Media : Bitcoin is Done

[johnj]

"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.

Great point - and I think that's where the blockchain shines.  Once this ability 'sets in' with people, it'll be interesting to see how the world reacts.

You (genral 'you') gotta admit, the whole thing was kinda hard to wrap your head around at first. And the more you learned, the more that set in on how unique the blockchain is.  That takes time.  The OWS thing is huge as far as displaying the utility of Bitcoin.  It just needs it's own vendors who trade and refill stock IN bitcoin.  Dang,once that happens... watch out.  But will Bitcoin get there.

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[JackH]

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.

Wow! If Forbes or Wired is saying it then it must be true. Wait a minute......what exactly does Forbes or Wired has to do with Bitcoin?

And last time I checked Bitcoin is more than twice as valuable as the dollar. Beside that, its decentralized, so how exactly can it die if there is no central authority that can crush or become insolvent? People get it in your heads, you cannot place the same terms on Bitcoin as you can with fiat money. This is something new, now please find other ways to describe it rather than stating its dead which is impossible unless all clients are uninstalled.

[allten]

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.

More news that equates Bitcoin's success with its price.
That's misleading.

For a currency that is peer to peer and that is grass root sponsored, I would have to say that it is doing EXTREMELY well.
The sooner this crash finishes and we can reach prices that are sustainable the better.

It goes to show (in my opinion), that the number one weakness of any currency of this nature is big money causing a pump and dump type scenario. We've been pumped and we've been dumped! And the media has helped out big time by giving us a lot of positive coverage on the upside and a lot of negative coverage on the down side. The best we can do is learn from this experience and profit on the next wave (upside and downside) if it happens (second generation of early adopters) which will help such a scenario not to be as severe.

The media will never get behind this in a long term positive way. They have an agenda.
Government, banks, and BIG media are all one big happy marriage and it wants nothing to do with our project of freedom.

[Shawshank]

Bitcoin adjusts itself nicely via difficulty. It creates its own stability. The BTC exchange rate has been falling heavily lately, but the current exchange rate is higher than it was 6 months ago. For goodness's sake, the Bitcoin network has been up and running since 2009 when the BTC to dollar exchange rate was at a few cents and it was business as usual.

Just bring high inflation to the US or Europe and Bitcoin will be back as a safe haven against Quantitative Easing. Just bring political instability, bank runs and "corralitos", and Bitcoin will be treated as it deserves to be treated, a scarce commodity with unbeatable international value transfer capabilities.

[Rassah]

Hey, if Bank of America can go from $54 to $3 and still not be done, why can't Bitcoin?

[proudhon]

And last time I checked Bitcoin is more than twice as valuable as the dollar.

Oh, sure, 1BTC is currently worth $2.5.  Of course, that's no comfort at all the vast majority of people who initially bought bitcoins after May.  In that case they have less value now than they spent.

[fivebells]

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

Where can I find out about this?  Haven't seen anything really earth-shattering in the bitcoin development mailing list...

[evoorhees]

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

Where can I find out about this?  Haven't seen anything really earth-shattering in the bitcoin development mailing list...

Those involved int he development mailing list are primarily working on the core protocol and client. There are myriad groups building various projects, some private and some public. The best ones are generally private, as the profit motive is involved.

The decentralized nature of Bitcoin means that it's a bit difficult for any person or group to get a full picture of everything going on. I pay quite a bit of attention, but only know a fraction of the people working on the big projects, and only still in English. I have no idea what's going on in other languages. Hundreds (thousands?) of entrepreneurs are building right now, they'll be getting rich with their creations, not with the speculation on current spot price of a Bitcoin.

[RodeoX]

I predict that a year from now there will be new articles about bitcoin's death. I mean, how long ago did god die? and you still hear about her all the time.

[plastic.elastic]

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

Where can I find out about this?  Haven't seen anything really earth-shattering in the bitcoin development mailing list...

Those involved int he development mailing list are primarily working on the core protocol and client. There are myriad groups building various projects, some private and some public. The best ones are generally private, as the profit motive is involved.

The decentralized nature of Bitcoin means that it's a bit difficult for any person or group to get a full picture of everything going on. I pay quite a bit of attention, but only know a fraction of the people working on the big projects, and only still in English. I have no idea what's going on in other languages. Hundreds (thousands?) of entrepreneurs are building right now, they'll be getting rich with their creations, not with the speculation on current spot price of a Bitcoin.

Sounds lovely, but ironically your whole post is telling us to speculate if anything.

[foggyb]

If people uninstall the client then it's done.

There's hardly a reason to uninstall it, bitterness is one.

For those who do uninstall it, they can still re-install it. Its not like bulldozing a bank, software is cool that way.

Bitcoin can't go away. Its impossible even if 75% of the user base uninstalled their clients.

I cashed out of mine-and-hold long ago because I recognized that bitcoin was overvalued and underutilized. But that's not a permanent thing. to me, bitcoin had little chance to grow when it was 5-20$ per coin. Now that it has settled down, i think its use is going to pick up due to new users who see the tremendous potential. Online poker is one way that could happen. I've personally made a bitcoin transaction in order to fund a merge network poker site just a few days ago. I believe Bitcoin will be back in a big way with online transactions. The price might stay flat for a long time, but price is not the point of bitcoin. Profiting in bitcoin is a bonus and has nothing to do with its usefulness.

[doobadoo]

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.

They understand right well...  Its propaganda.  They're trying to drive a nail into the coffin.  Only problem, coffin is empty!

[Elwar]

Bitcoin value crashes below cost of production as broader use stutters

Not for everyone...

mining difficulty going down is a wonderful thing

[foggyb]

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.

They understand right well...  Its propaganda.  They're trying to drive a nail into the coffin.  Only problem, coffin is empty!

[julz]

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.

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

I've noticed the journalism around bitcoin often seems pretty incestuous that way.
It looks like in this slew of articles, it might have been Adrianne Jeffries' little snippet in Betabeat that set the tone;
the reddit user's quote she used has ended up in a few articles.

Why some random redditors quote is newsworthy I don't know.  

[JeffK]

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

Where can I find out about this?  Haven't seen anything really earth-shattering in the bitcoin development mailing list...

Those involved int he development mailing list are primarily working on the core protocol and client. There are myriad groups building various projects, some private and some public. The best ones are generally private, as the profit motive is involved.

The decentralized nature of Bitcoin means that it's a bit difficult for any person or group to get a full picture of everything going on. I pay quite a bit of attention, but only know a fraction of the people working on the big projects, and only still in English. I have no idea what's going on in other languages. Hundreds (thousands?) of entrepreneurs are building right now, they'll be getting rich with their creations, not with the speculation on current spot price of a Bitcoin.

How will they get rich if everyone is ditching Bitcoin like it's diseased?

[Rassah]

How will they get rich if everyone is ditching Bitcoin like it's diseased?

Same way Bank of America managemet got rich after BoA stock went from $54 to 3$ (WORSE drop than Bitcoin)

[nighteyes]

Hey, if Bank of America can go from $54 to $3 and still not be done, why can't Bitcoin?

Because the entire BofA is working to increase profits....so its an unknown whether or not they will survive(I hope not but thats another story). Bitcoin....imagine 90%+ of an organization's employees not working, nor can they be forced to work. If the 10% want to work for the other 90%, then thats fine with the 90%. The 90% have proven(by taking a 99% decline) that they arent going to work. They certainly dont care if bitcoin goes to 1 penny or even zero.

The only thing bitcoiners can do is to fight the hoarders as much as they can. Dont use MtGox and bitcoinica and send a message to the hoarders.

[cypherdoc]

Hey, if Bank of America can go from $54 to $3 and still not be done, why can't Bitcoin?

LOL!

[nighteyes]

Bitcoin can't go away. Its impossible even if 75% of the user base uninstalled their clients.

You have Solidcoin salivating and planning his revenge over and over with the doublespend attack when the network power drops to that level.