Bitcoin has reached the tipping point

[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

HAHA.. ok.. you will see.. not many coins that have remote harvesting(forging) and multisig PRIOR to launch.. a distribution of 3000 original and mostly veteran stake holders all getting equal number of coins, 5 epic developers, a new algorithm call proof of importance that seem the next logical step. PoW -> PoS - PoI. ya if you dont see potential in that then you are blind.. lol

I've watched 100's of posts like yours, speak shit and promote something that it totally worthless.

Invest your house in it or shut the fuck up really

[fewcoins]

Investing that much in someone else's digital pyramid scheme?! You guys are nutsss!!! God bless you all!!!

[Robif]

What is the possibility for some bitcoin 2.0 technology to thrive if bitcoin fails?

I don't think bitcoin has reached the tipping point, rather say that crypto currencies has reached it.

Blockchain technology is here and it is not going away, ever. Bitcoin on the other hand probably will be replaced with 2.0 coin/share/asset.

[BoscoBlue]

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.

I'm not sure if you can discount the infrastructure behind bitcoin. Others might do the same or better, but to catch up to bitcoin in terms of distribution or acceptance, seems far fetched.

[MrBig]

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?

I don't see why it couldn't. If a bunch of whales dumped their coins at the same time on an exchange, we could see that happen.

[e-coinomist]

Finally Litecoin will not replace Bitcoin, but Bitcoin takes Litecoin's Marketcap 

[devphp]

I'm not sure if you can discount the infrastructure behind bitcoin. Others might do the same or better, but to catch up to bitcoin in terms of distribution or acceptance, seems far fetched.

Distribution of Bitcoin is far from ideal and will only get worse as mining becomes more and more centralized. As for acceptance, I am not sure the widely publicized numbers are anywhere close to reality. It's very hard to live on Bitcoin unless you are in a very big city and make a lot of efforts to find vendors who accept Bitcoin in exchange for food, shelter, etc. Same goes for infrastructure: the programming part is easy to adjust for crypto 2.0 technologies, this crypto movement has just started, the first mover advantage of Bitcoin is not that big, except in people's minds. Well, marketing and usefulness help to change people's perception rather quickly.

[TaunSew]

I'm not sure if you can discount the infrastructure behind bitcoin. Others might do the same or better, but to catch up to bitcoin in terms of distribution or acceptance, seems far fetched.

Distribution of Bitcoin is far from ideal and will only get worse as mining becomes more and more centralized. As for acceptance, I am not sure the widely publicized numbers are anywhere close to reality. It's very hard to live on Bitcoin unless you are in a very big city and make a lot of efforts to find vendors who accept Bitcoin in exchange for food, shelter, etc. Same goes for infrastructure: the programming part is easy to adjust for crypto 2.0 technologies, this crypto movement has just started, the first mover advantage of Bitcoin is not that big, except in people's minds. Well, marketing and usefulness help to change people's perception rather quickly.

There's no first mover advantage in something with only 500K-2M users as per Bitcoin.  The internet back in the late 1980s had up to 3 million users but TCP/IP did not have 600 alternates and TCP/IP was also officiated by the US military in the 1980s.  I think everybody on Bitcointalk is wrong - I still think we're in the innovator stage of this technology and digital currencies will be $trillions someday with 100 million to 1 billion users.


Bitcoin is not the Yahoo or Alta Vista of crypto currencies yet.   Bitcoin could become that Yahoo but there's a critical problem here called userbase expansion and nobody wants to address that elephant in the living room.  

[devphp]

...with only 500K-2M users as per Bitcoin.

Those numbers are overestimates, the real numbers are closer to 50k-200k.

[TaunSew]

...with only 500K-2M users as per Bitcoin.

Those numbers are overestimates, the real numbers are closer to 50k-200k.

Then that would be more incentive for people to roll up their sleeves and grow the userbase.  Bitcoin after all had a peak capitalization of what $18 billion or was it higher?

The commodity characteristics means if any digital currency were to hit 100 million users then it would be probably be worth $Trillions.  

[BoscoBlue]

Distribution of Bitcoin is far from ideal and will only get worse as mining becomes more and more centralized. As for acceptance, I am not sure the widely publicized numbers are anywhere close to reality. It's very hard to live on Bitcoin unless you are in a very big city and make a lot of efforts to find vendors who accept Bitcoin in exchange for food, shelter, etc. Same goes for infrastructure: the programming part is easy to adjust for crypto 2.0 technologies, this crypto movement has just started, the first mover advantage of Bitcoin is not that big, except in people's minds. Well, marketing and usefulness help to change people's perception rather quickly.

You have a great point. The focus seems to be on technology, the coin that focuses on business, ease of use, and marketing could emerge quickly. I did read the the bitcoin foundation was pushing an outreach program.

[identtitentti]

...with only 500K-2M users as per Bitcoin.

Those numbers are overestimates, the real numbers are closer to 50k-200k.

Then that would be more incentive for people to roll up their sleeves and grow the userbase.  Bitcoin after all had a peak capitalization of what $18 billion or was it higher?

The commodity characteristics means if any digital currency were to hit 100 million users then it would be probably be worth $Trillions.  

For block chain ecosystems this is still the age of first adapter nerds and the situation will remain like that for some time. In that regard the first five year period 2008-2013, aka "the age of bitcoin", has been nothing but amazing.

Bitcoin is just one monetary recepy a lá Austrian School & gold bugs, using already outdated block chain tech, and in that respect the age of bitcoin is over, and probably same goes for all purely PoW system. And this is not about bitcoin - or mere financial speculation (even though much of the hypnotism of dollar images still remain, as above), this about the full potential of block chain to reinvent and rebuild whole global society and it's multitude of various localities on decentralized peer-to-peer basis instead of currently centralized hierarchical pyramid schemes. To disrupt the destruction and to realize genuine global constructive anarchy.

To grow the user base of block chain ecosystems and make it available to averadge joe and my granny, much needs to be done and much is being done. In that respect I can talk about FIMK-project, which I'm personally most familiar with. FIMK is a semilocal and semiglobal coin, third of which will be distributed as "basic income" to identifiable Finnish citizens, and to succeed it is very important not to be and not to even appear as a pump-and-dump. The basic technical challenges of the core system are getting solved (on tech wizard 2.5 generation level), and the next and parallel phase is making the tech not only user friendly but easy and simple to adopt and use for both merchants and buyers in every day life. And as the basic philosophy of FIMK is community instead of speculation, the main interest in FIMK assets has not been to imitate stock market, but to vision and plan use of FIMK based assets for example as local community (city, (eco)village, etc.) currencies. Needless to say, FIMK is ongoing gradual process, and its experience and success can teach us a lot of how to grow user base of block chain ecosystems, and to answer from one part in responsible and creative way to the growing global demand for means of building alternative society to replace this self-destructive one.

[Normandoyle]

...with only 500K-2M users as per Bitcoin.

Those numbers are overestimates, the real numbers are closer to 50k-200k.

Then that would be more incentive for people to roll up their sleeves and grow the userbase.  Bitcoin after all had a peak capitalization of what $18 billion or was it higher?

The commodity characteristics means if any digital currency were to hit 100 million users then it would be probably be worth $Trillions.  

For block chain ecosystems this is still the age of first adapter nerds and the situation will remain like that for some time. In that regard the first five year period 2008-2013, aka "the age of bitcoin", has been nothing but amazing.

Bitcoin is just one monetary recepy a lá Austrian School & gold bugs, using already outdated block chain tech, and in that respect the age of bitcoin is over, and probably same goes for all purely PoW system. And this is not about bitcoin - or mere financial speculation (even though much of the hypnotism of dollar images still remain, as above), this about the full potential of block chain to reinvent and rebuild whole global society and it's multitude of various localities on decentralized peer-to-peer basis instead of currently centralized hierarchical pyramid schemes. To disrupt the destruction and to realize genuine global constructive anarchy.

To grow the user base of block chain ecosystems and make it available to averadge joe and my granny, much needs to be done and much is being done. In that respect I can talk about FIMK-project, which I'm personally most familiar with. FIMK is a semilocal and semiglobal coin third of which will be distributed as "basic income" to identifiable Finnish citizens, and to succeed it is very important not to be and not to even appear as a pump-and-dump. The basic technical challenges of the core system are getting solved (on tech wizard 2.5 generation level), and the next and parallel phase is making the tech not only user friendly but easy and simple to adopt and use for both merchants and buyers in every day life. And as the basic philosophy of FIMK is community instead of speculation, the main interest in FIMK assets has not been to imitate stock market, but to vision and plan use of FIMK based assets as local community currencies. Needless to say, FIMK is ongoing gradual process, and its experience and success can teach us a lot of how to grow user base of block chain ecosystems, and to answer from one part in responsible and creative way to the growing global demand for means of building alternative society to replace this self-destructive one.

The growth of Bitcoin can only be compared to the growth of the internet.

In technical terms, if Bitcoin were the internet, this would be 1998.

[devphp]

The growth of Bitcoin can only be compared to the growth of the internet.

In technical terms, if Bitcoin were the internet, this would be 1998.

Internet is not static in its underlying protocols, it has seen older technologies replaced with new technologies. I compare Bitcoin to UUCP here:
https://bitcointalk.org/index.php?topic=766406.msg8724572#msg8724572

[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.

$275-$300 area has to be tested again, no way around it. If that holds, the bulls can cautiously rejoice.

[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.

$275-$300 area has to be tested again, no way around it. If that holds, the bulls can cautiously rejoice.

Well it has happened already, we have touched $275 this month. That is the last and strongest resistance. I believe it will hold, but if it breaks, we could be in for the downfall to $100 or below. Hopefully that never happens.

[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.

$275-$300 area has to be tested again, no way around it. If that holds, the bulls can cautiously rejoice.

Well it has happened already, we have touched $275 this month. That is the last and strongest resistance. I believe it will hold, but if it breaks, we could be in for the downfall to $100 or below. Hopefully that never happens.

I believe $275-300 should hold, it's strong enough. But I think the price is still going to test it again, to confirm that the bottom is in.

[BlindMayorBitcorn]

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.

$275-$300 area has to be tested again, no way around it. If that holds, the bulls can cautiously rejoice.

Well it has happened already, we have touched $275 this month. That is the last and strongest resistance. I believe it will hold, but if it breaks, we could be in for the downfall to $100 or below. Hopefully that never happens.

I believe $275-300 should hold, it's strong enough. But I think the price is still going to test it again, to confirm that the bottom is in.

I commit to buying one at 300. Three at 275. Then I will hodl until probably 100 then dump

[BootstrapCoinDev]

If it is the Chinese gov. blocking access to Bitcointalk or if they claim the forum is blocking the Chinese IPs either way that cannot be a reason for the price fluctuation.

Chinese holders of Bitcoin selling to buy Ali Baba's shares makes sense, because that's the only way they can get money out of the country and use it to buy in the US stock market.

[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.

$275-$300 area has to be tested again, no way around it. If that holds, the bulls can cautiously rejoice.

I agree, we have tested $275 already, but if we break it, it might just as well go down to 100 bucks, hopefully this resistance is strong enough to keep it above $300.