Topic: Bitcoin Dogged by Stubborn Downtrend (Read 1887 times)

LOL!  Thanks for the laugh.

No. The CPU and to a large degree the GPU era of Bitcoin mining was way more centralized because many of the CPUs and GPUs were on systems running Microsoft Windows. This effectively gave Microsoft control over the Bitcoin network because of the DRM in Microsoft Windows. It also made the Bitcoin network vulnerable to criminal botnets based on weaknesses in Microsoft Windows.

In reality ASICs have saved Bitcoin from the DRM infected cesspool that Microsoft Windows has become.

The most important thing to take away from the Speculation subforum, in my opinion, is not the predictions of the people posting on it. It's the general sentiment of the people who are posting. Given that the sentiment overall seems to be extremely low / bearish, I'd say that this is a good indication that we are near a price floor. Admittedly, there are innumerable variables that go into determining the action of the markets, but this is my two satoshis when it comes to price speculation.

They have balls made of crystal. Especially those TA guys

I love how everyone on this subforum talks in such definitive absolutes, like they are so sure that they know exactly what is going on without ANY facts or analysis to support their conclusions or theories:

And you know this how?  Proof?

Proof?

So sure are you?  TA to back it up?

The hodlers are finally getting tired of waiting and have started selling. Buying and selling of goods has slowed down a lot as everyone is holding btc going to get rich. The btc economy has stagnated. Either the price will hold or go down from here. Probably down.

I only know 2-3 people IRL besides myself that could setup a GPU/CPU to mine...  A LOT of people.. I mean a lot don't even know how to make a new folder on the C drive...  Mind you.. same amount of people could setup an ASIC so I guess it's kind of a moot point.

A GPU (can) cost as little as $200 and earned more BTC than your $700 ASIC does.  The GPU era also showed greater decentralization and a greater ability for the average technically competent person to involve themself.

I don't get everyone's fetish with ASIC's killed BTC...  It cost me about $700 to get one ASIC unit up and running.. that is not expensive.

how? I mean you could give me an opinion of how you came with your projection, but, how can anything be certain? This is the most uncertain market there is.

Actually in order to break 415, any one of hundreds of people simply needs to click a button.

One thing is certain 415 is the floor .....I would love there to be the 10% per day rocket ship but welcome to the new more mature bitcoin world

there is a lot of pump & dump going on @ the moment but this is also a time of consolidation ...

Trading is more about waiting than anything else 

FUD^^

When ownership was transferred to ASICs in the name of securing the network, the common man was left out and this was the new banking.

The 1000s of pages of how much fiat it takes to buy a bitcoin is a testament to the failure of Bitcoin (not cryptocurrency). It is all about fiat and used-bitcoin salesmen trying to sell bitcoins through propaganda. Any opposing view to the whole game must be a FUDster 

thats because people have droppd the hoarding mindset which is akin to gold owners. and people are now in general just after a 5%-10% profit to beat any rate a bank would offer.

i think the point of bitcoin is being lost in translation, where by the first 4 years were about bitcoin being something different compared to fiat.. to now be just an investment pump to make 5%-10% fiat gains.

basically too many FIAT lovers stirring the bitcoin pot

Last week saw Bitcoin prices mostly continue to slide, a trend that’s been with us since December of last year. Every time that buying kicks to raise prices, it’s met with a wave of selling.

It’s hard not to see the current Bitcoin price action as one or more very large holders of Bitcoins converting their inventory in a gradual, methodical fashion to keep from pushing the market into a tailspin. Normally this kind of gradual selloff would indicate what aircraft crash investigators euphemistically call “controlled flight into terrain.” In this case it appears to be more of a normal price adjustment.


Bitcoin went through a “tulip bulb” phase early on when people rushed into the new cryptocurrency frontier and drove prices to unsustainable levels. Bitcoin was also joined by competitors like LiteCoin, FeatherCoin and DogeCoin, which siphoned away some of the early adopters and fractured the market. In that light, prices trending lower are no real surprise.

Despite the gloomy price action lately, there are good reasons to believe in the future of Bitcoin.

VC Money

Bitcoin projects and new exchanges continue to find support with VC money, from investors who are putting money into building new exchanges that qualify as money-transmitting agencies. Getting those licenses, which are issued separately by all 50 states, is a painful and time-consuming process. Two new US-based exchanges, Kraken and CoinMkt, are currently slogging their way through that labyrinth of sometimes conflicting state regulations.

In a slightly different approach, Atlas ATS is partnering with the National Stock Exchange [paywall], which is recognized as a Self-Regulatory Organization (SRO) by the Securities and Exchange Commission. By partnering with an SRO that will write the exchange regulations that Atlas ATS will follow, developers hope to avoid a lengthy approval process.

Traders in overseas markets have new options, including the UK-based CoinFloor Limited, a Sterling denominated exchange that is backed by Passion Capital, one of the larger European tech VCs.

Blockchain Implementations

The real genius of Bitcoin and of cryptocurrencies in general is the blockchain technology, that allows an unregulated network to accurately maintain a record of changes in ownership. Whether or not cryptocurrencies survive, the underlying blockchain mechanism will find its way into a world of new uses.

In one of the first non-currency uses of the blockchain technology, the Danish Liberty Alliance political party is using a blockchain-based voting system for internal voting by members [in Danish].

Since blockchain transactions are both secure and transparent, the technology is a natural match for voting and polling systems. It also won’t be long before blockchain makes an appearance in markets and exchanges, where it would enable a near frictionless exchange of almost any type of commodity.

With Bitcoin’s multiple personalities of being a currency, a commodity, and a technology, it should come as no surprise that the Bitcoin market is going to take a while to sort itself out.



Sources:
http://redteanews.com/2014/04/23/bitcoin-dogged-by-stubborn-downtrend/#.U1gjGvldXfI


-Redtea
Independent News for the Right-Minded American


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