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Author Topic: "Oh, I can't believe a magical, made up currency didn't work out"  (Read 2347 times)
dynodog
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February 28, 2014, 03:32:29 PM
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That's how I found out about the bankruptcy filing this morning - while dropping my daughters off at school, this was actually being discussed on the "morning mash up" (sp?) show which plays the top 40 hits.  The hosts were dying laughing that people would actually get into something like bitcoin, and how dumb we all are - the subject quote was theirs'.

Unfortunately, that is how bitcoin will be perceived for a long long time to come.  Very few new buyers will come into the market, but then again probably only a few will exit because the die-hards like us aren't selling because we already drank the kool-aid.  That's why the price is staying where it is.  But instead of exploding into a potential alternative currency that people will actually use, with a large liquid market cap, we are now likely doomed to be nothing but an afterthought for many many years to come.

Thanks Mark.  For this I also blame, to some extent, Satoshi for not coming forward.  Although there was no requirement in any way to do so, it would have been a perfect opportunity to save bitcoin from the malaise that is coming, and to get rid of and diversify some of his massive 1.2 million bitcoin.  One person or group should not hold that much bitcoin.  I look at Satoshi's massive bitcoin holding as a rainy day fund for the cause.  This was the time to use some of it, and still would have left him with around 500,000 bitcoin.  Maybe he tried but Mark would not give up the company or control.   I hate to be a pessimist but this was disaster for bitcoin, of which the after effects will be felt for many years to come. 
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February 28, 2014, 03:37:05 PM
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You could say the samething about paper money.  One exchange, or even all of them, is not Bitcoin.

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February 28, 2014, 03:37:55 PM
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When the price gets back above 1,200 and continues towards $10,000, they will stop laughing. But then when it "crashes" to only $6,000 they will laugh once again.
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February 28, 2014, 03:39:02 PM
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You could say the samething about paper money.  One exchange, or even all of them, is not Bitcoin.

The same has been said about paper http://ledracapital.com/blog/2014/2/17/bitcoin-series-19-bizarre-shadowy-paper-based-payment-system-being-rolled-out-worldwide
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February 28, 2014, 03:39:19 PM
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So your answer to this is for Satoshi—who claimed he created bitcoin partly because he was so against bank bailouts and "too big to fail" culture—to bail out people who invested in MtGox. With his bitcoins. Because this is too big to fail.

No thanks.
whtchocla7e
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February 28, 2014, 03:39:44 PM
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You could say the samething about paper money.  One exchange, or even all of them, is not Bitcoin.

It doesn't matter what you could say about paper money.

Bitcoin is trying to replace paper money. If you can pin the same weaknesses to Bitcoin money and paper money then Bitcoin fails as a replacement for paper money.
kwest
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February 28, 2014, 03:50:23 PM
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The attention span of the masses is short. This whole thing will be forgotten once Wall Street enters the market and the price soars (if it happens, let's see what SecondMarket can bring to the table). The point being: it doesn't have to hurt bitcoin for several years.
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February 28, 2014, 03:51:32 PM
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They were saying this bullshit back when Bitcoin was only around $50 and had tons of trouble pushing the $100 barrier, in fact I think the only things that have changed since then is that they've gotten even more obnoxious and arrogant in the way they attack Bitcoin. I can see exactly why Satoshi never revealed himself, forget all the government stuff and how he could easily become targeted by them for disrupting their paper money monopoly over the world, these guys alone would harass him constantly.
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February 28, 2014, 03:53:13 PM
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It is a kind of magic  Smiley
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February 28, 2014, 03:53:50 PM
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When there was a USD crisis they just printed some more. Can't Bitcoin just do the same?  Wink
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February 28, 2014, 03:55:13 PM
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Printing USD never solved anything as far as i know  Cheesy
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February 28, 2014, 04:00:23 PM
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Funny, the price of BTC seems to be ignoring the FUD.  Spooked sellers are being met by eager buyers.

Bitcoin has responded to the death of Gox with a resounding "Meh"  Cheesy

Only when the tide goes out do you discover who's been swimming naked. -Warren Buffett
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February 28, 2014, 04:01:13 PM
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Yeah the public reputation of bitcoin is kinda ruined.  Undecided
Most of the people, being ignorant f*cktards, already labeled it as scam, ponzi scheme, etc.
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February 28, 2014, 04:11:07 PM
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Yeah the public reputation of bitcoin is kinda ruined.  Undecided
Most of the people, being ignorant f*cktards, already labeled it as scam, ponzi scheme, etc.
All news is good news Wink
As long as people talk about it, it helps BTC in the long run
Don't be shortsighted

https://forum.bitcoin.com/
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February 28, 2014, 04:14:07 PM
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All news is good news Wink
As long as people talk about it, it helps BTC in the long run
Don't be shortsighted

You beat me to saying that. All publicity is good publicity. People are discussing Bitcoin and that's all you want. They don't have to "get it" at first. Heck even I initially wrote it off, and I'm supposedly tech savvy.
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February 28, 2014, 04:25:27 PM
 #16

That's how I found out about the bankruptcy filing this morning - while dropping my daughters off at school, this was actually being discussed on the "morning mash up" (sp?) show which plays the top 40 hits.  The hosts were dying laughing that people would actually get into something like bitcoin, and how dumb we all are - the subject quote was theirs'.

Unfortunately, that is how bitcoin will be perceived for a long long time to come.  Very few new buyers will come into the market, but then again probably only a few will exit because the die-hards like us aren't selling because we already drank the kool-aid.  That's why the price is staying where it is.  But instead of exploding into a potential alternative currency that people will actually use, with a large liquid market cap, we are now likely doomed to be nothing but an afterthought for many many years to come.

Thanks Mark.  For this I also blame, to some extent, Satoshi for not coming forward.  Although there was no requirement in any way to do so, it would have been a perfect opportunity to save bitcoin from the malaise that is coming, and to get rid of and diversify some of his massive 1.2 million bitcoin.  One person or group should not hold that much bitcoin.  I look at Satoshi's massive bitcoin holding as a rainy day fund for the cause.  This was the time to use some of it, and still would have left him with around 500,000 bitcoin.  Maybe he tried but Mark would not give up the company or control.   I hate to be a pessimist but this was disaster for bitcoin, of which the after effects will be felt for many years to come. 
It may or may not be perceived that way. It all depends on what happens in the next couple months. It hasn't exactly had a great name for awhile now. This doesn't help, but also how it bounces back will show how resilient it truly is.
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February 28, 2014, 04:30:08 PM
 #17

Yeah the public reputation of bitcoin is kinda ruined.  Undecided
Most of the people, being ignorant f*cktards, already labeled it as scam, ponzi scheme, etc.

worry not, public perception is far more volatile than bitcoin.

besides fuck the public! they look around in the theater and clap when everyone else does, in a theater one lone wolf or a performers associate starts to clap, every other fucker follows, the plebs would never want to be the first to clap just in case no one else went along.

there are more than enough rich out there looking for a wealth store. and when they see bitcoin taking this news on the chin and remaining upright and proud they will realise it has legs, they're not stupid, if they were they'd have lost their credits long ago.

i agree that if the public started to use bitcoin for their day to day living then it would be good for bitcoin, but realise that M1 money supply is very small considering the userbase. there's alot of big money that the public doesn't even know about.

many shrewd new players will enter (with a modest amount of their portfolio perhaps ~5%) and try to buy in at the bottom where that is depends on what happens with gox, but it's not far off, and this will be the start of the next wave, taking BTC up to ~5k USD.

in summation, no news is bad news. this is publicity, dramatic attention grabbing publicity.

CORTEX7 Multi exchange Bitcoin trading client for Win, Mac, Nix, Android.
RichG
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February 28, 2014, 04:32:22 PM
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Morning show hosts are so f**king stupid. Except for NPR hosts. They actually have working brain cells in the morning.
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February 28, 2014, 04:37:48 PM
 #19

All news is good news Wink
As long as people talk about it, it helps BTC in the long run
Don't be shortsighted

You beat me to saying that. All publicity is good publicity. People are discussing Bitcoin and that's all you want. They don't have to "get it" at first. Heck even I initially wrote it off, and I'm supposedly tech savvy.

This.


The hosts were dying laughing that people would actually get into something like bitcoin, and how dumb we all are - the subject quote was theirs'.

We will be very soon dying laughing at all the people that where not taking Bitcoin seriously.
We'll humiliate them with our wealth and power.
They gonna live a long painful and miserable life while we'll be well-off.

Here's my bag so you don't ask : Bitcoin, tenX, iexec, byteball and pepecash
gustav
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February 28, 2014, 04:46:31 PM
 #20

op in general right, but too pessimistic. We should recover within the year as we see Gox fade away and an army of new exchanges take its place. New applications coming also. Some altcoins will make news. This is all not the end. See you at the 700-range in 4 weeks Wink
... just wait out the media-echo on gox... as soon it is gone and worked through in less then 3 months we see the moon again Wink
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