Bitcoin is a unwanted child, people wants to hold fiat

[titulng]

His analysis makes sense

when merchants 'accept' btc, they are infact just accepting fiat, with coinbase/bitpay insta dumping for them on Bitstamp ..etc.

What this means, is that the more merchants that get signed up to BitPay/Coinbase.. the more BTC holders out there find a legitimate outlet source to buy stuff, the more things get bought (btc sold)... the more price goes down.. the more people want to sell to lock in gains/ preserve capital... etc. When you combine this with miners 3,600 a day.. and the main exchange where this selling is going on (bitstamp).. and it looks like MtGox 2.0 (shit outdated design, slow, run by 2 tweenies who look like karpeles in slovenia).. it all paints a bleak picture imo.

http://www.reddit.com/r/BitcoinMarkets/comments/2gr4v8/adoption_is_killing_bitcoin/

[BittBurger]

Read the rest of the thread. 

This is all good news, par for the course, and growing pains towards what will eventually come. 

You seem to have left all that out.

-B-

[knight22]

Bitcoin is not ready for prime time yet. Is that a surprise for you?

[titulng]

Bitcoin is not ready for prime time yet. Is that a surprise for you?

I'm sorry, I just have to wonder why such a large decline on Bitcoin

[titulng]

Read the rest of the thread. 

This is all good news, par for the course, and growing pains towards what will eventually come. 

You seem to have left all that out.

-B-

No doubt, I also look forward to a better tomorrow

[bitkilo]

Bitcoin is still very young and it will take some time to catch on, this will change the world of finance and something that big just can't happen overnight.

[djnocide]

change is a thing that the majority can't handle.

[The Bitcoin Co-op]

This age old argument makes no sense. Buy bitcoins in equal number every time you spend them, and this puts you at a net lot less in fiat, just as if you'd spent fiat on that item. It still, however, demonstrates demand and builds the Bitcoin economy.

[zetaray]

People hold fiat because their salaries are in fiat and most things they buy are priced in fiat. Merchants sell bitcoin to pay bills in fiat. This will never change. Bitcoin is not to compete with fiat, but to compliment it.

[Mike Christ]

This will never change.

Currencies come and go all the time, actually.  Not only has this changed a thousand times in the past, but there's no reason for it not to continue to change.

[chennan]

Bitcoin ecosystm is not building up overnight. The merchants are lacking tipping points to keep bitcoin payment. They have to pay bills with fiat. The big mining farms have to cash out some portion of bitcoin to pay electricity, rent, upgrading cost etc. Even the price drops down a lot, they have to dump their holding. When the time comes, every individuals will be happy to keep bitcoin and pay bitcoin for all the expenses. I hope it will be soon.

[Daniel91]

Bitcoin is still very young and it will take some time to catch on, this will change the world of finance and something that big just can't happen overnight.

Yes, it's true.
I really hope that ''big'' merchants and online companies will soon accept Bitcoin as payment option.
This will raise confidence again to the Bitcoin, price will raise again and many more people will start buying Bitcoin instead of selling.

[Undermood]

It still stays at early stage. The price is too volatile and at the moment the selling presure is much higher than buying. The price movement will turn around soon.

[flyingcatt]

Facts:
1) People is dumb and dont understand what Bitcoin really means
2) They will want that child once their other child starts dying (fiat devaluation in the next decades) as BTC becomes an alpha 6'4'' male, good looking and inteligent.

[cr1776]

...Bitcoin is not to compete with fiat, but to compliment it.

Why bitcoin, you look wonderful today.  Have you lost weight?  You look 10 years younger!   

[marechoux]

It is true that bitpay makes the price lower because of the insta-dump on platform exchange but this is just the 1st step.

This allow people to trust and use more bitcoin, and the more people trust bitcoin, the more they want to hold it.

Then merchant will understand better the bitcoin and start to accept bitcoin when they will be able to pay their bill in bitcoin.

The next step will be the salaries paid in bitcoin.

If all the wealth of the world is in bitcoin 1 bitcoin would worth 10 millions actual $.

For a bitcoin at 500$ it would be a X20.000, I know there is not 50% of odds that bitcoin is mainstream but do you really think with everyything happening in the world the odds are only 1/20.000? So only 0.005% chances it is happening?

I think it is closer somewhere around 1%, just in my opinion.

So if you gamble I would advise you to gamble with 1 bitcoin on a cold wallet

[Meuh6879]

Bitcoin is not ready for prime time yet. Is that a surprise for you?

bitcoin network is ready, mining process too ... so what ?
the exchange.

that why localbitcoins exist, too ...

[pikabit]

its normal, people fear to lose their hard earned money because buying btc is the only way to own btc.

[odolvlobo]

The fact that bitcoin is being used points to the value of Bitcoin as a payment system, even if bitcoins are converted to fiat by merchants. The success of bitcoin is measured by its adoption, not by its exchange rate. I would agree with the statement, "adoption is killing bitcoin's exchange rate", but that is a completely different statement than "adoption is killing bitcoin".

[cdog]

The fact that bitcoin is being used points to the value of Bitcoin as a payment system, even if it converted to fiat by merchants. The success of bitcoin is measured by its adoption, not by its exchange rate. I would agree with the statement, "adoption is killing bitcoin's exchange rate", but that is a completely different statement than "adoption is killing bitcoin".

This is a great point, and dont forget that for people to spend bitcoins, they have to buy or earn them first. Very very few people have 100+ coins, and those that do will likely hold longterm and spend slowly.