Crash!!

[proudhon]

Did anyone sincerely believe any significant amount of new money was entering this pathetic system?  It's just old money changing hands, and as I've said before, you can't get the price to stick in that kind of scenario.  It'll bounce around after large drops and might recover to nearly the "stable" pre-drop price, but, ultimately, the price will continue going down as long as no new money enters the system; and, again, it's apparent that there isn't really any new money entering the system and there's absolutely no reason for anyone to put money into this sinking ship.

A week or two from now, it'll be painfully obvious that this recent "rally" was just like the New York Conference rally; and the long slow slide will continue.  A month from now we'll probably have made new lows.

How low do you want to buy coins ? 0.01 usd?

We know how much you love bitcoin.. save your breath

I actually want the exchange rate to increase because that would be a sign that people are investing in the project (hopefully some of them not merely as speculative investors but users).  The bitcoin market will need to be many times higher than what it is now for this thing to really stick.  But, it's not going to rise because the credibility of the project has been utterly destroyed and no serious money, certainly not enough of it, is entering the system.  What's essentially going on is the same people are just shuffling money and bitcoins around on the exchanges.  More and more of each are getting collected into fewer and fewer hands.  There is no way, in that scenario, for the price to rise and stick, and that's exactly what we've seen for the past 6 months.  Price drops, then rises to nearly where it was before the drop, then levels off, then gradually declines, then drops.  Repeat.  There is no reason to think this is going to stop happening and I think anyone betting otherwise is a fool.

I'm happy to concede that it's possible to make money in this environment.  But, that's essentially bleeding bitcoin and if this keeps up, as it seems it's going to, then what's going on is going to trade bitcoin into oblivion - It's credibility shattered, it's value in perpetual free fall - until the project will be tossed aside into the waste basket of novel internet experiments.  Bitcoin will be lucky to make it as a footnote in internet history and if it does make it it'll be a case study on human greed.

How was bitcoin's credibility ever shattered?

You can't be serious.  Just for starters, there's the MtGox hack, MyBitcoin, Bruce Wagner, the Polish exchange, the encryption bug, the obvious price manipulation, all those DDoS attacks on the pools some months back, CosbyCoin...

You can talk to me all day long about how none of that compromised the protocol and that the protocol chugged happily along the whole time churning out ~50BTCs every 10 minutes or whatever.  Here's my response:  Non-techies do not care about that.  They care whether the money they put in is safe, usable, retrievable, has at least the same purchasing power as what they put in, you know, all the things that have been issues.  Whether you like it or not, for this project to survive it needs more than crypto-nerds and former PC gaming enthusiasts involved.

[slush]

You can't be serious.  Just for starters, there's the MtGox hack, MyBitcoin, Bruce Wagner, the Polish exchange, the encryption bug, the obvious price manipulation, all those DDoS attacks on the pools some months back, CosbyCoin...

You can't be serious. What about all those bank robberies? Shouldn't a fiat crash because of them?

[evoorhees]

It's credibility shattered, it's value in perpetual free fall - until the project will be tossed aside into the waste basket of novel internet experiments.  Bitcoin will be lucky to make it as a footnote in internet history and if it does make it it'll be a case study on human greed.

Credibility shattered? Perpetual free fall? Case study on human greed?

This thread is about Bitcoin, not USD. Please keep it on topic.

In all seriousness, Proudhon, just because you've tossed the project into your own waste basket due to a price decline (though STILL up over 100% YoY), doesn't mean others have. We're not all as short-sighted. We don't all have time horizons of half a year.

You call it a "case study in human greed"... but you're the one who abandoned it because of a declining price. Others of us continue to build. It's more like a case study in perseverance and dedication - working on a project despite short-term price fluctuations, despite media cynicism, and despite convention.

Bitcoin is so much more than its spot price in a given month. Sorry that your understanding of it was so easily shaken - it must be somewhat depressing to be so fickle in one's endeavors. But cheer up mate, we'll keep working while you sulk and fuss about.

[Crypt_Current]

It's credibility shattered, it's value in perpetual free fall - until the project will be tossed aside into the waste basket of novel internet experiments.  Bitcoin will be lucky to make it as a footnote in internet history and if it does make it it'll be a case study on human greed.

Credibility shattered? Perpetual free fall? Case study on human greed?

This thread is about Bitcoin, not USD. Please keep it on topic.

In all seriousness, Proudhon, just because you've tossed the project into your own waste basket due to a price decline (though STILL up over 100% YoY), doesn't mean others have. We're not all as short-sighted. We don't all have time horizons of half a year.

You call it a "case study in human greed"... but you're the one who abandoned it because of a declining price. Others of us continue to build. It's more like a case study in perseverance and dedication - working on a project despite short-term price fluctuations, despite media cynicism, and despite convention.

Bitcoin is so much more than its spot price in a given month. Sorry that your understanding of it was so easily shaken - it must be somewhat depressing to be so fickle in one's endeavors. But cheer up mate, we'll keep working while you sulk and fuss about.

+1

[teflone]

It's credibility shattered, it's value in perpetual free fall - until the project will be tossed aside into the waste basket of novel internet experiments.  Bitcoin will be lucky to make it as a footnote in internet history and if it does make it it'll be a case study on human greed.

Credibility shattered? Perpetual free fall? Case study on human greed?

This thread is about Bitcoin, not USD. Please keep it on topic.

In all seriousness, Proudhon, just because you've tossed the project into your own waste basket due to a price decline (though STILL up over 100% YoY), doesn't mean others have. We're not all as short-sighted. We don't all have time horizons of half a year.

You call it a "case study in human greed"... but you're the one who abandoned it because of a declining price. Others of us continue to build. It's more like a case study in perseverance and dedication - working on a project despite short-term price fluctuations, despite media cynicism, and despite convention.

Bitcoin is so much more than its spot price in a given month. Sorry that your understanding of it was so easily shaken - it must be somewhat depressing to be so fickle in one's endeavors. But cheer up mate, we'll keep working while you sulk and fuss about.

+1

Epic, Proudhon was served...

[ineededausername]

It's credibility shattered, it's value in perpetual free fall - until the project will be tossed aside into the waste basket of novel internet experiments.  Bitcoin will be lucky to make it as a footnote in internet history and if it does make it it'll be a case study on human greed.

Credibility shattered? Perpetual free fall? Case study on human greed?

This thread is about Bitcoin, not USD. Please keep it on topic.

In all seriousness, Proudhon, just because you've tossed the project into your own waste basket due to a price decline (though STILL up over 100% YoY), doesn't mean others have. We're not all as short-sighted. We don't all have time horizons of half a year.

You call it a "case study in human greed"... but you're the one who abandoned it because of a declining price. Others of us continue to build. It's more like a case study in perseverance and dedication - working on a project despite short-term price fluctuations, despite media cynicism, and despite convention.

Bitcoin is so much more than its spot price in a given month. Sorry that your understanding of it was so easily shaken - it must be somewhat depressing to be so fickle in one's endeavors. But cheer up mate, we'll keep working while you sulk and fuss about.

Back in October, proudhon turned into a bear troll.  I suddenly got the urge to look up his old posts...
On the way up, proudhon was an enthusiastic miner and also hyped the project a lot.  On the way down, since he wasn't making any money anymore, he turned into the bear troll he is today.
Fun fact: before proudhon turned bearish and started posting in the speculation forum, his top two forums by posts were Bitcoin Discussion and... you guessed it... mining.
I think proudhon is a case study in human greed.

[BadBear]

He may be trolling but he still brings up good points, so attacking him personally is just trolling in itself. 

[tvbcof]

He may be trolling but he still brings up good points, so attacking him personally is just trolling in itself. 

I find that Nagle actually brings up some good points that are really worth considering from time to time.  Proudhon? ummm...'not so much' (to understate things just a bit.)

[proudhon]

It's credibility shattered, it's value in perpetual free fall - until the project will be tossed aside into the waste basket of novel internet experiments.  Bitcoin will be lucky to make it as a footnote in internet history and if it does make it it'll be a case study on human greed.

Credibility shattered? Perpetual free fall? Case study on human greed?

This thread is about Bitcoin, not USD. Please keep it on topic.

In all seriousness, Proudhon, just because you've tossed the project into your own waste basket due to a price decline (though STILL up over 100% YoY), doesn't mean others have. We're not all as short-sighted. We don't all have time horizons of half a year.

You call it a "case study in human greed"... but you're the one who abandoned it because of a declining price. Others of us continue to build. It's more like a case study in perseverance and dedication - working on a project despite short-term price fluctuations, despite media cynicism, and despite convention.

Bitcoin is so much more than its spot price in a given month. Sorry that your understanding of it was so easily shaken - it must be somewhat depressing to be so fickle in one's endeavors. But cheer up mate, we'll keep working while you sulk and fuss about.

Back in October, proudhon turned into a bear troll.  I suddenly got the urge to look up his old posts...
On the way up, proudhon was an enthusiastic miner and also hyped the project a lot.  On the way down, since he wasn't making any money anymore, he turned into the bear troll he is today.
Fun fact: before proudhon turned bearish and started posting in the speculation forum, his top two forums by posts were Bitcoin Discussion and... you guessed it... mining.
I think proudhon is a case study in human greed.

Ok.  Ouch.  Those comments sting.  I'm being serious.  I'm going to think about what you guys have said and offer a sincere response.  At least this much is clear right now, I want to tone it down.  I've allowed myself to go overboard.  So, before I say anything else, let me say this:  Sorry.  Whatever direction I think this project is going to go, I'm sorry for being so glib, flippant, and aggressively negative.  A lot of people with honorable intentions have put a lot of work into bitcoin, and whatever I think is or is not going to happen, I need to reign myself in from being so disrespectful.  Thanks for the wake up call.  I'll post more later.

[evoorhees]

Ok.  Ouch.  Those comments sting.  I'm being serious.  I'm going to think about what you guys have said and offer a sincere response.  At least this much is clear right now, I want to tone it down.  I've allowed myself to go overboard.  So, before I say anything else, let me say this:  Sorry.  Whatever direction I think this project is going to go, I'm sorry for being so glib, flippant, and aggressively negative.  A lot of people with honorable intentions have put a lot of work into bitcoin, and whatever I think is or is not going to happen, I need to reign myself in from being so disrespectful.  Thanks for the wake up call.  I'll post more later.

Wow that was an extremely mature and eloquent response. It's okay Proudhon, I just think maybe you've drank from the Chalice of Eternal Pessimism and Woe. It happens. The effects will subside =)

I really appreciate your candor.

[ineededausername]

Ok.  Ouch.  Those comments sting.  I'm being serious.  I'm going to think about what you guys have said and offer a sincere response.  At least this much is clear right now, I want to tone it down.  I've allowed myself to go overboard.  So, before I say anything else, let me say this:  Sorry.  Whatever direction I think this project is going to go, I'm sorry for being so glib, flippant, and aggressively negative.  A lot of people with honorable intentions have put a lot of work into bitcoin, and whatever I think is or is not going to happen, I need to reign myself in from being so disrespectful.  Thanks for the wake up call.  I'll post more later.

Wow that was an extremely mature and eloquent response. It's okay Proudhon, I just think maybe you've drank from the Chalice of Eternal Pessimism and Woe. It happens. The effects will subside =)

I really appreciate your candor.

+1

Most mature post I've read for a while on this forum.

[teflone]

Jaw dropped... :O

[notme]

What is this?  Sanity on the Internet.  Maybe Bitcoin will change the world!

[plastic.elastic]

It's credibility shattered, it's value in perpetual free fall - until the project will be tossed aside into the waste basket of novel internet experiments.  Bitcoin will be lucky to make it as a footnote in internet history and if it does make it it'll be a case study on human greed.

Credibility shattered? Perpetual free fall? Case study on human greed?

This thread is about Bitcoin, not USD. Please keep it on topic.

In all seriousness, Proudhon, just because you've tossed the project into your own waste basket due to a price decline (though STILL up over 100% YoY), doesn't mean others have. We're not all as short-sighted. We don't all have time horizons of half a year.

You call it a "case study in human greed"... but you're the one who abandoned it because of a declining price. Others of us continue to build. It's more like a case study in perseverance and dedication - working on a project despite short-term price fluctuations, despite media cynicism, and despite convention.

Bitcoin is so much more than its spot price in a given month. Sorry that your understanding of it was so easily shaken - it must be somewhat depressing to be so fickle in one's endeavors. But cheer up mate, we'll keep working while you sulk and fuss about.

Back in October, proudhon turned into a bear troll.  I suddenly got the urge to look up his old posts...
On the way up, proudhon was an enthusiastic miner and also hyped the project a lot.  On the way down, since he wasn't making any money anymore, he turned into the bear troll he is today.
Fun fact: before proudhon turned bearish and started posting in the speculation forum, his top two forums by posts were Bitcoin Discussion and... you guessed it... mining.
I think proudhon is a case study in human greed.

Ok.  Ouch.  Those comments sting.  I'm being serious.  I'm going to think about what you guys have said and offer a sincere response.  At least this much is clear right now, I want to tone it down.  I've allowed myself to go overboard.  So, before I say anything else, let me say this:  Sorry.  Whatever direction I think this project is going to go, I'm sorry for being so glib, flippant, and aggressively negative.  A lot of people with honorable intentions have put a lot of work into bitcoin, and whatever I think is or is not going to happen, I need to reign myself in from being so disrespectful.  Thanks for the wake up call.  I'll post more later.

Fking loser. Because of scums like you this world is fcked up.

Not about bitcoins but about everything in life.

[trogdorjw73]

Fking loser. Because of scums like you this world is fcked up.

Not about bitcoins but about everything in life.

Thank goodness! The normal Internet is back. For a second there I thought it was broken.

[ineededausername]

Fking loser. Because of scums like you this world is fcked up.

Not about bitcoins but about everything in life.

Thank goodness! The normal Internet is back. For a second there I thought it was broken.

The tubes were clogged.

[teflone]

Fking loser. Because of scums like you this world is fcked up.

Not about bitcoins but about everything in life.

Thank goodness! The normal Internet is back. For a second there I thought it was broken.

omg.. im laughing sooo hard...   this made my night..

[Crypt_Current]

Fking loser. Because of scums like you this world is fcked up.

Not about bitcoins but about everything in life.

Thank goodness! The normal Internet is back. For a second there I thought it was broken.

omg.. im laughing sooo hard...   this made my night..

Yep, I was similarly entertained by this thread... good stuff :-)

[netrin]

thanks guys, you made my crash day

[molecular]

Fking loser. Because of scums like you this world is fcked up.

Not about bitcoins but about everything in life.

Thank goodness! The normal Internet is back. For a second there I thought it was broken.

pure awesome, I think I woke the neighbors ^^

kudos to proudhon for jumping his own shadow (if that's a valid saying in english).