Is bitcoin dead?

[MinerHQ]

i think bitcoin can survive for decades or centuries imo
it still just facing issues now as what i can see

The only way that bitcoin could actually die would be if nobody was willing to operate the mining infrastructure. Bitcoin is not dying, it is only in its baby steps. The reason why people instantly assume that bitcoin may be dying or is dead is because of the extremely volatile price. Since the MtGox crash in 2013 the prices have been on a decline. This is purely due to the numbers coming back to where they are supposed to be.

Its taken 2 years to recover apparently.

And its still going, so I assume when we have a better exchange that helps us out or some other major adoption will help.

Yes bitcoins not accepted in main stream then surely after some time it will go down for ever. If it is accepted for main stream transactions then it will grow.

[botany]

well transaction volume is still there no real increase, so we are not making any progress from that side, bitcoin simply need more time to grow
and it should detach it self from dirty and criminal use in some way, but if everytime there is a bad news we fall of 33%, then we are a bit doomed..

Transaction volume is on a gradual uptrend.
https://blockchain.info/charts/estimated-transaction-volume?daysAverageString=7

You are right, in the sense that with time there will be gradual increase. But Bitcoin's price has stopped reacting to bad news now.

[HarHarHar9965]

well transaction volume is still there no real increase, so we are not making any progress from that side, bitcoin simply need more time to grow
and it should detach it self from dirty and criminal use in some way, but if everytime there is a bad news we fall of 33%, then we are a bit doomed..

Transaction volume is on a gradual uptrend.
https://blockchain.info/charts/estimated-transaction-volume?daysAverageString=7

You are right, in the sense that with time there will be gradual increase. But Bitcoin's price has stopped reacting to bad news now.

Bitcoin's price has always reacted to news, be it good or bad. However, the intensity of these ups and downs have reduced marginally when measured through volume. So, in simple words, the market is still as sensitive as it could ever be, only its consequences aren't as consistent as they used to be. Also, click 'all time'  when you're seeing that chart on block chain. Interesting, right?

[RealBitcoin]

There will be always skeptics, even if btc hits again 1000$, they will say that its another bubble and that it will pop too and die.

$1000 is still nothing. It could be squashed flat and the rest of the world wouldn't care less at that price level.

Ok but last time it didnt even hit 1000$ it was probably 870$ or something, because the mt gox guys have manipulated the prices with fake accounts.

Plus back then there were less bitcoins.


Now if it hits 1000$ that would be a 14,556,000,000$ market cap, which is not peanuts.

Its far bigger than any other newbie project in any sort of fintech, so the world would start to grab attention by then.


After it hits 100 billion $, then it will start to be really serious.

Imagine the capital that needs to be solidly into bitcoin to push the price to 100 billion..... does it feel like that kind of money is running into bitcoin, or even close?  No way in hell this thing is going anywhere for a long time.

I always thought the halving will be the catalyst, however, I think the number of coins mined has nothing to do with the current price. So halving will do nothing, if anything it will tank after the halving.

There will be nothing new in bitcoin land unless bitcoin itself improves in a way that a whole lot of people will value. I see nothing on the horizon that is that type of improvement. Nothing. It will happen, but I think we are 5-10 years from anything significant changing.

Who said anythng here about 100 bil bitcoin price, thats pretty impossible, and probably the dollar will be hyperinflated by then if it happens.

I estimate around 700-800k $ for bitcoin price if the total global GDP goes into it.

So that is also unlikely so I guess a 25000-50000$/ btc is a more likely scenario in the next 10-15 years.

[deisik]

I estimate around 700-800k $ for bitcoin price if the total global GDP goes into it.

So that is also unlikely so I guess a 25000-50000$/ btc is a more likely scenario in the next 10-15 years.

I'm curious when the school starts in your quarters

[bitcoinmasterlord]

The reason why people instantly assume that bitcoin may be dying or is dead, is because of the extremely volatile price. Since the mtgox crash in 2013/2014 the prices have been on a decline. This is purely due to the numbers coming back to where they are supposed to be.

[deisik]

The technology that enables Bitcoin and similar 'currencies' is rock solid and will change many, many things. From the technology platform perspective - can't ever die. The idea of a block chain as a technology is here to stay, regardless of which crypto currency ultimately takes hold.

I guess you'd better stop copy-pasting other users' posts lest you get banned by the mods

No, it's not dead. The technology that enables bitcoin and similar currencies is rock solid and will change many many things. I'll go far to say that Bitcoin-from the technology platform perspective,can't ever die. The idea of blockchain as a technology is here to stay,regardless of which crypto currency ultimately takes hold.

[tonycamp]

bit coin is going to pass to a difficult period cause the low value and the negligent people using to crime and terror the coin does this but might get better depending on its investitors.

[manselr]

I think the fiat era is been over.

Most people are too drugged up on their own dellusions though and waiting for hope. Some people see things differently I understand but many are uneducated on what fiat money really is lol. So bitcoin users like us will profit pretty healthy.

Fiat will never be over as long as people and governments all around the world keep accepting it. I don't see people saying "no thanks, I don't want your dollars" anytime soon.

I see Bitcoin becoming huge tho, but it will take at least 1 to 2 more halvings, then we MUST reach 4 to 5 figures per Bitcoin, it's mathematically unavoidable if more fiat money enters the system (even 6 figures is possible with less than 1% of fiat inside the BTC ecosystem).

[jacee]

No. Bitcoin is not dead. Don't you see that it's constantly moving? What I mean is bitcoin is just surpassing a phase where it has to go down because of the actions of people but it has more to pass through. Bitcoin will move to another phase and more in the future and who knows what bitcoins can achieve. Bitcoin is like a work in progress for it's users.

[deisik]

I see Bitcoin becoming huge tho, but it will take at least 1 to 2 more halvings, then we MUST reach 4 to 5 figures per Bitcoin, it's mathematically unavoidable if more fiat money enters the system (even 6 figures is possible with less than 1% of fiat inside the BTC ecosystem).

Reality is where mathematics fails miserably. When, according to mathematics, we "must reach 4 to 5 figures per Bitcoin", there may be no more Bitcoin at all, wtf...

[Quinn]

I don't know how you come to that conclusion but It's far from being dead if you were to ask me. And talk about media interest, there has been an active discussion going on news site not specifically onto btc alone. And the news site won't certainly write about the topic if there's no interest whatsoever in it.

http://blogs.wsj.com/briefly/2015/03/04/the-future-of-bitcoin-the-readers-weigh-in-at-a-glance/
http://www.cnbc.com/id/102476273

Yes, if we talk about Bitcoin from media's perspective, it is dead but wait! all that media does isn't correct....right? As far as media is concerned, it is dead. However, as far as potential is concerned, it is not.

[bytezero]

No, it's not dead. We are now long past that  $1200 price bubble, mt gox ,SR . Now it is a serious project for the elite minds of the world to hone

[RealBitcoin]

Bitcoin just got its 2nd bounce off the support zone:



(Image from bitcoinwisdom.com)

It seems to me as if 2 bounces are enough, but sometimes 3 bounces happen, before a real take off happens. So i imagine that the time between the bounces were like half year, we will see a big crash again in the spring of 2016, following the real takeoff in the summer 2016.

Note that the next technical takeoff of summer 2016, is also coinciding with the 2016 halving of bitcoin from 25 to 12.5 btc/block.

So my prediction/opinion is that, until next summer we wont see a major takeoff.

But its just my opinion guys

[deisik]

It seems to me as if 2 bounces are enough, but sometimes 3 bounces happen, before a real take off happens. So i imagine that the time between the bounces were like half year, we will see a big crash again in the spring of 2016, following the real takeoff in the summer 2016.

Note that the next technical takeoff of summer 2016, is also coinciding with the 2016 halving of bitcoin from 25 to 12.5 btc/block.

So my prediction/opinion is that, until next summer we wont see a major takeoff.

You only see what your eyes want to see. But I see that Bitcoin is still on the decline long-term

[RealBitcoin]

It seems to me as if 2 bounces are enough, but sometimes 3 bounces happen, before a real take off happens. So i imagine that the time between the bounces were like half year, we will see a big crash again in the spring of 2016, following the real takeoff in the summer 2016.

Note that the next technical takeoff of summer 2016, is also coinciding with the 2016 halving of bitcoin from 25 to 12.5 btc/block.

So my prediction/opinion is that, until next summer we wont see a major takeoff.

You only see what your eyes want to see. But I see that Bitcoin is still on the decline long-term

That is a logarithmic chart, not a linear. The support coincides with the resistance of may 2013, when bitcoin started taking off.

So the bubble started, now the bubble ended, at the same price ranges.

If it were a head & shoulders formation, then the bubble would have popped a long time ago. I just think the bitcoin price & value have met, and this is why bitcoin's price wont really go below 200$ in my view.

And if this price level holds, then the 2016 halving will finally push the price to the moon again.

[deisik]

It seems to me as if 2 bounces are enough, but sometimes 3 bounces happen, before a real take off happens. So i imagine that the time between the bounces were like half year, we will see a big crash again in the spring of 2016, following the real takeoff in the summer 2016.

Note that the next technical takeoff of summer 2016, is also coinciding with the 2016 halving of bitcoin from 25 to 12.5 btc/block.

So my prediction/opinion is that, until next summer we wont see a major takeoff.

You only see what your eyes want to see. But I see that Bitcoin is still on the decline long-term

That is a logarithmic chart, not a linear. The support coincides with the resistance of may 2013, when bitcoin started taking off.

So the bubble started, now the bubble ended, at the same price ranges.

If it were a head & shoulders formation, then the bubble would have popped a long time ago. I just think the bitcoin price & value have met, and this is why bitcoin's price wont really go below 200$ in my view.

And if this price level holds, then the 2016 halving will finally push the price to the moon again.

Even logarithmic chart won't turn lower lows into higher highs. I don't mean to say that technical analysis can be useful, but in the case of Bitcoin it is even more useless than it is useless overall (just like some infinity can be greater than another)...

[RealBitcoin]

It seems to me as if 2 bounces are enough, but sometimes 3 bounces happen, before a real take off happens. So i imagine that the time between the bounces were like half year, we will see a big crash again in the spring of 2016, following the real takeoff in the summer 2016.

Note that the next technical takeoff of summer 2016, is also coinciding with the 2016 halving of bitcoin from 25 to 12.5 btc/block.

So my prediction/opinion is that, until next summer we wont see a major takeoff.

You only see what your eyes want to see. But I see that Bitcoin is still on the decline long-term

That is a logarithmic chart, not a linear. The support coincides with the resistance of may 2013, when bitcoin started taking off.

So the bubble started, now the bubble ended, at the same price ranges.

If it were a head & shoulders formation, then the bubble would have popped a long time ago. I just think the bitcoin price & value have met, and this is why bitcoin's price wont really go below 200$ in my view.

And if this price level holds, then the 2016 halving will finally push the price to the moon again.

Even logarithmic chart won't turn lower lows into higher highs. I don't mean to say that technical analysis can be useful, but in the case of Bitcoin it is even more useless than it is useless overall (just like some infinity can be greater than another)...

You do know that in a log chart the scales are not uniform?

So where you drawed your lines implies that bitcoin would crash to ~ 10$ which is absurd.


I illustrated in log chart that bitcoin is still in a long term uptrend. It was in bubble phase from 2013 janurary, up until 2014 january.

Then the price went downtrend , and if the value of it would have not raised since then then we would have gone back to 2013 levels.


However, until the price was in disconnection with reality, the value have quickly caught up, the 100,000+ bitcoin merchants and so forth.


The bubble pop have ended right at the first crash of 150$ @ 2015 january, and since then we are in a flat market that is certainly not going lower since the down pressure have already faded.

And it needs a catalyst to start moving back up, which I think will be the 2016 halving. So until then we will probably have a flat market.

[deisik]

Even logarithmic chart won't turn lower lows into higher highs. I don't mean to say that technical analysis can be useful, but in the case of Bitcoin it is even more useless than it is useless overall (just like some infinity can be greater than another)...

You do know that in a log chart the scales are not uniform?

So where you drawed your lines implies that bitcoin would crash to ~ 10$ which is absurd.

Then I hit it right on the nail, wtf. But still, do you really think that Bitcoin crashing to 10$ would be absurd? Guess, it may well be, but it is just as possible...

[RealBitcoin]

Even logarithmic chart won't turn lower lows into higher highs. I don't mean to say that technical analysis can be useful, but in the case of Bitcoin it is even more useless than it is useless overall (just like some infinity can be greater than another)...

You do know that in a log chart the scales are not uniform?

So where you drawed your lines implies that bitcoin would crash to ~ 10$ which is absurd.

Then I hit it right on the nail, wtf. But still, do you really think that Bitcoin crashing to 10$ would be absurd? Guess, it may well be, but it is just as possible...

Yes it would be pretty absurd, since bitcoin is growing every day, in every metrics:

http://www.coindesk.com/research/

Merchants double on a yoy basis, investors & invested fund too, startups and crowfunding, nr of users, etc... It is totally growing.

There is no reason on earth why bitcoin would crash to 10$, and i also think it is impossible since, there isnt enough bitcoin held in an exchange account, the majority is held in a cold storage wallet (including satoshis supposed burned coins), which will hardly move out from there.

So yea, I doubt bitcoin will crash even to 150$ again, let alone to 10$ which would be as unlikely as winning the lottery 5 times in a row.