Bitcoin has reached the tipping point

[RedZeppelin]

Well the current drop in BTC price might be healthy because miners in many places will turn of their hardware cause they generate a loss while running..
Last weeks free fall i guess it is partially related to the Chinese golden week to my knowledge they do not have paid vacations, the Chinese new year is another
time when BTC is highly likely to drop.

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[RedZeppelin]

Well the current drop in BTC price might be healthy because miners in many places will turn of their hardware cause they generate a loss while running..
Last weeks free fall i guess it is partially related to the Chinese golden week to my knowledge they do not have paid vacations, the Chinese new year is another
time when BTC is highly likely to drop.

it's not good for bitcoin what so ever.. See my theory above and what effect a sustained period of downwards trending can have on mining. Essentially it forces further centralisation with only the bigger miners able to keep the shop open. Hold the price down long enough and you get a monopoly in the industry.

You need to stop living in 2013, mining wont equal guaranteed profit in the future, mining will be a risk investment just like buying stocks or funds.

[Man-aqua]

$325

someone is trying hard to crash the price or is mega desperate to get cash fast for some reason..

Dude have we considered the possibility that sovereign nations are even mining and dumping at this point??

that too is actually a risk. there is no reason why they couldnt.. god knows who the "unknown" miners are..

Okay, I see your point, but WHY would they be doing such a thing? As many mentioned before, there is a line of cryptos which could replace bitcoin for whatever purpose those goverments are trying to shut it down.

perhaps they think if bitcoin is dumped into oblivion all the way down to the point that even the biggest of miners cant afford to mine it would essentially break bitcoin.. image if all the small guys drop out on the way down leaving say 5 mega miners, then btc sees the biggest dump off all collapsing from the hundreds to double or single digits forcing all the last 5 to shut up shop... difficulty would be left way to high for anyone to mine preventing any conformations (im guessing) for days?

this would leave behind only the "unknown entity" with complete control over the network. one entity that could turn on and off raising the difficulty and then crashing it again. while also keeping the price of bitcoin so unprofitable that no one in their right mind would try to mine or buy it.

a malicious entity does not need to buy enough mining power to get 51%. they only need enough to continuously suppress the price and push it down gradually forcing out other miners, getting back some of the money invested and also raising their percentage of hashing power as other miners drop out. it would be a slow process and costly but not even close to impossible.

 for someone with millions with a seriously high vested interest in the old money status quo it would probably be the best way to go about destroying bitcoin. if you fight a decentralized network you may harm it but it will come back stronger in one form or another. but if you crush it with out revealing yourself as a malicious entity and crush every little hope of the people they will not be so keen to fight back a second time. and once an idea fails the first time it is much harder for it to catch on a second time thus also suppressing the hopes of a reincarnation in another form.

not only that.. but with some(wouldnt take much) of the bitcoins they mine they could slowly acquire massive amounts of all the coins they cant do that to (PoS) and then just royal fuck with their respective markets for years to come as their little play toy. no investor in their right mind would buy crypto ever again. isnt it strange how many altcoins are actually not crashing (against bitcoin) while bitcoin plummets... not the norm right? i say fuck with their markets because it would be far cheaper than acquiring 50% in a PoS system - not impossible - but way too expensive an option when all you want to do is prevent adoption.

im not saying this is whats happening.. but it is certainly a possibility. dont underestimate the ones pulling the strings behind the current financial system. governments learnt their lesson about decentralised networks when file sharing effectively took down the music and film industry. why would they let a threat grow to the point that it could actually challenge them. if i were them i would invest the "pennies" to protect the pounds. and it would take fewer pennies now than in 5 years time.

now tell me bitcoin is not flawed. just food for thought.

i am no expert on how coins work really technically and i have only my observations over time to go on.
many guys know Bitcoin better than i do that is for sure..
but your comment sounds reasonable and very plausible to my ears.
i just wonder if someone woudl be motivated to get involved in that though.. and who of course right ?
as solid as that sounds there woudl still be an element of failure in trying to attack.
in hindsight it may sound and look easy but imagine sitting at the drawing board planning an attack
and then thinking hmmm.. ok well we need a lot of this and that and MONEY to do it.. aka: risk ..and lots of it !

i dunno though i wouldn't get involved in an attack that worked like that i woudl think it's a bit risky i think
but that is just me and i am really lazy LOL

i also think Bitcoin if possible to manipulate may be of more use as a vehicle to MAKE money rather than destroy it.

for a billionaire who would lose his billions If the fiat system collapses entirely and crypto took over year's down the line I'm sure it would be a risk he wouor be willing to take. An investment of a few million to protect his billions sounds like a good deal to me. Crush the threat before it gets to big and. And when it's small enough to handle. I don't think it's all that mad.. Who's to say this guy didn't buy up thousands of btc two or three years ago "just incase" he needs to do this? Using them
To offset losses. I've known this is possible for a long tome but some are convinced that btc is flawless. It's not. There are new systems coming out that don't suffer from these flaw. Imo bitcoin will die whether it's forced to happen earlier than it should or naturally, it is goin to be superseded. And those who understand this are far from scared and own the handful of coins that have the solution and enough potential to out do bitcoin. And it's a very small handful.. And most likely don't own any bitcoin like myself.

I like to think of it like btc is bebo and these other 2 are Facebook. If you know the story behind bebo youl understand the reference

We all should hope that is the way it goes and not the end of everything we know when bitcoin is about to die.
This situation right now could lead to a tremendous change of the power and value of bitcoin and any altcoin.

[blade87]

If BTC collapses, why would anyone buy another crypto? It would just automatically be labeled a scam "just like BTC was".

[devphp]

If BTC collapses, why would anyone buy another crypto? It would just automatically be labeled a scam "just like BTC was".

Many people think BTC is scam right now, this doesn't stop you from buying it, does it? The key is to make a crypto that provides unique use cases and doesn't have the flaws that BTC has. One of the flaws of BTC and most other PoW cryptos is fiat leak due to mining expenditures, which makes this prolonged and sharp price decline possible.

[Spoetnik]

i agree if Bitcoin fails they will see a black-eye on crypto's and look to Paypal, Apple, Microsoft etc etc
not some guy who hides here using 12 accounts using Github to clone anon gimmick coins LOL

and the fiat system collapses entirely ?
nope.. not happening !
it's needed.. and they will prop it up no matter what such as bail outs before.

you guys seem to think that that paying like $99 dollars a month to download and use a blockchain etc etc
is going to be good for Grandma and Grandpa or people who simply don't trust digital bullshit etc etc tec etc
Home Depot CC# record hacks.. Gmail accounts record hacks.. The Cloud "Fappening" hacks and that was just the last few weeks LOL
you guys need to get it through your thick skulls.. fiat is not going anywhere /end of story
maybe in a 100 hundred years or something..

and she is STILL sinking i am surprised usually the dumping has died down by now right ?
i see it dropped below $300 now :/
BTC-e yet again..

[robinwilliams]

i agree if Bitcoin fails they will see a black-eye on crypto's and look to Paypal, Apple, Microsoft etc etc
not some guy who hides here using 12 accounts using Github to clone anon gimmick coins LOL

and the fiat system collapses entirely ?
nope.. not happening !
it's needed.. and they will prop it up no matter what such as bail outs before.

you guys seem to think that that paying like $99 dollars a month to download and use a blockchain etc etc
is going to be good for Grandma and Grandpa or people who simply don't trust digital bullshit etc etc tec etc
Home Depot CC# record hacks.. Gmail accounts record hacks.. The Cloud "Fappening" hacks and that was just the last few weeks LOL
you guys need to get it through your thick skulls.. fiat is not going anywhere /end of story
maybe in a 100 hundred years or something..

and she is STILL sinking i am surprised usually the dumping has died down by now right ?
i see it dropped below $300 now :/
BTC-e yet again..

i think btc-e is where all the darkwhales / early adopters hide out.  they probably didn't want to sell their wealth for fiat due to wanting to remain anonymous so they trade into fiat when they get scared (never withdraw) and i think there are more darkwhales left (like bcx) than people think and they got in earlier than most everybody else so they drive the price lower since their buy points were lower ($10 - $85)

pimps, early miners, high end prostitutes, drug dealers etc etc use btc-e

[Spoetnik]

ya i did all my BTC trading on BTC-e myself too only..

and wow she is still in heavy dump mode.. Bitcoin now at = $285 i see holy shit !
https://bitcoinwisdom.com/markets/btce/btcusd

funny though the impact on ALT's has not been very much i think *yet

like my favorite coin JackpotCoin is actually up in value LOL
so do you all think BTC dropping will make ALT's go Down or UP ?
i am sort of torn between the two.. i have seen long periods of time where it seemed to me like both had happened.
like Pre-NOV 2013 when BTC went down i think ALT's went up and the opposite after the DEC 2013.. so i dunno what the hell is going on i am clueless

and has anyone heard any solid info on what is causing it ?
usually Coindesk will post something about big dumping but i have not seen a word form them yet.. they seem to be ignoring what is going on :/

edit:
@robinwilliams
you forgot about cyber criminals who make malware w/ botnets and Bitcointalk scammers who steal BTC on trades etc etc
criminal free for all exchange LOL

[Zer0Sum]

If BTC collapses, why would anyone buy another crypto? It would just automatically be labeled a scam "just like BTC was".

Many people think BTC is scam right now, this doesn't stop you from buying it, does it? The key is to make a crypto that provides unique use cases and doesn't have the flaws that BTC has. One of the flaws of BTC and most other PoW cryptos is fiat leak due to mining expenditures, which makes this prolonged and sharp price decline possible.

BTC market cap is now only $4 billion...
And virtually all of that went to ASIC sellers, exchanges...
Scammers, gambling peddlars, and rip off artists that build ATM machines that fleece you for 9%.

Every Bitcoin Meetup I've been to is full of scammers... HOSTED  BY  SCAMMERS...
This forum is crawling with "celebrity scammers".

That makes it extremely expensive to use Bitcoin...
Credit cards and PayPal are way cheaper... and way more convenient.

Oh, when your accountant thinks talking about Bitcoin is "cool"...
That means the hipsters are LONG GONE.

[Zer0Sum]

If BTC collapses, why would anyone buy another crypto? It would just automatically be labeled a scam "just like BTC was".

Many people think BTC is scam right now, this doesn't stop you from buying it, does it? The key is to make a crypto that provides unique use cases and doesn't have the flaws that BTC has. One of the flaws of BTC and most other PoW cryptos is fiat leak due to mining expenditures, which makes this prolonged and sharp price decline possible.

BTC market cap is now only $4 billion...
And virtually all of that went to ASIC sellers, exchanges...
Scammers, gambling peddlars, and rip off artists that build ATM machines that fleece you for 9%.

Every Bitcoin Meetup I've been to is full of scammers... HOSTED  BY  SCAMMERS...
This forum is crawling with "celebrity scammers".

That makes it extremely expensive to use Bitcoin...
Credit cards and PayPal are way cheaper... and way more convenient... and 1000 times safer.

Oh, when your accountant thinks talking about Bitcoin is "cool"...
That means the hipsters are LONG GONE.

[cassius69]

If BTC collapses, why would anyone buy another crypto? It would just automatically be labeled a scam "just like BTC was".

Many people think BTC is scam right now, this doesn't stop you from buying it, does it? The key is to make a crypto that provides unique use cases and doesn't have the flaws that BTC has. One of the flaws of BTC and most other PoW cryptos is fiat leak due to mining expenditures, which makes this prolonged and sharp price decline possible.

BTC market cap is now only $4 billion...
And virtually all of that went to ASIC sellers, exchanges...
Scammers, gambling peddlars, and rip off artists that build ATM machines that fleece you for 9%.

Every Bitcoin Meetup I've been to is full of scammers... HOSTED  BY  SCAMMERS...
This forum is crawling with "celebrity scammers".

That makes it extremely expensive to use Bitcoin...
Credit cards and PayPal are way cheaper... and way more convenient... and 1000 times safer.

Oh, when your accountant thinks talking about Bitcoin is "cool"...
That means the hipsters are LONG GONE.

so what the fuck are you doing here? 

[LiberyOrDeath]

We've tested 275 USD a few hours ago, now it's back at 300 USD. I think 270-275 USD is the final resistance , and if it is broken - there are good chances this boat could sink even further - I would say saying under 100 USD by the end of the year is now a real possibility, for the first time in 12 months.

I'm holding my BTC and not selling it - however I am not buying at these prices either, let's wait until it is a couple of hundred bucks cheaper.

[Spoetnik]

If BTC collapses, why would anyone buy another crypto? It would just automatically be labeled a scam "just like BTC was".

Many people think BTC is scam right now, this doesn't stop you from buying it, does it? The key is to make a crypto that provides unique use cases and doesn't have the flaws that BTC has. One of the flaws of BTC and most other PoW cryptos is fiat leak due to mining expenditures, which makes this prolonged and sharp price decline possible.

BTC market cap is now only $4 billion...
And virtually all of that went to ASIC sellers, exchanges...
Scammers, gambling peddlars, and rip off artists that build ATM machines that fleece you for 9%.

Every Bitcoin Meetup I've been to is full of scammers... HOSTED  BY  SCAMMERS...
This forum is crawling with "celebrity scammers".

That makes it extremely expensive to use Bitcoin...
Credit cards and PayPal are way cheaper... and way more convenient... and 1000 times safer.

Oh, when your accountant thinks talking about Bitcoin is "cool"...
That means the hipsters are LONG GONE.

so what the fuck are you doing here? 

he was talking about Bitcoin in the "Altcoin" forum section.. maybe he wants a better coin than BTC ?

anyway..
surprised nobody wants to talk about the effect on Alternative coins here.
might be a good idea or this topic might go bye bye LOL

oh and This forum is crawling with "celebrity scammers" ?
i agree with you Zer0Sum and had no idea the fee's were that high on ATM's wow !

[devphp]

If BTC collapses, why would anyone buy another crypto? It would just automatically be labeled a scam "just like BTC was".

Many people think BTC is scam right now, this doesn't stop you from buying it, does it? The key is to make a crypto that provides unique use cases and doesn't have the flaws that BTC has. One of the flaws of BTC and most other PoW cryptos is fiat leak due to mining expenditures, which makes this prolonged and sharp price decline possible.

BTC market cap is now only $4 billion...
And virtually all of that went to ASIC sellers, exchanges...
Scammers, gambling peddlars, and rip off artists that build ATM machines that fleece you for 9%.

Every Bitcoin Meetup I've been to is full of scammers... HOSTED  BY  SCAMMERS...
This forum is crawling with "celebrity scammers".

That makes it extremely expensive to use Bitcoin...
Credit cards and PayPal are way cheaper... and way more convenient.

Oh, when your accountant thinks talking about Bitcoin is "cool"...
That means the hipsters are LONG GONE.

I understand your sarcasm, but would like to just point out market cap number doesn't represent how much $$$ was invested. A lot of Bitcoins are not for sale.

[ObscureBean]

You guys should not forget that some of the brightest devs around work on Bitcoin. Bitcoin has a very strong inner circle of dedicated people that contribute to development and ideas.
People who say that there are better coins out there need to remind themselves that 'better' is relative. These days you've got a 'better' coin coming out almost every other day. So what? Are you just gonna keep migrating from one better coin to the next 100 times a year, forever? Sounds a bit hectic to me. I'm sure in time, the Bitcoin devs might add new features to the coin. I don't think that this is a necessity right now, the tech is still new and will benefit more from refining than new features.
Also people shifting their focus from coin to coin every few days makes it hard for any coin to achieve a scale of distribution similar to Bitcoin. I think Bitcoin is far from dead.
Waiting for the next floor to buy some 

[true-asset]

The USD exchange rate is still more than double of what it was exactly 1 year ago:

https://blockchain.info/charts/market-price

2013: $122
2014: $330

So its all a matter of perspective.

[Ezravdb]

The BTC volume though!!

[doo]

Bitcoin crypto has reached the tipping point

FTFY

[naplam]

The USD exchange rate is still more than double of what it was exactly 1 year ago:

https://blockchain.info/charts/market-price

2013: $122
2014: $330

So its all a matter of perspective.

Yeah, try YTD. Or wait til december.

[naplam]

But it's not the tipping point after which it grows exponentially, no. It's the tipping point where people start fleeing it en masse to other technologies and undervalued cryptos. After all, why would you buy Bitcoin if you can buy something cheaper, which does the same, or even better - if you can buy something cheaper which does the same and then a few other things. Bitcoin was the bootstrapping crypto, now is the time for other technologies to take its place. It won't happen overnight, but the process has begun.

Bitcoin has always been a very poor currency if you could even call it that and it's been in an obvious bubble for a long time. It's useful to make payments but there is no reason to hold on to it, there never was besides the growing bubble. I've always thought its long-term value per btc would be low (or zero if it gets replaced by other cryptocurrencies). A low-value btc will be even more unstable than it is now, to the point that it no longer retains any usefulness as a currency let alone a store of value. The Bitcoin payment system is an interesting breakthrough, tough. If future altcoins succeed in being a real currency, a semi-decent store of value at least, they will kill Bitcoin eventually.