The truth about this bitcoin panic (My opinion)

[lophie]

There has been alot of trash talking the price movement around here so I wanted to clear things up from my perspective and opinion, Maybe someone somewhere will find it useful and informative.

Bitcoin as a network, Bitcoin the peer to peer payment system is completely okay! It has gone through worse in a technical aspect with no serious price movement. It went through a hard fork and even a successful double spend of $10'000 in the past.

To mention miners and confuse non technical users of cost per giga hash and other mining industry related aspects is pure FUD (Fear, uncertainty and doubt) spreading. Bitcoin is working fine, Miners in and out is intended and anticipated since 2009, Nothing there is "new".

The current price swings is purely a problem of this relatively new and highly speculative and unregulated market. The panic is regarding the current very negative market signals and markers, which are very real concerns! But here I want to quote another user who amidst the FUD mentioned something important "But bitcoin trading never or rarely followed these market variables" (Rephrased from statement). this will extend to the mining industry with sharp adjustments kicking out players and bringing new ones in, but adjustments are hardly to be considered a "crash".

Would it fall hard way further? Yes I think so in fact I am rooting for it. I am very bearish these days regarding Bitcoin exchange rate. For traders in other crypto this is also a very good time to be able to evaluate other cryptos' price change to determine which exchange rates are artificial and which are reflecting a growing relatively-stable market.

With all of this said I opened a new small teashop where I live currently and I started accepting Bitcoin! My believe in Bitcoin never wavered and I do not correlate it with price movements. These two are a very different issues.

And you dear-reader, should not as well..... in my humble opinion.

- Lophie

P.S Yet, do not invest what you are not prepared to lose.

[nuff]

The trash talkers are those who don't really know what Bitcoin is probably only recently heard of it and due to their shallowness in thinking simply brush it off as ponzi digital money. Anyone who cannot understand why Bitcoin is so expensive at $500 perbtc don't understand Bitcoin period. Anyone who cannot understand why something that does not exist physically and created only out of computation can have a value, let alone such high value,    cannot appreciate what is Bitcoin. They know nothing and to cite problems with the protocol or the system as the reason why Bitcoin will fail just clearly show their own stupidity. Just try telling network administrators that the internet is gonna fail because the tcp/ip protocol is broken. This is exactly how these trash-talking know-nothing trolls sound when talking about Bitcoin.

[EricTyle]

I don't invest in bitcoin. I exchange USD for BTC, because it's a superior currency.

[dougg]

I don't invest in bitcoin. I exchange USD for BTC, because it's a superior currency.

Not sure how that's relevant to the discussion... the point is this is actually a sensible and balanced post in the Speculation sub-forum which is a rarity... there doesn't have to be a bit of current affairs like BitLicense to increase or decrease the price...

[WhatTheGox]

fundamentals are stronger than ever