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Author Topic: The main problem in the Bitcoin ecosystem the real reason Bitcoin is plummeting  (Read 2039 times)
cryptopaths
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January 02, 2015, 06:22:22 PM
 #1

The real reason Bitcoins price has went down is frankly quite ovbious it's because so many people have been burnt by scammers most notably MTGox.This creates an enviornment that is extremely hostile to newcomers and once they are scammed they are put off Bitcoin and they do not reinvest. Seeing as roughy 60% of Bitcoins supply has never moved this rate of alienating newcomers results in Bitcoins price plummeting at the worst and barely maintaining value at best. Countless people have left the crypto community as a result of MTGox alone that means a large percentage of people are no longer taking part in the Bitcoin ecosystem.
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January 02, 2015, 06:24:42 PM
 #2

Whoever got burnt by mtgox should've seen it coming. I saw it coming with the ridiculous AML/KYC thingy. The number of people that left because of mtgox are actually quite countable.

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January 02, 2015, 06:34:37 PM
 #3

Do you have any numbers proving your claim?
There are always so many theories about the Bitcoin price, but nobody has any prove. It really gets boring.

https://forum.bitcoin.com/
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January 02, 2015, 07:10:05 PM
 #4

The real reason Bitcoins price has went down is frankly quite ovbious it's because so many people have been burnt by scammers most notably MTGox.This creates an enviornment that is extremely hostile to newcomers and once they are scammed they are put off Bitcoin and they do not reinvest. Seeing as roughy 60% of Bitcoins supply has never moved this rate of alienating newcomers results in Bitcoins price plummeting at the worst and barely maintaining value at best. Countless people have left the crypto community as a result of MTGox alone that means a large percentage of people are no longer taking part in the Bitcoin ecosystem.

Nah. This is opinion and all speculation. It's nothing to do with scammers, though people could be losing faith and gradually getting out for various reasons.
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January 02, 2015, 07:15:26 PM
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The real reason Bitcoins price has went down is frankly quite ovbious it's because so many people have been burnt by scammers most notably MTGox.This creates an enviornment that is extremely hostile to newcomers and once they are scammed they are put off Bitcoin and they do not reinvest. Seeing as roughy 60% of Bitcoins supply has never moved this rate of alienating newcomers results in Bitcoins price plummeting at the worst and barely maintaining value at best. Countless people have left the crypto community as a result of MTGox alone that means a large percentage of people are no longer taking part in the Bitcoin ecosystem.

Nah. This is opinion and all speculation. It's nothing to do with scammers, though people could be losing faith and gradually getting out for various reasons.

I think that the prevalence of scammers in the btc world is a problem too.  I've said it before that a major problem with btc is lack of protection, like a a credit card would offer when you buy something.  I've even seen experienced users on here copy/paste the wrong wallet address and sent coins to the wrong person!  I just don't see it being user friendly enough for MOST people to even think about using.
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January 02, 2015, 07:18:50 PM
 #6

the real reason is that people dont understand what they are doing here and dont have a clue even after months on this forum  Tongue

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January 02, 2015, 07:44:44 PM
 #7

Whoever got burned on stuff like Mt.Gox deserved it.
Bitcoins on an address of which you do not own the private key, are not your own Bitcoins.

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cryptopaths
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January 02, 2015, 08:05:42 PM
 #8

Whoever got burned on stuff like Mt.Gox deserved it.
Bitcoins on an address of which you do not own the private key, are not your own Bitcoins.

So a person with a Gawminers signature saying people deserve to get scammed, interesting.
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January 02, 2015, 08:13:59 PM
 #9

The reason adoption hasn't begun is simple.

At this time there is zero incentive for consumers to purchase Bitcoin.

Period.

-B-

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"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
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January 02, 2015, 08:33:28 PM
 #10

There is always scammers and drama in new markets, new technologies... But it is definitely not the reason why bitcoin price is falling...
I think one of the reason is that people can't get bitcoins by working. So far the only way to get bitcoin is to buy them with fiat money.

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January 02, 2015, 08:39:17 PM
 #11

So a person with a Gawminers signature saying people deserve to get scammed, interesting.
That is an off-topic post. I never said that people deserve to be scammed. I do not care what Gawminers is doing nor do I have interest in their internal affairs.
Keeping money in online services = asking to get hacked.
Like I said, you only own the Bitcoins if you own the private key of the address.

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January 02, 2015, 09:08:54 PM
 #12

the amount of people in the community and using bitcoins is increasing.

just look at the influx of endless noobs trying to learn about bitcoin...


the problem is not people its the fact that we are all judging bitcoins price and market cap, based on small crappy exchanges that do the following things
1. new AML/KYC restrictions limit how much people can deposit before hitting flags, and as such not much buying to increase prices occurs
2. the amount of day trading on exchanges has decreased 10fold in just a year meaning its easier to plummet the price with a smaller handful of coins
3. out of the 5 main exchanges. if one moves downwards they all follow like sheep even without any means of a FIAT arbitraging route to cause genuine need to follow.
4. out of the 5 main exchanges if one moves UP, the others do not follow. and its harder for the average price to rise unless 1 exchange has a substantial price rise, or more than one exchange is pumped at or near the same time.

all of which makes the exchanges the wrong place to look for price validity because there is no stopping any size bitcoin deposit to sell, but theres many reasons to stop fiat deposits to buy.
and there is more emotion choices to dump at the mere mention of a drop, then the choices to buy at the mere mention of a spike.

i think everyone should stop looking at exchanges and start bartering locally and properly trough local bitcoins where they can set their own prices and be independent of manipulated and narrow pathed exchanges

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January 02, 2015, 09:11:14 PM
 #13

anddddd Bter is going to be next to goxxed off their customer.in crypto world everybody ripping everybody,sad!! yes your private keys are makes you owner of the coin.
Happy new year all  Cheesy Cheesy
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January 03, 2015, 04:21:25 AM
 #14

agree with OP, yet presales aren't banned from the forum which are 99,9% to 101% scams

you buy your first coin(s) with hard earned money and loose it to scams - you're likely to show the middlefinger and leave.

Lots of people got wiped out by scams - possibly up to 50% or more of participants

----------

then you have some people delete their priv-keys. If they delete a lot they also say "*uck it"


---------

on top: prices goes down due to endless bleeding (inflation)


... can't make money with crypto now ...


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January 03, 2015, 05:22:17 AM
 #15

agree with OP, yet presales aren't banned from the forum which are 99,9% to 101% scams

you buy your first coin(s) with hard earned money and loose it to scams - you're likely to show the middlefinger and leave.

Lots of people got wiped out by scams - possibly up to 50% or more of participants

----------

then you have some people delete their priv-keys. If they delete a lot they also say "*uck it"


---------

on top: prices goes down due to endless bleeding (inflation)


... can't make money with crypto now ...


increasing number of merchants are accepting bitcoin payment, but the price is going down. Once paypal was adopting bitcoin, we thought it was good news for it and would push up the price! But it actually didn't. Another big issue is the ecosystem of it is consisting of big portionn of merchant adoption, which causes a lot of down pressure of the price! Hopefully there are some other positive aplications to come out.

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January 03, 2015, 06:07:25 AM
 #16

The reason adoption hasn't begun is simple.

At this time there is zero incentive for consumers to purchase Bitcoin.

Period.

-B-
There will eventually be incentives for people to buy bitcoin when merchants start to offer discounts for paying in bitcoin because the cost of processing bitcoin payments is lower then traditional credit card and check payments
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January 03, 2015, 06:17:51 AM
 #17

The reason adoption hasn't begun is simple.

At this time there is zero incentive for consumers to purchase Bitcoin.

Period.

-B-
There will eventually be incentives for people to buy bitcoin when merchants start to offer discounts for paying in bitcoin because the cost of processing bitcoin payments is lower then traditional credit card and check payments

Which will be never
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January 03, 2015, 07:30:03 AM
 #18

There will eventually be incentives for people to buy bitcoin when merchants start to offer discounts for paying in bitcoin because the cost of processing bitcoin payments is lower then traditional credit card and check payments

Which will be never
Stop with the FUD.
Newegg has already been offering a 10% discount up to $100 when you checkout with Bitcoin.

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January 03, 2015, 07:44:33 AM
 #19

Yes, I don't deny that. In fact, not only Mt. Gox which is causing this, the massive generation of pump and dump altcoins and the lure of getting newbies to invest in it, only to suffer losses are making new investors turning their attention away from bitcoin. Our reputation suffers as a result of linking bitcoin to scam. Sadly these are something which we can't do anything to prevent it.

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January 03, 2015, 08:10:59 AM
 #20

There will eventually be incentives for people to buy bitcoin when merchants start to offer discounts for paying in bitcoin because the cost of processing bitcoin payments is lower then traditional credit card and check payments

Which will be never
Stop with the FUD.
Newegg has already been offering a 10% discount up to $100 when you checkout with Bitcoin.

Whoopee doo.  A one time promotion that already ended.  Wake me up when its permanent
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