Bitcoin craze dying down?

[inBitweTrust]

You fail to acknowledge that using bitcoin is generally less expensive then using a credit card or other traditional methods of payment. This is where the major demand and use for bitcoin will come from - people who are trying to engage in commerce in a more efficient mannor

Of course I failed to mentioned all the benefits of Bitcoin... I don't have time to write a book for him.

"Legal Tender" refers strictly to Fiat currency which won't be replaced by bitcoin because bitcoin will never fulfill that role as it cannot by definition. Sure countries may legalize and try and regulate Bitcoin, but they won't give up control of the ability to tax the public indirectly through inflation from overspending, over printing, and quantitative easing.

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[cyberpinoy]

2) unbanked       (useless nonsense)
3) blackmarket   (usually only used by criminals so real world application does not apply)
4) porn you wont want the wife seing on ur credit card  (again inferior activities not a demand)
5) gambling        (again inferior activities not a demand)

The Grey and Black markets are currently bigger than the "White market". The fact that you discount the value of Bitcoin in these large and growing sectors speaks volumes to your mindset and agenda.

Bitcoin isn't meant to replace the role or "legal tender"; that has never been its purpose. Bitcoin is sovereign, international, and p2p. There will never be a company or government created crypto-currency fulfilling all the roles bitcoin seeks to fullfill because some of bitcoins roles are focused on creating a trust-less and decentralized ledger that cannot be controlled centrally.

I discount them for 3 reasons, first as bitcoin community has shown us you cant trust anyone, not even the escrow you are using. there is no ability to trust in the black market, its a 50/50 shot of getting ripped off. Altho it was creates a P2P system the theiving P's involved so far outweigh the honest P's. So i will not do not trust the black market.

My second reason is everything I do basis my reward, my income and the value of my coins (even my wallet) on current prices of BTC which does not include the black market.

And lastly a black market is a black market and the only people who usually have a use for a black market are ones conducting business in hopes to keep their actions and identity anonymous. I dont need anonymity I need a higher value in my investment, I need it to be secure, I want a nice business int he future and personally I dont care who knows what I am doing at this point in time. Ask me and I will freely tell you because I have nothing to hide right now.  

The people using the black market hide behind this shroud of "this is how bitcoin was meant to be used" but cant see past their hand in front of their face and see that if the value goes up on the white market, the black market will follow suite. so we are still back to the same people blindly holding the value of BTC down. No matter what market you use,no matter how you exchange the bottom line here is with no demand the coin is valueless, the benefits of the coin are not a demand they are only features of its use.

1) trading (im not talking about your PHP and unsecured little poormans exchanges that you watch like a hawk)
2) unbanked, research "mpesa" (multi billion dollar market cap and the onlyway africans can trade due to Zimbabwe dollar crash)
3) black market (multibillion dollar industry)
4) hide transactions from family (you call it inferior get hundreds of thousands of people would like that freedom)
5)gambing (u call it inferior, millions of others call it a billion dollar industry)
6)more fun than forex/stocks/shares (just like point one. im not talking about your PHP coded exchanges you are panicking over)

Why do you have a need to take 10,000 dollars across the border, theres no reason for that unless you are conducting criminal activities,

7) large funds across the border, research "policing for profit" - here one example https://www.youtube.com/watch?v=HGh-7LOzeHw
secondly

because the risk of loss to exchanges or other places like MTGOX will never go away.
better than loosing everything they have to more criminal people like exchange owners stealing your coins.
And lastly "REAL" invewstors are not even in the bitcoin game, to many variables, to many risks, to much to lose.

thank you for proving my point that the crappy PHP coded exchanges your watching like a hawk should die. one day when you get thousands of bitcoins, you too can play at the adults table.

I watch many exchanges actually, I trade on very few but the value of my coins comes directly from my wallet not my own assessment of the exchanges.

You do not have enough intelligence to even see how you can make a difference in your investment.
i suggest you get a little better educated first in both currency trading and business economics as you will need both to complete that task!!!

you also made a comment how banks dont see bitcoin as an issue. well i guess your blindness missed the lobbying for regulation.. try researching more, i wont spoon feed ya the information. i think the words "lobbying regulation" is enough of a hint for you to google

Actually I read the whole report on what the banks felt about Bitcoin, everything they said in the FEDS regulatory report maybe you should do the same


if only you knew how many bitcoin projects i have running, how many successful bitcoin businesses i have invested in, how many merchants i have helped start up.. then you would know why i am laughing at your comments right now.

talk is cheap actions speak louder than words, what are these projexts you say you are "involved" in. what are you doing to secure the future of BTC for you and all of its investors?

keep digging a hole for yourself. the more you post the more your revealing information that proves my points.

[coindetective]

Lots of new hardware being fired up, look at difficulty. After that they dump coins. However, the market s gonna equalize all of this. I am not worried at all.

[frankenmint]

Lots of new hardware being fired up, look at difficulty. After that they dump coins. However, the market s gonna equalize all of this. I am not worried at all.

yes, cheep cheep coins == exciting!

[l3sny]

cheap coins.... the price will recover sooner rather than later

[dKingston]

I'm so sad, maybe Bitcoins will start going up again on October

[TaunSew]

Miners are dumping $1.5 million a day or $40 million a month (almost half a $billion a year), in addition to all the BTC whales (who forgot about Bitcoin until the news reminded them in late 2013) who are cashing out to buy luxury vehicles and mansions.

So yes Bitcoin is going down for the next while..  this is a bear market..  there will probably be resistance at $150 if we do get that low.

[franky1]

You fail to acknowledge that using bitcoin is generally less expensive then using a credit card or other traditional methods of payment. This is where the major demand and use for bitcoin will come from - people who are trying to engage in commerce in a more efficient mannor

Of course I failed to mentioned all the benefits of Bitcoin... I don't have time to write a book for him.

"Legal Tender" refers strictly to Fiat currency which won't be replaced by bitcoin because bitcoin will never fulfill that role as it cannot by definition. Sure countries may legalize and try and regulate Bitcoin, but they won't give up control of the ability to tax the public indirectly through inflation from overspending, over printing, and quantitative easing.

yet in africa, their Zimbabwe dollar is finito, gone, end of.. now they use 'the peoples money' Mpesa, and the people love it, yes ofcourse there is the 'rand', but ask anyone in africa which they prefer rand or mpesa, they will all prefer to be paid in mpesa.

western world countries have that moment of realization to come, just gotta wait for the pound/euro and dollar crashes

[Velkro]

Its you individual feeling. There are a lot people that discover bitcoin every day. There are discussion about it, new businesses starting etc.
Bitcoin is huge

[niothor]

You fail to acknowledge that using bitcoin is generally less expensive then using a credit card or other traditional methods of payment. This is where the major demand and use for bitcoin will come from - people who are trying to engage in commerce in a more efficient mannor

Of course I failed to mentioned all the benefits of Bitcoin... I don't have time to write a book for him.

"Legal Tender" refers strictly to Fiat currency which won't be replaced by bitcoin because bitcoin will never fulfill that role as it cannot by definition. Sure countries may legalize and try and regulate Bitcoin, but they won't give up control of the ability to tax the public indirectly through inflation from overspending, over printing, and quantitative easing.

yet in africa, their Zimbabwe dollar is finito, gone, end of.. now they use 'the peoples money' Mpesa, and the people love it, yes ofcourse there is the 'rand', but ask anyone in africa which they prefer rand or mpesa, they will all prefer to be paid in mpesa.

western world countries have that moment of realization to come, just gotta wait for the pound/euro and dollar crashes

Paid in mpesa?
Mpesa is a service by the vodafone group , you are being paid via Mpesa in rands.

[inBitweTrust]

I discount them for 3 reasons, first as bitcoin community has shown us you cant trust anyone, not even the escrow you are using. there is no ability to trust in the black market, its a 50/50 shot of getting ripped off. Altho it was creates a P2P system the theiving P's involved so far outweigh the honest P's. So i will not do not trust the black market.

50/50 chance of getting ripped off within the black market? You cannot be serious, can you? Most transactions on the silk road were fair trades before the "white market" stepped in and stole everyone's escrow. Regardless, of the percentages of fraud in the white market vs grey market vs black market, some of us live in reality and your personal feelings towards the "scary black market" have no reflection on the volume of transactions that occur there and will continue to occur there.

Fact: The Black market and grey market are currently larger than the white market worldwide.

FYI: Far less theft happens in the grey market vs the "white market" where the theft has been built into the framework and happens automatically. You have just been brainwashed to ignore this theft.  

My second reason is everything I do basis my reward, my income and the value of my coins (even my wallet) on current prices of BTC which does not include the black market.

Of course the black market and grey markets effect the value of your investment. Any buying pressure effects the value of your coins. I'm beginning to suspect you are a troll because no one can be that daft with basic economics.

And lastly a black market is a black market and the only people who usually have a use for a black market are ones conducting business in hopes to keep their actions and identity anonymous. I dont need anonymity I need a higher value in my investment, I need it to be secure, I want a nice business int he future and personally I dont care who knows what I am doing at this point in time. Ask me and I will freely tell you because I have nothing to hide right now.  

Everyone has something to hide. The NSA now has a database of crimes you committed that you can be retroactively charged for if you step on the wrong shoes.  I almost guarantee you are committing multiple felonies a day if you are an American citizen.

The people using the black market hide behind this shroud of "this is how bitcoin was meant to be used" but cant see past their hand in front of their face and see that if the value goes up on the white market, the black market will follow suite.

Very convenient how you simply fail to mention or rebut the importance of the grey market.

[cyberpinoy]

Very convenient how you simply fail to mention or rebut the importance of the grey market.

The honest end of the day truth is, it does not matter black or grey market, those transaction have no power on the true value of bitcoin. Unless those transactions are registered in the averages of the value of BTC they are not worth noting at all. A lot of people are like me, we see a value in our wallet and that is value we accept. I dont see a value for white market, an 2 others for its value on the black market and grey market, I see one value that is estimated with an average of the places my wallets factors and averages to give me value to BTC in USD. and unfortunately our wallets do not take the black or grey markets in its evaluation.

Sometimes you just have to agree to disagree and I am at this point with people like you and franky1 to try and argue with people who have renounced the use of common sense is like administering medicine to the dead. its a lost cause.

I look at this with an open mind, a mindset that has no bearing on either side, I research charts, i look at what people are doing, I watch what business are doing and I make my assumptions based on all of the situations at hand. I understand the black market but I also know the black and grey markets have no real effect on the values of BTC that most of the people involved and the people we want to get involved care about.

A high dollar investor will not go to the black market hes going to research the best marketplace to trade and buy there, why because its an investment for him and he wants to make money, why buy in a place that his purchasing power has no effect ion the value of the coins he just bought. he would rather buy in a place where his buy in may effect the price and increase it. A true investor is not going to leave his investment in the hands of the black market, he will put what trust he has in what he knows, and thats where his buy in can effect his investment in a positive way.

At this stage of the game that is what bitcoin lovers need High dollar investors because at the end of the day all bitcoin has going for it right now is its tradable market value, without a real demand set in stone Bitcoin lovers must sit back and pray and wait.

[fryarminer]

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

So this time last year the low was $70.
This year the low is $400
What will the low be at this time next year?

[cbeast]

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

So this time last year the low was $70.
This year the low is $400
What will the low be at this time next year?

I'm guessing two thousand plus or minus ten percent.

[fryarminer]

I'm guessing two thousand plus or minus ten percent.

That'll be nice - except I wouldn't be able to buy whole bitcoins anymore. I better buy more now!

[snappa4ever]

You fail to acknowledge that using bitcoin is generally less expensive then using a credit card or other traditional methods of payment. This is where the major demand and use for bitcoin will come from - people who are trying to engage in commerce in a more efficient mannor

Of course I failed to mentioned all the benefits of Bitcoin... I don't have time to write a book for him.

"Legal Tender" refers strictly to Fiat currency which won't be replaced by bitcoin because bitcoin will never fulfill that role as it cannot by definition. Sure countries may legalize and try and regulate Bitcoin, but they won't give up control of the ability to tax the public indirectly through inflation from overspending, over printing, and quantitative easing.

yet in africa, their Zimbabwe dollar is finito, gone, end of.. now they use 'the peoples money' Mpesa, and the people love it, yes ofcourse there is the 'rand', but ask anyone in africa which they prefer rand or mpesa, they will all prefer to be paid in mpesa.

western world countries have that moment of realization to come, just gotta wait for the pound/euro and dollar crashes

Paid in mpesa?
Mpesa is a service by the vodafone group , you are being paid via Mpesa in rands.

I would say that since people in africa are used to and are comfortable with spending money with their smartphones (and because an unstable currency is the norm) that the people of africia would be comfortable using and adapting to bitcoin (and spending it via smartphones

[jack_night2]

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

Don`t listen to the idiots who just call it a bubble, they are stupid and base their response on hope and not common logic. I don't see any reason for that to happen. It seems highly unlikely to me. Course on the http://mining-profit.com/ suits me perfectly.

[zorke]

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

So this time last year the low was $70.
This year the low is $400
What will the low be at this time next year?

I'm guessing two thousand plus or minus ten percent.

This is true based on prior experience. However past performance does not guarantee future results. Also eventually the "law of large numbers" will need to kick in to slow the rate at which bitcoin can continue to increase in value

[QuestionAuthority]

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

So this time last year the low was $70.
This year the low is $400
What will the low be at this time next year?

I'm guessing two thousand plus or minus ten percent.

This is true based on prior experience. However past performance does not guarantee future results. Also eventually the "law of large numbers" will need to kick in to slow the rate at which bitcoin can continue to increase in value

It may take about 50 years for the law of large numbers to kick in. Take credit card adoption as an example. Western Union began issuing charge cards to its frequent customers in 1921. Mass adoption happened about the time Visa replaced BankAmericard. BankAmericard became the first successful recognizably modern credit card with overseas affiliates, in 1977 changed its name to Visa.

[kingscrown]

its just small downside..