The Price of Bitcoin Doesn’t Matter Right Now | Wired

[Lauda]

Finally. A website that isn't spreading FUD about Bitcoin. I'm surprised. We might see aliens invading tomorrow. This almost never happens.

[thejaytiesto]

"Bitcoin is best thought of as a 5- to 10-year project, and we’re at the very early stages. An (admittedly imperfect) analogy is the early Web."

Many years yet to pick up more cheap coins, little bit each week is the safe way to go.

Yup, im glad a big publisher like Wired doesn't jump on the "omg its crashing yooo" scaremongering crap and actually takes a sound stance on the situation. We'll be seen as amazing pioneers in 10 years.

[Armadillo]

Anyone want to buy a few slightly used video cards..... lol

[Armadillo]

Forgot to mention I have an interest in some unreleased 6THz rigs if anyone wants to take my place in line...

[altPuppetMaster]

All it matters at this point is $100M 24H volume.
Who gives a damn about the price?

[wesk1212]

The price of Bitcoin has taken bit of a dive over the last couple of days, shedding over 20 percent of its value in the last 24 hours. The sell-off, like other sell-offs and rallies before it, draws a lot of attention and questions about what it means for the future of the technology. Here’s why I don’t focus on price much.

Bitcoin is best thought of as a 5- to 10-year project, and we’re at the very early stages. An (admittedly imperfect) analogy is the early Web.

Like the early Web, Bitcoin is an open platform that no one owns, and on top of which anyone can build without having to get anyone else’s permission. And just like the early Web, success requires investors, entrepreneurs, and developers to build out the infrastructure and applications that will make it useful to average users.

The World Wide Web was conceived by Tim Berners-Lee; he published a paper proposing it in March of 1989. The following year he worked to implement the idea in code, making the first website in December of 1990. The first popular Web browser didn’t come until 1993 when Marc Andreessen and the team at the National Center for Supercomputing Applications released Mosaic. The following year Andreessen started Netscape and released the Netscape Navigator browser in 1994.

Those of us old enough to remember using Navigator to browse the Web over a Winsock connection on a 56k baud modem can attest that it was not the amazing experience we take for granted today. In fact, if you couldn’t see that the technology would evolve, you would have concluded that it was practically useless. For one thing, there was no easy way to find things on the Web. Well, we didn’t get Google until 1998.

Google is now the most visited website on the planet. Second to it is Facebook, and for many people the Web is virtually synonymous with social networking. Yet Facebook was not founded until 2004–a full 14 years after the Web was first conceived.

So here’s the parallel: Bitcoin was conceived by Satoshi Nakamoto and proposed in a paper published in 2008. He worked on implementing the idea into code, mining the first block of the blockchain in January of 2009. So, if we take the Web as a parallel, we’re at the stage in Bitcoin were we would hope to see a Mosaic level development, not a Facebook.

In other words, it’s early days. The Googles and Facebooks of Bitcoin–the killer apps that will make the technology indispensable for ordinary users–may not come for another 5 years.

Unlike the early Web, though, Bitcoin has a price ticker people look at daily, and so they wring their hands. Every dip and spike in the price gets a lot of attention and spells either doom or “irrational exuberance.” But as Marc Andreessen has pointed out, “the price of domain names didn’t determine the usefulness of the Internet.”

With a longer time horizon in mind, you can put the short-term drops and rallies in price of Bitcoin in perspective. So don’t worry so much.

SOURCE: http://www.wired.com/2015/01/price-bitcoin-doesnt-matter-right-now/

This journalist can go suck his own balls.
Price doesnt matter? First of all this broke ballicking journalist dont have any btc.
All the investors. Startups. Ppl inbtc industry all the money and brc they invested and price doesnt matter?
If you guys have a little logic or little btc at least ppl wouldnt say this
Im really sick of ppl saying price doesnt matter. It does matter and in fact it matters allost the most.
Who the fucks gonna look at btc when its 0.5$ a coin? Maybe this journkidt mom asking for one from her grave

[fenican]

So Bitcoin could be replaced by a blockchain offering currency stable assets, with low inflation and fast confirmation times as well additional products and services like a decentralized trading exchange. In that event most of the problems crypto currently experiences would be solved imo.

1. There is no decentralized way to keep the price of a crypto currency stable relative to fiat. The founder can promise to buy at X price but he might fail to honor it, die, spend his money elsewhere, lose his money elsewhere, etc... See PayCoin's woes. The fiat currency offered in the guarantee might also crash or cease to exist. What good, for example, is a guarantee to exchange 20 chitcoin for 20 rubles if the Ruble ceases to exist?

2. Fast confirmation times come at the cost of security. See all the AltCoin woes. Tons of people have lost tons of money on low hash rate "fast coins"

3. Bitcoin already has exceedingly low inflation. New coins are produced at a very modest rate that decreases over time and the total number of coins ever produced is capped.

[dmugetsu]

Price isn't matter

just wait for the best moment

[mayax]

The price of Bitcoin has taken bit of a dive over the last couple of days, shedding over 20 percent of its value in the last 24 hours. The sell-off, like other sell-offs and rallies before it, draws a lot of attention and questions about what it means for the future of the technology. Here’s why I don’t focus on price much.

Bitcoin is best thought of as a 5- to 10-year project, and we’re at the very early stages. An (admittedly imperfect) analogy is the early Web.

Like the early Web, Bitcoin is an open platform that no one owns, and on top of which anyone can build without having to get anyone else’s permission. And just like the early Web, success requires investors, entrepreneurs, and developers to build out the infrastructure and applications that will make it useful to average users.

The World Wide Web was conceived by Tim Berners-Lee; he published a paper proposing it in March of 1989. The following year he worked to implement the idea in code, making the first website in December of 1990. The first popular Web browser didn’t come until 1993 when Marc Andreessen and the team at the National Center for Supercomputing Applications released Mosaic. The following year Andreessen started Netscape and released the Netscape Navigator browser in 1994.

Those of us old enough to remember using Navigator to browse the Web over a Winsock connection on a 56k baud modem can attest that it was not the amazing experience we take for granted today. In fact, if you couldn’t see that the technology would evolve, you would have concluded that it was practically useless. For one thing, there was no easy way to find things on the Web. Well, we didn’t get Google until 1998.

Google is now the most visited website on the planet. Second to it is Facebook, and for many people the Web is virtually synonymous with social networking. Yet Facebook was not founded until 2004–a full 14 years after the Web was first conceived.

So here’s the parallel: Bitcoin was conceived by Satoshi Nakamoto and proposed in a paper published in 2008. He worked on implementing the idea into code, mining the first block of the blockchain in January of 2009. So, if we take the Web as a parallel, we’re at the stage in Bitcoin were we would hope to see a Mosaic level development, not a Facebook.

In other words, it’s early days. The Googles and Facebooks of Bitcoin–the killer apps that will make the technology indispensable for ordinary users–may not come for another 5 years.

Unlike the early Web, though, Bitcoin has a price ticker people look at daily, and so they wring their hands. Every dip and spike in the price gets a lot of attention and spells either doom or “irrational exuberance.” But as Marc Andreessen has pointed out, “the price of domain names didn’t determine the usefulness of the Internet.”

With a longer time horizon in mind, you can put the short-term drops and rallies in price of Bitcoin in perspective. So don’t worry so much.

SOURCE: http://www.wired.com/2015/01/price-bitcoin-doesnt-matter-right-now/

This journalist can go suck his own balls.
Price doesnt matter? First of all this broke ballicking journalist dont have any btc.
All the investors. Startups. Ppl inbtc industry all the money and brc they invested and price doesnt matter?
If you guys have a little logic or little btc at least ppl wouldnt say this
Im really sick of ppl saying price doesnt matter. It does matter and in fact it matters allost the most.
Who the fucks gonna look at btc when its 0.5$ a coin? Maybe this journkidt mom asking for one from her grave

very well said. the price matters a lot but there many fanatics here

[Coinbuddy]

Price going up i guess 216.94$ 22.37%

[countryfree]

My first modem was a 28.8 so I'm definitely among the older guys here, but the analogy isn't always right as the Internet has always been going faster and stronger. The Internet didn't have some sudden 20% drop like BTC had yesterday. The worse if that nobody can explain what happened.

[Eotnak]

Isn't the whole point to be moving away from fiat currencies anyways? To me a lower BTC to USD exchange just means more bitcoin for my dollar

Exactly!

And I don't care about investors and I damn sure don't care about miner farms losing money.  We need consumer adoption:  the chicken to the egg that is Overstock, Newegg, Dell, Microsoft, coffee shops, etc. etc.

Worrying about investors without many consumers is like worrying about catching a cold while you bleed to death.

[thriftshopping]

So Bitcoin could be replaced by a blockchain offering currency stable assets, with low inflation and fast confirmation times as well additional products and services like a decentralized trading exchange. In that event most of the problems crypto currently experiences would be solved imo.

1. There is no decentralized way to keep the price of a crypto currency stable relative to fiat. The founder can promise to buy at X price but he might fail to honor it, die, spend his money elsewhere, lose his money elsewhere, etc... See PayCoin's woes. The fiat currency offered in the guarantee might also crash or cease to exist. What good, for example, is a guarantee to exchange 20 chitcoin for 20 rubles if the Ruble ceases to exist?

The problem with anyone promising to keep the value of bitcoin (or any altcoin) stable is that people will only buy bitcoin because of this promise which will eventually cause massive selling pressure when the price approaches this "promised floor value" which will cause the person making such promise to quickly run out of funds to keep the price above the promised level.

[Nagle]

Bitcoin is best thought of as a 5- to 10-year project, and we’re at the very early stages.

It looks more like we're in the late stages.

There have been two major Bitcoin bubbles - one powered by Silk Road drug sales, and one powered by China exchange control evasion. In both cases, the relevant authorities plugged the hole, and the bubble burst. For Bitcoin to rise again, it needs a new large-scale illegal use.  Adoption by Mexican drug cartels, maybe.

[Dread Pirate Roberts]

i dont have any reason to leave this community.

[Cryddit]

My first modem was a 150-baud box that I wired myself using a diagram I got from somebody or other through the (postal, of course) mail.  The year was 1978.  I was starting to get into computers because my parents had forbidden me to build any more CO2 lasers after I got a burn on my hand. 

I used a computer that I built with a Z80 CPU following instructions from Popular Electronics and a book - and eventually worked out how to log into the Labyrinth BBS, which was on another machine about 40 miles from where I lived.  The first prompt was HOW MANY NULLS DO YOU NEED? meaning, how many character transmission times were required for your machine to handle the end of the line.  For me the answer was 3 because that's how long it took for the carriage return to come back to the start of the next line. 

Labyrinth was mostly American Vietnam vets who'd been specialists of one sort or another in the Police Action over there, and it was pretty clannish and distrusting until some of them finally met me in person and decided I wasn't someone they needed to be all that cautious about.  I don't know who they thought I MIGHT be, but if you think we have privacy concerns today, you never met these raging hair-triggered paranoids.

We had guessed wrong though about encoding standards.  We were using Baudot with three parity bits, because ASCII wasn't a real standard yet.

Yeah, I'm that old.  And I've been the scary kind of geeky for that long.

[Flashman]

Great story. I was about 10 years behind you to the homebrew stuff, though had an 8 bit in '81. Started collecting bits and pieces in the late 80s, early 90s. Have that Byte book from the mid 70s, that has the tape, VDU, etc interfaces in and a modem design or two.... and a few of the Ciarcia circuit cellar books, he had a touch screen project in one of them. Got some interesting bits and pieces around still, like a TRS80 acoustic coupled modem and some S100 bus boards. Z80s.... now I almost dumped college to prototype a 3D vector processing unit, based on parallel Z80s (Not so much for the power as for the proof of concept) But realised it was going to turn out filing cabinet sized and cost about $5000 I didn't have.

[Gleb Gamow]

I predict a big drop, then a big bump

There is going to be a big drop and then a big nothing followed by a run on altcoins.

Altcoins will die.

But, from its ashes...

[Soros Shorts]

My first modem was a 28.8 so I'm definitely among the older guys here, but the analogy isn't always right as the Internet has always been going faster and stronger. The Internet didn't have some sudden 20% drop like BTC had yesterday. The worse if that nobody can explain what happened.

Most analogies are broken at some level, but to me "internet" could mean a bunch of different things: internet speeds, internet usage/browsing, volume of internet commerce, valuation of internet company stocks, etc. If you look at the internet stock indices around the turn of the millennium (around the time you swapped out your dialup modem with a cable or DSL modem) you can see similarities with recent BTC price movements.

[Biomech]

My first modem was a 150-baud box that I wired myself using a diagram I got from somebody or other through the (postal, of course) mail.  The year was 1978.  I was starting to get into computers because my parents had forbidden me to build any more CO2 lasers after I got a burn on my hand. 

I used a computer that I built with a Z80 CPU following instructions from Popular Electronics and a book - and eventually worked out how to log into the Labyrinth BBS, which was on another machine about 40 miles from where I lived.  The first prompt was HOW MANY NULLS DO YOU NEED? meaning, how many character transmission times were required for your machine to handle the end of the line.  For me the answer was 3 because that's how long it took for the carriage return to come back to the start of the next line. 

Labyrinth was mostly American Vietnam vets who'd been specialists of one sort or another in the Police Action over there, and it was pretty clannish and distrusting until some of them finally met me in person and decided I wasn't someone they needed to be all that cautious about.  I don't know who they thought I MIGHT be, but if you think we have privacy concerns today, you never met these raging hair-triggered paranoids.

We had guessed wrong though about encoding standards.  We were using Baudot with three parity bits, because ASCII wasn't a real standard yet.

Yeah, I'm that old.  And I've been the scary kind of geeky for that long.

Howdy brother! I was on the Labyrinth just a bit later than that. Tachyon here