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

[Peter R]

I am finding the peace and quiet surrounding bitcoin pleasant at the moment. 

I am currently working on a bitcoin project, and I know a few others that recently launched a bitcoin start-up company (Vancouver / San Fran).  I think we'd all appreciate several months of "peace" so that we can get some work done on our products and services so that we are ready should the hype pick-up again. 

[Sage]

Ah, such little vision you have OP.

Crypto currencies are the new paradigm.  And no temporary "problems" are going to stop it.

[jonald_fyookball]

Ah, such little vision you have OP.

Crypto currencies are the new paradigm.  And no temporary "problems" are going to stop it.

We tend to see the world and things through the set of glasses we are wearing in the moment.  how often do we get bogged down in the trials and tribulations of everyday life, forgetting the vast potential the future holds.

[Beliathon]

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?

Only the newfails and trendsheep are crying about any of this hogwash. Us oldbie Original Bitstas are doing what we've always done.



And we're slowly and patiently getting rich.

[BadBear]

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.

Same, when you start seeing despair/capitulation from the get rich quick folks is when things usually start leveling out. It's happened before, it will happen again.

Also, posts slowing down here means nothing, most people I know into people either don't know about it, or don't care. Spending time on a forum about bitcoin doesn't really fit into most people's lives.

[stokecrypto]

i would welcome a massive price drop, it would clear out all the shit. push out these childish teenagers, crush badly designed and managed exchanges. the only way bitcoin can go up is with a big shit clearout

[Lethn]

Welcome to a truly free market, sometimes you have slow periods where absolutely bugger all happens and then they pick up again, of course, neo-keynesians would have you believe that when this happens you need to print more money in order to get things moving again

Note: Don't make the mistake I made of fucking around in the slow markets from losing patience and accidentally clicking a sell order making you lose a lot of money

[Bit_Happy]

i would welcome a massive price drop, it would clear out all the shit. push out these childish teenagers, crush badly designed and managed exchanges. the only way bitcoin can go up is with a big shit clearout

Already down 60%+ close to 70%...The 2011/2012 Bear market was down 90%+
This time we might already have hit bottom.
The sh^t is going up sooner or later.   

[bryant.coleman]

Already down 60%+ close to 70%...

Remember the day when BTC hit $250 for the first time. Within a few hours it went back to sub-200 levels. 2 days later, BTC was trading at $70. So I wouldn't be much concerned about these temporary dips.

[Bit_Happy]

Already down 60%+ close to 70%...

Remember the day when BTC hit $250 for the first time. Within a few hours it went back to sub-200 levels. 2 days later, BTC was trading at $70. So I wouldn't be much concerned about these temporary dips.

I remember like it was just a few days ago.
$250 seemed so high back then...

[Hamuki]

Well, I think it is good to see some movement..  ofc some people lost some money, but that is how "the game" is.
I think and hope like most others that Tuesday next week (15th of April) the price will have its last bad day.
Then the Chinese banks should be done dumping.

Then lets see if we can get bitcoin around in the US and Europe
I know Denmark would be a good place to have some more things to use Bitcoin for.
I am just a "kid"(17) so I cant do much when it comes to business, but I can atleast try to help others getting their things going.

But lets see where this goes.. Might be time to get back down under 100$ pr coin for some days, and then back over 600$ later..
Who knows

[Stratobitz]

Ah, such little vision you have OP.

Crypto currencies are the new paradigm.  And no temporary "problems" are going to stop it.

It's not lack of vision.  It's simply analyzing reality. Do you have no concern that the top 100 wallets hold 20% of all Bitcoins in existence?

There are a number of single wallet holders that have funds in the 50+ Million USD value- and that's at current value. If any one of these guys unloaded the market would tumble to zero, because there isn't enough cash coming in to support it.

Money has been exiting the exchanges. From 12 Billion to now just over 5 Billion. That means 7 Billion Fiat has been taken out of the system....

In order for BTC to go back to 1150 with the current number of coins, roughly 9 Billion of fresh USD/Fiat is going to have to be placed into the system. I simply wonder if and when we will see that kind of mass flood of fresh money enter the market.

Not lack of vision, simply pondering the possibility of a different vision than what you have in mind.

[franky1]

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...

miners are mining and cashing out all of their rewards at a loss to pay electricity companies

dont sell bitcoin at a loss. hold it.. or there is no point in you mining in the first place.  its even got to a point that miners think they need extra subsidy above the 25btc reward purely to break even, to then also sell the reward+subsidy for fiat.. they need to learn that the miners that cant afford their electric are shooting themselves in the foot, by selling at a loss and basically causing the next block reward to be worth less by their sells making the prices drop.

if your selling all your coin just to pay bills. then stop mining. YOUR NOT A BITCOIN INVESTOR!

change your mindset
"stop making bitcoin to invest in your FIAT electricity company... instead pay your FIAT electricity company to invest in bitcoin"

[Sonny91BE]

I don't agree, your look is like many others because they do not fully understand market psychology. If people believe in the fundamentals and they have enough persistence they will get what they want. Only the weak hands are getting tired.
In my personal opinion look up emotional rollercoaster and this could be linked to Bitcoin. As soon as new hype runs in the markets go high again. Low prices are due to emotional rollercoasters and fundamentals blending in eachother.

If you educate yourself better then you will understand what is happening is complete normal.

[BitOnyx]

You are growing tired.

From what I see, community right now is bigger then ever before.

Number of cryptocurrencies users are bigger then ever before.

[dreamspark]

The energy and enthusiasm to the get rich quickers is dying, this normally means were closish to a bottom, only positive as far as I'm concerned.

[bountygiver]

Also we need a background miner when BTC adoption is high.

Because to construct a true decentralized currency, everyone has to mine.

The current hashrate is only 50Million GHash/s
There are 3 billion internet users in the world

If everyone provides 1/150 GHash (6Mhash/s) solo hash rates on average (no pools), we can double the hashrate and make it completely 51% proof.
So all we need is someone to mass produce low power low hashrate USB ASICs for mega cheap for everyone for the sake of securing the network when the time comes.

[zolace]

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.

ok did you guys forget bitcoin was suppose to be a currency not an investment, stop treating it like that and think of it as a way to pay for things. 

[devphp]

Sentiment is pointing that the bottom is close, but the price can stay at the bottom or slightly bounce back and forth around it for another few months before it takes off again.

[bryant.coleman]

I think one of the reasons for the lack of enthusiasm might be the proliferance of the altcoins. New coins are being created at a rate of two dozen per day. All of them leaching like a parasite on Bitcoin.