I'm Out

[designfail]

"Papercoin" could be built on top of bitcoin. Like if bitcoin is gold, the "papercoin" - is like paper money. "Papercoin" transactions could be fast and insured at bitcoin exchanges, etc.

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[co5hike]

All my credit card purchases appear to happen instantly and seemlessly to the consumer. Bitcoin transactions take hours to verify, which is painfully obvious when moving money around.

Try compare with bank wires for moving money around...

[~Coinseeker~]

Is BTC an exploding bubble, or...
A once in a lifetime growth opportunity?

Bitcoin is just proof-of-concept.  We're already seen better tech, with better options coming online.  Over the next 5 years, we'll continue to see an explosion of next gen. cryptocurrency options that will put the blockchain to shame.  That's just the way technology goes and since Bitcoin doesn't have enough developers dedicated to the core, there's no way Bitcoin is going to be able to keep up.  People are too busy making money off Bitcoin to care about the core.

[Torque]

....since Bitcoin doesn't have enough developers dedicated to the core, there's no way Bitcoin is going to be able to keep up. 

More ass talk.

[CoinPal]

....since Bitcoin doesn't have enough developers dedicated to the core, there's no way Bitcoin is going to be able to keep up. 

More ass talk.

http://finance.yahoo.com/blogs/daily-ticker/does-bitcoin-have-a-future--marc-andreessen-thinks-so-141613056.html


Where there is millions of $, then there are developers.

[Paashaas]

Bitcoin is just proof-of-concept.  We're already seen better tech, with better options coming online.  Over the next 5 years, we'll continue to see an explosion of next gen. cryptocurrency options that will put the blockchain to shame.  That's just the way technology goes and since Bitcoin doesn't have enough developers dedicated to the core, there's no way Bitcoin is going to be able to keep up.  People are too busy making money off Bitcoin to care about the core.

BS, the whole post you made are 100% wrong. Typical guy who thinks that he missed the train.

[600watt]

Bitcoin is just proof-of-concept.  We're already seen better tech, with better options coming online.  Over the next 5 years, we'll continue to see an explosion of next gen. cryptocurrency options that will put the blockchain to shame.  That's just the way technology goes and since Bitcoin doesn't have enough developers dedicated to the core, there's no way Bitcoin is going to be able to keep up.  People are too busy making money off Bitcoin to care about the core.

BS, the whole post you made are 100% wrong. Typical guy who thinks that he missed the train.

the history of technology shows that not always the best technology finds its way to mass adoption. we are still driving around in cars with combustion engines invented 2 centuries ago.

[dreamspark]

As a person who bought around $5 and then sold a fair chunk the day after $1200 Im sure the OP has his fair share of wealth. Nobody knows his age or other circumstances so its impossible to really see it from OP perspective. If hes a young 20 something then I would probably say fuck it don't sell at low $400's not after riding the waves already and making a tidy profit. However if OP is later in life with dependents then depending on the amount of wealth bitcoin has given him then he could live out the rest of his life very comfortably and not leave his dependents with a volatile beta experiment to deal with...

[dreamspark]

the history of technology shows that not always the best technology finds its way to mass adoption. we are still driving around in cars with combustion engines invented 2 centuries ago.

Yup and the only reason we are still driving round in ICE cars is that the big businesses pretty much stamp out any attempt to use the better technology. In the early 1900's there were more electric cars on the road then ICE cars.

[grifferz]

I can kind of understand cashing some out now if you bought at $5, but I am surprised that OP does not think it worth keeping just a small amount in order to keep an interest in Bitcoin.

I must admit that I cashed out a fair bit in late 2013 — much of which was bought at a similar price — but it's all too fascinating to completely abandon and I've been tending to buy back at the low points such as now.

to all people who feel this way you need to see how the big mining data centers are going to slam the price until they feel like they can trust each other to form price control agreements like OPEC, London Gold Fix, etc

So you're actually advocating that everyone who bought the majority of their bitcoin at $5 should now sell it all at ~$450 and not keep even a tiny fraction of it just to keep an interest?

Personally I couldn't do it, I need to retain at least a small amount to feel I am part of it. I was willing to sacrifice a small amount of a larger profit for that.

Or is it the buying back lower bit that you disagree with?

[BTCMS]

Well most people who were in bitcoin from the start (<20$ dollar prices) will have sold a big part of their coins during the peaks.

[knightcoin]

Is BTC an exploding bubble, or...
A once in a lifetime growth opportunity?

Bitcoin is just proof-of-concept.  We're already seen better tech, with better options coming online.  Over the next 5 years, we'll continue to see an explosion of next gen. cryptocurrency options that will put the blockchain to shame.  That's just the way technology goes and since Bitcoin doesn't have enough developers dedicated to the core, there's no way Bitcoin is going to be able to keep up.  People are too busy making money off Bitcoin to care about the core.

Sounds like JP Morgan new product presentation ... wow what a meeting ... now serious that's why I support any educational book about bitcoin ecosystem from the core protocol, to pools concepts from cryptology to economy it could have a entire textbooks series ...

[rocks]

That chart is already out of date.

M0 money supply is $3.8T now and rising faster every day. The fact that M0 is doubling every few years inevitably means that BTC will go up in dollar terms. Remember M0 was ~$0.7T in 2008...

I used to think that was a main indicator as well until I learned about stepping back and seeing that the increase in M0 is barely filling in the vacuum of credit destruction.
That is why the fed can print crazy money and we still do not see as much inflation as one might think

velocity is also a main factor for prices but until you see interest rates rise (which is designed to take purchasing activity away from cash holders) the lack of credit is still being infused with printing

Yes, I completely agree with you.

What really matters is M3 supply. It was the rapid M3 growth we had prior to the meltdown that caused price inflation.

What we are seeing today is M0 supply simply "catching up" to prior M3 credit growth. Essentially as everyone leveraged themselves the M3 to M0 ratio was stretched too thin, and there are only two solutions:

1) The market is forced to reduce leverage back normal levels through defaults. This brings prices back down to what they were before the unsustainable credit growth started. This has the effect of punishing those who took bad risks and also rewards those who were prudent and saved.

2) The government reduces leverage back to normal levels by printing M0 to bring it back in line with elevated M3. This causes prices to stay where they are while the real economy reduces. This has the effect of punishing those who were prudent and saved while rewarding those who took bad risks.

This is why printing M0 is bad. It is not that inflation will happen (because it already has). Printing M0 to "fix" things is bad because it rewards the wrong behavior while punishing the right behavior.

[cosmofly]

Good move but why silver?

Warehouse better investment , next bubble is in warehouses

[semaforo]

   metals are risky- a new technology could find a way to turn coal into gold or silver and value would plummet overnight.

  I know bitcoin is risky too but hopefully you sold to someone who believes in bitcoin and will use it for good.

[DPoS]

This is why printing M0 is bad. It is not that inflation will happen (because it already has). Printing M0 to "fix" things is bad because it rewards the wrong behavior while punishing the right behavior.

yes moral hazard was thrown out the window.. you can see the haves and have nots in the industries that can tap into government spending of these printed dollars while the regular private sectors circle the drain on the stalled economy

and on top of that the ones that can grab the ZIRP free money loans pushed that hot money into anything with high risk high reward since servicing the debt is meaningless (long timeline for the gamble)

with high interest rates, one has to get quicker returns on their gambles

[johnniewalker]

  metals are risky- a new technology could find a way to turn coal into gold or silver and value would plummet overnight.

  I know bitcoin is risky too but hopefully you sold to someone who believes in bitcoin and will use it for good.

lmao