Can Bitcoin Rebound?

[cbeast]

They always say that history repeats itself, I guess we will really find out if that's true in the case of Bitcoin.

History repeats itself because people are deaf to its warnings. Deep, huh?

[caga]

Almost everything else except oil performed better than bitcoin this year  

I've always said the price today doesn't really matter. It's what it's worth in the near future and for some of us we can see the potential value it truly has.

ACtually the price doesn't matter at all, I just think the technology does.
Just because its good, it doesnt mean it will keep increasing.

[gamerholicdotcom]

Almost everything else except oil performed better than bitcoin this year  

I've always said the price today doesn't really matter. It's what it's worth in the near future and for some of us we can see the potential value it truly has.

ACtually the price doesn't matter at all, I just think the technology does.
Just because its good, it doesnt mean it will keep increasing.

it means because people get more interested

[calchuchesta]

Bitcoin will rebound, thats 2+2=4, just as the fiat crashing is 2+2=4
When? no one knows, it's too chaotic to predict.

[botany]

Almost everything else except oil performed better than bitcoin this year  

I've always said the price today doesn't really matter. It's what it's worth in the near future and for some of us we can see the potential value it truly has.

ACtually the price doesn't matter at all, I just think the technology does.
Just because its good, it doesnt mean it will keep increasing.

it means because people get more interested

Could very well be manipulation by people with a few million Dollars, but yes over time would probably mean adoption

Bitcoin's market cap has become too big for people with a few million dollars to manipulate it now.
Price manipulation becomes more and more difficult as the market cap increases.

[BittBurger]

Rebound from what, even if 1 BTC = 1 USD Bitcoin still works and solves a problem.

Seriously bro you are not that naive are you? I should have self moderated this thread for stupidity like this!

He's right.

Here's the thing.  You, and everyone like you, need to stop looking at the market price of Bitcoin.  Do you realize that the whole "market" thing is just a bunch of speculators and hoarders playing a gambling / betting game?  It literally has NOTHING to do with what Bitcoin is.  Or does.  Bitcoin - the Protocol - the technology - the infrastructure - etc ... this is what Bitcoin is.  The market price is a bunch of enthusiasts playing and hoarding in hopes of future riches.  The bitcoin market is its own little world.  Off to the side.  "Over there" ----->  

<---- While bitcoin is over here, doing its thing.

That's why its both relevant and intelligent to point out that Bitcoin could go to $1.00 and still be 100% transformative in the world.  Because NOTHING changes "out there" if Bitcoin drops to $1.00.  Bitcoin still solves a problem, provides myriads of services, and remains unaffected.  Market price is irrelevant. 

$1.00 obviously wouldn't be the price if Bitcoin was starting to transform the world, but the point is simple: you shouldn't give a rats ass what the market price of Bitcoin is.  It has nothing to do with Bitcoin in the real world, until the real world starts using Bitcoin.  Then *organic* price will begin to rise.  Right now?  This $320 Bitcoin price is the Bitcoin community.  Hoarding and playing their arbitrage.  Whales playing their games.  etc.  Nobody else is using Bitcoin yet.  So for now, the market price is irrelevant. And everyone needs to stop talking about it.

-B-

[BittBurger]

Bitcoin will hit four digits again in the next 6 months or so. The technology is way undervalued at current levels.

To play devils advocate:   It aint going nowhere unless someone figures out a way to incentivize consumers to start buying it.

Undervalued or not, it will be dead in the water if nobody feels like using it. 

-B-

[jonald_fyookball]

OP, good thought but there are more readily available and plausible tax shelter mechanisms...besides the market is still very tiny.  and yes, Bitcoin will "rebound.". it's in it's infancy if you ask me.

[BlindMayorBitcorn]

Rebound from what, even if 1 BTC = 1 USD Bitcoin still works and solves a problem.

Seriously bro you are not that naive are you? I should have self moderated this thread for stupidity like this!

He's right.

Here's the thing.  You, and everyone like you, need to stop looking at the market price of Bitcoin.  Do you realize that the whole "market" thing is just a bunch of speculators and hoarders playing a gambling / betting game?  It literally has NOTHING to do with what Bitcoin is.  Or does.  Bitcoin - the Protocol - the technology - the infrastructure - etc ... this is what Bitcoin is.  The market price is a bunch of enthusiasts playing and hoarding in hopes of future riches.  The bitcoin market is its own little world.  Off to the side.  "Over there" ----->  

<---- While bitcoin is over here, doing its thing.

That's why its both relevant and intelligent to point out that Bitcoin could go to $1.00 and still be 100% transformative in the world.  Because NOTHING changes "out there" if Bitcoin drops to $1.00.  Bitcoin still solves a problem, provides myriads of services, and remains unaffected.  Market price is irrelevant. 

$1.00 obviously wouldn't be the price if Bitcoin was starting to transform the world, but the point is simple: you shouldn't give a rats ass what the market price of Bitcoin is.  It has nothing to do with Bitcoin in the real world, until the real world starts using Bitcoin.  Then *organic* price will begin to rise.  Right now?  This $320 Bitcoin price is the Bitcoin community.  Hoarding and playing their arbitrage.  Whales playing their games.  etc.  Nobody else is using Bitcoin yet.  So for now, the market price is irrelevant. And everyone needs to stop talking about it.

-B-

I don't understand this logic. If Bitcoin drops to a buck doesn't that mean the total possible market cap is like 21million? What good would it be then??

[homo homini lupus]

people don't like buying things on the way down. Especially  crypto. Everyone will be hiding all they got in bitcoin once it rises again (if it ever does).

Right now people see a significant downside risk and a big bearmarket and no confirmed change in trend yet. So nobody actually is interested in coins as potential downside is as dramatic as the upside so buying crypto on the way down has been shown in alts can be desastrous - the industry has a very high rate fo failure - but that's  not discussed a lot around here of course...

[resya]

Bitcoin can rebound anytime, just believe in yourself, no one can help us or show us what is exactly happening.

[scarsbergholden]

Bitcoin will hit four digits again in the next 6 months or so. The technology is way undervalued at current levels.

To play devils advocate:   It aint going nowhere unless someone figures out a way to incentivize consumers to start buying it.

Undervalued or not, it will be dead in the water if nobody feels like using it. 

-B-

The incentive will ultimately be that merchants will charge lower prices for goods/services paid for with bitcoin because the merchant incurs lower costs in processing these payments (and has less fraud related expenses)

[NotLambchop]

...
I don't understand this logic. If Bitcoin drops to a buck doesn't that mean the total possible market cap is like 21million? What good would it be then??

I think he means that "Bitcoin the blockchain technology" will be no less functional, which is partially true.  The part overlooked part is that miners will shut down, as they say around here, "en masse," since they are already on the verge of unprofitability.  This will cause a cascade of bad stuff to happen.  Imagine difficulty plummeting wile factory farms that drove the hashrate sit idle, waiting for the flick of a switch?  Yeah, 51% nothing, try 99% attack
And, of course, there's the confidence thing.

TL;DR: Survival of Bitcoin technology != survival of Bitcoin the coin, the implementation of the blockchain starting with satoshi's genesis block.

[BlindMayorBitcorn]

...
I don't understand this logic. If Bitcoin drops to a buck doesn't that mean the total possible market cap is like 21million? What good would it be then??

I think he means that "Bitcoin the blockchain technology" will be no less functional, which is partially true.  The part overlooked part is that miners will shut down, as they say around here, "en masse," since they are already on the verge of unprofitability.  This will cause a cascade of bad stuff to happen.  Imagine difficulty plummeting wile factory farms that drove the hashrate sit idle, waiting for the flick of a switch?  Yeah, 51% nothing, try 99% attack
And, of course, there's the confidence thing.

TL;DR: Survival of Bitcoin technology != survival of Bitcoin the coin, the implementation of the blockchain starting with satoshi's genesis block.

Thanks for the clear explanation. It really is a fragile experiment isn't it

[cbeast]

...
I don't understand this logic. If Bitcoin drops to a buck doesn't that mean the total possible market cap is like 21million? What good would it be then??

I think he means that "Bitcoin the blockchain technology" will be no less functional, which is partially true.  The part overlooked part is that miners will shut down, as they say around here, "en masse," since they are already on the verge of unprofitability.  This will cause a cascade of bad stuff to happen.  Imagine difficulty plummeting wile factory farms that drove the hashrate sit idle, waiting for the flick of a switch?  Yeah, 51% nothing, try 99% attack
And, of course, there's the confidence thing.

TL;DR: Survival of Bitcoin technology != survival of Bitcoin the coin, the implementation of the blockchain starting with satoshi's genesis block.

Thanks for the clear explanation. It really is a fragile experiment isn't it

NLC makes a tautology statement. Every cryptocurrency has their own genesis block but they are not all successful. The fact that hashrate continues to increase overall is because bitcoin is the first mover. If bitcoin fails then it shows that they all will fail. Fortunately it is simply a matter of engineering to address any concerns detractors have and miners know this. That's why they stay with Bitcoin.

[BlindMayorBitcorn]

...
I don't understand this logic. If Bitcoin drops to a buck doesn't that mean the total possible market cap is like 21million? What good would it be then??

I think he means that "Bitcoin the blockchain technology" will be no less functional, which is partially true.  The part overlooked part is that miners will shut down, as they say around here, "en masse," since they are already on the verge of unprofitability.  This will cause a cascade of bad stuff to happen.  Imagine difficulty plummeting wile factory farms that drove the hashrate sit idle, waiting for the flick of a switch?  Yeah, 51% nothing, try 99% attack
And, of course, there's the confidence thing.

TL;DR: Survival of Bitcoin technology != survival of Bitcoin the coin, the implementation of the blockchain starting with satoshi's genesis block.

Thanks for the clear explanation. It really is a fragile experiment isn't it

NLC makes a tautology statement. Every cryptocurrency has their own genesis block but they are not all successful. The fact that hashrate continues to increase overall is because bitcoin is the first mover. If bitcoin fails then it shows that they all will fail. Fortunately it is simply a matter of engineering to address any concerns detractors have and miners know this. That's why they stay with Bitcoin.

Maybe in this case being first mover is a disadvantage? The media is having a field-day with this "worst investment of 2014" stuff. People don't forget that sort of bubble-bust easily. I know I wont

[NotLambchop]

...If bitcoin fails then it shows that they all will fail...

That... That's so inane it borders on brilliance.  What in the world made you say that?  

1. Bob made a coin that didn't work well.
2. ? ? ?
3. Therefore, all coins made consequently aren't going to work well either.

Bitcoiner logic.

[xcapator]

Well... Bitcoin lost 75% of its value in 2014, let's see if it can repeat the same outstanding feat next year.. lol..

Gox may have been responsible for us hitting a new all time high so quickly after the april 2013 bubble

[BlindMayorBitcorn]

...
I don't understand this logic. If Bitcoin drops to a buck doesn't that mean the total possible market cap is like 21million? What good would it be then??

I think he means that "Bitcoin the blockchain technology" will be no less functional, which is partially true.  The part overlooked part is that miners will shut down, as they say around here, "en masse," since they are already on the verge of unprofitability.  This will cause a cascade of bad stuff to happen.  Imagine difficulty plummeting wile factory farms that drove the hashrate sit idle, waiting for the flick of a switch?  Yeah, 51% nothing, try 99% attack
And, of course, there's the confidence thing.

TL;DR: Survival of Bitcoin technology != survival of Bitcoin the coin, the implementation of the blockchain starting with satoshi's genesis block.

From what I've read, most of them are nowhere near unprofitable yet. What don't I know?

[NotLambchop]

...What don't I know?

Hard for me to say, stranger.
What you should know is that, for the first time in a coon's age, we had two consecutive difficulty drops.  Two.
The only way for difficulty to drop is for hashrate to drop.
The only reason for the hashrate to drop would be miners taking their gear offline.
The only reason for miners to take gear offline is ... ?