What is happening to Bitcoin is positive

[freebitcoinwin]

Just my opinion

I think that Bitcoin devaluation will help Bitcoin, because this will redistribuite Bitcoins to a larger range of people who will be able to buy them at low prices.
This would be positive or the future of  Bitcoin because there is not a good ratio fo distribution fo Bitcoins in the world.

[tvbcof]

Just my opinion

I think that Bitcoin devaluation will help Bitcoin, because this will redistribuite Bitcoins to a larger range of people who will be able to buy them at low prices.
This would be positive or the future of  Bitcoin because there is not a good ratio fo distribution fo Bitcoins in the world.

That was my sentiment in mid 2011.  In retrospect I think it was not correct.  At least at that time.  Many of the current big holders took positions at that time and contribute to the current high GINI index.

Now may be a little different since more people have heard about it (although even back in Q3 2011 it was fairly big news due to the staggering rise to $30.)

In the end I suspect that now just like in Q3/4 2011 most small fry will be scared off by the risks and conceptually difficult nature of certain aspects of the system.  Whether others will go in and a big way and be amply rewarded in the future will have to remain to be seen.

[greenlion]

I don't think it's necessarily the price that's positive in this whole scenario.

It's the fact that Mt.Gox launched a FUD campaign as a public relations technique, and the mainstream media is picking up on it as though there's some doomsday bug scenario unfolding with Bitcoin, but the reality couldn't possibly be further from the truth.

The fact of the matter is that this situation demonstrates how powerful Bitcoin really is, because absolutely nothing about the DDoS attack can do anything whatsoever to undermine the integrity of balances in keys. This is demonstrating the strength of the protocol and when the dust settles and FUD clears away, that's very good news for Bitcoin.

[Lauda]

Not necessarily, people could buy just 1 bitcoin to hold if they wanted to. The price doesn't really matter be it 600 or 800$.

[Holliday]

A lower (or falling) exchange rate does not help distribute coins to more people.

Sorry.

[BittBurger]

I agree that we will all be hearing these words soon:

"And Bitcoin has survived yet another ..."

They've said that about the last 2-3 crashes.   Believe me that it impresses the skeptics to see it rebound and grow afterwards.

Its almost "good" that everyone thinks this is the downfall of Bitcoin.

Because they are going to look a wee bit foolish when they see it recover.

-B-

[jongameson]

it's great.  cheaper miners (for those that buy them)

[Holliday]

Its almost "good" that everyone thinks this is the downfall of Bitcoin.

Because they are going to look a wee bit foolish when they see it recover.

I don't know. No one cares about the people who said the same thing in the past. Many of them are still saying it!

[reymarkperry]

“I think that Bitcoin devaluation will help Bitcoin, because this will redistribute Bitcoins to a larger range of people who will be able to buy them at low prices.” - Well, you have a good point with that. However, I don’t think it’s a good thing for investment matter and gambling industry.

[kwukduck]

I think its the average Joe that is mainly panic selling and the big boys are just buying more and more.

[Justin00]

seems like average joe is selling more than the big boys are buying

[kwukduck]

seems like average joe is selling more than the big boys are buying

Why would big boys start buying already if they can just artificially stimulate a crash this way? I would wait until the average Joe thinks its a good time to buy again and then scoop up all the coins before their eyes.

[porcupine87]

A lower (or falling) exchange rate does not help distribute coins to more people.

Sorry.

We can just simply not know. My theory is, when the price is more likely to rise in the future, especially the big whales know about that. They have an information advantage. It is less likely, that it is the other way around. But everything is possible.

[freebitcoinwin]

I think its the average Joe that is mainly panic selling and the big boys are just buying more and more.

The average Joe cant influence the market too much

[hilariousandco]

I think its the average Joe that is mainly panic selling and the big boys are just buying more and more.

The average Joe cant influence the market too much

Isn't it the average Joe that spreads the majority of FUD or panics when they start to see the price dip. These kind of falls scare off newbies who think Bitcoin is just a foolproof get rich quick scheme. It's not and people need to learn this.

[Lethn]

It is a good thing, not just for the economics of Bitcoin but also for the coding aspect as well, I think this is the first real panicky situation that we've been in that hasn't just been caused by media hysteria, we'll have to see now just how good Bitcoin's coding and programmers are.

[5flags]

Just my opinion

I think that Bitcoin devaluation will help Bitcoin, because this will redistribuite Bitcoins to a larger range of people who will be able to buy them at low prices.
This would be positive or the future of  Bitcoin because there is not a good ratio fo distribution fo Bitcoins in the world.

The absolute value of a bitcoin is meaningless. It could be a thousand times higher of a thousand times lower. Value is still understood in terms of fiat currencies, so $100 worth of Bitcoins is still $100 worth of Bitcoins. It's only a psychological barrier.

But I agree that this is actually very positive for Bitcoin. It shows that it can endure pretty serious assaults while not collapsing. I'm impressed. In April last year, BTC lost two thirds of its value in a matter of hours when MtGox's trading engine froze. Today, we have a bug/quirk/feature being weaponised against the entire network suspending withdrawals on major exchanges, arrests, bans - Bitcoin dips, sighs, then carries on.

Let's keep up the pressure. When TEOTMSAWKI comes, I will be up to my eyeballs in crypto.

[Lauda]

seems like average joe is selling more than the big boys are buying

Seems like the average joe here is not that smart.

[hilariousandco]

seems like average joe is selling more than the big boys are buying

Seems like the average joe here is not that smart.

Average Joes usually aren't, hence the name. 

[jongameson]

the average Joe's are smoking Camel Joe's.  not blowin' Joe Smith

[Dalmar]

I think its the average Joe that is mainly panic selling and the big boys are just buying more and more.

If you study the charts, the recent panic selling was started by big holders. Thousands of bitcoins were dumped in a matter of minutes after the Mt.Gox announcement. The average small time BTC holder most likely did not even know about it at the time and dumping was actually instigated by whale type of holders.

[5thStreetResearch]

Thats like being a parent and your 16 year old gets arrested for armed robbery.  Then you rationalize it as being ok because he 'needed to learn his lesson and grow up'