losing faith

[ryanmnercer]

If you are into BTC , then panicking with everyday news should not bother you . When BTC gets good press , all the people jump on the train and when something goes bad , same people start bitching. May be fiat is better for you.

40-45% reduction in value in 5 weeks isn't 'everyday news'.

It kind of is. Look at the long-term graph (http://bitcoincharts.com/charts/bitstampUSD#tgSza1gWMAzm1g20za2gWMAzm2g1920zl) - BTC typically falls by 50-75% after every all time high (and in a matter of days, not weeks). This has been occurring every 8-9 months. BTC's volatility is well known.

Yes and the past is not the future. Previous rebounds and dips have precisely nothing to do with determining the future.

[LMGTFY]

40-45% reduction in value in 5 weeks isn't 'everyday news'.

It kind of is. Look at the long-term graph (http://bitcoincharts.com/charts/bitstampUSD#tgSza1gWMAzm1g20za2gWMAzm2g1920zl) - BTC typically falls by 50-75% after every all time high (and in a matter of days, not weeks). This has been occurring every 8-9 months. BTC's volatility is well known.

Yes and the past is not the future. Previous rebounds and dips have precisely nothing to do with determining the future.

The 40-45% reduction was in the past, surely? Regardless, if you look at a graph and see what's being tracked has been very volatile you would - presumably - conclude that there's a high probability that it will continue to be volatile.

[Stousers]

Long time lurker and hodler, first time poster.

I just bought a small amount of btc to purchase a product without dipping into my larger storage. By the time the btc got from the exchange to the market wallet, my btc were no longer valuable enough to purchase the product I desired.

Can someone remind me why btc is master currency?

Well I dont think that you should be questioning the long term viability (master currency) of bitcoin by its short term volatility. I would simply suggest that when you pull from the exchange you transfer a bit extra to ensure that a dip in value does not delay your purchase. $50-$100 daily swings are nothing special currently. In a year from now well experience a lot more stability but for the time being...

[jdun]

It could equally have happened the other way. You could have purchased bitcoin for $400, and then it was worth $430 when you went to pay for your item and that gives you some extra change. Don't let one transaction ruin your faith.

[zeeshanblc]

price will go up at the end, I think gambling will save it. It has the most potential in gambling industry.

[semaforo]

price will go up at the end, I think gambling will save it. It has the most potential in gambling industry.

 this is true. online gambling is estimated at 417 billion industry. If bitcoin took over 1% of this, it is 4.17 billion increase in market cap. Global drug trade is estimated at 321 billion. 1% of this is 3.2 billion increase. global porn industry is estimated at 96 billion. 1% of this would be about 1 billion.


    If bitcoin took over 1% of these industries, which it really will probably take more than 1%, this would increase the market cap by as much as 8 to 9 billion taking bitcoin to a new all time high. The world would be a better place if people didn't spend so much time and money with these things, but still, I am just saying, it is really difficult to imagine a scenario where bitcoin is not firmly above 1 to 2 kin exchange value a year from now- unless the internet is somehow destroyed.

[counter]

Think about why you got into BTC and forget about the price for a sec.  Is a short term loss as bad as not having access to the technology in the long run.  if the price shoots up are you gonna care a about this issue that much?

[DubFX]

Think about why you got into BTC and forget about the price for a sec.  Is a short term loss as bad as not having access to the technology in the long run.  if the price shoots up are you gonna care a about this issue that much?

Its shoot up is already in progress.

[Swordsoffreedom]

Think about why you got into BTC and forget about the price for a sec.  Is a short term loss as bad as not having access to the technology in the long run.  if the price shoots up are you gonna care a about this issue that much?

Its shoot up is already in progress.

Indeed it made a nice move upwards
(As an aside elephant avatar is tempting me)
Raise that trunk up to the moon XD

[DubFX]

Think about why you got into BTC and forget about the price for a sec.  Is a short term loss as bad as not having access to the technology in the long run.  if the price shoots up are you gonna care a about this issue that much?

Its shoot up is already in progress.

Indeed it made a nice move upwards
(As an aside elephant avatar is tempting me)
Raise that trunk up to the moon XD

Elephants honking to the moon but there's also som bumping so we are around 510$ sadly hopefully it will stabilise at 550 till tommorow.

[gagalady]

If you have some extra money exactly for bitcoins buy few of them and hold them without headache doesnt matter if they fall or rise. If you want to invest into bitcoin you'll lose or get alot more. Nothing more to predict here.

[shawshankinmate37927]

Long time lurker and hodler, first time poster.

I just bought a small amount of btc to purchase a product without dipping into my larger storage. By the time the btc got from the exchange to the market wallet, my btc were no longer valuable enough to purchase the product I desired.

Can someone remind me why btc is master currency?

You should just stick with fiat.  Bitcoin isn't for the faint of heart and will continue to be volatile at these low valuations.

[bryant.coleman]

Volatility is a big problem with Bitcoin. Every now and then it gives an impression that the prices have stabilized. Then some bad news (or just some rumors) will come in and crash the prices.

[Swordsoffreedom]

Volatility is a big problem with Bitcoin. Every now and then it gives an impression that the prices have stabilized. Then some bad news (or just some rumors) will come in and crash the prices.

True enough although the badest news has more or less arrived already so what is left is the stabilized low trough

[Dr.Zaius]

The OP talks about wanting to spend his BTC.

The responses are referencing getting rich quick and remembering the past dips rebounding.

Hilarity.

[agf]

The OP talks about wanting to spend his BTC.

The responses are referencing getting rich quick and remembering the past dips rebounding.

Hilarity.

They don't care, just say the same all the time, to the moon blah blah.
English is not my main language, but was pretty easy to understand what OP was saying. He wanted to buy something with BTC, in the process of getting bitcoins and doing the transaction the price changed.

 

[karatikus]

The OP talks about wanting to spend his BTC.

The responses are referencing getting rich quick and remembering the past dips rebounding.

Hilarity.

They don't care, just say the same all the time, to the moon blah blah.
English is not my main language, but was pretty easy to understand what OP was saying. He wanted to buy something with BTC, in the process of getting bitcoins and doing the transaction the price changed.

 

Yes, no one can really say what the price of bitcoin is going to do. It would seem most practical to me for a 'believer' to have a buffer wallet with spend-ready coins, then aim to replace them through exchanges or something like local bitcoins (although this all depends on personal finance etc.).

It seems odd that the OP would not at least have perceived the risk of his bitcoin value decreasing through the time taken to undergo the transaction via exchanges, though? Even through local bitcoins it can take up to a few hours depending on the availability of the seller. You can't just lose faith over something that is common knowledge and experience?

I think people are forgetting how early it is still. Nearly 50% of the UK or something daft like that want to ban it because they don't understand it. So much uncertainty still.

Just my opinion, of course.

~kp

[vipgelsi]

Long time lurker and hodler, first time poster.

I just bought a small amount of btc to purchase a product without dipping into my larger storage. By the time the btc got from the exchange to the market wallet, my btc were no longer valuable enough to purchase the product I desired.

Can someone remind me why btc is master currency?

We wouldn't have this problem if venders would just keep the bitcoins and not exchange them to cash but I guess they have to pay there bills to.

[Jean Derek]

Superior thinking demonstrated above. Thanks!


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[RUEHL]

i had the same problem using BTC as currency.  i'd send the sufficient funds to a particular wallet for deposit.  and within hours, i'd be fluctuated out of the purchase price.  i've just learned to put about 10% more into my wallet to accommodate for the fluctuations.