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Author Topic: Bitcoin craze dying down?  (Read 14543 times)
cyberpinoy
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September 17, 2014, 06:38:05 PM
 #21

this time last year bitcoin went from $90 down to $70 and people were shouting that bitcoin craze was dying out.. then as october approached it went above $100, and then up up up.

you want to know why september-october is so important..

think about these three countries
thailand, costa rica, america.. then click this link
http://en.wikipedia.org/wiki/Fiscal_year#Chart_of_various_fiscal_years

if your old enough to actually bother paying tax, then you will know

Well if you want to use fundamentals thats a great way to look at things, but lets add common logic with your fundamentals, I see bitcoins hitting 90 dollars by the end of the year. Let me tell you why.  

Its what i like to call the Dell Dump. What is the Dell Dump? The Dell Dump is is the name I gave the situation where all companies involved in accepting bitcoin dump their coins for fiat. If you have been watching closely for the past 3 months steadily every 2 weeks the value of bitcoins drops 15 to 30 dollars and bounces back and forth 3 to 5 dollars for 2 weeks then drops again 15 to 30 dollars. You can also see it is not rebounding like it used to. Because companies like Dell are dumping their coins for fiat and NO ONE is actually buying enough coins to compensate the sell off from all these companies. Since no one really has a need or a want for Bitcoins it is slowly falling apart at the seams. It will not rebound like all the people hope. Until you believers do something about your ever so resilient Bitcoin or the developers find a way to secure a true demand for Bitcoins, you will not have to worry it will not make it to the 21 million release you will be lucky to see the next halving in rewards.

On top of the Dell Dump Bitcoin mining is not profitable anymore, and intelligent miners with small mines are no longer mining BTC, a lot of the pools are ripping members off, the rewards are getting smaller by the day and intelligent miners have found other ways to benefit from the machines they bought, and guess what they are doing, selling the crap out of Bitcoins.

Truth is truth, no demand, no reason to buy bitcoins.We already know the transaction is not faster, no one cares about anonymity except criminals. What the people want is ease and Bitcoin (which is not in its infancy anymore) is not faster in any way. It is actually much more complex for most people. We as humans especially ones with money are lazy and stupid. The rich people want everything at their fingertips, ease of use, ease of everything, they want to be able to let someone else do all the work for them. With all the scammer, hackers, and swindlers in the bitcoin industry, you cant trust anyojhne to do anything right now. So if you dont have even just a little bit of coding experience, getting into bitcoin is simply put, to complex for the people we need here and involved. Its easier for them to just use their visa and buy what they want.

So yes the bitcoin craze is dying, and will continue to do so until it evolves a true demand. Dont listen to the idiots who just call it a bubble, they are stupid and base their response on hope and not common logic. Logic tells you the truth, it will not do what it did last year or the year before, if you have been watching this year news releases have had very little effect on Bitcoin, the additional companies we have picked up (LIKE DELL) have not helped Bitcoin but rather hurt us very badly, so badly the price has done nothing but fall fall fall. There has been absolutely no good honest work from the development team in 5 years that has done anything for the security of the coins future. We have NO DEMAND for bitcoin. without a demand it will fail Pure and simple

I unfortunately fear Bitcoin will end up being the longest running pump and dump scheme the world has ever seen.


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September 17, 2014, 06:42:38 PM
 #22

Yet another FUD post above. They are endless and should be completely ignored.
People are impatient. Adoption takes time, just look at just about any major invention.
From Electricity, TV, PC, Internet.. and guess what. Bitcoin is one of the best things that happened in the recent years.


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cyberpinoy
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September 17, 2014, 06:48:40 PM
 #23

Yet another FUD post above. They are endless and should be completely ignored.
People are impatient. Adoption takes time, just look at just about any major invention.
From Electricity, TV, PC, Internet.. and guess what. Bitcoin is one of the best things that happened in the recent years.

Its been 5 years how much more time do you need to get off your ass and create a true demand and not false hope?

With a true DEMAND comes adoption, why wait for people to accept and adopt the coin, give them a reason to Smiley

How ironic the things you need to help you create the demand to send the coin over 2000 dollars are Electricity, TV, PC, Internet. Thats about it. Why not use those and prove me wrong Smiley because if you look at the charts they clearly prove my FUD post correct Smiley

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September 17, 2014, 07:03:15 PM
 #24

We have NO DEMAND for bitcoin. without a demand it will fail Pure and simple

That applies to any currency.

Take a look around the Bitcoin community. Note the excitement, investment and overall constructive environment. Then note headlines like this:

Venezuela's annual inflation rises to 63.4%

S&P Downgrades Venezuela on Worsening Economy

Next realize fiat currencies worldwide are (incredibly) inflationary and usually not transparent, while Bitcoin is effectively the opposite. Still betting Bitcoin is the loser here?

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September 17, 2014, 08:40:41 PM
 #25

The govt and the banks enjoy their model. It has the ability to financially war real and financial wars. They like this. I am not sure the govt likes the banks, which is why some of them would prefer a bitcoin model. The bankers enjoy their grasp on society and so far society does not seem to mind inflation and rising inequality

People do not under stand bitcoin, its price, its supply. I do suspect eventually 10-15 million coins will be owned by at least 5-10 million people. This right here would be enough to not only potentially take bitcoin viral, but there are a lot of trend, a lot of articles regarding bitcoin, but the way they keep hitting the headlines, the high level people coming out with well understood assessments of bitcoin absolutely see the benefits. This trend reminds me a lot of all the article written in the media over the past 10 years regarding medical marijuana, where as today the articles are largely 65% of the nation thing marijuana should be treated like alcohol.. Point being we have 26 state that allow for medical weed, and 2 states, soon to be up to 6 states that allow for recreational weed. Within 10 years weed will be as mainstream as a latte and sushi.

Bitcoin is going to have its own fights and challenges of perception to overcome. If the government came out with a coordinated a taxation and largely relaxed the drug war and a bunch of other business regulations and restrictions, bitcoin will really perhaps helped really create this digital gold cash economy. Driving all sorts of efficeincies likely at the end of this decade going into 2020's, by 2030 the real internet revolution will have taken hold as bitcoin is fully adopted.

It is hard to imagine Bitcoin not taking over in 5-15 years. The next few years are going to be perhaps relatively calm, but at some point of the legislators create a friendly environment, you will see every city, every neighborhood take such a large leap forward with major efficiencies for everyone.  
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September 17, 2014, 08:51:33 PM
 #26

It's better to see the December/January price spike to be a rush of bitcoin craze rather than it dying down now. The price spike gave a surge of new users and adopters because of the media and the amount of profit being made by earlier adopters. Not that BTC will die down at all, I think things will just be moving slower/steadier in the next couple years until more people and even nations start adopting BTC as a viable currency.

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September 17, 2014, 08:52:12 PM
 #27

Its what i like to call the Dell Dump. What is the Dell Dump? The Dell Dump is is the name I gave the situation where all companies involved in accepting bitcoin dump their coins for fiat.
Most of the companies that accept  Bitcoins immediately convert them to fiat. Usually through Coinbase, because Coinbase is now integrated with several popular shopping cart programs. Coinbase then dumps them on some exchange.

That's just fine. Bitcoin is doing what it was originally supposed to do - support retail transactions. It's a medium of exchange. No problem there.

As an investment, Bitcoin generates no revenue, so it's inherently a poor investment. All gains from holding Bitcoin come at the expense of some loser somewhere. It's a zero-sum game.
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September 17, 2014, 09:15:48 PM
 #28

not at all....it's just steadying up.... Cool Cool

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September 17, 2014, 09:25:57 PM
 #29

Because its now very difficult to mine, a lot of newbies just move on to other coins like black and monero. Stellar seem a good start.

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CtrlAltBernanke420
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September 17, 2014, 10:01:51 PM
 #30

Its what i like to call the Dell Dump. What is the Dell Dump? The Dell Dump is is the name I gave the situation where all companies involved in accepting bitcoin dump their coins for fiat.
Most of the companies that accept  Bitcoins immediately convert them to fiat. Usually through Coinbase, because Coinbase is now integrated with several popular shopping cart programs. Coinbase then dumps them on some exchange.

That's just fine. Bitcoin is doing what it was originally supposed to do - support retail transactions. It's a medium of exchange. No problem there.

As an investment, Bitcoin generates no revenue, so it's inherently a poor investment. All gains from holding Bitcoin come at the expense of some loser somewhere. It's a zero-sum game.

There will be a tipping point where entire supply chains will be capable to not requiring business to to cash out but rather restock their inventory by spending the bitcoin forward. Build the highway and soon enough cars trucks busses will soon be able to zoom through it en mass. Once this occurs efficiencies will drive into the market very quickly. This is still and year or so off, but even then it will happen sooner than most think it will.
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September 17, 2014, 10:03:39 PM
 #31

I can't say I can see that myself, I still see many talking about it and with more companies accepting it it does not seem to be dying down from what I can see.
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September 17, 2014, 10:14:33 PM
 #32

I can't say I can see that myself, I still see many talking about it and with more companies accepting it it does not seem to be dying down from what I can see.

What is true is there has not been a rush in and or a craze in buying it. I do suspect it will change over time. I have spoken to some who basically scoffed once he heard it was a digital data currency thing largerly pursued by computer hacker and criminals. But he is a 60 or so year old guy. I doubt he not interested in it still, but he is for the medium term watching sternly from the sidelines learning but not reacting to even major details.
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September 17, 2014, 10:53:02 PM
 #33

what about the commercial miners and miner manufactures having to sell most of the coins to pay bills?

And hash rate is still increasing like crazy, 4,675 BTC (today) must be brought for ~450
each and every day.
It's should be 3600 coins per day.
Most of the hobby miners would likely had hold the coin, but as more retailers come online they now can use the coin to buy stuff, retailers then sell coin.
Both cases puts price down, too much supply.
In 2016 price should change or most commercial miners go broke! (rewards half)
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September 17, 2014, 11:21:23 PM
 #34

There has definitely been much less drama/hype around bitcoin lately, but most of that is fluff anyway. Lots of work is still being done in projects like Lighthouse and OpenBazaar. Once some of these projects are more mature we'll see the hype train at full speed again with another batch of new users.
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September 17, 2014, 11:26:48 PM
 #35

More merchants come aboard all the time, thus causing more pressure on the sell side, thus driving price further down. With no Willybot to manipulate the price, BTC is destined for double digits.

3600 coins are mined every day. Miners gotta pay their bills. So they sell a lot of their mined stash.
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September 17, 2014, 11:35:20 PM
 #36

It hasnt even begun.
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September 18, 2014, 01:30:58 AM
 #37

The price might be going down , but Bitcoin is just starting. I mean just imagine if you said the internet isn't going to work 5 years into it and look where it is now.


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September 18, 2014, 04:54:04 AM
 #38

If it was dying down then the price would be falling drastically so no still alive and ticking.  It's ticking sort of like a bomb just waiting for the right moment and then it will blow UP!!   Tongue
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September 18, 2014, 06:59:20 AM
 #39

1. BTC is too slow - ordinary folk are not interested in waiting any longer than their debit card takes. They expect and demand a faster technology, not a slower one.

2. The general population is completely oblivious to the fact that the central banks/governments are fleecing them. It's simply too complicated a swindle for them to realise what's going on. The schmucks.

3. The BTC economy now is NOT as Satoshi intended. He intended millions of individual CPU's to do the mining, not a few factories of ASICs. Why is this important? Because a small number of groups have cornered mining and have manipulated the price to astronomic levels. Now that the difficulty is getting higher, and the Chinese have stepped in, these groups now have to sell as they mine to cover their costs - so the manipulation is undermined - and voila, the price drops.

4. The much-anticipated remittance opportunity is a dead duck at the moment - it can only work P2P if there is an easy way for people to directly spend their BTC after receiving them. Otherwise, the path is Fiat->BTC->Fiat->delivery (all via a third party, and all using conventional laws covering remittances)

5. The media (MSM) have correctly identified BTC as a threat to government power. As the slaves to the elite political class that they are, they have jumped all over the Mt Gox disaster and deliberately terrified the population. Ordinary people are now SCARED to use BTC, thanks to these manipulative MSM bastards.

6. The big investors - The City, Wall st - they are not fucking interested. They can see that cryptos are fully transparent - that's the last thing these criminals want.

7. Many governments are going to squash BTC under their heels (using state laws) under the fake reasoning of combating terrorism/gangsters. (The real reason is that cryptos would hemorrhage power from governments).

All in all, the picture looks very bleak to me. Most of the rise in BTC was due to enthusiastic investors, not enthusiastic users. Now I believe there is going to be a prolonged decline in price. And I think a different cryptocurrency will eventually take hold. Eventually, there will come a breakout crypto, and it won't be BTC. So place your bets, Ladies and Gentlemen...


Guess: CPU mined/low inflation/no premine/30-sec confirms
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September 18, 2014, 08:50:49 AM
 #40

There are more and more adoptions of BTC. I am not worried about short term price drop of BTC.
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