Ready to admit bitcoin is a failure?

[ObscureBean]

I think Bitcoin adoption is slow because the internet is still relatively new and there is a vast majority of people who do not have access to the internet. When considering developed nations, there are still a lot of functional members of society who were born at a time when there was no internet. A lot of those people have not successfully integrated the internet into their lives. Since Bitcoin is internet dependent at this time, it shouldn't be surprising that it's not spreading that fast. If we were in 2034 right now, I bet BTC would've already spread like wild fire across the world.

What? The internet is not relatively new. Even in developing nations they have access to the internet somewhere and this is becoming more and more accessible every week. Bitcoin doesn't even need developing nations anyway as it can function and thrive greatly everywhere else, but developing nations will likely get involved at a later date once they see the benefits.

I said 'relatively new' meaning it depends on how big a picture you're looking at. 25 years ago, the internet was almost unheard of. This means that all the kids who grew up with the internet have parents from the pre-internet era. When the majority of 5 five year olds are able to say that their grandparents started using the internet while in their teens, the internet will be an already well-established element of society because at least 1 full generation would've lived with it.

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[Bad Uncle]

Apparently bitcoin is a failure if it failed to make us rich? Bitcoin is actually a computer protocol that is now more widely accepted than ever. It also does not care about us and our desires for money.

Sadly this is what most people who are getting into bitcoin think. They suddenly didn't become millionaires over night and now bitcoin has failed them.

[googlemaster1]

This is one joke of a post coming from a "Hero Member".

[sublime5447]

Is it not too early to call this great experiment in virtual currency, null and void?

For sure, I am not saying that digital currency is a failure, I am saying we have not made a digital currency we have made a digital asset. Virtual currency is thousands of years old the first currency was virtual in the form of a promise to pay.

There is no double top. A double top has peaks separated by weeks to months.
...
Those peaks are on the 1st and 4th of Feb, which is three days. The pattern being formed is pretty clearly a bullish wedge. Not a guarantee that we'll break $21.5/$22, but an indicator that its likely.

http://bitcoincharts.com/charts/mtgoxUSD#rg30zigHourlyztgSzm1g10zm2g25zv

There is absolutely a bullish wedge on the hourly chart.
Also, look how fast the retrace is out of the dips. Like a cat on a hot tin roof.
Bitcoin is already putting a floor in at $21...

Yep, just waking up and seeing this. I think we've already touched $22.00/BTC.

To me, this is both exciting and disappointing. It's exciting because I'm holding a good bit of BTC in my wallet. It's disappointing because I fear that we might be heading into the "danger zone". A bunch of amateur speculators buying something like crazy rarely ends well. Another Bitcoin bubble and crash could be very bad for the BTC's long-term future.

--ATC--

Very surprised by your analyses, I think we might be in complete agreement. I am very bearish btc right now. I was getting bearish at 19. 

Still feeling the pain of not buying in at $19 ?

No I never had a profit motive, I only want to profit when I provide value to other people. I did buy in at 12 dollars each and many many other prices, but I only bought and sold coins. I wanted to make money by providing a service (liquidity). I made 12k profit buying and selling coins and I also grew my credit score by financing a mining rig and paying it off.   

[desired_username]

Bitcointalk didn't change much over the years. It's the same trollfest as it was.

[martinnew]

Even BTC was already years old, I think it is still early to say that there will be no mass adoption. Anyting can happen for the next years in terms of technology and currency. IMO

[sublime5447]

I see a lot of others are all in and going down with the ship, any descent is treason... I support digital currency in fact I think it is the most important thing that we could achieve in our life times.. That is why I hate to see so much wasted time and effort on a concept that cant work. I dont have a profit motive.. I know that is unfathomable around here but I am not in digital currency for personal enrichment. I dont say it is a failure because it hasn't made me rich, I say it is a failure because it cant replace government issued fiat.  

[serenitys]

Bitcoin price dropping is not a signal of its failure.

Bitcoin price crashing ALONG WITH every single bitcoin business closing down, throwing in the towel - coinbase, the exchanges, blockchain, the bitcoin cons, wallet services, mining services - all that shit signals the end of bitcoin - at least as far as mainstream...but it's unlikely to ever fully be gone because it's too useful and solves real world problems.

Bitcoin price dropping over warped shit in the news...just consider it a Sale and go shopping.

[Giggs]

I'll admit it's a failure when it actually fails. At the moment it seems to be working perfectly fine for me.

[sublime5447]

I'll admit it's a failure wqhen it actually fails. At the moment it seems to be working perfectly fine for me.

Is it working perfectly fine as a store of value for you? how about anyone else who bought or was paid for labor in the last 10 months with bitcoin?

[Giggs]

I'll admit it's a failure wqhen it actually fails. At the moment it seems to be working perfectly fine for me.

Is it working perfectly fine as a store of value for you? how about anyone else who bought or was paid for labor in the last 10 months with bitcoin?

It's stored it's value perfectly. I bought several 1 bitcoin and I still have 1 bitcoin. Whatever you paid for it is your problem and the fiat worth of it has nothing to do with bitcoin itself. I suggest you invest in fiat money or something if you're worried about this stuff. Don't buy any stocks and shares either.

[the joint]

I'll admit it's a failure wqhen it actually fails. At the moment it seems to be working perfectly fine for me.

Is it working perfectly fine as a store of value for you? how about anyone else who bought or was paid for labor in the last 10 months with bitcoin?

It's stored it's value perfectly. I bought several 1 bitcoin and I still have 1 bitcoin. Whatever you paid for it is your problem and the fiat worth of it has nothing to do with bitcoin itself. I suggest you invest in fiat money or something if you're worried about this stuff. Don't buy any stocks and shares either.

What the hell?  The fact that 1 BTC = 1 BTC now and forever says nothing about value.   All that 1 BTC = 1 BTC means is that bitcoins are fungible.  USD is also fungible since $1 USD = $1 USD.

So far, Bitcoin sucks as a store of value in the sense that it's highly unpredictable.  A year from now, if I asked you to predict the purchasing power of both BTC and USD, you will find it easy to make a reasonable prediction about USD but not BTC.  Just look at the threads on this forum predicting that the value of a bitcoin will range from $0 to >$10,000 in a year's time.  If there's that much difference of opinion, then right now it's fair to conclude that, at least right now, BTC is anything but a safe haven for your purchasing power.

[QuestionAuthority]

I see a lot of others are all in and going down with the ship, any descent is treason... I support digital currency in fact I think it is the most important thing that we could achieve in our life times.. That is why I hate to see so much wasted time and effort on a concept that cant work. I dont have a profit motive.. I know that is unfathomable around here but I am not in digital currency for personal enrichment. I dont say it is a failure because it hasn't made me rich, I say it is a failure because it cant replace government issued fiat.  

I've seen this so many times here. Bitcoin isn't working for you therefore it isn't working. There are so many different reasons to use Bitcoin. Speculators want volitility for profit, some early most late adopters want to see a massive increase in price for profit, antiestablishment types want to see it replace fiat to end government misuse of funds, humanitarians want it used in Africa to end oppressive control of the poor, exchanges want to reap their steady profit, businesses want to accept it to increase their sales, criminals want to use it as a new method of stealing from simpletons, gamblers want to use it to skirt around local gambling laws and so on and so on. The truth is it will never work for everyone forever. If you're one of the antiestablishment types you may never get your wish but that doesn't make it a failure for everyone.

[RodeoX]

... I dont say it is a failure because it hasn't made me rich, I say it is a failure because it cant replace government issued fiat.  

But I don't think that has ever been on the table. No responsible government is going to risk their economy on bitcoin. Maybe in 20 years, but I can't see it happening anytime soon.

[sublime5447]

... I dont say it is a failure because it hasn't made me rich, I say it is a failure because it cant replace government issued fiat.  

But I don't think that has ever been on the table. No responsible government is going to risk their economy on bitcoin. Maybe in 20 years, but I can't see it happening anytime soon.

I dont plan on asking the government if it gives a fuck if i take away its control mechanism. The government can suck a dick. I am not asking for permission to change the world. Did napster ask the music industry what it thought about file sharing? did Uber ask the government if it could avoid its burdensome regulations?.. the governments dont fear bitcoin because it cant change the status quo. I am talking about giving them something to fear.   

[OleOle]

Bitcointalk didn't change much over the years. It's the same trollfest as it was.

LOL! Too true!  

At the beginning of this thread, there were mostly just superficial one line responses to the incendiary topic title and then it started to heat up and move toward the usual slugfest. Not sure what anyone else thinks but I always prefer thread evolution to slugfest rather than crappy one liners.

[Oscilson]

BTC is a success so far. You can buy more things with it.

[gtraah]

Its NOT a failure! $444AUD Per coin is not a failure even $200 per coin isnt

[botany]

Its NOT a failure! $444AUD Per coin is not a failure even $200 per coin isnt

We should stop measuring success or failure in terms of the market price. 

[serenitys]

Its NOT a failure! $444AUD Per coin is not a failure even $200 per coin isnt

We should stop measuring success or failure in terms of the market price.  

Agreed. The simple fact 100k plus real world businesses and growing are developing infrastructure for it, governments have held hearings on it, fbi has auctioned it, that more and more consumers are learning about it and buying it - that's success if there ever was any.

Failure?

Unless and until bitcoin is doing worse than myspace, don't write it off just yet. There's more to bictcoin tech than whether or not some sleazy market trader gets to jack with the market price. Speculation was never bitcoin's purpose so if the day traders lose, tough shit.