Retracted previous statements :)

[Beliathon]

This was actually kind of beautiful, it was a vaguely coherent verbal vomit tour de force of practically all the FUD and myths out there, with a serving of anecdotes about a personal lack of judgement...

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[iluvpie60]

not sure why you're posting this - upset, or troll, or whatever...you're not going to make up my mind for me, and i don't care to change yours - it's a choice, not an obligation, to be involved, and on what terms - you make your choice, i'll make mine...

whatever happens... as jeff garzik says, it's an experiment... and that's part of the fun for me, seeing where it goes.

Isn't it great that I can quote myself?

Face reality. Or don't, idk your choice. This is kinda long. Why not. Fun is spelled F U N.

uh, i meant that my view is kind of inverse, or opposite to yours... i have no losses to report, so maybe that's why i'm more optimistic about the experiment generally...

I still believe in this kind of thing, I strongly believe there will be a kind of tech revolution coming again. We had the internet and email and all these other things. We would have a currency that is all virtual and we probably should.

I really feel like that mining is a huge waste of electricity, think of if we didn't have to mine and have hardware that generated random numbers to complete a hash. What then? Do we really need something to continually guess at solving a hash and it takes time and massive amounts of equipment? I don't think we do. I just think we need enough connected computers to agree what something is, I feel it is very unnecessary to have servers/mining rigs chug out random guesses at solving a hash 24/7 for Bitcoin to work. That isn't efficient, and eventually it will all be controlled by someone with the highest bankroll who can keep buying new servers/quantum computing. The fact that organizations like Cex.io exist should really make anyone question what this is all about.

There are people making money, and the people making the most money are in the hardware side. Do you ever wonder why it seems like there are so many people making hardware? Why don't they use it for themselves and keep all the BTC they make? Because the return on investment is really risky, better to have a guaranteed return in US dollars or BTC by selling the hardware/services.

When you think of it all that way, you can see why I believe BTC will be dominated by companies and inevitable BANKS. BANKS and INSURANCE companies are the only establishments that would logically take on this kind of thing, and the only establishments who need to BUY it out. Why did Facebook buy Whatsapp and Interest? Less competition = better life for Facebook. It is what all Oligopolies want and crave

[iluvpie60]

This was actually kind of beautiful, it was a vaguely coherent verbal vomit tour de force of practically all the FUD and myths out there, with a serving of anecdotes about a personal lack of judgement...

Mmm I do like the roflcopters. SWA SWA SWAAA SWAAA.

Anyways, I do not believe I was incoherent or vague. I am of course talking about the future, but I am doing it in a logical way at least. Most people just go this happened so durrrr and uhhh huh wuhttt and it must omg sell panic. I'm not doing that... Shrugs.

[knightcoin]

Long term, another coin will beat it out

hello? bitcoin is software what exactly are functions that cannot be adapted to bitcoin ? the most important thing to me is hashing and the proved resilience, security etc

[kooke]

You do bring up some valid points OP. Bitcoin may not be the speculative bubble it once was. However, the infrastructure is expanding and I believe an increased adoption rate will follow eventually.

[TERA]

This forum is a bad place to post a bearish thread. It's all permabulls and they're going to come up with any argument just to slaughter you. It's like you're inside of a rodeo.

[Miz4r]

This forum is a bad place to post a bearish thread. It's all permabulls and they're going to come up with any argument just to slaughter you. It's like you're inside of a rodeo.

There's nothing wrong with bearish threads, but there is something wrong about the attitude people have who make these kinds of threads. It's the arrogance behind stating a mere opinion as if they're facts and everyone who doesn't share the same opinion is a delusional bull who can't face reality. Also, history has shown us that similar threads like these have been posted in the past after the April top and also back in 2011, and look how they have made a fool out of themselves. Now who knows, maybe third time is the charm and Bitcoin will finally bite the dust for real and spiral down into a never ending downtrend until a new digital coin pops up that's actually much better. It could happen, but how likely do you think this is? If people posting these kinds of threads would show a bit more humility in their attitude I would actually start appreciating them a bit more. The same counts for bullish threads that show the same attitude by the way.

[Grami]

Bitcoin will have no more big "to the moon" rises anymore. Face reality 

Is that mean we'll not have any bubbles any more? Amazing news, man.

[Hyena]

Bitcoin will never go to the moon again because we already did that. Mars is next, stupid OP.

[iluvpie60]

Long term, another coin will beat it out

hello? bitcoin is software what exactly are functions that cannot be adapted to bitcoin ? the most important thing to me is hashing and the proved resilience, security etc

Another coin or technology I should have said. BTC isn't the end all be all of the "next best game ever" like the console morons always spout off about. Yes, CONSOLE MORONS.

[iluvpie60]

This forum is a bad place to post a bearish thread. It's all permabulls and they're going to come up with any argument just to slaughter you. It's like you're inside of a rodeo.

There's nothing wrong with bearish threads, but there is something wrong about the attitude people have who make these kinds of threads. It's the arrogance behind stating a mere opinion as if they're facts and everyone who doesn't share the same opinion is a delusional bull who can't face reality. Also, history has shown us that similar threads like these have been posted in the past after the April top and also back in 2011, and look how they have made a fool out of themselves. Now who knows, maybe third time is the charm and Bitcoin will finally bite the dust for real and spiral down into a never ending downtrend until a new digital coin pops up that's actually much better. It could happen, but how likely do you think this is? If people posting these kinds of threads would show a bit more humility in their attitude I would actually start appreciating them a bit more. The same counts for bullish threads that show the same attitude by the way.

What would you change in my opening post then? Let's just assume we are looking at changing how I "come off" in the typing of the original post. Is there actually something in there that is worded in such a way that it insults you or demeans you, or makes you feel bad to continue reading? I am actually intrigued to know what you are talking about, or if you are applying past slightly "bearish" peoples rants to what I typed.

[iluvpie60]

Bitcoin will never go to the moon again because we already did that. Mars is next, stupid OP.

Yeah? Pics or it didn't happen.

#idiot

[iluvpie60]

Bitcoin will have no more big "to the moon" rises anymore. Face reality 

Is that mean we'll not have any bubbles any more? Amazing news, man.

Make the case that we will have a big bubble that sharply increases and price goes up. You tell me. I thought the reason forums exist was so people can read other peoples opinions and respond to them(if they wish).

I don't see a whole lot of intelligence being refracted my way from ya brain sonnnnn

[iluvpie60]

This forum is a bad place to post a bearish thread. It's all permabulls and they're going to come up with any argument just to slaughter you. It's like you're inside of a rodeo.

I do understand that, yeah. It does suck that people who believe in something never want to hear the other side of it, or don't want to understand what they believe in. Sometimes I feel like most of the people on this entire website are all about "OMFG ITS CRASHING SELL NOW AND GET BACK IN WHEN IT DIPS BY 20%" OR "OMFG BUY NOW ITS RISING, MOON MOON MOON OMFG ITS THE BEST MOON YOU EVER SAW, THE MOON IS SO BRIGHT TONIGHT AND FULL OMFG BEST MOON EVERRRRRRRRRR".


I post here though to see if someone really has a counter point to what I said, a few people made interesting notes, but when I look at how things are in the real world and other companies and take everything into consideration, I don't see BTC going much of anywhere.


Avg poor people will not use this, it is too complicated for them. People who don't trust BTC don't trust it because they didn't take the time to get to know it. Not many average people get into something where you need to learn all the terms, look up the history of it, how it was made, open source code, blah. People don't openly trust BTC right away. Giving anyone a 30 minute definition of something doesn't mean they will trust it, and if it takes too long to explain in my experience, people don't wanna hear it. There aren't as many smart people in this world as you might think, and a lot of presuppositions hold people back all the time.

[g4c]

This forum is a bad place to post a bearish thread. It's all permabulls and they're going to come up with any argument just to slaughter you. It's like you're inside of a rodeo.

I do understand that, yeah. It does suck that people who believe in something never want to hear the other side of it, or don't want to understand what they believe in. Sometimes I feel like most of the people on this entire website are all about "OMFG ITS CRASHING SELL NOW AND GET BACK IN WHEN IT DIPS BY 20%" OR "OMFG BUY NOW ITS RISING, MOON MOON MOON OMFG ITS THE BEST MOON YOU EVER SAW, THE MOON IS SO BRIGHT TONIGHT AND FULL OMFG BEST MOON EVERRRRRRRRRR".


I post here though to see if someone really has a counter point to what I said, a few people made interesting notes, but when I look at how things are in the real world and other companies and take everything into consideration, I don't see BTC going much of anywhere.


Avg poor people will not use this, it is too complicated for them. People who don't trust BTC don't trust it because they didn't take the time to get to know it. Not many average people get into something where you need to learn all the terms, look up the history of it, how it was made, open source code, blah. People don't openly trust BTC right away. Giving anyone a 30 minute definition of something doesn't mean they will trust it, and if it takes too long to explain in my experience, people don't wanna hear it. There aren't as many smart people in this world as you might think, and a lot of presuppositions hold people back all the time.

In reply to bolded part:

These "average poor people" need not worry their average minds.

Consider:

Back in the day only a few geeks had computers, you basically had to get out a soldering iron and build your own out of mail order kits or go without. Some enthusiasts offered prebuilt units, but still you had to be quite the nerd to actually do anything with them, there were no operating systems to speak of, just simple bios layer. Enthusiasts met at weekly local meetups (no internet then).

Everyone else said, these things are fun for geeks but nobody else, haha look at the geeks, those thing will never take off.

Now every dropkick carries a 1GHz processor in their pocket.

The same happened with the internet, first attempts were radio amateurs running packet radio systems at low baud rates and then bulletin boards ran by uber-geeks using phone system; other geeks would all post and read to their node like a simple forum. Then came the internet.

Bitcoin is in its early days, but follows the same exponential growth as other technogy, you've got to plot it on a log scale to see it:

[g4c]

This forum is a bad place to post a bearish thread. It's all permabulls and they're going to come up with any argument just to slaughter you. It's like you're inside of a rodeo.

Resistance is futile.

[coinnewbit]

hey iluvpie60 why do you still have a signature begging ppl to contribute btc to you then?

[g4c]

hey iluvpie60 why do you still have a signature begging ppl to contribute btc to you then?

Yeah, you should change it to a paypal address.

[paratox]

Just because there is a limited supply doesn't mean anything, the demand also comes in somewhere no? Look at the demand right now, price dropped from a high of I dunno 1,135 USD something(not MTGOX  inflated prices) now it is at 445 USD. A lot of people got invested into this when it was going up in price, ever wonder why you only see 3,000 people signed on BTC-E anymore and not 15,000 like they were getting? Demand is dropping, supply doesn't matter if no one wants it.

Before I take my time to write out an answer to your statement, I would like to know why you think that limited supply doesn't mean anything? Care to explain your thought in detail?

[master-P]

When I look at BTC I see innovation. I see a technology that allows me to be my own bank instead of making crooked banks wealthier. Take a look at the top 6 profitable public companies in Canada:

1  Royal Bank of Canada    
2  Bank of Nova Scotia    
3  Toronto-Dominion Bank
4  Bank of Montreal    
5  Imperial Oil    
6  Canadian Imperial Bank of Congress    

     *source: http://en.wikipedia.org/wiki/List_of_largest_public_companies_in_Canada_by_profit

Notice that 5 of them are banks. I'm sure the pattern is similar for many other countries. It's not really surprising, given that they make money out of nothing basically. You mentioned that eventually the banks will take over BTC. They would have to buy them off of us to get them. Banks wouldn't be able to operate like they are right now using BTC unless they built an additional centralized layer on top of it. The blockchain is an open ledger that anyone can access, so they can't create endless BTC like they can do with fiat.

I realize that the days of throwing a few hundred dollars into BTC and becoming rich are over, but there's still a lot of room for growth and improvement.