People actually thought bitcoin was dead because of MtGox?

[BittBurger]

Yep people get scared easily today

Big exchange like Gox falling down is a big thing. 744,000 BTC stolen is also a very big thing. Who says this can't happen again with one of the other big exchanges?

This is why we need a decentralized exchange, owned by nobody.   The Mastercoin Foundation is creating the first.  And I am quite certain there are more in the pipeline.

Centralized exchanges will be a remnant of the beginning stages of Bitcoin.  

Growing pains.  Stay the course.  Much good to come.

-B-

[Dafar]

Yep people get scared easily today

The funny thing is the people the most "scared" are the ones who don't own a single satoshi.

Haha, I have a friend who is the "investor" in our group of friends... thinks bitcoin is a fad and he keeps sending me articles that talk about how bitcoin is "dead" because of all this. He gets happy whenever there is bad news on bitcoin because he thinks he is right about not investing, and doesn't wanna miss out in case it's a good opportunity. I just ignore him and don't even bother explaining the situation... I tell him to stay in the stock market because he has a vagina

[DannyHamilton]

This is why we need a decentralized exchange, owned by nobody.   The Mastercoin Foundation is creating the first.  And I am quite certain there are more in the pipeline.

Centralized exchanges will be a remnant of the beginning stages of Bitcoin.  

I haven't read up much on the concept of decentralized exchanges yet.  I'm curious, how would a decentralized exchange handle the process of moving the fiat cash among the users fast enough to act as an exchange?

[Armis]

I'm surprised how much Gox affected Bitcoin.

It's like saying USD will collapsed because of a bank bankruptcy. :/

It's more like saying the Euro will collapse because Spain and France no longer want to use it.

It will not only effect the Spanish and the French, it will also affect everyone in the European union, and everyone that uses euros.

The people who don't use Euros will quickly think the currency is doomed because they probably didn't value it much in the first place.

[Armis]

Its an interesting dilemma. On one hand, their spins are creating a great buying opportunity. On the other had, it is a legitimate threat to the acceleration of the technology.

if the currency is legitimate, if the system of support is strong, then the media's coverage is not an issue, HOWEVER, if the currency can be easily inflated with media hype, it stands to reason that it can be easily deflated with negative media hype. 

Without all of the positive media hype btc would only be worth about $400.  NOTE that $400 amount would reflect an extremely massive growth rate over the 5 years.

[Lauda]

Looking at Bitstamp, this didn't have a negative effect on the price.
Sure, MtGox did damage bitcoin in a way, put a dark cloud on it, but eventually that cloud will move away.

[BADecker]

How many things are there that can destroy Bitcoin?

Cracking the blockchain encryption would be one.

The Internet entirely shutting down.

The power grid entirely shutting down.

People losing interest would be one, but that is unlikely, at least until something better comes along.

Governments might make it difficult. But they won't be able to stop it. However, take a look at the troubles going on in Venezuela right now. Their government has virtually turned off electronic communication.

We need to figure out methods to bypass all of these major items. Some of them might seem unsurmountable. But they probably are not. It will simply take a lot of work, much of which has already been done in the Bitcoin and PGP thinking and programming.

[gadsdengraphics]

I've not taken an interest in the day-to-day price for a few months at least, but MtGox caused me to watch a a few things - particularly the LTC/BTC rate. If that had started to rise while BTC/USD fell, I was going to take it as a sign that enough people saw the Bitcoin name as damaged enough to move money to LTC, and I wanted to get in on the surge.

[Jcw188]

Most people still don't "get" what BTC is.  So yeah, they think Gox is dead so Bitcoin must be dead.  THe media and most people in the public are just waiting for anything to proclaim "Bitcoin is dead, haha see it doesn't work."  It would take WAY more than Gox dying to stop BTC from what I can tell.

[BitcoinSEC]

Yep people get scared easily today

The funny thing is the people the most "scared" are the ones who don't own a single satoshi.

+1

[Armis]

Looking at Bitstamp, this didn't have a negative effect on the price.

Because it was overshadowed by MTGox, had that been a totally isolated incident it would have been a different story.

Even now in this post Mt Gox environment the shock is just starting to be realized.  


Bitcoin is fragile, and unstable, the magnificent growth makes it even more clumsy as it develops.



Quote from: DeathAndTaxes on Today at 04:39:14 PM
Quote from: 2double0 on Today at 03:30:53 PM
Yep people get scared easily today

The funny thing is the people the most "scared" are the ones who don't own a single satoshi.

and they will continue to not own one if btc don't get their satoshi together

the growth and development of btc and all other CC is dependent on global acceptance

[LiteCoinGuy]

yeah, most mainstream reports are superficial or simply wrong. sad. but good for us, more time  

in austria some media also said, that BTC is dead because the central bank of BTC is offline....WTF? 

[Sheldor333]

They are not retarded. They just do what they are told. Someones wants them to say that, because they see that they can gain something from it. Simple as that.

[justusranvier]

The irony is that it's the news media industry that is collapsing.

They are hemorrhaging viewers and credibly almost as quickly as Bitcoin is gaining users and market cap.

http://www.gallup.com/poll/163052/americans-confidence-congress-falls-lowest-record.aspx

[mgburks77]

I was watching CNN today while getting ready for work and they had a 30 second tidbit on bitcoin... basically saying bitcoin has "collapsed" and users unexpectedly lost money from the shutdown of the most respected exchange. Fucking lol... why is the media so retarded?

when ever the media talks about the thing that you know a lot about you realize how little they know about that thing. however the truth is that it isnt isolated to the thing that you happen to know a lot about, every person who is an expert in a field sees that field butchered by the media but thinks it only applies to his or her field. the truth is they butcher everything just the way they butcher bitcoin and you would see the same sort of shit in every single other topic they cover if you could be an expert in everything.

Exactly.

If you have ever actually witnessed an event that was later reported in the media then you realize this.

[Anon136]

This is why we need a decentralized exchange, owned by nobody.   The Mastercoin Foundation is creating the first.  And I am quite certain there are more in the pipeline.

Centralized exchanges will be a remnant of the beginning stages of Bitcoin.  

I haven't read up much on the concept of decentralized exchanges yet.  I'm curious, how would a decentralized exchange handle the process of moving the fiat cash among the users fast enough to act as an exchange?

decentralized exchanges don't operate with the actual underlying asset, rather debt denominated instruments. so you would buy "8 BobOwesMeOneDollar tokens" and then take them down to bob who lives down the street and trade them to bob for 8 dollars. Next, with time, the market would provide pressure for people to federate inorder to provide deeper more liquid markets and instead of 8 BobBux, you would buy 8 FederationBux of which bob is a member. Insurance companies would arise to allow federations to price and homogenize risk among their members.

[DannyHamilton]

This is why we need a decentralized exchange, owned by nobody.   The Mastercoin Foundation is creating the first.  And I am quite certain there are more in the pipeline.

Centralized exchanges will be a remnant of the beginning stages of Bitcoin.  

I haven't read up much on the concept of decentralized exchanges yet.  I'm curious, how would a decentralized exchange handle the process of moving the fiat cash among the users fast enough to act as an exchange?

decentralized exchanges don't operate with the actual underlying asset, rather debt denominated instruments. so you would buy "8 BobOwesMeOneDollar tokens" and then take them down to bob who lives down the street and trade them to bob for 8 dollars.

I'm not sure I see the difference between Mark Karapeles refusing to give me my $8 and Bob from the "decentralized exchange" refusing to give me my $8.

It sounds a bit like localbitcoins.com, which works well if you have someone nearby that is participating, but is completely useless if you live in a region that doesn't have a lot of participation in the "decentralized solution".

[Anon136]

This is why we need a decentralized exchange, owned by nobody.   The Mastercoin Foundation is creating the first.  And I am quite certain there are more in the pipeline.

Centralized exchanges will be a remnant of the beginning stages of Bitcoin.  

I haven't read up much on the concept of decentralized exchanges yet.  I'm curious, how would a decentralized exchange handle the process of moving the fiat cash among the users fast enough to act as an exchange?

decentralized exchanges don't operate with the actual underlying asset, rather debt denominated instruments. so you would buy "8 BobOwesMeOneDollar tokens" and then take them down to bob who lives down the street and trade them to bob for 8 dollars.

I'm not sure I see the difference between Mark Karapeles refusing to give me my $8 and Bob from the "decentralized exchange" refusing to give me my $8.

It sounds a bit like localbitcoins.com, which works well if you have someone nearby that is participating, but is completely useless if you live in a region that doesn't have a lot of participation in the "decentralized solution".

sure well there are some similarities ill grant but there are also a lot of differences. it would be a lot like localbitcoins except with price discovery. also it has decentralization which grants it resilience, if bob goes out of business than he isnt going to drag the market down like gox has. maybe he'll bring it down by a dollar or two, not hundreds. it becomes failure tolerant.

on the surface it looks a lot like localbitcoins but by operating as an open source protocol it allows for new layers to be built ontop in a way that we cant do with a centralized system like localbitcoins. its analogous to saying that "i cant really see the difference between bitcoin and credit cards, i can pay for my lunch with either one". one example would be, individual actors could federate, they could agree to accept each others instruments, then we have the best of both worlds, deep and liquid markets with the fault tolerance that comes from the decentralization of different issuers.

[mgburks77]

The truly decentralized currency will be tradeable directly from the wallet with no middleman whatsoever.

How to do that securely? I don't have the technical savvy to have an answer for that.

[Gladdy]

Bitcoin are not dead ...