The Bitcoin environment seems toxic right now... has it felt like this before?

[ryanmnercer]

It's going down becuase I keep buying. Seriously. Bought 200$ worth, dropped 40$ that day.
Bought 200 more earlier in the week, dropped 30$ that day.
Bought 50$ this morning, has dropped 20$ today.

sonofabeach!

[mattboldfield]

The whole system is now contrived on blinded optimism, speculation, HYPE and well written articles.
Truth is their is nothing revolutionary about a file transfer.
Its a novel idea but people aren't stupidly going to stop using fiat like what they have been for centuries to save a few bucks on TX fees.

People also need that feeling of ownership, virtual currency of course can never offer this.
My argument here is that the whole idea is to eventually convert it to cash is it not?
Now, if that wasn't your cup of tea, the services/merchants that accept bitcoin are just as ridiculous and not much the same, as 4 years ago. The same reason I originally stopped mining.
Just look at the calling for story's of business accepting bitcoin.

Sadly the game rules are: To make any profit in this game, you sell your bitcoin to those caught up in the Hype. Heyyyy, Ponzi!

Bitcoin got its foot in the door of the worlds attention with the Chinese spike.
But as that is no longer the case, it is standing on its own two feet and beginning to kneel.
Greed has destroyed bitcoin, as well as hackers. Its original concepts have been long lost. But when the giant farms go bust, poetic justice will have been served. But pity the environment, same old human story!

Bitcoin has had more than 4 years to establish itself as a real currency/commodity. Sadly, it just simply is not going to happen, but a million forum users will tell you otherwise!
I'm not even going to elaborate on wallet failures. Myself and a friend also have had attacks from rogue mods on this site.

A smart man would be getting out now, if not a month ago, and come back in a month or two once things clarify more. But it is only human nature to dream!

[HashBTC]

The only thing I've noticed is an uptick in concern trolls recently.

+1

+100000

+100000000

[ebliever]

Bitcoin has had more than 4 years to establish itself as a real currency/commodity. Sadly, it just simply is not going to happen, but a million forum users will tell you otherwise!
I'm not even going to elaborate on wallet failures. Myself and a friend also have had attacks from rogue mods on this site.

A smart man would be getting out now, if not a month ago, and come back in a month or two once things clarify more. But it is only human nature to dream!

Bitcoin's market cap has grown spectacularly in the last 4 years, as have the number of vendors accepting it. It is so successful it is spawning hundreds of copy-cats and spin-off coins.

You sound like a Russian general in April 1945, as his armies beseige the tattered remnants of the Reich in Berlin, whining about how we'll never defeat the Nazis. Bizarre.

[AnonyMint]

mattboldfield nice to see there are some rational folks still lurking.

What might kickstart Bitcoin again is if the EU implements the 10% confiscation of all bank accounts as proposed by the IMF. I read they were trying to get the implementing law done within the 2nd half of 2014. I haven't been following closely the "progress".

Is there anything in the new EU banking union deal that would allow that? Can anyone comment on this?

There would be blood in the streets if that were to happen, and I would be in the forefront with my pitchfork!

http://www.reuters.com/article/2014/02/12/us-eu-banks-savings-idUSBREA1B1ZI20140212

http://www.maxkeiser.com/2014/03/eu-agrees-banking-union-bail-ins-cometh/

http://www.cnbc.com/id/101466741

http://www.huffingtonpost.co.uk/paulo-casaca/uk-finance_b_4888609.html

What I found most appalling in these above mentioned European acts is that not even the depositors with less than a 100.000€ will be safe, as their guarantee funds will be used in bail-in schemes.

http://www.ibtimes.co.uk/eu-banking-resolution-bank-bailout-lehman-brothers-488961

http://hat4uk.wordpress.com/2013/08/09/global-looting-the-new-eu-bailin-law-was-passed-8-days-ago-did-you-notice/

http://www.imf.org/external/pubs/ft/fm/2013/02/pdf/fm1302.pdf#page=59

https://www.gov.uk/government/consultations/bail-in-powers-implementation-including-draft-secondary-legislation/bail-in-powers-implementation

http://www.zerohedge.com/news/2014-01-02/martin-armstrong-warns-europeans-coming-expropriation-10-everyones-accounts

http://new.euro-med.dk/20140304-one-world-taxation-and-imf-as-global-central-bank-underway.php

One of the most influential documents will be the BEPS Action Plan:
It was  published by the OECD on 19 July 2013 reflects an attempt to deliver the biggest reform of global taxation in the lifetime of most of us. The global tax system  was thrashed out with the tax authorities of the G20 and is taking on every aspect of the system that is perceived as not working in today’s world as well as elements of those domestic tax regimes. (goal: “To detect tax evasion”).

[mattboldfield]

Thankyou - likewise!

[Sydboy]

no it is always like this.
enjoy ! :|

[AnonyMint]

Pure speculation, probably meaningless...

What if resistance is logarithmic?

That looks eerily similar to the chart of silver from the breakdown since 2011 $48 peak.

[maurya78]

We have had this kind of toxicity before many many times

[Ron~Popeil]

Yeah I am thinking maybe as low as $250-$300 before the recovery begins.  

People have been writing that exact sentence for the last 8 months.

If we didn't hit $250 after Gox failure, China "ban", Thailand "ban", Russia "ban", Shrem arrest, .......... we aren't going to hit $250 later.

Period.  Stop waiting to buy, and buy.

-B-

I am buying and mining small amounts every week. I don't have the fiat funds to jump in with both feet just yet but I do have some skin in the game now and will keep adding. 

[jonald_fyookball]

The whole system is now contrived on blinded optimism, speculation, HYPE and well written articles.
Truth is their is nothing revolutionary about a file transfer.

Obviously you have no comprehension of what bitcoin is or why it's revolutionary if you think it's a file transfer. 

[cypherdoc]

OP doesn't know what toxic is.

[ChuckBuck]

I'm thinking if the environment were really toxic, we'd be in single digits by now.

The recent price decline can be traced by a false leak by Sina Weibo (Chinese Twitter) that Bitcoin was completely banned in China:

“It is rumored that on March 18th the PBOC had issued a notice calling for all bitcoin transactions to be halted by April 15th. As of today the PBOC has not confirmed nor denied the statement.”

The PBOC later retracted this statement:

The report by certain media that PBOC has issued a document as of 3/18, requesting all bitcoin transactions be halted by 4/15' is in error. The attitude of the PBOC towards bitcoin has been clearly stated by the [5th December] document issued by the PBOC and five other agencies.

[AnonyMint]

The whole system is now contrived on blinded optimism, speculation, HYPE and well written articles.
Truth is their is nothing revolutionary about a file transfer.

Obviously you have no comprehension of what bitcoin is or why it's revolutionary if you think it's a file transfer.  

Correct it is not just file transfer. It is a decentralized consensus (on transfer or any action we choose to put in the block chain) without needing to trust any one. It solved the Byzantine General's problem (was an unsolved problem known since 1975 at least).

But I don't think that was mattboldfield's main thrust. I think he was saying that Bitcoin (at least in its current state) isn't going to appeal to the masses. And I agreed in prior posts as follows:

https://bitcointalk.org/index.php?topic=518453.msg5741903#msg5741903 <--- this one is most concise
https://bitcointalk.org/index.php?topic=491181.msg5818947#msg5818947
https://bitcointalk.org/index.php?topic=518453.msg5736229#msg5736229
https://bitcointalk.org/index.php?topic=518453.msg5775371#msg5775371
https://bitcointalk.org/index.php?topic=400235.msg5718375#msg5718375 <--- will adoption peak at 100 million?

[analau]

The whole system is now contrived on blinded optimism, speculation, HYPE and well written articles.
Truth is their is nothing revolutionary about a file transfer.
Its a novel idea but people aren't stupidly going to stop using fiat like what they have been for centuries to save a few bucks on TX fees.

People also need that feeling of ownership, virtual currency of course can never offer this.
My argument here is that the whole idea is to eventually convert it to cash is it not?
Now, if that wasn't your cup of tea, the services/merchants that accept bitcoin are just as ridiculous and not much the same, as 4 years ago. The same reason I originally stopped mining.
Just look at the calling for story's of business accepting bitcoin.

Sadly the game rules are: To make any profit in this game, you sell your bitcoin to those caught up in the Hype. Heyyyy, Ponzi!

Bitcoin got its foot in the door of the worlds attention with the Chinese spike.
But as that is no longer the case, it is standing on its own two feet and beginning to kneel.
Greed has destroyed bitcoin, as well as hackers. Its original concepts have been long lost. But when the giant farms go bust, poetic justice will have been served. But pity the environment, same old human story!

Bitcoin has had more than 4 years to establish itself as a real currency/commodity. Sadly, it just simply is not going to happen, but a million forum users will tell you otherwise!
I'm not even going to elaborate on wallet failures. Myself and a friend also have had attacks from rogue mods on this site.

A smart man would be getting out now, if not a month ago, and come back in a month or two once things clarify more. But it is only human nature to dream!

+1

[Bit_Happy]

We have had this kind of toxicity before many many times

OP doesn't know what toxic is.

This gives us a chance to remind people of something important:
The Bitcoin project is exciting and better days are still ahead.

[jonald_fyookball]

The whole system is now contrived on blinded optimism, speculation, HYPE and well written articles.
Truth is their is nothing revolutionary about a file transfer.

Obviously you have no comprehension of what bitcoin is or why it's revolutionary if you think it's a file transfer.  

Correct it is not just file transfer. It is a decentralized consensus (on transfer or any action we choose to put in the block chain) without needing to trust any one. It solved the Byzantine General's problem (was an unsolved problem known since 1975 at least).

But I don't think that was mattboldfield's main thrust. I think he was saying that Bitcoin (at least in its current state) isn't going to appeal to the masses. And I agreed in prior posts as follows:

https://bitcointalk.org/index.php?topic=518453.msg5741903#msg5741903 <--- this one is most concise
https://bitcointalk.org/index.php?topic=491181.msg5818947#msg5818947
https://bitcointalk.org/index.php?topic=518453.msg5736229#msg5736229
https://bitcointalk.org/index.php?topic=518453.msg5775371#msg5775371
https://bitcointalk.org/index.php?topic=400235.msg5718375#msg5718375 <--- is adoption peaking?

I wasn't talking to you  Anonymint.  
But while we are on the topic:

We get that you don't like Bitcoin.  Yet you've made over 3000 posts here and continue on your crusade.  So either you have an agenda or you're just addicted to debating with a community you don't support.  

Go for it.  I won't respond to your foolishness any more.  You've already painted yourself into a corner, and others will continue to point out your follies.

I will leave you with a final thought:
Chinese proverb:  "A person is not wise simply because one talks a lot."

[ebliever]

I knew there was a use for that Ignore button...

[Beliathon]

What if resistance is logarithmic?

What if AnonyMint is a bankster shill?

[corebob]

I guess the fun and excitement you always have in a innovative environment is wearing off. Lots of people who does not understand the revolutionary aspects of the technology are swarming around. Some even seems to think the bubble is the whole point. I guess its time to frequent these forums a bit less and start making more decentralizing software