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Author Topic: Media : Bitcoin is Done  (Read 4192 times)
the founder
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October 18, 2011, 05:00:56 PM
 #1

http://news.google.com/news/more?q=bitcoin&hl=en&client=ubuntu&hs=FgY&channel=fs&prmd=imvnsl&bav=on.2,or.r_gc.r_pw.,cf.osb&biw=1366&bih=563&um=1&ie=UTF-8&ncl=dXqLm7jYQ9qJ4_M_U-BYFQco_2LzM&ei=SLCdTuONDOzXiALsh-XNCQ&sa=X&oi=news_result&ct=more-results&resnum=1&ved=0CCsQqgIwAA

Forbes,  Wired,  Ars,  all of them saying it's toast.

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October 18, 2011, 05:04:18 PM
 #2

Bitcoin is P2P.  It can't die.  It can drop in value, but unlike a company or central authority it can't go away.  I don't think they understand this.

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October 18, 2011, 05:10:30 PM
 #3

If people uninstall the client then it's done.
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October 18, 2011, 05:11:57 PM
 #4

I like the "End of Bitcoin PART II"


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October 18, 2011, 05:13:04 PM
 #5

I find it odd that so many people who were once into bitcoin are now saying that it's dead. The bubble burst. That's all. Get over it.
Bitcoin is stronger now than it's ever been.
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October 18, 2011, 05:15:26 PM
 #6

Further, after skimming those articles, the only one who seems to declare it 'dead' is the same one who declared it 'dead' months ago, which doesn't lend to credibility.

Side note: I can't help but notice the editorializing in the OP's Topic Header.  Why all the negativity lately, founder?

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October 18, 2011, 05:18:00 PM
 #7

These articles aren't too bad.


In fact, they're mostly right.


Bitcoin is imploding and for good, natural reason.  As a free economic market, we need to collaborate to build a sturdy, solid infrastructure that will pave the way for all digital currencies.  The alternative block chains and Bitcoin novelty items have the consequent effect of grouping Bitcoin in with novelty...but not in an ingenious way -- more like a faddish way.

This isn't to say the bad PR and hacks and scams all that jazz didn't have an impact.  It did, but the weak infrastructure was a catalyst to these problems.

We need a Bitcoin Bank.  A good one.  One that has assets to back up our BTC.  It needs to be reputable and subject to prosecution.

I think the community has made a mistake in going overboard with decentralization.  Just because you have a free market doesn't mean you can't collaborate and have checks and balances.  Centralization can act decentralized if it's truly governed by the people.

We need unity, and right now, there is very little evidence of any unity in this community, other than we are apparently united in our desires for individual gain.

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October 18, 2011, 05:18:40 PM
 #8

I find it odd that so many people who were once into bitcoin are now saying that it's dead. The bubble burst. That's all. Get over it.
Bitcoin is stronger now than it's ever been.

There is absolutely nothing to say it is stronger now than it was 1 month ago.

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October 18, 2011, 05:18:49 PM
 #9

When the media announces a booming new industry, that industry is at its peak. When the media announces a dead industry, that's likely the bottom.

I don't understand why everyone is so concerned with the market price... people treat it like a stock, and ascribe the health of Bitcoin to the market (or share) price.

It belies an fundamental misunderstanding of the nature of Bitcoin. It's a protocol, not a company.
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October 18, 2011, 05:19:42 PM
 #10

I find it odd that so many people who were once into bitcoin are now saying that it's dead. The bubble burst. That's all. Get over it.
Bitcoin is stronger now than it's ever been.

There is absolutely nothing to say it is stronger now than it was 1 month ago.

Actually, it is. Those of us involved in the projects are aware of this.
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October 18, 2011, 05:24:06 PM
 #11

Troll detected

and

Everyone know that forbes and wired are very important for bitcoin and they know a lot of it. We totally depend on them

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October 18, 2011, 05:24:20 PM
 #12

I find it odd that so many people who were once into bitcoin are now saying that it's dead. The bubble burst. That's all. Get over it.
Bitcoin is stronger now than it's ever been.

There is absolutely nothing to say it is stronger now than it was 1 month ago.

Actually, it is. Those of us involved in the projects are aware of this.

Oh well golly gee, as long as you say so.  Everybody just go about your business! Nothing to see here!

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October 18, 2011, 05:29:04 PM
 #13

Don't you know? Forbes and wired command us. They declared bitcoin done, so it is done.
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October 18, 2011, 05:29:19 PM
 #14

The Guardian article can't even get their numbers right; it never fell to btwn $1-2.

when its in your own best interest to get things wrong, you'll get them wrong.
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October 18, 2011, 05:29:50 PM
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Ah, nice, the final nails coming in.  
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October 18, 2011, 05:33:54 PM
 #16

Grin  (btw, do all these writers just copy/paste each other?)

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October 18, 2011, 05:36:01 PM
 #17

The Guardian article can't even get their numbers right; it never fell to btwn $1-2.

when its in your own best interest to get things wrong, you'll get them wrong.

Yeah stupid me I thought maybe it had dipped to <$2 and looked at some of my buy orders and then the trade history.  Nope.  Guardian was just full of shit.  I should have expected that.
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October 18, 2011, 05:37:36 PM
 #18

60000 people running the Bitcoin client daily != dead.
9.5 terahashes/s of mining != dead.
454326 Bitcoins sent/spent in the last 24 hours != dead.
~60k of BTC/$200,000 traded daily on currency exchanges != dead.
34 code pull requests in the last three days != dead.

Somebody is not checking their facts. An inflationary phase is good to get the bitcoins moving!

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October 18, 2011, 05:44:02 PM
 #19

When the media announces a booming new industry, that industry is at its peak. When the media announces a dead industry, that's likely the bottom.

I don't understand why everyone is so concerned with the market price... people treat it like a stock, and ascribe the health of Bitcoin to the market (or share) price.

It belies an fundamental misunderstanding of the nature of Bitcoin. It's a protocol, not a company.

Sure it's not a stock, but comparing numbers is what any sane person would do. "Why turn my X into Y, when Y is going down so hard?".

Sure, the blockchain is great.  But the purchasing power is going down, fast, as most merchants pin bitcoins to fiat.  Purchasing power is different than the blockchain.

There have been many 'one hit wonders', and many technologies which weren't adopted until dozens of years after the initial discovery.

For the record (Edit) - I haven't sold. (end edit). I honestly think the initial distribution was so focused on a handful of non-economic folk, that these massive sell offs 1) don't make sense, and 2) are primarily panics.  The initial distribution (unlike 'actual' stocks) weren't to people who know better, they were to the conspiracy nut who has his head way too far into his tinfoil hat, or the gamer who found a way to pay of his leet warcraft rig.  I think these are the people getting out.  Further investors will be those who invest in Bitcoin for the blockchain - which I think has a wonderful future ahead.

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October 18, 2011, 05:46:40 PM
 #20

Quote
"Why turn my X into Y, when Y is going down so hard?".
Because it's the only way to donate to wikileaks and occupy wall street. Paypal happily blocked the donations to them.
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