I am pretty confident we are the new fiat slaves, gentlemen.

[Flashman]

If it falls to $1-$5, Draper would probably buy the entire bitcoins available. 

It would be interesting to speculate what the most profitable "position" in bitcoin would be. I say 100% isn't it, not like a commodity that has industrial demand. I think even 50 would give people heebie geebies enough that usage/value became depressed, so I'd figure something like 33% might be optimal.

[Razick]

How does the dynamic on bitcointalk change when the bitcoin experiment fails and it falls to the $1-$5 range? The legendary early adopters will no longer hold power and the forum at whole will become a better distributed/ fairer environment. Since most people came into bitcoin to increase their FIAT holdings, they have totally missed the point and too much emphasis is on price rather than technology. Looking over the forum, people are foaming at the mouths like rabid dogs, hoping (like a religious sect) for the price to rise. They have indirectly become slaves to the very system that satoshi was looking to fix.

As soon as bitcoin fails, we can live in harmony. All you should care about is 1 BTC = 1 BTC.

 

The purpose of a currency is to buy things. If you bought 10 BTC at $1,000 and held it until now, the fact that 1 BTC = 1 BTC doesn't matter one bit. What matters is that you now have 72% less purchasing power.

[Razick]

How does the dynamic on bitcointalk change when the bitcoin experiment fails and it falls to the $1-$5 range? The legendary early adopters will no longer hold power and the forum at whole will become a better distributed/ fairer environment. Since most people came into bitcoin to increase their FIAT holdings, they have totally missed the point and too much emphasis is on price rather than technology. Looking over the forum, people are foaming at the mouths like rabid dogs, hoping (like a religious sect) for the price to rise. They have indirectly become slaves to the very system that satoshi was looking to fix.

As soon as bitcoin fails, we can live in harmony. All you should care about is 1 BTC = 1 BTC.

If it falls to $1-$5, Draper would probably buy the entire bitcoins available. 

Unless Bitcoin completely fails I just don't see anything like that happening. I don't know many people who wouldn't be willing to spend $10 or so even on the off chance that it will someday be worth several thousand again.

I would certainly buy at least a few BTC more at those prices. Demand is bound to grow at those prices even as the reward for selling drops significantly. Bitcoin has proven itself somewhat. Might it be overvalued even now? I don't think so but it is very possible. Might it be worthless? Unless a vulnerability is discovered, I don't see how it could be.

[TruthBear]

I just look at the speculation section and see masses of slaves bickering between each other. Who will take on the role of Moses and break them from their shackles?

[Gleb Gamow]

I'll still be using bitcoin even if the price falls down to $1 because it is a world changing piece of technology. But of course if an altcoin survives and surpasses bitcoin then I assume everyone will switch to that, including me.

I researched a lot of bitcoin's history today and when I came to this forum, there was a stark contrast. I'm glad to see some people still see bitcoin as a technological marvel rather than a get-rich-quick scheme.

Except that certain sects will still denounce it for the mere mark-of-the-blockchain aspect soon to be etched into our foreheads.

[Bizmark13]

Again, I'm not discrediting that another technology 'based' off bitcoin won't succeed and ultimately supplant it in the future, but I just don't see Bitcoin being the one that sees the finish line.  It's simply struggled against the grips of black hatters and greedy scumbags that have exhausted consumer confidence. 

I truly do believe the government is already in the works of creating their own version of cryptocurrency that will basically destroy the bitcoin and altcoin markets altogether.  It sucks, but we all know they have their noses on the pulse of the industry and technology.  And if it's anyone that's going to be profiting off cryptos heading into the next decade, they'll make sure it's themselves.

With cryptocurrencies, there is choice. You don't have to buy or use Bitcoin or Litecoin or Peercoin, but you can if you like these coins. People aren't suddenly going to switch to an altcoin unless it has clear benefits over that of Bitcoin or existing altcoins. If the government is able to create a coin that is a better product than the choices we have today, then I'm sure that many will switch, but it would just be the typical market forces in control.

Some altcoin will still survive, no doubt.  They're fairly resilient.

One altcoin will eventually surpass Bitcoin.  Bitcoin is the first, and as evolution has shown us, the first draft never lasts long as there are always changes for the better.

This is a possibility. After all, Google wasn't the first search engine, Facebook wasn't the first social networking website, Windows wasn't the first operating system, the iPod wasn't the first MP3 player, the PlayStation and Xbox weren't the first games consoles, and the iPhone wasn't the first mobile phone.

[freebit13]

.....
Much like plasma tv's succumbed to LED's...so will Bitcoin.  
.....

In this analogy, I'd say that Bitcoin is more like the realization of the ability to send invisible waves of images and sounds from across the globe right into your living room than, "plasma vs. led". Plasma vs. Led is a hardware comparison... bitcoin is a protocol, it's an idea of a completely new way of doing things.

CPU's were replaced by graphics cards which were replaced by ASICS... there's been plenty of innovation on the hardware side of bitcoin.

In your comparison above "TV" went nowhere.

[johnyj]

I dont get it. The lower it goes the lower a chance is it will go even lower.
The worst thing is stagnation

It is exactly this kind of fear was utilized by the banks, they come out to become your "savior", and rob you through money printing and wealth redistribution process

Since no one is going to bail out bitcoin, you will have the best chance to watch how it is recovering from the price fall by itself and getting stronger without any help

[freebit13]

This is a possibility. After all, Google wasn't the first search engine, Facebook wasn't the first social networking website, Windows wasn't the first operating system, the iPod wasn't the first MP3 player, the PlayStation and Xbox weren't the first games consoles, and the iPhone wasn't the first mobile phone.

Again, I think the comparisons are incorrect, you are comparing companies that use a protocol (TCP/IP) to the protocol itself.

Bitoin is TCP/IP (the internet), not a company building on top of it
Bitcoin is the mp3, not a brand of mp3 player
Bitcoin is the protocol that mobile phones use, not the phone itself

[tokeweed]

Since most people came into bitcoin to increase their FIAT holdings, they have totally missed the point and too much emphasis is on price rather than technology. Looking over the forum, people are foaming at the mouths like rabid dogs, hoping (like a religious sect) for the price to rise. They have indirectly become slaves to the very system that satoshi was looking to fix.

irony.jpeg

Majority of its users are investors/speculators (including myself)  so I guess we all get what we deserved, amirite? 

Greed breeds more greed.

hahaha

LOL

[CoinCidental]

Some altcoin will still survive, no doubt.  They're fairly resilient.

One altcoin will eventually surpass Bitcoin.  Bitcoin is the first, and as evolution has shown us, the first draft never lasts long as there are always changes for the better.

i am not so sure,it takes people a long time to catch onto something like a krypto coin
still to this day most of the world doesnt know what is a btc

to try and move them onto some unheard of altcoin will be an even bigger challenge when bitcoin
is a lot more established than it is now not to mention the merchants who are having enough trouble
accepting btc ..........

[Muuurrrrica!]

I dont get it. The lower it goes the lower a chance is it will go even lower.
The worst thing is stagnation

wrong. The lower it goes the lower the chance it will come back up and the higher the risk of total failure. The worst thing that can happen is it goes to below 1$ and stays there.
This is not your average commodity.

[CoinCidental]

I dont get it. The lower it goes the lower a chance is it will go even lower.
The worst thing is stagnation

wrong. The lower it goes the lower the chance it will come back up and the higher the risk of total failure. The worst thing that can happen is it goes to below 1$ and stays there.
This is not your average commodity.

if it went under a dollar i think there would be buying frenzy
people would gamble a few hundred bucks on the off chance
it spikes again ...........but it wont happen so dont worry about it

[tokeweed]

I dont get it. The lower it goes the lower a chance is it will go even lower.
The worst thing is stagnation

wrong. The lower it goes the lower the chance it will come back up and the higher the risk of total failure. The worst thing that can happen is it goes to below 1$ and stays there.
This is not your average commodity.

if it went under a dollar i think there would be buying frenzy
people would gamble a few hundred bucks on the off chance
it spikes again ...........but it wont happen so dont worry about it

if it falls to under a dollar then some other crypto will take over as the ones who built on top of BTC will have no choice but to go somewhere else.