CNNMoney - Where did bitcoin go wrong?

[ThunderSheep]

I think that we need an entire new way of working that fits in with the decentralised nature of Bitcoin - CIYAM Open is a vision for this (with Project Managers who pay Contributors to deliver Project Tasks and where there is no formal "job" at all).

I had read an article by a "futurist" around the same time I was learning about Bitcoin who thinks that "in the future people won't have jobs" but will contribute their skills to many different projects as small paid tasks.

That "futurist" may not have been far off the mark.  That is essentially my sole source of income and has been for the past eight years, though I tend to contribute a bit more toward the projects I work on than would be described as small, paid tasks.  However, I'm certainly not opposed to taking the small, paid tasks as well as they suit my interests.  I've found that I have more success, more freedom and just generally more satisfaction in life since I've given up the wage donkey lifestyle.  There's also the added benefit of being able to choose which jobs I do and don't want to do.  I strongly encourage anyone who is highly self-motivated to give it a try.  It can be difficult in the beginning but the potential rewards are well worth it.  What's the worst that can happen?  You fail and have to go back to having someone else tell you what to do.  In short, take risks and love what you do.

[1715096523]

1715096523

[lordbaltimore]

My motto "you must speculate to accumulate" and you will never do that with an employer

[toknormal]

Jeffrey Robinson's view is not very credible given that he also states that "virtual currency is the future".

If that's the case then where's the competitor. Where is this "future" virtual currency that's going to displace Bitcoin ? The truth is that it only exists Jeffrey Robinson's imagination.

To have the least bit of credibility, that "future competitor" would at least have to endure the "rights of passage" period that Bitcoin has - 5 years of being kicked to death by the media, hacked to kingdom come, punctured by collapsed exchanges - and still come out smelling of roses.

Then there's the "adoption infrastructure" period. Just have a look at the weekly lineup of technologies, businesses, exchanges, derivative services, security services and wallet services documented daily by http://www.thebitcoinchannel.com.

From a technological point of view, we've already had a couple of years of battering by a flotilla of alts - in many cases deploying far more advanced tech than Bitcoin. None of them ever made a dent in its market cap.

Where is Jeffrey Robinson's imaginary competitor going to get it's imaginary hashpower from to compete with the Bitcoin network. How is all this hashpower going to be convinced to switch to Jeffrey Robinson's imaginary, untested, "no rights of passage" alt coin ?

https://blockchain.info/charts/hash-rate?timespan=all

The ease with which he dismisses Bitcoin as conspicuous as his alternative's absence. Maybe he thinks that Microsoft, IBM, the US FED or Amazon are going to suddenly deliver the "saviour" that the public will be happy to adopt. If that's the case then he doesn't understand blockchain technology or how it garners trust by its users.

Sorry, but this guy has not remotely made the case for Bitcoin "not being the future". Heard it all before with the web, email & you name it. Make no mistake about it, Bitcoin is here to stay. It is the Apache web server of money.

[lordbaltimore]

First of all I will apoligise for anyone who lost money there,but the greatest thing that happened to Bitcoin was the collapse of Mt Gox if bitcoin can survive that it shows its no pie in the sky.

[cbeast]

It is the Apache web server of money.

Be careful. Using analogies like that outside the forums will just get you stuffed in your locker with a wedgie. 

[chek2fire]

I only hope that Twins to disappoint and sell their bitcoins asap to buy them cheap the rest of us . Yes we are the lunatic anarchist cult that we dream about a free open world without a bank elit.

[Magicman420]

Well the fall of price isn't helping and theft :/ in alot markets

[bitnanigans]

Bitcoin hasn't gone wrong. At least, not yet anyway.

[Goldmundo]

Ah CNN.. tabloid level journalism..

[tins]

Can we take that as a buy signal?

I've been hearing about "buy signals" whole year.

Every day I read bitcoin news it feel like I should buy more, then I look at the charts and think "wtf is going on?!"

People that understand Bitcoin are already "in".  We have to wait until the next big wave.
But when it comes, it might be huge and sudden.  That's why you just have to hold
and be patient. 

Patience is the main thing. At this time, BTC is still producing an exorbitant number of coins every day. These coins (25x6x24) need to be bought each and every day  at current rates or higher, just to maintain price. Even with BTC growth, that is a tall order.
Bitcoin is still at a very early stage in the game. If we can hold out until one more halving, we should we a steady increase proportional to the decrease we're currently experiencing.
Now is a great time to amass as many BTC as possible at these necessary lower rates. After the next halving, it will never be possible again. 

[blackbird307]

God that was painful, unbearable to watch that video, as with CNN in general. Things like mainstream media are reasons why I don't watch the idiot box anymore. Stupid old men talking about bitcoins. He praises the blockchain because everyone else does, yet bashes bitcoin because...

There is so much gluttony and ignorance.

[bitcoinaliens]

I think that we need an entire new way of working that fits in with the decentralised nature of Bitcoin - CIYAM Open is a vision for this (with Project Managers who pay Contributors to deliver Project Tasks and where there is no formal "job" at all).

I had read an article by a "futurist" around the same time I was learning about Bitcoin who thinks that "in the future people won't have jobs" but will contribute their skills to many different projects as small paid tasks.

That "futurist" may not have been far off the mark.  That is essentially my sole source of income and has been for the past eight years, though I tend to contribute a bit more toward the projects I work on than would be described as small, paid tasks.  However, I'm certainly not opposed to taking the small, paid tasks as well as they suit my interests.  I've found that I have more success, more freedom and just generally more satisfaction in life since I've given up the wage donkey lifestyle.  There's also the added benefit of being able to choose which jobs I do and don't want to do.  I strongly encourage anyone who is highly self-motivated to give it a try.  It can be difficult in the beginning but the potential rewards are well worth it.  What's the worst that can happen?  You fail and have to go back to having someone else tell you what to do.  In short, take risks and love what you do.

I disagree, hes basically just trying to make "freelancing" sound futuristic and cool - freelancing has been around and growing for a decade or more, but its not going to take over - maintream people cant do it, dont like the stress of it.... they NEED to work for someone else solidly and permanently... I'm more "freelance style" myself.. but its not for everyone and I dont think it ever will be.

[galdur]

THEN: May 28th, 2014

BTC to break $2,000 mark by Christmas – Experts

http://cointelegraph.com/news/111597/btc_to_break_2_000_mark_by_christmas_experts

So, you can just imagine the staggering overinvestment  NOW in bitcoin mining.

Maybe the market is just trying to get rid of overcapacity.

A few big bankruptcies in the coming months would probably do wonders.

[CIYAM]

I disagree, hes basically just trying to make "freelancing" sound futuristic and cool - freelancing has been around and growing for a decade or more, but its not going to take over - maintream people cant do it, dont like the stress of it.... they NEED to work for someone else solidly and permanently... I'm more "freelance style" myself.. but its not for everyone and I dont think it ever will be.

Maybe so - but we didn't have nearly the number of people doing freelancing 20 years ago (the internet itself has made doing such work a lot more viable) so I do think it is a growing trend (but agreed that it is still far from being a *mainstream* approach to work).

[abrahamlitcoin]

THEN: May 28th, 2014

BTC to break $2,000 mark by Christmas – Experts

http://cointelegraph.com/news/111597/btc_to_break_2_000_mark_by_christmas_experts

So, you can just imagine the staggering overinvestment  NOW in bitcoin mining.

Maybe the market is just trying to get rid of overcapacity.

A few big bankruptcies in the coming months would probably do wonders.

I really hope that $2k mark will be reached after christmas

[galdur]

THEN: May 28th, 2014

BTC to break $2,000 mark by Christmas – Experts

http://cointelegraph.com/news/111597/btc_to_break_2_000_mark_by_christmas_experts

So, you can just imagine the staggering overinvestment  NOW in bitcoin mining.

Maybe the market is just trying to get rid of overcapacity.

A few big bankruptcies in the coming months would probably do wonders.

I really hope that $2k mark will be reached after christmas

I´m very interested in quantity so I hope it just muddles through for the next 1-2 years, maybe in the 250-400 range or so.

[bitcoin_bob]

He is right about businesses not holding them on their books.

There is just not any software that makes it easy for a business to hold bitcoins unless it is a small business where one person can control the money.

We need multi sig software that allows a department to have funds which trickle down to an employee being able to pay for things that they currently pay for by writing a check or getting permission from their boss to pay for. It simply does not exist.

+1

Because right now BTC is almost useless for any mid to large sized business unless its automated payment for goods which is instantly
transferred to fiat.

Bitcoin itself I dont think has gone wrong- and I will probably get a lot of flack here- but IMO the users are killing the currency.

Why? Because people who genuinely want to deal with bit-coins for their business get spat on and frowned at by the bitcoin community until they basically give up. I tried to sell a house last year for a client in bitcoin on the bitcoin talk forum- the moment I listed it had 'scammmm!' screaming from the rafters. So I just sold it on ebay to someone instead. Then the Bitcoins skyrocketed- So I thought why not try again. I was 'lolled' out of the forum being told that now bitcoins were far to valuable for the likes of property purchases.......so the bitcoins took a massive crash, I decided to give it a final push and accept bitcoin on my property purchases one last time, and there isn't even a hint of interest in the forums whatsoever. Did the bitcoin community kill itself with it's Arty zim level of smugness or something? From the outside looking in, it seems bitcoin is like that mythical girl who is so smoking hot, that she never thinks any guy is good enough until one day she is old ugly and realises she is going to die alone.....if you guys won't allow businesses to come into your community and start trying to actually deal with your currency for real world items then the only thing bitcoin is going to attract is scam artists. Sorry if I get a load of Neg replies on this but thats how it seems, and I'm waiting to be proved wrong.

[galdur]

Totally unregulated and scam-ridden marketplace.

What´s not to like for business and consumers.

[Elwar]

Damn rich kids

[nor9865]

Honestly, I didn't mind the video.

It did make a few fair points, (about the number of pumpers/fanatics of the cryptocurrency). But I still think bitcoin will remain number 1 for years to come.