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Author Topic: Bitcoin slowly dying out?  (Read 8207 times)
kolloh
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October 29, 2014, 04:41:38 PM
 #41

I don't think bitcoin is dying out. Adoption is growing and you can spend bitcoins a lot more places now. I think one of the issues is merchants dumping their bitcoin for fiat. Increasing number of merchants equals more selling off of bitcoins as people spend them.
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MrBig
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October 29, 2014, 05:54:45 PM
 #42

I don't think bitcoin is dying out. Adoption is growing and you can spend bitcoins a lot more places now. I think one of the issues is merchants dumping their bitcoin for fiat. Increasing number of merchants equals more selling off of bitcoins as people spend them.

Adoption rate is slowing down. There was an explosion of new users in 2013. The same cannot be said for 2014. Even people who were in BTC before are leaving now, which is indicative of a stagnant market. Merchants don't factor into the equation, with the exception of darknets and illegal marketplaces.
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October 29, 2014, 07:35:29 PM
 #43

Guys, seriously, are you fucking out of your minds?

"If it goes wrong I'll go live under a bridge, but it it goes right imma be rich!"   HuhHuh

Some of you are just asking for trouble, this is not a fucking game.


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Todamoon or bust

(even because it would rise again from the minute after I sodl)
Capt Drake
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October 29, 2014, 08:14:35 PM
 #44

I don't think bitcoin is dying out. Adoption is growing and you can spend bitcoins a lot more places now. I think one of the issues is merchants dumping their bitcoin for fiat. Increasing number of merchants equals more selling off of bitcoins as people spend them.

The thing here is that BitPay or other processor don't sell their coins to an exchange, they either buy OTC from large holders or miners if they need to.

There isn't this merchant downward pressure at all. The bearwhales told this ideia and then everyone started saying this shit.
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October 29, 2014, 09:56:02 PM
 #45

There isn't this merchant downward pressure at all. The bearwhales told this ideia and then everyone started saying this shit.

I suspect that the biggest bearwhales are the perps of the major scams here who are still free as birds. If you add up the major btc scams it's probably >1 million btc
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October 29, 2014, 10:13:32 PM
 #46

Thin market, microscopic volume, very few big bulls, tons of small and tiny ones = perfect for short selling.

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October 29, 2014, 10:54:32 PM
 #47

why is keep on dropping? man seriously i lost $40 already.. I can only imagine people holding on more.

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October 29, 2014, 11:05:33 PM
 #48

Bitcoin will continue having some utility for certain cultists, bulltards and cryptogeeks -- for at least a couple of years more. They'll trade it among themselves for single digit prices, while the Average Joe -- being smarter than the cultists -- stays away from the digital Beanie Babies.

The age of triple digits will be a bygone era by the time 2015 hits us, and in that year Bitcoin will also crash to somewhere closer to its "true price", which is in the single digits.

This is what the Post-Gox Bitcoin world looks like.
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October 29, 2014, 11:32:12 PM
 #49

I don't think bitcoin is dying out. Adoption is growing and you can spend bitcoins a lot more places now. I think one of the issues is merchants dumping their bitcoin for fiat. Increasing number of merchants equals more selling off of bitcoins as people spend them.
I don't understand this.  Anyone who is using spending btc with merchants surely would be buying an equal amount on the backend to replace what is spent, to help stabilize the price?  Why would any bitcoin enthusiast reduce one's holding of bitcoin now when prices have moved so much lower for so long?

I tend to think alot of people who got into it for a quick buck are giving up hope and are tired of waiting.

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October 29, 2014, 11:37:57 PM
 #50

Bitcoin will continue having some utility for certain cultists, bulltards and cryptogeeks -- for at least a couple of years more. They'll trade it among themselves for single digit prices, while the Average Joe -- being smart -- stays away from the digital Beanie Babies.

Yeah, and the Draugr are also known for their intellectual might. I mean come on, Joe Sixpack is levelling maybe one or two above orangutans and baboons.
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October 29, 2014, 11:48:06 PM
 #51

i hope the prices drop till $100 so I can re-course my mistake 1 year ago. If it doesnt whatevers, as long I have plan to get more bitcoin right.
gnode
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October 30, 2014, 01:23:14 AM
 #52

Time to buy. It is clear from this interview that the ETF will be approved.

http://www.bloomberg.com/video/arthur-levitt-on-sec-s-edgar-filing-system-and-bitcoin-YVtI25q8Tn~vJ2NWIawrpw.html
Biro Bob
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October 30, 2014, 01:55:25 AM
 #53

Do not Bitcoin speculate with borrowed money. Do not Bitcoin speculate with money you need in the short term.

I consider the money I put into Bitcoin as a sunk cost. I occasionally alternate between fiat and BTC using around 5-10% of my coins. I do not put more Fiat in and i do not take Fiat out. If i rum out of fiat - i sell some btc to give me a gambling fund. I dont trade often (maybe a few trades per month) - but my long term goal is to be all in BTC and increase the BTC I hold.

i can assure you that the thinly traded volume and price traded on some exchanges is only part of the picture. account managers at some exchanges use the KYC/AML  to directly contact larger buyers/sellers(100+ coins) and put together off-exchange deals - even though the exchange is still the broker. Do not be fooled by the volume and the fact that small amounts of money can affect the price.

Wall street traders ARE here, and they are taking advantage of this unregulated market to make money in terms of both Fiat and Bitcoin.

Bitcoin is special. It isn't going anywhere and if you think the price is going lower then sell some of your coins and try to buy them at a lower price point. Dont throw more money at it - unless you are DCA buying a small amount each month as a long term investment. I also believe many of the current holders are selling to find a buy back point and grow their stash whilst minimising their risk of 'going to zero' or seeing their dollar value diminish too greatly.
MrBig
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October 30, 2014, 05:19:35 AM
 #54

account managers at some exchanges use the KYC/AML  to directly contact larger buyers/sellers(100+ coins) and put together off-exchange deals - even though the exchange is still the broker. Do not be fooled by the volume and the fact that small amounts of money can affect the price.

Do you have any proof of this? Everyone is saying that BTC is being bought up like hotcakes off exchanges through localbtc, wall street, VCs, gabi $200 million(600k+ btc at current price), etc. Now you're suggesting that even exchanges are selling off-exchange? I'm skeptical.
galdur
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October 30, 2014, 06:07:35 AM
 #55

What I always find most remarkable about BTC trading action is the unbelievably limp volume. In stocks or forex this is just pocket lint. Understandably big money investors and Wall St. avoid this unregulated and scam-ridden marketplace and its primitive and sleazy infrastructure.

ravenjt
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October 30, 2014, 08:24:48 AM
 #56


The interview does not suggest that at all. This ex regulator stresses how exciting the blockchain technology is, but also stresses that retail investors need to be protected from btc value volatility.  He is more likely to call for the ETF to be blocked than supported.
TonyT
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October 30, 2014, 08:34:08 AM
 #57

I don't think bitcoin is dying out. Adoption is growing and you can spend bitcoins a lot more places now. I think one of the issues is merchants dumping their bitcoin for fiat. Increasing number of merchants equals more selling off of bitcoins as people spend them.

Adoption rate is slowing down. There was an explosion of new users in 2013. The same cannot be said for 2014. Even people who were in BTC before are leaving now, which is indicative of a stagnant market. Merchants don't factor into the equation, with the exception of darknets and illegal marketplaces.

I agree with Mr. Big.

I'm a BTC newbie, and I see that:

(1) BTC is not truly anonymous, even if you run a heavy wallet

(2) it took 44 hours for me to install the heavy wallet Armory, that's too long

(3) I switched to the light wallet Multibit, and an online wallet at blocckchain.info, but I found out you cannot do 'microtransactions' easily in bitcoin.  I though you could send less than a dollar (USD) easily but you cannot, in fact with one transaction you lose half your principle (1 mBTC), see this post:  https://bitcointalk.org/index.php?topic=840432

Long story short:

BTC is not really anonymous; switching to a light wallet like Multibit is even less anonymous, and BTC has too many transaction fees for microtransactions.

I hear they are proposing to raise even higher the minimum transaction fee from 0.10 mBTC, which will further hinder doing microtransactions.

TonyT

TonyT
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October 30, 2014, 08:38:07 AM
 #58

And despite the severity of this bear market, we're *still* well within the "norm" of bitcoin boom-fallout percentages.

Let's phrase it this way: If the price had just gone in a straight line from where it was 1yr ago to where it is today, would you be feeling the same way?

Or would you perhaps be talking about how much infrastructure development, VC funding, financial sector interest, and big-name acceptance has happened in the past year, and how impressive that really is for this 5yr old technology?

This post actually hits the nail.

What I think is that Bitcoin was way overpumped in 2013 by speculators, willy-bot and China jumping in. No wonder price came this low now, can't say I expected that, I was thinking it will float around 450 USD for some time before next bullrun. Now I'm not sure and even two-digit value is possible.

What I don't doubt is, if Bitcoin stays here technically, there can be 10x bullruns because of all the good things it offers compared to fiat economy. Imagine for example some worldwide financial crysis hits in 2016, along with block-reward halving? With built infrastructure than can receive amounts of fiat needed, that would be enough for another bubble, not even big money is needed. I've read about some predictions that 2016 will be the year of great recession, certanly not for Bitcoin then.....

Bitshares - advanced decentralized exchange and asset platform.
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October 30, 2014, 08:46:17 AM
 #59

If you focus only on price, it is so.
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October 30, 2014, 12:53:53 PM
 #60

Something about this bearmarket just seems terribly off to me.

I would never believe the person who said we'd be at $350 at this time back in the beginning of 2014.
If bitcoin were to ever fail, now would be the time, not when we have rallied and peaked at $5k+.

I know there's a saying who goes that we should buy when there's blood on the street but there really isn't blood on the street. Just an asset dropping price and nobody willing to buy. We're hitting record average lows even with all this "hype" and good news.
I really can't see bitcoin come back "harder then ever" which is what we need...

Also Stupid trolls like falllling and co. have been right all along while smart people have been wrong. Something is off.


Come back from where? It never went anywhere. Bitcoin is here, way stronger that was 10 months ago. So much progress that was made in last 10 months was never done in past.

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