Is there any hope for bitcoin? Possible solutions?

[jsmit332]

Does anyone think the price of bitcoin will ever go back up to a respectable price? I just think that the bitcoin community are fighting a downward slope on a graph. To be honest it's a no-brainer there is too much sell pressure rather than buy pressure.

Think of it this way, if you were looking to buy something why would you use bitcoin when you can just use your card? That also only applies to the small amount of sites that actually accept bit coin. However is adoption a good thing? When dell started to accept bitcoin the value went down. This is probably because they were selling their bitcoin so that they can spend it. I mean in late 2013 the reason most people brought bitcoin is to buy mining rigs to "generate" "free money" that can then sold to the fiat equivalent. Now mining is becoming less profitable there is now virtually no buy pressure except for people who buy bitcoin as an investment like gold.

In my eyes for the value to increase we need to increase buy pressure. To do this we need to have HUGE levels of adoption in close succession as small amounts of adoption spread out is actually detrimental to the bitcoin value. There are rumours of E bay and Pay Pal accepting bitcoin this could go either way I think it could create another BOOM or kill bitcoin. This is even if these rumors are true.

And then we have the whole thing with regulation. Most agree that this will be very bad for the value but some people think this might be good as it might attract the more sceptical people.

All i'm doing is thinking out loud. Do any of you have any opinions on the bitcoin value, short and long term. Do any of you have any idea as to what might make the future of bitcoin better? I'd love to hear them.

[MrBig]

I think it comes down to a matter of supply and demand. The average person who is interested in possibly getting into btc will ask themselves 'why do I need this thing?' Earlier, when many new users were adopting btc, the answer for many was because 'woah, maybe I can get rich off of this new thing!' Now it's sort of 'Meh, this thing lost 70% of it's value in 10 months. Too risky for me.'

There are of course many other reasons that people got into btc that I didn't list and don't care to get into. The main thing is that for the price to recover, there has to be increased demand for btc, and for that to happen, newcomers have to see something in btc that would make them want it. The people here can crow all day about how btc is the greatest thing since sliced cheese but that doesn't matter, as these people have already adopted btc. We need fresh demand for btc if it is to continue to grow.

[jsmit332]

I think it comes down to a matter of supply and demand. The average person who is interested in possibly getting into btc will ask themselves 'why do I need this thing?' Earlier, when many new users were adopting btc, the answer for many was because 'woah, maybe I can get rich off of this new thing!' Now it's sort of 'Meh, this thing lost 70% of it's value in 10 months. Too risky for me.'

There are of course many other reasons that people got into btc that I didn't list and don't care to get into. The main thing is that for the price to recover, there has to be increased demand for btc, and for that to happen, newcomers have to see something in btc that would make them want it. The people here can crow all day about how btc is the greatest thing since sliced cheese but that doesn't matter, as these people have already adopted btc. We need fresh demand for btc if it is to continue to grow.

Exactly. I think bitcoin could do with more exposure and have more people accepting them. If big companies like steam and such start accepting them much more people would adopt bitcoin.

[Wilhelm]

OP why don't you start thinking for yourself. What is Bitcoin worth to you?

In my opinion Bitcoin is like mobile phones. It will take some years to develop the infrastructure and get people to use it.

We are here


And the potential is

[markj113]

I hope bitcoin doesn't end up all locked down and controlled like apple products 

[jsmit332]

OP why don't you start thinking for yourself. What is Bitcoin worth to you?

In my opinion Bitcoin is like mobile phones. It will take some years to develop the infrastructure and get people to use it.

We are here


And the potential is

I am thinking for myself, I just wondered what other people think.

[inca]

I am thinking for myself, I just wondered what other people think.

Bitcoin is either great value and imminently about to moon. Or it could go to zero. Place your bets accordingly!

[Wilhelm]

I hope bitcoin doesn't end up all locked down and controlled like apple products 

LOL!!! 

[Wilhelm]

I am thinking for myself, I just wondered what other people think.

I believe in Bitcoin and that's why I'm holding some.
I never got round to using it on a daily basis due to the fact that I believe I will regret using it for pizza

[november85]

Bitcoin is dead. Apple came in with a competing product.

I was banking on people's stupidity to buy into this pyramid. It turns out people aren't as stupid as I thought and aren't buying into this pyramid like I thought they would.

Cryptocurrency is an amazing invention with a ton of potential. But just only using bitcoin is crazy, it's a pyramid. The power of cryptocurrency comes from buying in a basket.

[exocytosis]

Does anyone think the price of bitcoin will ever go back up to a respectable price?

Currently, Bitcoin is ridiculously overvalued. A respectable price would be somewhere in the single digit range, and that's the price Bitcoin is going back to. It'll be a slow and painful decline with a lot of bulltraps along the way. It might take months or years to get there, but we'll get there eventually. Together.

[exocytosis]

OP why don't you start thinking for yourself. What is Bitcoin worth to you?

In my opinion Bitcoin is like mobile phones. It will take some years to develop the infrastructure and get people to use it.

We are here

No. That's a Nokia 3310, and the mobile market was already enormous by the time that model was launched. Hundreds of millions of people owned mobile phones back then. Bitcoin is a whopping six years old now, and has only managed to attract a couple of hundred thousand people -- mostly nerds, libertarians, cultists, bulltards, scammers and criminals. The Average Joe immediately saw utility in mobile phones, and those same Joes have rejected Bitcoin, since Bitcoin has zero utility compared to things like fiat, gold and credit cards.
Bitcoin adoption is falling, a fact proven by the steadily declining price. It's just a simple matter of supply and demand. Nothing more.

[november85]

OP why don't you start thinking for yourself. What is Bitcoin worth to you?

In my opinion Bitcoin is like mobile phones. It will take some years to develop the infrastructure and get people to use it.

We are here
http://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Nokia_3310.jpg/266px-Nokia_3310.jpg

No. That's a Nokia 3310, and the mobile market was already enormous by the time that model was launched. Hundreds of millions of people owned mobile phones back then. Bitcoin is a whopping six years old now, and has only managed to attract a couple of hundred thousand people -- mostly nerds, libertarians, cultists, bulltards, scammers and criminals. The Average Joe immediately saw utility in mobile phones, and those same Joes have rejected Bitcoin, since Bitcoin has zero utility compared to things like fiat, gold and credit cards.
Bitcoin adoption is falling, a fact proven by the steadily declining price. It's just a simple matter of supply and demand. Nothing more.

This is true. Mostly nerds, libertarians, cultists, bulltards, scammers and criminals are the only ones that have utility for this now, but eventually all will find utility. Their utility will come not from bitcoin, but from a basket of crypto or whatever currency is viable then. It's simply crazy and illogical to concentrate so much value in just one currency, especially bitcoin which is so drastically concentrated. The utility is there, but in a basket of these, not bitcoin in particular.

[kresu]

OP why don't you start thinking for yourself. What is Bitcoin worth to you?

In my opinion Bitcoin is like mobile phones. It will take some years to develop the infrastructure and get people to use it.

We are here


And the potential is

Good parallel!

But I think we are still somewhere about here:

[MrBig]

No. That's a Nokia 3310, and the mobile market was already enormous by the time that model was launched. Hundreds of millions of people owned mobile phones back then. Bitcoin is a whopping six years old now, and has only managed to attract a couple of hundred thousand people -- mostly nerds, libertarians, cultists, bulltards, scammers and criminals. The Average Joe immediately saw utility in mobile phones, and those same Joes have rejected Bitcoin, since Bitcoin has zero utility compared to things like fiat, gold and credit cards.
Bitcoin adoption is falling, a fact proven by the steadily declining price. It's just a simple matter of supply and demand. Nothing more.

I wonder which one of those categories I fall under, as I still own a few btc 

[tss]

bitcoin is already at a very respectable price

[thereason2009]

No. That's a Nokia 3310, and the mobile market was already enormous by the time that model was launched. Hundreds of millions of people owned mobile phones back then. Bitcoin is a whopping six years old now, and has only managed to attract a couple of hundred thousand people -- mostly nerds, libertarians, cultists, bulltards, scammers and criminals. The Average Joe immediately saw utility in mobile phones, and those same Joes have rejected Bitcoin, since Bitcoin has zero utility compared to things like fiat, gold and credit cards.
Bitcoin adoption is falling, a fact proven by the steadily declining price. It's just a simple matter of supply and demand. Nothing more.

http://cdn.meme.li/instances/300x300/55839924.jpg

I wonder which one of those categories I fall under, as I still own a few btc 

You must be a nerd since you sound too boring to be a criminal

[Room101]

I see very little reason for people in USA to buy bitcoin to use as a currency. For the rest of us though, it makes a lot of sense. Paypal makes on 2 -5 % on currency conversion, which is a lot when buying laptops etc. Once more and more companies accept it on world wide sales, it will grow strongly, simply cause it is both a pain in the ass and expensive to buy stuff from the USA when you dont live there. I have american address and credit card purely for amazon etc buying, it's a pain. Will be interesting to see what happens when Dell lets everyone use bitcoin, i think they will see a lot more sales than they do now, because it makes so much more sense for bitcoin purchases in the rest of the world.

[cbeast]

Does anyone think the price of bitcoin will ever go back up to a respectable price?

Currently, Bitcoin is ridiculously overvalued. A respectable price would be somewhere in the single digit range, and that's the price Bitcoin is going back to. It'll be a slow and painful decline with a lot of bulltraps along the way. It might take months or years to get there, but we'll get there eventually. Together.

Can't you fantasize about sex like normal people?

[JimboToronto]

Does anyone think the price of bitcoin will ever go back up to a respectable price?

Currently, Bitcoin is ridiculously overvalued. A respectable price would be somewhere in the single digit range, and that's the price Bitcoin is going back to. It'll be a slow and painful decline with a lot of bulltraps along the way. It might take months or years to get there, but we'll get there eventually. Together.

Can't you fantasize about sex like normal people?

LOL

Do you really expect the bears to give up their wishful-thinking fantasy world of blue and pink ponies, single-digit bitcoins and rainbow unicorns?

No wonder so many are Bronies. Together.