First, I briefly direct you here --->
https://bitcointalk.org/index.php?topic=48879.0Now I will try to briefly state my point using information we all know. I'm taking the first step in trying to spark something. This is mostly directed towards those that are emotionally invested in Bitcoin and want it to succeed for ideological reasons.
Since June, I think it is reasonably determined that the speculative bubble burst. It's been bursting through and up until today, and for the reasons outlined in the articles above. National economies know the flaws of the Bitcoin economy -- they are right, and it's no secret. This may be obvious to us who suddenly filter out everything from our lives except the ticker during a big rally. It's an experience bound by emotion, but those reasonably informed and looking from the outside in have no reason to get excited. The rest simply don't care.
Some argue (as referenced in the linked thread) that Bitcoin is stronger now. After all, not only should most of the greedy people be out by now, but we've been scammed and hacked, lost our wallets, gambled, and sold our souls. So, Bitcoin will take it's natural course, readjust, and evolve like a bright idea should. We've learned something by now. Haven't we?...anyone?
In my opinion, no, we haven't. It's gotten worse. We've gotten worse. I'm guilty too. The root of Bitcoin's problems (and there
are problems) is embedded in communication. Economic exchanges are a form of communication, but these exchanges are influenced by different types of other forms of communication. First, consider the influence of silk road and the 'other' side of Bitcoin, the users of which likely constitute a significant percentage of Bitcoin transactions. What utility do you think these exchanges have? What utility do you think forum members' exchanges have when a large percentage of exchanges are likely coupled with a deep sense of suspicion?
I raise these issues because I believe the current BTC price (~$2.50) is unique. I think it is unique not only in that it's hovering above the low since June (duh), but because it is a point at which I think a number of new factors emerge. How we handle these new factors will largely determine Bitcoin's future; some are fiscal, some are psychological. Bitcoins are no longer profitable to mine for a majority of miners, the $1 magical barrier is now realistically foreseeable, the media has all but turned its back completely, and the focus has shifted from the market. We already have learned to not trust each other, so what do we do from here?
We need to work together, brainstorm and evaluate the countless ideas that have been posited on this thread, find the best ones, and implement them. We need to target what the economy needs. The market doesn't just magically self-correct. The market adjusts to communal influence. We need security for our BTC. Exchanges and wallet services need to make the leap to provide coverage for assets. We need more necessary items sold, not novelty items. Hey, we all love a Bitcoin keychain, but a keychain only connects to those inside the club, not outside.
Ultimately, we need to consider the desires of the common person. People want to feel safe, secure, loved, understood, famous, special, etc. They don't want a currency that they understand to be unsafe, insecure, unloving, hard to understand, marginalized, and silly.
Give the people what they want. We used to be them!
