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Author Topic: Price Conspiracy  (Read 2494 times)
memvola
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October 20, 2011, 10:35:13 AM
 #21

With a drop like that (+93%), the reputation of bitcoin is probably already damaged to the point where it will never return to previous highs, or even close. Thereby rendering any effort to "load up" and sell later for profit a futile endeavour.

Inflow of money from currency investors proved to be useless for the development of a new currency, that's for sure. At this point I believe that its "bad reputation" as an investment tool would be a good thing. "Never" is a bit of an exaggeration, I'm expecting Bitcoin to be pretty alive 5 years from now, and will probably reach new highs until then.

There are two obvious practical questions about Bitcoin, one is clone inflation, the other is security. Latter seems to have proved itself until now and I would trust the system with all my money without second thought. The former (alt-chain question) also seems to be settling. It's either that the alternate has a different purpose altogether (Namecoin) and survives, or it proves that some improvements can be made and passes that to Bitcoin (e.g. scrypt can be imported to Bitcoin as an alternate hashing algo), though it's not a tradition yet.

I tend to draw parallels between BTC and I2P. They will always be around as a safety guard against totalitarian control no matter what. Maybe you won't be using them?
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mjcmurfy
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October 20, 2011, 10:51:25 AM
 #22

Oh and it costs you nothing to send money using bitcoins?

Stop being a dumbass. The exchange rate alone might cost you more than $40 if you send any usuable amount of money.

What if we stopped valuing bitcoin based on fiat exchange rates determined by by a constant state of uncertainty and irrational mania/panic resulting in extreme price volatility at the floating exchanges. Read my thread in the economics forum: https://bitcointalk.org/index.php?topic=49130

http://www.bitcointorrentz.com/images/bct_button_117_30.png - BitCoinTorrentz.com: High-speed HTTP torrent downloads. 0.05 btc/gb. Up to 50% discount with free membership!
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October 20, 2011, 11:14:20 AM
 #23

No one who isn't a true believer uses Bitcoin. 

Simply not true. I had people buy bitcoins from me for cash with the sole purpose of "buying something online that can only be bought with bitcoins". These people found bitcoin a nice idea, but they were not "true believers".

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October 20, 2011, 01:49:49 PM
 #24

At this point I believe that its "bad reputation" as an investment tool would be a good thing.
How so?

I'm expecting Bitcoin to be pretty alive 5 years from now, and will probably reach new highs until then.
I can't say I'm as optimistic as you are, but I sure hope you turn out to be right. I still have a little money left to buy BTC in the future, but I'm no longer considering any major investment in BTC.

I guess only time will tell.

memvola
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October 20, 2011, 02:31:47 PM
 #25

At this point I believe that its "bad reputation" as an investment tool would be a good thing.
How so?

Well, everyone involved were recommending people not to invest in Bitcoin from day one, people invested nonetheless, and now they are complaining that Bitcoin is a bad idea because it was a bad investment for them.

As I said, my theory is, inward money flow hasn't helped with Bitcoin development very much. Would Bitcoin be in a better state if it hadn't got this much attention from investors this year? In one hand, there were a lot of attacks that would otherwise wouldn't happen, which is a good thing from a development perspective. On the other hand, focus has shifted from strengthening fundamental structure to building user friendly tools, some of which wouldn't even be needed if those problems were solved at a lower level. I applaud core developers for picking the right roadmap though.

Yeah, it's a matter of opinion, but I think the way to go is creating a solid structure and generating ideas to solve future practical problems first and then presenting it to the greater public. Of course development and problem solving would be slower that way (at least since a lot less people will be involved with less publicity), but I think it's a good trade-off. Enthusiast will always pay attention either way.
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October 20, 2011, 03:17:45 PM
 #26

No one who isn't a true believer uses Bitcoin. 

Simply not true. I had people buy bitcoins from me for cash with the sole purpose of "buying something online that can only be bought with bitcoins". These people found bitcoin a nice idea, but they were not "true believers".
What, drugs?  If the selling point of Bitcoin is that it can enable drug sales and money laundering, oy.  That's going to make mainstream adoption harder, not easier.

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October 20, 2011, 03:25:50 PM
 #27

The explanation is quite simple.

Lots of early adopters have gotten under pressure from each other to cash out.
It's the Prisoners dilemma and you can read all about it on wikipedia.

Nothing more about it really...

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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