this point.

Unfortunately the folks that are selling are giving great opportunity to buy in at a very fair price.  Considering if even 1% of the US used Bitcoin in trade on a normal basis the value would be closer to $2300-2500.

It will level out.  And I do see a bull run soon enough.

[smith88]

I am honestly a little relived that all of the issues at Mt. Gox are coming to the surface.  For Bitcoin to be taken seriously we need to weed out the weaknesses.  Silk Road was a problem.  With it gone Bitcoin is better off.  Mt. Gox was a problem.  It if is gone hopefully better more professional exchanges will come along and just help Bitcoin grow that much more.

It was all a matter of time.  Of course I hope that most Bitcoin users do not lose trust in Bitcoin and that the funds and Bitcoins are returned at some point.  That is the biggest issue in all of this.

Silk Road is up and running, but what was the problem with it? Bitcoin probably wouldn't be where it's at today without it. In fact, I heard about Bitcoin through the media coverage of Silk Road.

Bitcoin being used primarily for nefarious purposes taints it as being legitimate.  I am sure the price it has reached was on the coattails of drugs and porn, but is that really a good thing?  I believe that the world would be a much better place without drugs and pornography but I know many of you do not agree with that statement.

I completely agree it is wonderful to see the weeds being plucked from Bitcoin's beautiful garden.
Looking intensely at the statistics, a small fraction of Bitcoin was used for less that appropriate purposes.  The primary value rise has been from international investors looking to buy in while the price is still low.  I agree with estimates that state upwards of 95% of all current Bitcoiners use and see Bitcoin as a legitimate business transaction tool.

Also in other great news Bitcoin is not a publicly utilized device yet (domestically & globally speaking).  As we see more legitimate purpose and acceptance of the wonderful technology that is Bitcoin (& cryptocurrency) the value will rise, and rise.  Speculation will cause much less effect on BTC inherent values.

Current price fluctuations are really just a side-effect of some market manipulation, some speculation, and the essence of Bitcoin becoming a stronger, lively being.  Being may be an overstatement but Bitcoin is certainly in its youth at this point.

Just growing pains.  The future is very bright!
(watch in a few years when nations begin to convert their own currencies to cryptocurrency varieties).

[stompix]

I am honestly a little relived that all of the issues at Mt. Gox are coming to the surface.  For Bitcoin to be taken seriously we need to weed out the weaknesses.  Silk Road was a problem.  With it gone Bitcoin is better off.  Mt. Gox was a problem.  It if is gone hopefully better more professional exchanges will come along and just help Bitcoin grow that much more.

It was all a matter of time.  Of course I hope that most Bitcoin users do not lose trust in Bitcoin and that the funds and Bitcoins are returned at some point.  That is the biggest issue in all of this.

Silk Road is up and running, but what was the problem with it? Bitcoin probably wouldn't be where it's at today without it. In fact, I heard about Bitcoin through the media coverage of Silk Road.

It was when silkroad was closed and DPR arrested.
Many feared that due to the rumors that only real world use for bitcoins is drug merchandise and with one of the leading websites closed and two others running away in panic the price will plummet to single digits in a bear&sheep stampede

[stompix]

I am honestly a little relived that all of the issues at Mt. Gox are coming to the surface.  For Bitcoin to be taken seriously we need to weed out the weaknesses.  Silk Road was a problem.  With it gone Bitcoin is better off.  Mt. Gox was a problem.  It if is gone hopefully better more professional exchanges will come along and just help Bitcoin grow that much more.

It was all a matter of time.  Of course I hope that most Bitcoin users do not lose trust in Bitcoin and that the funds and Bitcoins are returned at some point.  That is the biggest issue in all of this.

Silk Road is up and running, but what was the problem with it? Bitcoin probably wouldn't be where it's at today without it. In fact, I heard about Bitcoin through the media coverage of Silk Road.

Bitcoin being used primarily for nefarious purposes taints it as being legitimate.  I am sure the price it has reached was on the coattails of drugs and porn, but is that really a good thing?  I believe that the world would be a much better place without drugs and pornography but I know many of you do not agree with that statement.

Well , Visa doesn't care a bit about porn and they make a lot of money out of it. Nor is anybody criticizing them too openly for this.
I'm pretty sure bitcoin isn't primarily used for porn either , with only a few websites accepting it.

[hilariousandco]

I am honestly a little relived that all of the issues at Mt. Gox are coming to the surface.  For Bitcoin to be taken seriously we need to weed out the weaknesses.  Silk Road was a problem.  With it gone Bitcoin is better off.  Mt. Gox was a problem.  It if is gone hopefully better more professional exchanges will come along and just help Bitcoin grow that much more.

It was all a matter of time.  Of course I hope that most Bitcoin users do not lose trust in Bitcoin and that the funds and Bitcoins are returned at some point.  That is the biggest issue in all of this.

Silk Road is up and running, but what was the problem with it? Bitcoin probably wouldn't be where it's at today without it. In fact, I heard about Bitcoin through the media coverage of Silk Road.

Bitcoin being used primarily for nefarious purposes taints it as being legitimate.  I am sure the price it has reached was on the coattails of drugs and porn, but is that really a good thing?  I believe that the world would be a much better place without drugs and pornography but I know many of you do not agree with that statement.

On the contrary. Is fiat currency tainted by all the guns and drugs you can buy with it or how the banks launder it easy? It's only considered tainted by ignorant fools and naysayers. For any currency to be a valid one you should be able to buy whatever you wish with it - 'good' or 'bad'.

[kroleg]

And it's also a bad press period for bitcoin Embarrassed