Topic: 2014 is NOT the year of bitcoin, sorry - page 6. (Read 19640 times)

Would YOU like to make a bet?

I'll betcha my entire stash that Bitcoin stays below $10,000 Bitstamp for the rest of 2014.

Many of us would be happy if this became the truth :-)

we hit the bottom at 400. the following wave has never taken more than 6 months to take of to new ATH's and the moon. we will see $1000 BTC and $10000 BTC in the same year - this year.

I think there is a lot of reasons to be very bullish on Bitcoin : lots of bad news didn't make the price plunges, it regain a lot of its losses recently (pumping?), everyday people adopt Bitcoin and probably not a lot stop using it
A huge economic storm is going to hit the States and Europe, the USD will plunge and Europe is likely to monetize its debt as well so a lot of investors will seek refuge in Bitcoin, Gold ect.

Let's see, all the above troubles that R2 described and we are still sitting pretty at 600+ USD, more than double the price a year ago.  In fact, has there EVER been a period when the price of bitcoin was less than it was a year ago?  I think not.  We still have plenty of time for 2014 to be the year of Bitcoin.

Oooh "Anyway, we need no exchanges! Bitcoin in the street!" it makes my body thrill (in this good way:P )

It would be wonderful but this will come perhaps next decade.

You too? Everyone wants to get rich with bitcoin in 2014. But I'm affraid we can only have 400-800. Which is great for the freakin speculators who harmed bitcoin to it's core (glad that some lost with Gox though).

Anyway, we need no exchanges! Bitcoin in the street!

actually, I think 2014 could be THE year of bitcoin (note; that is not the bitcoin price/value)

We're not halfway through the third month of 2014.  So far this year, we've basically dealt with:

- Perceived ban on BTC in China: Have you forgotten about this?  Coming into 2014, many people were under the impression that Bitcoin was completely banned in China, and exchanges still operating were awaiting shutdown.  China accounts for well over 50% of global Bitcoin volume.  The reality is that there does not seem to be a ban on Bitcoin.  However, the China "ban" is what ended the massive run up to $1200. 

The government banned all companies in China from listing products in BTC.  Before the ban, China Telecom had just begun accepting BTC (world's largest mobile provider), and other companies were signing up.  BTC was about to take over the domestic currency.

- BitInstant Founder Charged

Charlie Shrem's arrest is a big deal.  It shows that there are extremely high risks when operating a Bitcoin business.  Transferring money around, if not done to the satisfaction of the government, can + will land you in jail.  It's one thing taking a risk on capital starting a business, it's another taking a risk on your freedom.  Talented developers who may have been lured into the Bitcoin world now have much less incentive.

- Mt. Gox -> Empty Gox

No need to explain this.  The world's #1 Bitcoin Exchange from 2011 - mid 2013 (and still high volume right up until feb 2014) is bankrupt.  Shows that there are many risks in Bitcoin which cannot be solved by Bitcoin itself.

Pretty grim year so far.  And yet, here we are.  Bitcoin is $600+.  If you look at BTC average price per day this month, it still ranks above every month in 2013 aside from December.  What more do you expect could go wrong in 2014?  China seems to be stable, Mt. Gox was a disaster waiting to happen, and has now happened.  US regulators seem to be looking at ways to make Bitcoin work, no one aside from that one Senator has mentioned anything about a ban.

The only things that could really put a big dent in the BTC market for 2014 at this point:

- Another major exchange is insolvent or gets hacked (unlikely -- some people have mentioned BTC-e being the biggest risk now -- Their biggest risk is the government at this point.  They are likely swimming in money, but may be quite high up on the US target list.  They remind me a bit of Liberty Reserve.  These guys should stay away from the United States)

- China / USA / Eurozone bans Bitcoin completely.  USA / Eurozone is extremely low possibility.  China is always a risk, but they're quite stable at the moment.  Watch out if prices spike wildly, that's when the government likes to come in and cool things down.

- Flaw in Bitcoin source code (Highly unlikely)

- Proof emerges that NSA created Bitcoin (yikes, unlikely though)

I'd say those are the big things that could cause another massive drop in BTC price.  If none of these events happen, and the odds are they won't happen in the near-future (3-6 months), then I don't see how BTC price could do anything but rise.  Bitcoin is all over the news these days.  People may not completely understand it yet, but it has had huge exposure from all the interesting events this year. 

Buying Bitcoins is now extremely easy in most places.  People in Canada/Europe/parts of Asia can use Bitcoin ATM's, people in the US can use Coinbase, people in the UK can go to Zipzap and buy some in person.  Compare this to early 2013.  Back then, the only reasonable way for the average person to buy BTC was to send a wire to Gox.  Ease of access is growing daily.

Retailer adoption is growing due to the amazing service provided by Bitpay / Coinbase.  It really is easy to accept BTC for most businesses.  Overstock's success must be inspiring other companies to adopt.

Don't sleep on 2014!  We have a long way to go this year.  The speed bumps likely arrived early.  This is a technology with a ton of upside and applications which haven't even been realized yet.  Security needs to be improved for the average user, and developers know that.  There's smart people working on these issues.  They're certainly attainable.

Target price: $2,500 all-time high at some point in 2014, December 2014 ends with a price of ~$1,750

I'm calling it, all my sources have confirmed. 2264 is the year of the discombobulator.

/thread

I'M CALLING IT EARLY

2015 - THE YEAR OF BITCOIN

At this point I would too.... there's a good chance that might not happen til 2015 though

Wow, I'd love to see $2000!   

I'm just glad we're not at zero after the first 3 months of nothing but bad news.

Nah... I like to keep my word when I make bets and I don't want to lose 1 BTC... like I said $1200 is likely to happen. I think we're gonna be in a boring $600-800 range until July or August.. and then our next rally will take us a little over $2000, correcting back to the $1200 range. Which is not bad, but I don't consider it "the year of btc" after the excitement of last year

 

You can update the wager to your liking.

What was your bet?

So accept my bet 

Where did I say or imply bitcoin is doomed? I didn't even hint at that


And this is just my opinion, it's a speculation... no need to get upset over it because 1/4 of the year has passed and so far I am right.

You sound like a coked up wall street stock broker. I mean that in the nicest of ways.

The current price situation is not ideal,  but you have to remember that even with growing acceptance there are still thousands of Bitcoins entering the economy each day. I think we're fine, all things considered.

What I don't get is if you feel this way, WHY would you post a doom-sayer's rant TWO MONTHS into the new year about Bitcoin sucking? FUD never did no one no good no how.

Sure nobody knows.
Last year price multiply about x30 times so ... :-)  nothing is impossible.