The Energy and Enthusiasm is Dying. Bitcoiners are Growing Tired. ZZZZzzzzz....

[Stratobitz]

Despite the many large investors still hedging on Bitcoin taking over the world, and the spin they push through various media outlets and sites like Coindesk, the truth is that the general Bitcoin community is growing tired.  Tired of falling prices.  Tired of scandals like Mt. Gox. Tired of rigs they invested in not paying off like they hoped. Tired of maintaining those rigs. Summer on its way. AC bills will rise. Price now trading flat, or in my opinion barely holding on to current levels. Scam after scam with companies that promise mining equipment but instead use your money to develop and build the technology only to use it for months and months, earning the BTC for themselves and skyrocketing the difficulty. Crap coin after crap coin which honestly just makes the whole industry look like a joke. Potcoin. Dogecoin. It makes the technology look like a circus for morons yet more coins come out every day and are backed by exchanges that represent the industry. Could you imagine if the NASDAQ was filled with goofy company names like that?

Posts are slowing on the boards. Hashrate is spread so thin across so many coins. And most coins are so thinly traded, even with the bigger ones you'd have a damn hard time liquidating a large value of currency if you had it, the prices are held up by thin buys, and not enough buyers to really dump huge amounts.

I hope I'm wrong.

[1714879125]

1714879125

[GenTarkin]

This has ALWAYS happened after the hype starts dying down, shit starts blowing up, panic lovers leave bitcoin, media quiets down... It stays like this for quite sometime until the next world crisis happens or the next country "discovers" Bitcoin ... then the hype train starts back up, people get excited, its all over the media, prices rise.

Its all part of the growing process for something as new and potential to be a game changer as Bitcoin.
In fact, during the period of Bitcoin seeming "all but dead" ... is the time for "smart buying" =)


The only time it will permanently stay down if Bitcoin is compromised at the core in a way that effectively breaks its usefulness & security and/or all major world governments ban the fuck outta it.
Also theres one other case, which is the entire population of the world deems Bitcoin entirely useless(hence having no more value).

[Stratobitz]

This has ALWAYS happened after the hype starts dying down, shit starts blowing up, panic lovers leave bitcoin, media quiets down... It stays like this for quite sometime until the next world crisis happens or the next country "discovers" Bitcoin ... then the hype train starts back up, people get excited, its all over the media, prices rise.

Its all part of the growing process for something as new and potential to be a game changer as Bitcoin.
In fact, during the period of Bitcoin seeming "all but dead" ... is the time for "smart buying" =)

Unless it dies…

[DannyHamilton]

Despite the many large investors still hedging on Bitcoin taking over the world, and the spin they push through various media outlets and sites like Coindesk, the truth is that the general Bitcoin community is growing tired.  Tired of falling prices.  Tired of scandals like Mt. Gox. Tired of rigs they invested in not paying off like they hoped. Tired of maintaining those rigs. Summer on its way. AC bills will rise. Price now trading flat, or in my opinion barely holding on to current levels. Scam after scam with companies that promise mining equipment but instead use your money to develop and build the technology only to use it for months and months, earning the BTC for themselves and skyrocketing the difficulty. Crap coin after crap coin which honestly just makes the whole industry look like a joke. Potcoin. Dogecoin. It makes the technology look like a circus for morons yet more coins come out every day and are backed by exchanges that represent the industry. Could you imagine if the NASDAQ was filled with goofy company names like that?

Posts are slowing on the boards. Hashrate is spread so thin across so many coins. And most coins are so thinly traded, even with the bigger ones you'd have a damn hard time liquidating a large value of currency if you had it, the prices are held up by thing buys, and not enough buyers to really dump huge amounts.

I hope I'm wrong.

I've been waiting months for posts like this to start to appear.  It's about time.

It's when everyone starts shouting emotionally charged "new paradigm", "unstoppable", "all time highs", "guaranteed profits", that I suspect the market is about to crash.

It's when people start complaining about "falling prices", "not paying off like they hoped", "trading flat", "barely holding on", "industry look like a joke", and "a circus for morons" that I realize we are finally approaching a bottom.  People are actually looking once again at the actual merits of the technology. Bitcoin has long term potential.  Those who are looking for a "get rich quick scheme" will be disappointed, but those who can understand the technology know that this protocol is a significant development in its infancy.

I'm looking forward excitedly to the next 2 to 5 years.  The changes in this market and the new developments that are on the way will result in a bitcoin that will be as different from what people see today as the World Wide Web is from what it was in early 1990's.  A decade from now, today's bitcoin technology and interfaces will look primitive and unusable in comparison.

[GenTarkin]

This has ALWAYS happened after the hype starts dying down, shit starts blowing up, panic lovers leave bitcoin, media quiets down... It stays like this for quite sometime until the next world crisis happens or the next country "discovers" Bitcoin ... then the hype train starts back up, people get excited, its all over the media, prices rise.

Its all part of the growing process for something as new and potential to be a game changer as Bitcoin.
In fact, during the period of Bitcoin seeming "all but dead" ... is the time for "smart buying" =)

Unless it dies…

Updated my post to explain those events =)

[Bit_Happy]

This has ALWAYS happened after the hype starts dying down, shit starts blowing up, panic lovers leave bitcoin, media quiets down... It stays like this for quite sometime until the next world crisis happens or the next country "discovers" Bitcoin ... then the hype train starts back up, people get excited, its all over the media, prices rise.

Its all part of the growing process for something as new and potential to be a game changer as Bitcoin.
In fact, during the period of Bitcoin seeming "all but dead" ... is the time for "smart buying" =)

"Smart buying" is correct.
Markets cannot go up all the time.
A big correction and some slow time is healthy.

[Stratobitz]

Despite the many large investors still hedging on Bitcoin taking over the world, and the spin they push through various media outlets and sites like Coindesk, the truth is that the general Bitcoin community is growing tired.  Tired of falling prices.  Tired of scandals like Mt. Gox. Tired of rigs they invested in not paying off like they hoped. Tired of maintaining those rigs. Summer on its way. AC bills will rise. Price now trading flat, or in my opinion barely holding on to current levels. Scam after scam with companies that promise mining equipment but instead use your money to develop and build the technology only to use it for months and months, earning the BTC for themselves and skyrocketing the difficulty. Crap coin after crap coin which honestly just makes the whole industry look like a joke. Potcoin. Dogecoin. It makes the technology look like a circus for morons yet more coins come out every day and are backed by exchanges that represent the industry. Could you imagine if the NASDAQ was filled with goofy company names like that?

Posts are slowing on the boards. Hashrate is spread so thin across so many coins. And most coins are so thinly traded, even with the bigger ones you'd have a damn hard time liquidating a large value of currency if you had it, the prices are held up by thing buys, and not enough buyers to really dump huge amounts.

I hope I'm wrong.

I've been waiting months for posts like this to start to appear.  It's about time.

It's when everyone starts shouting emotionally charged "new paradigm", "unstoppable", "all time highs", "guaranteed profits", that I suspect the market is about to crash.

It's when people start complaining about "falling prices", "not paying off like they hoped", "trading flat", "barely holding on", "industry look like a joke", and "a circus for morons" that I realize we are finally approaching a bottom.  People are actually looking once again at the actual merits of the technology. Bitcoin has long term potential.  Those who are looking for a "get rich quick scheme" will be disappointed, but those who can understand the technology know that this protocol is a significant development in its infancy.

I'm looking forward excitedly to the next 2 to 5 years.  The changes in this market and the new developments that are on the way will result in a bitcoin that will be as different from what people see today as the World Wide Web is from what it was in early 1990's.  A decade from now, today's bitcoin technology and interfaces will look primitive and unusable in comparison.

Danny,

I'm not a skeptic, I'm hopeful. I've invested quite a bit in mining equipment and still continue to mind this day… It just seems as if it's such an uphill battle, that never ends. Now governments getting involved, well the list goes on and on...

[GenTarkin]

I'm looking forward excitedly to the next 2 to 5 years.  

Yep yep! You said it! Just look at what took place in the Bitcoin "world" in the last 2-3 years... we've come a damn long way!

[jonald_fyookball]

Bitcoin is being driven forward by business dynamics.  It is not a party or pep-rally that requires rah rah enthusiasm to continue it's growth.  Fundamentals always trump sentiment, which changes like the wind.  

[GenTarkin]

Danny,

I'm not a skeptic, I'm hopeful. I've invested quite a bit in mining equipment and still continue to mind this day… It just seems as if it's such an uphill battle, that never ends.

Hey, at least if the price crashes low enough, miners will jump ship, diff will go down and smart miners can once again get a "decent" amount of coins ...

Mining demand ALWAYS follows price....

People get this backwards for some reason and often.

[freedomno1]

It's just another one of the standard stages
Nice large peak and boom
Price stabilizes above previous high
Quiet stagnation for a while
Then it breaks a new ATH later on some news or other
Pattern doesn't seem to be changing yet

[DannyHamilton]

I've invested quite a bit in mining equipment and still continue to mind this day… It just seems as if it's such an uphill battle, that never ends.

Oh, it always has been.  I never got involved in mining at all, because I saw it for the neverending arms race that it is.  I knew I'd get burned out mentally, emotionally, and financially trying to keep up with it all.

But bitcoin isn't mining.  Bitcoin is a revolutionary way to handle distributed consensus.  There is so much more to what bitcoin provides to economic activity than a source of revenue through mining.

[Stratobitz]

Don't think for a second that a truly innovative technology, one that has so much potential, can fail miserably.

Betamax.

QR Codes.

DIVX

3G

Google TV

Segways

All of these products or technologies showed amazing promise, but for some reason or another were either stepped over by better technologies (or worse as in the case with VHS/Betamax) or with more aggressive marketing, or simply didn't catch on like the creators thought they would.

[Bit_Happy]

Despite the many large investors still hedging on Bitcoin taking over the world, and the spin they push through various media outlets and sites like Coindesk, the truth is that the general Bitcoin community is growing tired.  Tired of falling prices.  Tired of scandals like Mt. Gox. Tired of rigs they invested in not paying off like they hoped. Tired of maintaining those rigs. Summer on its way. AC bills will rise. Price now trading flat, or in my opinion barely holding on to current levels. Scam after scam with companies that promise mining equipment but instead use your money to develop and build the technology only to use it for months and months, earning the BTC for themselves and skyrocketing the difficulty. Crap coin after crap coin which honestly just makes the whole industry look like a joke. Potcoin. Dogecoin. It makes the technology look like a circus for morons yet more coins come out every day and are backed by exchanges that represent the industry. Could you imagine if the NASDAQ was filled with goofy company names like that?

Posts are slowing on the boards. Hashrate is spread so thin across so many coins. And most coins are so thinly traded, even with the bigger ones you'd have a damn hard time liquidating a large value of currency if you had it, the prices are held up by thing buys, and not enough buyers to really dump huge amounts.

I hope I'm wrong.

I've been waiting months for posts like this to start to appear.  It's about time.

It's when everyone starts shouting emotionally charged "new paradigm", "unstoppable", "all time highs", "guaranteed profits", that I suspect the market is about to crash.

It's when people start complaining about "falling prices", "not paying off like they hoped", "trading flat", "barely holding on", "industry look like a joke", and "a circus for morons" that I realize we are finally approaching a bottom.  People are actually looking once again at the actual merits of the technology. Bitcoin has long term potential.  Those who are looking for a "get rich quick scheme" will be disappointed, but those who can understand the technology know that this protocol is a significant development in its infancy.

I'm looking forward excitedly to the next 2 to 5 years.  The changes in this market and the new developments that are on the way will result in a bitcoin that will be as different from what people see today as the World Wide Web is from what it was in early 1990's.  A decade from now, today's bitcoin technology and interfaces will look primitive and unusable in comparison.

Danny,

I'm not a skeptic, I'm hopeful. I've invested quite a bit in mining equipment and still continue to mind this day… It just seems as if it's such an uphill battle, that never ends. Now governments getting involved, well the list goes on and on...

Your last post shows why trading/investing is often so difficult.
an uphill battle, that never ends
Once it does finally start moving up, many people will sell too early; Some of those are worn out and expecting a quick drop back down.

[jonald_fyookball]

Danny,

I'm not a skeptic, I'm hopeful. I've invested quite a bit in mining equipment and still continue to mind this day… It just seems as if it's such an uphill battle, that never ends.

Mining demand ALWAYS follows price....

People get this backwards for some reason and often.

I don't think so.

Supply and demand are independent dynamics that interact.  Not even sure what you mean by "mining demand".  Mining creates part of the supply (along with people selling coins they already have), and demand comes from new bitcoin users or existing users who want more coins.

As difficulty level rises, mining becomes more expensive, and some miners choose to hold coins to sell at higher prices in the future rather than unload at market value.

On the other hand, as market prices rise, it also affects mining...so it goes both ways, as in any market.

[jonald_fyookball]

Don't think for a second that a truly innovative technology, one that has so much potential, can fail miserably.

Betamax.

QR Codes.

DIVX

3G

Google TV

Segways

All of these products or technologies showed amazing promise, but for some reason or another were either stepped over by better technologies (or worse as in the case with VHS/Betamax) or with more aggressive marketing, or simply didn't catch on like the creators thought they would.

QR codes stepped over? By what?

[Stratobitz]

Don't think for a second that a truly innovative technology, one that has so much potential, can fail miserably.

Betamax.

QR Codes.

DIVX

3G

Google TV

Segways

All of these products or technologies showed amazing promise, but for some reason or another were either stepped over by better technologies (or worse as in the case with VHS/Betamax) or with more aggressive marketing, or simply didn't catch on like the creators thought they would.

QR codes stepped over? By what?

I mean sure, they're everywhere… But how many people actually use them?

[jonald_fyookball]

Don't think for a second that a truly innovative technology, one that has so much potential, can fail miserably.

Betamax.

QR Codes.

DIVX

3G

Google TV

Segways

All of these products or technologies showed amazing promise, but for some reason or another were either stepped over by better technologies (or worse as in the case with VHS/Betamax) or with more aggressive marketing, or simply didn't catch on like the creators thought they would.

QR codes stepped over? By what?

I mean sure, they're everywhere… But how many people actually use them?

The sensor revolution could be right around the corner.  Sensor technology is THE hottest thing for VC dollars right now.

[Stratobitz]

Don't think for a second that a truly innovative technology, one that has so much potential, can fail miserably.

Betamax.

QR Codes.

DIVX

3G

Google TV

Segways

All of these products or technologies showed amazing promise, but for some reason or another were either stepped over by better technologies (or worse as in the case with VHS/Betamax) or with more aggressive marketing, or simply didn't catch on like the creators thought they would.

QR codes stepped over? By what?

I mean sure, they're everywhere… But how many people actually use them?

The sensor revolution could be right around the corner.  Sensor technology is THE hottest thing for VC dollars right now.

QR codes have been around for quite some time. Me personally, I've only use them a few times and I don't even remember for what.

All agreed that sensor technology could be a big player in the future, but I don't think it will be by the means of using ink on paper and a camera to capture the information. I think it's likely a technology will be developed that enables the implementation of a very small H ID chip into paper which can transmit the information directly to a person's phone, in an encrypted manner. I mean thinking future wise, pulling out your phone and having to take a picture of this little square box, in perhaps a dark restaurant, seems silly.

[SlipperySlope]

Despite the many large investors still hedging on Bitcoin taking over the world, and the spin they push through various media outlets and sites like Coindesk, the truth is that the general Bitcoin community is growing tired.  Tired of falling prices.  Tired of scandals like Mt. Gox. Tired of rigs they invested in not paying off like they hoped. Tired of maintaining those rigs. Summer on its way. AC bills will rise. Price now trading flat, or in my opinion barely holding on to current levels. Scam after scam with companies that promise mining equipment but instead use your money to develop and build the technology only to use it for months and months, earning the BTC for themselves and skyrocketing the difficulty. Crap coin after crap coin which honestly just makes the whole industry look like a joke. Potcoin. Dogecoin. It makes the technology look like a circus for morons yet more coins come out every day and are backed by exchanges that represent the industry. Could you imagine if the NASDAQ was filled with goofy company names like that?

Posts are slowing on the boards. Hashrate is spread so thin across so many coins. And most coins are so thinly traded, even with the bigger ones you'd have a damn hard time liquidating a large value of currency if you had it, the prices are held up by thin buys, and not enough buyers to really dump huge amounts.

I hope I'm wrong.

Disenchantment.

Yet another sentiment data point indicating that bitcoin is near the bottom.