Bitcoin has reached the tipping point

[Spoetnik]

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.

no and that retort gets old fast.. that is a load of bullshit and you know it !

what would happen if Facebook or Apple shares went down to a buck each ? would you say the same dumb shit ?

just because you repeat something stupid does not make it real or true guys.
this is a common problem in crypto sadly and you all never learn..
and i actually think you guys start to believe your own bullshit when you repeat it all so damn much LOL

[Spoetnik]

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.

your wrong..

if the NY Stock Exchange added it right now what will happen ?

i don't need to say anymore..

[naplam]

the end result would be the same anyway. reinflating the bubble would only make us go through the last 12 months again.

[devphp]

The current dead-cat bounce has run out of steam. Prepare for a repeat of testing the lows of below $300 ~at the end of October. The next halvening of block rewards is still a long way to go, a lot of inflation is going to hit the Bitcoin ecosystem between now and then, which is reflected in the price.

[anonerd]

How about next-gen useful coins like Gridcoin (scientific mining)?
This Oktober we will see a less complicated new client, that enables robust exchange
and we could finally have people understand mechanics of scientific progress that Gridcoin brings via BOINC-integration.

[fewcoins]

The current dead-cat bounce has run out of steam. Prepare for a repeat of testing the lows of below $300 ~at the end of October. The next halvening of block rewards is still a long way to go, a lot of inflation is going to hit the Bitcoin ecosystem between now and then, which is reflected in the price.

Ding ding ding, Even Litecoin will be a penny stock when the month ends

[Trishula]

bitcoin will rise again!

[Moneroman88]

Where is the point in Bitcoin anyway?

[Spoetnik]

How about next-gen useful coins like Gridcoin (scientific mining)?
This Oktober we will see a less complicated new client, that enables robust exchange
and we could finally have people understand mechanics of scientific progress that Gridcoin brings via BOINC-integration.

sounds great and i like the coin but is it still scrypt ?
and last year when i used it i had to setup a complicated Windows only wallet.
gotta have linux or your not going anywhere i think

i am a HUGE science fan and love stuff like GRC + Boinc + SETI project + finding aliens and making coins

just imagine the scale of how much computing power we have at our disposal and how if we could bridge the gap
and get that hashing power in the hands of research scientists.. jeez we could really fast forward science !
from space physics to medical problems to solving diseases etc

and we are sooooo close to having a solid system of POW that would incentive this concept for us ensuring the concept would keep expanding.
just imagine people falling over each other to the hash power at doing scientific computing to solve real world problems or search for Alien life etc.
this to me is the ultimate goal of this stuff !

but a basic open source Linux client is step one lol
after all Linux is popular big time in science right ? ..it only makes sense.

In other News..
Kali came out with v1.09 last week and 1.1.0 is due out pretty quick.. looking forward to those Linux distrib versions
although i am 99% a Windows 7 guy ...please tell them to make a Kali pre-integrated GRC Wallet

edit:
when was the last time a guy mentioned XPM ?
sad isn't it ?

[LiberyOrDeath]

The current dead-cat bounce has run out of steam. Prepare for a repeat of testing the lows of below $300 ~at the end of October. The next halvening of block rewards is still a long way to go, a lot of inflation is going to hit the Bitcoin ecosystem between now and then, which is reflected in the price.

That is a very relevant observation. I share your views. The price just cannot stay above 400 USD under these conditions. We will prick around 300 USD for months. If we break the 270 USD resistance then all hell might break lose, seeing BTC under $100 is not a joke anymore but a realistic option.

[TaunSew]

Then people ask how is this possible?

Nature of mining has changed significantly.  It used to be low overhead miners mining from bedrooms.  Now it's guys who spend $60K a month in electricity and have huge factories full of computers.  A lot of these industrial miners came online in 2014 and the more that come online the more the price drops.

 So the difference now is that these coins go to a few people and they have to dump most of them to pay for their overhead.

Then there's also dumping from BTC whales, previously hibernating from 2009-2013, who've been spending like drunken sailors too.

[darthcoin]

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.

You think if BTC falls below 100$ it will ever recover to the previous highs?

[devphp]

You think if BTC falls below 100$ it will ever recover to the previous highs?

There is no reason why it should recover if it falls that low. It would mean the Proof-of-Work mechanism is very close to its death. The fiat leak from the mining network is too large, users can't sustain the network for a long time. PoW is unsustainable in the long run. The bitcoin core is highly unlikely to add new features. New technologies are taking over, this is a process of years, not months, don't fall for short term hype and dead-cat rebounds. I expect a rebound when the next block reward reduction takes place in (~1-2 years? can anyone remind when that is to happen?), but that is also just a technical blip.

[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.

You think if BTC falls below 100$ it will ever recover to the previous highs?

Nothing is impossible. It might hit 1 K in a few weeks, or it might be trading under 100 USD for a few months or years. Or it might sink even lower. At this point BTC is a much riskier investment than it was 1 or 2 years ago. We have reached a critical point and the next 12 months will be the key. As Satoshi Nakamoto said it himself, BTC will either be fully implemented in the world economy or it will die. There is no third option. That's the key issue. Either it takes over the whole monetary system of this planet or it dies. Simple as that. Now, what is closer to reality in your opinion?

[devphp]

The current dead-cat bounce has run out of steam. Prepare for a repeat of testing the lows of below $300 ~at the end of October.

And so it begins.

[Daedelus]

Does Bitcoin have any plans to have faster and still secure transactions? If not, I can't see it (or anything built on it) going anywhere.

[Sarahiko]

One of the reason why bitcoin is falling is the none stop popping of new altcoins, IPO,ICO which don`t offer anything.

[fewcoins]

One of the reason why bitcoin is falling is the none stop popping of new altcoins, IPO,ICO which don`t offer anything.

Very true, If everyone just clamped down to focus on BTC then cryptocurrencies in general will be more accepted and get very far!

[Daedelus]

One of the reason why bitcoin is falling is the none stop popping of new altcoins, IPO,ICO which don`t offer anything.

If this is true, how can they draw money away from bitcoin for more than a few weeks? And usually altcoins only amount to $200,000 - $3M marketcaps? This is a drop in the ocean of Bitcoins marketcap. If you added ALL of the other market caps to bitcoins, bitcoin would rise less than 10%!  


More likely "One of the reason why bitcoin is falling is the none stop popping selling of new alt bitcoins to pay the miners and obscure the true cost of transactions."

And people are beginning to realise. And it is slow, with apparently no plan to speed up.

[muddafudda]

One of the reason why bitcoin is falling is the none stop popping of new altcoins, IPO,ICO which don`t offer anything.

Very true, If everyone just clamped down to focus on BTC then cryptocurrencies in general will be more accepted and get very far!

do you think this one doesnt offer anything?

It really a stupid idea that offers nothing