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Author Topic: Bitcoin craze dying down?  (Read 14541 times)
kokojie
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September 18, 2014, 06:43:59 PM
 #81

429$ is really bad, it should be 600$ at least.

damn miners dump 3600 BTC a day (1.5M bucks). No wonder price drops

I think this is a good time to sell, because BTC might go back to 100-200$'s

I'm not talking about this particular time. Its just POW doesn't alow BTC to grow since bitcoin market bleeds for 1.5M bucks a day

This here, is the reason why Bitcoin price is dropping. Because without new inflow of capital, the $1.5M daily PoW expense will drop the price, perpetually. Only having a capital inflow greater than $1.5M per day, will stop the price drop. We have had big capital inflow last year, and price rose. Now the capital inflow stopped, and price is dropping.

This $1.5M daily PoW expense is unnecessary, since much of the coin supply has been distributed. Time to fade out PoW and embrace the energy efficient PoS system.

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Oldiesel
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September 18, 2014, 06:45:03 PM
 #82

Bitcoin is going to crash, big time.
DannyHamilton
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September 18, 2014, 06:52:41 PM
 #83

An example of an altcoin that is . . . better and exactly what about it makes it . . .] better?
Real innovation is coins like Bitshares, Nxt, Zerocoin, etc.. too many to list.

So, no examples of what exactly makes any of these "better"?

3 years? I said it still has a few pums in it. Which could take longer than 3 years, especially considering there may not even be a pump this year seeing as I though the market is so bearish.

Well, if you are trying to predict the future of technology more than 3 years in the future, you either own a time machine or just have delusions of grandeur.

Yea.. They are careful, too careful. These newer alt coins don't need to be as careful as Bitcoin.

They do if they want to be taken seriously and want to protect the value held by their users.

That is going to hold it back from improving upon itself.

IMHO, it's going to hold it back from destroying itself.  I guess we'll see eventually.

This is the same excuse (lol) Litecoin uses regarding making changes and they are worth a fraction of your market cap.

Litecoin?  That's another altcoin, right?  What does their "market cap" have to do with anything?  Market cap isn't even a term that makes sense when talking about currencies.  What is the "Market Cap" of the Euro?  How about the Peso?

It is not the extreme want to protect funds, but it is a mindset that nothing needs to be changed and everything is a gimmick or scam coin no matter how innovative.

Fortunately there is much discussion in the bitcoin community about things that need to be changed and careful consideration about modifications before declaring them "innovative".

Re 100x... Have you ever heard of an exaggeration?

Yes, and I'm pretty sure that your liberal use of exaggeration is a way to try to add emphasis and importance to things that you think should be important even if they aren't.

There are a lot of coins that are better though...

Better?  I'm not aware of any.

More features,

More features doesn't mean better features.  More features can also mean worse features.

block times in the seconds,

There is nothing innovative about changing a block time.  Block times can be fractions of a second or can be hours or days.  Without an explanation about exactly why a particular blocktime has merits (and careful consideration about the drawbacks of a particular blocktime) it is impossible to say whether a given blocktime is better, worse, or neutral.  Block times that are too short lead to increased orphaned blocks, longer orphaned chains, less stable mining revenue, and decreased security.

a snazzier wallet,

Putting lipstick on a pig doesn't turn it into something beautiful.

doesn't waste a ton of electricity and processing power like Bitcoin,

I don't see the maintaining of a global financial currency and payment system as a "waste". Are there solutions that provide equivalent security with reduced resource usage?

more anonymous, etc....

Bitcoin allows users to be as anonymous as they want, or as public as they want.  Complete anonymity is possible with bitcoin if a user desires it. While some altcoins *might* make this anonymity a bit easier, it is always possible to destroy one's anonymity with carelessness.

Bitcoin looks like a fossil when you take that all into account.

No.  Altcoins look like a scam when you take all that into account.

Again, the network effect and infrastructure is the only thing propping Bitcoin up.

Even if that were true (and I still haven't seen any convincing evidence that it is), that network effect and infrastructure will be very difficult for anything else to overcome.  Something that is "just a bit" better, won't be able to overcome the foothold that bitcoin already has.  It will require something truly innovative and revolutionary.

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September 18, 2014, 07:08:50 PM
 #84

Was your goal to add so many quotes it makes it take me too long to reply, so maybe I won't? If so, you succeeded (I am on iPad.) Congrats. That is the literal definition of nitpicking. Most of your arguments are weak at best, and you certainly do see things through rose tinted glasses. I will leave it at that because I know you will sit here and argue with me all day even if I am right.

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September 18, 2014, 07:13:31 PM
 #85

Quote
Bitshares, Nxt, Zerocoin, etc.. too many to list.
No, no, not coded yet (?).

Rose tinted glasses...
You should take another look. I can't find the right link right now, but no coin without a specific method of distribution will succeed/surpass Bitcoin.
Some older member has been linking in frequently in the past few weeks.
Also no, he often posts like that.
P.S. You using an iPad explains it all.  Smiley

A good part of his post:
Code:
Quote from: CoinHoarder on Today at 06:29:01 PM
This is the same excuse (lol) Litecoin uses regarding making changes and they are worth a fraction of your market cap.
___________
Litecoin?  That's another altcoin, right?  What does their "market cap" have to do with anything?  Market cap isn't even a term that makes sense when talking about currencies.  What is the "Market Cap" of the Euro?  How about the Peso?


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franky1
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September 18, 2014, 07:20:22 PM
 #86

POS is not as secure
POS does not spread wealth, it simply makes those that hoard coins richer.

POS is only good for exchanges and the pre-mined coin creators, not average joe.

exchanges are taking fat slices of the POS pie because most people are putting their coins into exchanges cold stores lol it makes me laugh how people blindly believe a altcoin creators story of fairness while they secretly are making the profit and leaving sheeple holding the altcoin bag of crap



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CoinHoarder
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September 18, 2014, 07:22:12 PM
 #87

Quote
Bitshares, Nxt, Zerocoin, etc.. too many to list.
No, no, not coded yet (?).

Rose tinted glasses...
You should take another look. I can't find the right link right now, but no coin without a specific method of distribution will succeed/surpass Bitcoin.
Some older member has been linking in frequently in the past few weeks.
Also no, he often posts like that.
P.S. You using an iPad explains it all.  Smiley

A good part of his post:
Code:
Quote from: CoinHoarder on Today at 06:29:01 PM
This is the same excuse (lol) Litecoin uses regarding making changes and they are worth a fraction of your market cap.
___________
Litecoin?  That's another altcoin, right?  What does their "market cap" have to do with anything?  Market cap isn't even a term that makes sense when talking about currencies.  What is the "Market Cap" of the Euro?  How about the Peso?

Ya cause Bitcoin is distributed so evenly....

Now because I am on an iPad all my statements are invalid? Lol.. If you must know, my laptop recently died, either way that is a weak argument. A lot of people like Apple products.

My reason for bringing up Litecoin is because they share the mindset of most Bitcoiners.. all innovations are unneeded gimmicks, PoW is the only answer, their coin is fine just the way it is, etc.

DannyHamilton
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September 18, 2014, 07:22:53 PM
 #88

Was your goal to add so many quotes it makes it take me too long to reply, so maybe I won't? If so, you succeeded (I am on iPad.)

No. My goal was to respond to each of your many points specifically and directly so that there wouldn't be any confusion amongst those reading the thread what was being discussed and responded to.

Congrats. That is the literal definition of nitpicking.

nitpicking: "looking for small or unimportant errors or faults, especially in order to criticize unnecessarily"

You may find your errors or faults to be small or uninmportant.  Personally, I find that they are a direct indication of the reliability of your opinion.

Most of your arguments are weak at best,

Weak?  In what way?

and you certainly do see things through rose tinted glasses.

Well, one of us does.  I'll leave it as an exercise to the reader to determine which of us that is.

I will leave it at that because I know you will sit here and argue with me all day even if I am right.

Argue?  That's such a strong word.  I prefer to see it as discussion.  Or at most perhaps intelligent and considered debate. I *might* be willing to continue the descussion if you can establish that you are "right", but the fact that I'm engaging in discussion doesn't by its nature make you "right" or "wrong".  At this point, I've received nothing but platitudes and vague assertions based on your desire for altcoins to be "better".

kokojie
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September 18, 2014, 07:25:45 PM
 #89

POS is not as secure
POS does not spread wealth, it simply makes those that hoard coins richer.

POS is only good for exchanges and the pre-mined coin creators, not average joe.

exchanges are taking fat slices of the POS pie because most people are putting their coins into exchanges cold stores lol it makes me laugh how people blindly believe a altcoin creators story of fairness while they secretly are making the profit and leaving sheeple holding the altcoin bag of crap





POS is not as secure?
Zero successful 51% attack on any PoS altcoin, while probably hundreds of PoW altcoin has been attacked, even sizable ones like Dogecoin.

POS does not spread wealth, it simply makes those that hoard coins richer?
I don't even know what this means, for example you think 1% annual reward on PoS mining with Peercoin is going to make you rich? the tiny PoS reward is not going to be the sole reason for someone to hoard stake. It's something that is "nice to have" when you already own some stake, and want to help secure the network.

POS is only good for exchanges and the pre-mined coin creators, not average joe?
Even if exchange is minting, they could just distribute the PoS reward to their customers as interest on balance, like BTER already does this. Also, since Bitcoin already distributed most of the coin supply, there's no concern for "pre-mine", is there?


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CoinHoarder
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September 18, 2014, 07:26:51 PM
 #90

POS is not as secure
POS does not spread wealth, it simply makes those that hoard coins richer.

POS is only good for exchanges and the pre-mined coin creators, not average joe.

exchanges are taking fat slices of the POS pie because most people are putting their coins into exchanges cold stores lol it makes me laugh how people blindly believe a altcoin creators story of fairness while they secretly are making the profit and leaving sheeple holding the altcoin bag of crap

You guys are stuck on the same old anti-PoS arguments. There are newer and better solutions, DPoS for example. Most of the arguments you use against PoS don't even apply with the newer and better variants of PoS.

Again, lol at saying PoW distributes currency so evenly. Bitcoin is less evenly distributed than FIAT.

Pretty much all of your arguments are invalid with DPoS.

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September 18, 2014, 11:27:21 PM
 #91

6 months ago if you told someone btc was to trend downwards to the 400 mark, they would have gobbled up every single scrap they could to hoard the farm.  Now?  I don't think nearly as many.

IMO, this downward trend does not look good.  It all depends on your outlook timeframe, but for the immediate future, I think BTC is in for some pretty turbulent times.  I think it will be a very long time (if ever) until we ever see the 1000 mark, much less 800.
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September 19, 2014, 12:52:17 AM
 #92

Long time lurker, first time poster.

There are no developments in Bitcoin that would warrant anyone to say that the craze is dying down. If anything at all, developments have been moving in a positive direction. For one piece of bad news, there are multiple positive developments that are moving Bitcoin forward towards increased market adoption.

I've already bought over 150 BTC since the price moved below 470 (in addition to my already significant stash) and continue to aggressively stagger my purchases as the price moves into further discount territory.

Listen to Franky, he knows what he's talking about.
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September 19, 2014, 01:18:02 AM
 #93

Merchants selling. This is the reason the price is going down. As soon as merchants started accepting BTC in large quantities, the price began to go down and now seems to be accelerating downward.

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September 19, 2014, 01:23:34 AM
 #94

 I m crazy about bitcoin TOO.       Grin

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September 19, 2014, 03:05:47 AM
 #95

Meh, this happens every year for the past five years, negative nancys come and say it will go down and we all know what happens next, dont pay any attention to them they were born as negative nancys so next year and every year you should expect them to do the same

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September 19, 2014, 03:11:52 AM
 #96

Price down but diifficulty going up crazy something has to give here.

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September 19, 2014, 03:18:51 AM
 #97

price going down means more merchants

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September 19, 2014, 04:06:01 AM
 #98

Is it just me or does it seem like the bitcoin "craze" has died down a lot? Not as much people active in talking about it, and especially in other forums for altcoins, there used to be a lot of buzz and excitement but not any more it seems Sad

Start listening to the Bitcoin Podcasts and you'll see the very opposite picture being painted.   Quite a bit going on all over the world.  More than ever.

Stay informed.  Podcasts are the best way to do it these days.

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September 19, 2014, 04:28:21 AM
 #99

i don't think so....
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September 19, 2014, 04:55:37 AM
 #100

price going down means more merchants???
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