I'm going to make this short, because I'm more interested in reading your opinions rather than sharing mine. I'm sure most of you have invested in Bitcoins- and I consider even $50 an investment (though a small one). You could have invested when 10,000 Bitcoins were worth $25, or when a Bitcoin was worth about a buck. But do you regret not cashing in your investment earlier? Even I didn't expect the value of a Bitcoin to plummet this low, and despite getting rid of all my rigs and finally uninstalling both the RPC and Diablo miners from my main computer I still check MtGox each day in hopes that the economy will get much better. Then again, I'm a kid, so why should my opinion be taken seriously? The point that I'm trying to get at is, Bitcoins have been drastically falling in value ever since the CosbyCoin incident. At this point, do you intend to sell your investment and make what tiny profit (if any) you can get, or continue "believing" in Bitcoin?
Honestly, I believe that this bubble-n-crash was a great thing for Bitcoins. The bubble brought in a lot of new blood (like me and some friends) in that community. The crash was necessary to clean the place of all the scammers and get-rich-quick-losers who don't bring a lot of value with them. Right now, a lot of projects are being created and Bitcoin is growing slowly, but clearly.
Yeah, if you just look at the price, you're going to miss the important details. Go check how many new users this forum gets. Check the volume of Bitcoins traded every day. Yeah, the price is low, but don't forget that for every person who sells, there's another one who buy Bitcoins and want its investment to grow.
I believe right now is the best time to invest into Bitcoins projects. Just 2 days ago, we bought a total of 4 GHash/s of new Radeon for our farm. This weekend, we're going to go from 8 GHash/s to 12 GHash/s. And yes, we pay our electricity and yes, we're making money. I really don't understand that now that the Bitcoin is accessible to more people because of its low price, all we see is "doom and gloom". With that difficulty going down like crazy, and the price going the same way, it's a wonderful opportunity to invest.
As long as Silk Road is up, I'm sure Bitcoins will still be around regardless of their value. But I can just expect that one day I'll come back here and the whole community will be dead (metaphorically, of course).
One more thing, can someone explain to me how this ISN'T a ponzi scheme? I could have become a millionaire by selling Bitcoins right now if I had known about them from the start.
It is not a ponzi scheme. Why? Because it is not.
Also, the sky is not brown. Why? Because it is not.http://en.wikipedia.org/wiki/Ponzi_scheme
And don't take it personnally, but I believe it is impossible for you to become a millionaire with your current attitude. My guess is that, if you knew about Bitcoins from the start, you would have the same reaction as right now. One year ago, it was impossible to predict the bubble who occured in June. And right now, it's impossible to predict the next bubble who will occur in December 2012.
How do I know there's going to be another bubble in December 2012? The world is supposed to end next year, and people will invest into Bitcoin because of that. I have a chart with red lines made with Paint somewhere on my computer that proves it!
Seriously, I don't know, I'm like those early adopters who had no idea what Bitcoin could become in the future. I'm happy for them, because right now, I'm making money because of their efforts. I hope some other people will be able to make money later because of my efforts.
And finally, how do you think the BTC economy will influence other cryptocurrencies? Or as I call them, knock-offs.
Well, some interesting ideas could emerge from it (thinking about Namecoin right now). But overall, we're going to see a lot of shit(like SolidCoin for example) where all the guy try to do is to rip-off Bitcoins, correct "problems" (in reality, these are not really problems, they are more like unique characteristics that are perceive like problems because people are afraid of them) and try to do the exact same thing Bitcoins does, but with a new paint job on it.
Overall, I'm just a random Internet guy, who's really sick of all that "fail" mentality around here. Why everybody is so obsessed with failure, whining or conspiracy? Don't you guys want to win sometimes? Sure there's a conspiracy/ponzi scheme/whatever out there. Somebody called God planted a death bomb in your ass and, evil as he is, he didn't told you when it's going to blow up. But hey! Lucky as we are, we can achieve things with the time we have!
BurntSnow, don't take anything in my post personnally. It's just that your post is similar to a dozen of "doom" post everywhere on this forum, and I just wanted to rant about it.