Is 2014 going to be the WORST EVER year for Bitcoin in terms of valuation?

[zhinkk]

It may seem like we're nearing the end but we stillllll have a while to go. Bitcoin is unpredictable and when it jumps up it most likely won't be gradual. You'd be surprised. :p

[thms]

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin).  The transition will probably happen slowly but surely.

This makes no difference.. it's not about allowing the user to change denomination  in the client... it's about what is the default denomination and even more important, what is the default in spoken language, like it doesn't matter what is the default in the wallet if on TV they speak 1BTC = 600USD

[azguard]

Big players are now involved in BTC price. So in near future they can even make price of btc drops if that in there interest off course this can also boom price up skyrocket. This will probably happen but seem like before September this year nothing will. Most of people are using this month and next for vocations so when they come back we will see.

I hope that price will go over 1k like last year in November if you all remember something similar was last year. but if price jump last last time 5-6 time calculate how much will be price over 3k for sure.

[Valerian77]

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin).  The transition will probably happen slowly but surely.

That is the way to success. 620 USD for 1 Bitcoin is a lot. The simple use of bits as unit makes the whole thing a lot more handy -- what about this: "need 500 bits to buy quickly a news article worth 30 cent". Nobody would think about buying 10000 bits for 6 USD to choose lots of newspaper articles to read.

[Bernard Lerring]

On a tangent, and regardless of the terminology used to nominate Bitcoin, what happens if world governments finally hold their hands up and say "you know we said we were solving the financial crisis, well I'm afraid we can't and things are still sliding out of control."

Then bitcoin's gonna seem like a smart investment, whatever its going rate.

[giveBTCpls]

People is as scared to touch Bitcoin as they are to miss on the boat. They all know on the back of their mind that this is disruptive technology that could end with people fucking us around with insane taxes.

[Lorenzo]

People seem to be forgetting that 2012 was also another very boring year for Bitcoin price-wise. There were no spikes during that year, and the price only gradually rose from $7 in early January to $13 by the end of December.

It's not stupid, it's actually how people think, I think he was illustrating the point. Failing to understand how the average person think is also stupid by itself.

Here an example that was on Reddit's TIL today:

TIL A&W introduced a burger that was bigger and less expensive than McDonald's Quarter Pounder, but it failed because customers assumed 1/3 was less than 1/4.
link: http://jamesjchoi.blogspot.com.br/2014/07/why-third-pounder-hamburger-failed.html

Wow. Perhaps the price made them think it was smaller or something. Otherwise, I'm surprised. I thought people were supposed to be smarter than this.

[davidgdg]

People seem to be forgetting that 2012 was also another very boring year for Bitcoin price-wise. There were no spikes during that year, and the price only gradually rose from $7 in early January to $13 by the end of December.

Stamp figures for 2012 were $4.9 on the 1st Jan and $13.17 on the 31st. Ths year was $745 on the 1st Jan so to equal 2012 we would need a year-end figure of $2,002 or 2k in round terms.

[wachtwoord]

People seem to be forgetting that 2012 was also another very boring year for Bitcoin price-wise. There were no spikes during that year, and the price only gradually rose from $7 in early January to $13 by the end of December.

It's not stupid, it's actually how people think, I think he was illustrating the point. Failing to understand how the average person think is also stupid by itself.

Here an example that was on Reddit's TIL today:

TIL A&W introduced a burger that was bigger and less expensive than McDonald's Quarter Pounder, but it failed because customers assumed 1/3 was less than 1/4.
link: http://jamesjchoi.blogspot.com.br/2014/07/why-third-pounder-hamburger-failed.html

Wow. Perhaps the price made them think it was smaller or something. Otherwise, I'm surprised. I thought people were supposed to be smarter than this.

Yes I was surprised. And my opinion of the overall population isn't too high as it is ....

[HeliKopterBen]

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin).  The transition will probably happen slowly but surely.

This makes no difference.. it's not about allowing the user to change denomination  in the client... it's about what is the default denomination and even more important, what is the default in spoken language, like it doesn't matter what is the default in the wallet if on TV they speak 1BTC = 600USD

There is no default.  Bitcoin is not a centrally managed stock where a split can occur overnight and everyone has to switch.  Coinbase could make their client bits by default but that doesn't mean other people or services have to do the same.  Industry standard will likely slowly transition to bits but is not required.  It is a choice.

[thms]

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin).  The transition will probably happen slowly but surely.

This makes no difference.. it's not about allowing the user to change denomination  in the client... it's about what is the default denomination and even more important, what is the default in spoken language, like it doesn't matter what is the default in the wallet if on TV they speak 1BTC = 600USD

There is no default.  Bitcoin is not a centrally managed stock where a split can occur overnight and everyone has to switch.  Coinbase could make their client bits by default but that doesn't mean other people or services have to do the same.  Industry standard will likely slowly transition to bits but is not required.  It is a choice.

Technically yes, there is no default.

But in real life, there is a kind of consensus that BTC is equal to 100,000,000 satoshis right? Isn't this the default? It's the default in most software and also in spoken language.

[HeliKopterBen]

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin).  The transition will probably happen slowly but surely.

This makes no difference.. it's not about allowing the user to change denomination  in the client... it's about what is the default denomination and even more important, what is the default in spoken language, like it doesn't matter what is the default in the wallet if on TV they speak 1BTC = 600USD

There is no default.  Bitcoin is not a centrally managed stock where a split can occur overnight and everyone has to switch.  Coinbase could make their client bits by default but that doesn't mean other people or services have to do the same.  Industry standard will likely slowly transition to bits but is not required.  It is a choice.

Technically yes, there is no default.

But in real life, there is a kind of consensus that BTC is equal to 100,000,000 satoshis right? Isn't this the default? It's the default in most software and also in spoken language.

Exactly, but Coinbase's 100 satoshis = 1 bit is not yet really a general concensus default, but it makes sense and it will make even more sense if prices rise.

[Febo]

We are past mid year and so far, this has been the worst year in Bitcoin in terms of price valuation.

No of course not Year 2015 will be much worser. If that is the word.

[wachtwoord]

We are past mid year and so far, this has been the worst year in Bitcoin in terms of price valuation.

No of course not Year 2015 will be much worser. If that is the word.

The word is worse and yes it might be worse for people that don't own Bitcoin (or worse: short them  )

[Mybitcoinz]

We are past mid year and so far, this has been the worst year in Bitcoin in terms of price valuation.

No of course not Year 2015 will be much worser. If that is the word.

The word is worse and yes it might be worse for people that don't own Bitcoin (or worse: short them  )

This may be a repetition of history, when bitcoin crashed hard the first time all the people said the party was finished but we are still here, only 600 times higher.

[ArbatDeli]

It's been a long bear market. Hoping this turns soon....

[Erdogan]

Why is everyone so optimistic about bitcoin when more and more country is banning it.

Because more and more countries are banning it. Anti-fragile anyone?

We don't depend on a single person, city, country or continent.

[ArbatDeli]

Why is everyone so optimistic about bitcoin when more and more country is banning it.

Because more and more countries are banning it. Anti-fragile anyone?

There is a new ban?

[akali]

I feel like its a pause, since the community is slowly cleaning up esp. Mt. Gox being gone, and the community correcting itself. 

[gentlemand]

I feel like its a pause, since the community is slowly cleaning up esp. Mt. Gox being gone, and the community correcting itself.  

Seconded. Gox wiped a lot of big players and it often slips minds at present. It's going to take plenty of time for the dust to settle and we still don't know any details about what really happened.

I don't think 2014 will set the world on fire in terms of price. As for what's been and being laid down for the future, you would've been laughed off the internet had most of it been suggested a couple of years ago. The future beyond this year is looking epic.