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.
Ah, the community, right... but I have a doubt right now, about the meaning of 'community':
Are you talking about those trying to turn the potential of Bitcoin into a reality?
Or a you talking about those who thought they were just getting into a make-money-fast aka get-rich-quick bubble/tulip/Ponzi/whatever?
Tired of falling prices.
Besides speculation (and bubbles), it's an increase of interest for Bitcoin that will LEAD to an increase of its price. NOT the other way round. Has there been any increase of interest for Bitcoin (from real, everyday users) since the prices started declining? My answer is no.
Tired of scandals like Mt. Gox.
I thought Bitcoin, as a protocol, was designed as a decentralized system that did not rely on trust.
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.
Supply and demand. The current state of interest for Bitcoin from the 2+ billion internet users worldwide is still very limited, and probably somewhat shrinking. We have now reached the limit of profitability, and there is no one willing to subsidise over 50,000 TH/s any further.
Basically, nothing wrong is here. Being able to 1) buy a machine, 2) plug it in and 3) profit without doing anything is an anomaly, a privilege.
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?
Crypto-currencies live in an unregulated world where everyone is free to create and launch the shitcoin of their choice. Of course, most if not all of these shitcoins are despicable, obviously 99% are just premine / IPO / fast halving scams, driven by greed. At best, they bring nothing really innovative compared to the original i.e. Bitcoin
But look at what's happening now: shitcoins are failing! This is GOOD! This is a failed reality check and natural return to sanity.
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.
Yes, I wish they would fail faster, skipping the pitiful phase of agony where they can be 51'ed with less than $1000, i.e. probably close to what their market cap will be by then
I hope I'm wrong.
Oh no, I think you are perfectly right.
Let me tell you something: maybe we will lose 90% of the members on the forum, maybe we will see prices declining by 90% to $50 like early last year (though I don't think so, but maybe), maybe we'll see 90% of the shitcoins at the graveyard (and I'd be glad to see them here).
If that's what it takes to rebuild the community with real
developers (in the broad sense), then so be it.
Greed is not really the problem here. The problem is short sight and misplaced ego. I consider myself greedy, but I know that I won't get any money before actually creating value, adding something to the system, making my contribution worthwhile. THEN, and ONLY THEN, I will expect some ROI.
