Is Bitcoin fading away?

[AliceWonder]

It's still too difficult to obtain bitcoin.

It can't be mined and with the exception of a few places, it is really difficult to get a fair price without opening a risky account at an exchange.

Given what has happened at exchanges (e.g. Mt Gox) people are understandably hesitant to acquire it that way.

If people can't play with it, they can't evaluate it to see how it benefits them.

There's also a problem that the most commonly used operating system is heavily targeted by viruses and the general population doesn't know how to stay secure, viruses are something most people accept happens from time to time. Restore from backup and you are good. But with bitcoin, you can't restore funds stolen. That makes it scary.

If hardware wallets were readily available that made it easy to use bitcoin securely even if your PC gets p0wn3d, perhaps it would gain better adoption.

[prophette]

The main feature of bitcoin is being decentralized, turning it into e-gold would be killing it.

The main problem now is to make more people to accept Bitcoin. Do you think ordinary people would care about decentralization or whatever? Linking Bitcoin to gold won't jeopardize its decentralization property.

[Bit_Happy]

The main feature of bitcoin is being decentralized, turning it into e-gold would be killing it.

The main problem now is to make more people to accept Bitcoin. Do you think ordinary people would care about decentralization or whatever? Linking Bitcoin to gold won't jeopardize its decentralization property.

Sure it will: Where are you storing the gold and what will stop the Gov't from moving in and taking it?

[Possum577]

The recent NYS and Dell news provide good indication that momentum is only gaining.

We have a major US State writing laws around it, which even if the laws restrict some use it validates Bitcoin as more than a fad, as something legit.

And, more importantly, we have Dell making it easier for consumers who have yet to use Bitcoin to be come more familiar with it and to consider it as a legit payment option.

Remember when PayPal was brand new? It was cool but suspicious and now it's one of the easiest ways to pay for something online.

All in good time, less chatter isn't a bad thing. No one chatters about gold and it's something that is incredibly significant and valuable in the world.

[beetcoin]

bitcoin is fading for the guys who are here to get rich quick.. as a cryptocurrency, it's still growing.. just not in the way that people expect (in price).

[keithers]

Adoption and business development is at an all time high. I think you just mean the price appreciation is slowing down. The price will catch up soon enough, have patience

[Bubbles06]

Even if Bitcoin were fading away linking it to gold would be an odd choice. How would someone do that? And why would they?

[joshraban76]

I personally don't think that we will see bitcoin fall below whatever the cost it takes to mine it. For example if it costs about $500 in electric to mine 1 bitcoin then it shouldn't fall below that price. If it does fall below that price then I would say it is in a downward spiral but until then its simply market fluctuation. Linking it to gold is not the answer and the government would not allow it. Years ago the government banned private hoarding of gold and nothing is stopping them from doing it again.

[deert]

Do you not believe BTC? It seems that some people have achieved their purpose,
 and I believe that BTC over the next 3 months will be innovative high

[pedrog]

The main feature of bitcoin is being decentralized, turning it into e-gold would be killing it.

The main problem now is to make more people to accept Bitcoin. Do you think ordinary people would care about decentralization or whatever? Linking Bitcoin to gold won't jeopardize its decentralization property.

Sure it will, check: https://en.wikipedia.org/wiki/E-gold

[Bitcoinpro]

Observing for these months, my strongest feeling is that Bitcoin is fading away with no material object backup. Apart from the geeks, ordinary people who first know about Bitcoin always say "this matter is vague and insubstantial".

Geeks have confidence in crypto-algorithms but ordinary people don't.

So linking Bitcoin to gold may be a good idea.

could u explain this in laymens terms,

[Baitty]

How is Bitcoin fading away? That doesn't make any sense it's dropped by a small amount but has major companies accepted it. I don't think you've done your homework.

[franky1]

Observing for these months, my strongest feeling is that Bitcoin is fading away with no material object backup. Apart from the geeks, ordinary people who first know about Bitcoin always say "this matter is vague and insubstantial".

Geeks have confidence in crypto-algorithms but ordinary people don't.

So linking Bitcoin to gold may be a good idea.

could u explain this in laymens terms,

he is saying because bitcoin is NOT a commodity people dont understand it. so it needs to be backed by a commodity to be understood..

my reply is that bitcoin does not need to be backed by anything, and being an asset is actually better.. but its a damn shame that people cant tell the difference between a asset and a commodity and only want to deal with their comfort zone and narrow minded knowledge of commodities

How is Bitcoin fading away? That doesn't make any sense it's dropped by a small amount but has major companies accepted it. I don't think you've done your homework.

dont worry its FUD spreading season again, people trying to spout out lies trying to get a panic crash. simply because they missed out on the cheap coin at $450 and know that the next jump would be $1000, so they are hoping to crash the market just to get the coins they missed before it jumps over $1000 again

[Bitcoinpro]

Observing for these months, my strongest feeling is that Bitcoin is fading away with no material object backup. Apart from the geeks, ordinary people who first know about Bitcoin always say "this matter is vague and insubstantial".

Geeks have confidence in crypto-algorithms but ordinary people don't.

So linking Bitcoin to gold may be a good idea.

could u explain this in laymens terms,

he is saying because bitcoin is NOT a commodity people dont understand it. so it needs to be backed by a commodity to be understood..

my reply is that bitcoin does not need to be backed by anything, and being an asset is actually better.. but its a damn shame that people cant tell the difference between a asset and a commodity and only want to deal with their comfort zone and narrow minded knowledge of commodities

How is Bitcoin fading away? That doesn't make any sense it's dropped by a small amount but has major companies accepted it. I don't think you've done your homework.

dont worry its FUD spreading season again, people trying to spout out lies trying to get a panic crash. simply because they missed out on the cheap coin at $450 and know that the next jump would be $1000, so they are hoping to crash the market just to get the coins they missed before it jumps over $1000 again

its neither an asset or a commodity though its a currency, and its dosn't even need to be backed by labour because its backed by a computer

network that cannot even be matched by any amount of physical labour

[Baitty]

dont worry its FUD spreading season again, people trying to spout out lies trying to get a panic crash. simply because they missed out on the cheap coin at $450 and know that the next jump would be $1000, so they are hoping to crash the market just to get the coins they missed before it jumps over $1000 again

I thought the community has matured and got over this sort of thing from trying it last year. I remember seeing thread after thread in summer 2013.

[Bitcoinpro]

dont worry its FUD spreading season again, people trying to spout out lies trying to get a panic crash. simply because they missed out on the cheap coin at $450 and know that the next jump would be $1000, so they are hoping to crash the market just to get the coins they missed before it jumps over $1000 again

I thought the community has matured and got over this sort of thing from trying it last year. I remember seeing thread after thread in summer 2013.

trying to shake out weaker hands, same theory is everywhere from stocks to houses nothing beats a good investment

look at silver it has undergone a radical price increase because people started to become knowledgeable on its electrical properties

its was quite a stunning price increase and even a more difficult bull run to catch hold of that bitcoin itself

[franky1]

its neither an asset or a commodity though its a currency, and its dosn't even need to be backed by labour because its backed by a computer

network that cannot even be matched by any amount of physical labour

even if we ignored the tax classification...

bitcoin is like intellectual property, art, graphic design, game code... which (nothing related to tax) still puts it in a description of an asset.

that being said an asset, commodity, fiat, or ANYTHING else can ALSO be a currency.. so relax, bitcoins is a currency and an asset.. it just is not a commodity..

[franky1]

I thought the community has matured and got over this sort of thing from trying it last year. I remember seeing thread after thread in summer 2013.

as you say summer last year.. its seasonal.. you will see this cycle repeat each year. there is usually an uptake of people joining into bitcoin this time of year, but the main bit about summer is that kids are at home, not in classrooms, so you will see alot of childish FUD spreading where kids want to get their bitcoin for a dollar (pfft). cant wait till September when the grown ups like many of us get to play around with bitcoin properly again. but take my word on it, you will see this happen again and again.

its just best to be quick to get the fud spreaders proven wrong before the chain reaction of lies spreads to far and lots of people believe it purely because everyone is singing from the same hymn sheet of lies

[Cryptopher]

Yes bitcoin is gaining traction.. That's why the price keeps crashing like a burning airplane without wings or engine...

keeps crashing?

ok its july now
july 2009 - $0.002
july 2010 - $0.08
july 2011 - $6
july 2012 - $6
july 2013 - $120
july 2014 - $590

will th fiat lovers please stop watching the prices every 10 minutes and stop treating every movement as a need to scream and bitch on the forums..

have patience!!

Hear hear. Anyone who invests will tell you that the Bitcoin year-on-year growth has been fantastic! I check the markets every day, when I am holding coins it disheartening to see the price tank, but then it always recovers in some capacity. The year-on-year growth has been strictly none decreasing according to the figures you have posted - that's tasty.

I've only been involved with Bitcoin for about 9 months now, and I only heard of it about 14 months ago. From what I see Bitcoin is doing just fine

[bbit]

It is the calm before the storm.