Is bitcoin dead?

[maku]

Op I can tell you one thing. People already invested so much in bitcoin that is is not advisable to resign in a half way. Nobody who was interested in bitcoin will quit just because price of bitcoin are little low now. So bitcoin is no dead at never will be.

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[RodeoX]

Dead again? Poor bitcoin. That makes 500 deaths so far.

We need a standard obituary that can be auto posted. It's exhausting preparing for this many funerals. Oh... wait,... It's twitching again and it's heart is starting up. Gota go. 

[najzenmajsen]

Dead again? Poor bitcoin. That makes 500 deaths so far.

We need a standard obituary that can be auto posted. It's exhausting preparing for this many funerals. Oh... wait,... It's twitching again and it's heart is starting up. Gota go. 

woah , are you alright ? should i call the ambulance mate? , we actually have ambulance in my town that is thinking about accepting BTC payments .. : )
taste that op

[Possum577]

You're right, bitcoin is dead. Listen, I'd hate to see someone like you lose all your value in BTC. I'll buy your soon-to-be-worthless bitcoin from you for...let's say 50% on the BTC. I'm doing you a HUGE favor here, you can find my address in my profile. ONce I receive the coin I'll Paypal or Venmo the cash to you.

[thejaytiesto]

I think it is.

Bitcoin use adoption has stalled. Media interest has dissipated. Prices have only slowly continued to decline for a long time now. Bitcoin securities have always been and still are a complete mess, with a near 100% failure (scam/fraud/incompetence/etc) rate. Mining has been concentrated in the hands of a few giant players, eliminating much of the advantage/security/democracy of thousands of individuals being the money processors. Alternative forms of online payment with US dollars (and other fiat currencies) are now cheaper, faster, and more secure than bitcoin (and of course far more usable to buy/sell real goods/services), eliminating any of its advantages as a payment system. Continued decline of bitcoin and strength in fiat currencies has put the lie to the idea of bitcoin as a store of value; there are far better more reliable hedges against inflation. Meanwhile the real economy is firing on all cylinders, stock markets are at all time highs, corporate earnings are higher than ever, unemployment is low, etc. Even amid the boom, no one cares about bitcoin any more. Bitcoin was a fad that lasted a few years, and is now on its way to being forgotten.

Thoughts? Anyone seriously disagree with this conclusion?

http://www.forbes.com/sites/reuvencohen/2013/11/28/global-bitcoin-computing-power-now-256-times-faster-than-top-500-supercomputers-combined/

Look at this.

Now look at the crash.

Now realize that Bitcoin is still the #1 computing power in the world.

Get some f***ing perspective you catastrophic guys. Sit back and relax. Bitcoin is unstoppable. You literally need to do shit nothing about it beyond waiting and let things develop.

[countryfree]

Is bitcoin dead?

Are you alive? What have you been doing today?

Considering BTC, there are more than 80,000 transactions each passing day. Not bad for something you see as dead dead.

[dothebeats]

Dead? Why did you say so? Does the adoption rate dictate the future of bitcoin as a whole? It can be of a great factor, yes, but it is not the sole factor in which bitcoin might use. There are lot of things. Just because the price is low doesn't mean that the currency is dead. Ups and downs are a part of such currencies.

Maybe something bad happened to you recently?

[dothebeats]

Is bitcoin dead?

Are you alive? What have you been doing today?

Considering BTC, there are more than 80,000 transactions each passing day. Not bad for something you see as dead dead.

This.

How can you consider something is dead when in  reality, much activity is happening around? Doesn't make any sense!

[Bonam]

I disagree massively with this part.  Stock markets are high, agreed.  This is due to stock buybacks and huge bubble P/E ratios, not fundamentals though. 

P/E ratios are near historic norms and far from bubble peaks:

http://bespokeinvest.com/thinkbig/2014/5/20/sp-500-historical-pe-ratio.html

Unemployment as paid by the state is low, I agree.  But the participation level is very very low, almost the same as in the trough of the recession in 2008. 

The population (in Western countries) is aging and an ever greater fraction of the population are retired, leading to a long term decline in participation rates until we get over the demographic hump. The unemployment rate is more relevant because it counts the people that are actually looking for work and not finding it, rather than counting retirees, college students, etc.

People may not care about Bitcoin, but do you seriously not think that there will be an "internet money" in the future, so that you can pay for anything, anywhere without having to convert?

I think that future is already here, and we are already all using it, with online payment processors that let you buy things in any currency for only a nominal fee.

[Bonam]

Welcome on my never ending ignore list.

Your call of course. Personally, I reserve my ignore list for trolls, rather than people that make one post I disagree with. But suit yourself.

[Bonam]

I am just surprised at the fact how come a senior member becomes a doomster of Bitcoin! After viewing you post history, I found you have involved a lot in the bitcoin stock investing. Probably you made some loss so you are despaired of it. In crypto world there are a lot of scams, fraudulence etc. It is fully understood that some ppl encounter it and leave. 

I've lost about 1 BTC in securities, yes. Annoying, but hardly a big deal. Lost a little bit and learned my lesson. However, that is not the reason that I am doubtful of bitcoin's future.

[ikydesu]

I think it is.

Bitcoin use adoption has stalled. Media interest has dissipated. Prices have only slowly continued to decline for a long time now. Bitcoin securities have always been and still are a complete mess, with a near 100% failure (scam/fraud/incompetence/etc) rate. Mining has been concentrated in the hands of a few giant players, eliminating much of the advantage/security/democracy of thousands of individuals being the money processors. Alternative forms of online payment with US dollars (and other fiat currencies) are now cheaper, faster, and more secure than bitcoin (and of course far more usable to buy/sell real goods/services), eliminating any of its advantages as a payment system. Continued decline of bitcoin and strength in fiat currencies has put the lie to the idea of bitcoin as a store of value; there are far better more reliable hedges against inflation. Meanwhile the real economy is firing on all cylinders, stock markets are at all time highs, corporate earnings are higher than ever, unemployment is low, etc. Even amid the boom, no one cares about bitcoin any more. Bitcoin was a fad that lasted a few years, and is now on its way to being forgotten.

Thoughts? Anyone seriously disagree with this conclusion?

What are you said is right, but that's law of nature who will survive they will going to be rich, that's not prove bitcoin is dead, just competition between who want to be rich.
and about bitcoin security is just human error, blockchain technology is safe i think with different address each person. It just human error who can't make their asset safe.


~iki

[Bonam]

I believe in Bitcoin because it makes me the owner, and I mean the only owner of my money.

No one can tell me what to do with it, how to spend it, and how much I can spend.

Where can you send $100,000,000 for just $0.04 in fees? Can you tell me?  

And don't forget the endless possibilities of the blockchain and the network power behind it.

One of the few replies of interest so far, thank you.

In regards to sending $100 million, I don't know what kind of fees someone gets charged for that as I've never tried. My guess is that if you are a billionaire and in the habit of sending $100 million around, probably someone is paying you for the privilege of being the one to carry out your transactions, rather than the other way around. As for sending it with bitcoins... yes you can send 400,000 bitcoins with a low fee, but no, you can't send $100 million USD with that low fee... conversion charges on either side will eat you alive, not to mention market illiquidity. But even if you are right... sending very large sums like that is of use only to a tiny tiny fraction of the population, and small scale transactions that typify the economy generally have very low / no fees to the user.

As for no one telling you what to do with it, how to spend it, and how much you can spend... does someone tell you that with real money? The government takes its cut in taxes (which it will certainly take with bitcoin too if it ever grows outside of a tiny niche), and the rest you can do with as you please (outside of criminal activities), can you not? I mean maybe your significant other imposes some restrictions on your spending, but that hardly goes away regardless of what kind of currency you use.

As for blockchain technology... yes, there is a real innovation there, and it perhaps can find its uses. Though, I am not certain of its applicability for uses other than "online coins", since the design of the blockchain has been around for ~6 years now, and no major company has adopted it for other uses as far as I know. Still, even if cryptographically secured iterative ledgers modeled on the blockchain become commonplace in other commercial applications, that still says nothing about bitcoin itself being succesful.

Also, what do you mean by the only owner? In what regard do you own the bitcoin in your digital wallet more definitively than the dollar bill in your physical wallet or the bar of gold in your safe box?

[Somekindabitcoin]

Bitcoin is more than likely dead for now until a possible price rise.

With all the things happening like ASICminer problems, crash, possible hard fork, and no real use other than the price of it to purchase things, it's pretty much dead.

[thejaytiesto]

Op I can tell you one thing. People already invested so much in bitcoin that is is not advisable to resign in a half way. Nobody who was interested in bitcoin will quit just because price of bitcoin are little low now. So bitcoin is no dead at never will be.

Indeed, we have a solid group of whales such as the Winklevoss brothers that in no way are going to sell because of short term views on the price.

[iamback]

What I am interested in is if anyone serious still sees a future in bitcoin, and if so, what they're reasons might be. That's why I started this thread.

https://bitcointalk.org/index.php?topic=968344.0 (read the entire thread in order to understand the point)

https://bitcointalk.org/index.php?topic=400235.msg10639701#msg10639701

https://bitcointalk.org/index.php?topic=400235.msg10639194#msg10639194

https://bitcointalk.org/index.php?topic=400235.msg10656535#msg10656535

https://bitcointalk.org/index.php?topic=400235.msg10656950#msg10656950

https://bitcointalk.org/index.php?topic=400235.msg10663520#msg10663520

[iamback]

When most everyone says it is dead, only a few diehards remain, that will be the bottom in the price and we will rise again from there.

It is a positive sign that some people are starting to think it is dead. Unfortunately there are still too many idealistic fanboys who think it is not dead (they provide the wrong reasons for justification, e.g. decentralized consensus is a joke and a lie) and they need to lose their money first buying BTC at these nosebleed levels.

[Bonam]

When most everyone says it is dead, only a few diehards remain, that will be the bottom in the price and we will rise again from there.

It is a positive sign that some people are starting to think it is dead. Unfortunately there are still too many idealistic fanboys who think it is not dead (they provide the wrong reasons for justification, e.g. decentralized consensus is a joke and a lie) and they need to lose their money first buying BTC at these nosebleed levels.

So your theory is that after very few people are left using/hoarding bitcoin, suddenly bitcoin will become relevant again? It's not the price of bitcoin that matters, but its adoption as a system that people use. Also, thanks for your links, but I don't think questions about the long term viability of bitcoin can be addressed by technical analysis of the bitcoin price (technical analysis is built on ignoring the fundamentals and just looking at price action, but it's the fundamentals that I am interested in).  

[cellard]

Slowly but surely bitcoin will soon be dead .
With prices continue to fall , but rose occasionally , can be ascertained bitcoin will die sometime soon .  '
This is just my opinion for bitcoin 

You are so wrong my friend. Price is not reflecting at all what Bitcoin means to history in the big picture. People will sooner or later give its objective value which is several orders of magnitude higher than it is now.

[ajareselde]

When most everyone says it is dead, only a few diehards remain, that will be the bottom in the price and we will rise again from there.

It is a positive sign that some people are starting to think it is dead. Unfortunately there are still too many idealistic fanboys who think it is not dead (they provide the wrong reasons for justification, e.g. decentralized consensus is a joke and a lie) and they need to lose their money first buying BTC at these nosebleed levels.

Bitcoin will never die, it was declared dead more times than George Bush was called stupid.
You need to differentiate bitcoin, and bitcoin price, because you obviously got confused between the two, but regardless, i can assure you that both of the two are live and ticking,
and will continue to do so for a long, long time (..and they made bitcoin transactions happily ever after- That long)

cheers