Topic: Bitcoin Shrinking - The Long View - page 17. (Read 19400 times)

Uh, miners costs were no different when it was $30 than it is now...and yes I agree, the "early adopters" can and will continue to bleed as much value out of bitcoins as they possibly can.

And a rapidly growing community means exactly jack shit to such a supposedly AMAZING financial instrument where there NO ECONOMY backing it up.

Welcome to the future.

How did this douche become a senior member?

Nice refutation, just copying what I said. What are you, 6 years old?

HAHAHA, really?

Like...seriously?

The price of bitcoins doubled *almost* every month....ON AVERAGE...lol and here;s the best part, SINCE THE BEGINNING.

Oh man, what a wonderful glut of qualifiers you've got there imperi....

It's also because miners have to pay for the costs of the equipment and electricity they incurred when the BTC peaked at $30... and let's not forget the possibility that some early adopter really, really wants to get his hands on that Porsche.

Truly, what Bitcoin is doing today, next week, next month, is almost irrelevant... it works as a currency, it works as a commodity or an asset, and contrary to the fairly baseless statements made by OP, there is a rapidly growing community around it, which includes lots of smart people implementing lots of smart ideas.

Bitcoincharts.com shows that the value of Bitcoins have doubled almost every month, on average, since the beginning. I think you need better sources to support your flawed arguments.

Exactly dumbass, that's why the bitcoin valuation is even LOWER than perceived, because USD is taking another big hit to value, yet bitcoin's relative value still bleeds, and will continue to.

And fuck you, do your own research if you want to be a part of this conversation. The evidence is all around you, just open your eyes and shut your mouth.  Or at least, do some research before you flap your trap.

Start here: bitcoincharts.com

"Except it hasn't stabilized. It's being artificially propped up and failing it at that. Again, BTC has not had any gain in value since Gox opened back up.  It has been a slow bleeding."

Again,

Your view seems to be terribly impatient and shortsighted.  My primary holding are silver and gold and I have continued to convert a small amount of them to bitcoins; I have about 70 now.  2 of my smartest friends who are in high tech laughed and mocked when I explained Bitcoin.  Then they installed the software.  Then I sent them a coin.  Now they are mining them.

At a price of 14 the market cap of Bitcoin 100 million dollars.  That is peanuts.  If you had an IPO of a company which provided immunity to exchange controls, the world would pay 1000 times that to get a part of it.  Look what they did to Quadaffi. They froze 60 billion of his assets and sent in armies to take his gold.  How much would he have paid for a password protected way to secure a large chunk of his wealth that only he can access?  The world changing implicatons of the idea of Bitcoin have yet to even begun to be explored.  Bitcoin will be more revolutionary than the PC and more world changing than the internet.  Sit back and watch.....

HEY!  Tell them about Dwolla.

Interestingly enough, through necessity of selling my mined coins, the bitcoin community introduced me to the only Visa/MC/Paypal alternative I need, bitcoins be utterly dammed.

Check out Dwolla.

Dwolla is what we should all be evangelizing to vendors, not bitshits.

The number of members on the forum grows by almost 1% every day. That's pretty high growth if you ask me. The drop in price is because the growth forecast isn't as great as people expected back in June.

Oh I'm so sorry, struck a nerve, have I?

I know it is bothersome to include some charts or links to what you are talking about, but since most people seem able to embed images of all kinds in these forums, I'm sure you can roust yourself to do the same.

And I hate to point things out that turn your argument into so much mud scraped off a boot heel, but a declining dollar value would only change the USD/BTC valuation to the upside. You do know how that works, right?

I'll be here when you get it all together, I know you are too busy queuing up your latest swearwords to answer coherently.

Overall, I agree with the OP's sentiment.  I've been quite frustrated with how slowly things have been progressing.  In the last 6 weeks, I have worked with two separate sites to begin accepting Bitcoin as an alternative payment method.  These aren't little mom and pop operations either.  One of the sites is hard coding the exchange rate at $20.  The other is using market price + 0.5, so there is already a huge discount being factor in.  Yet sadly, fewer Bitcoin orders have come in over the last 6 weeks combined than either of these sites typically receives by credit card over the course of a single hour.  The vendors I've talked to absolutely love the idea of getting out from under Visa/MCs thumb, but there's just not enough incentive to accept this form of payment if no one's using it.

However, I also think there are a few relatively minor developments that could turn the trend very rapidly upward.  There is still presently no effective way to introduce the average consumer to Bitcoins.  We're facing a major chicken and egg problem, and this side of it is just as important as getting the merchants to accept it (if not more so).  The only solution I see for this is for someone to build a very professional online wallet service that also sells at least small units of bitcoin (even at 2x market price).

One of the sites I've referred to above is an online game that sells monthly subscriptions.  They have expressed an interest in selling the service on a per game basis (for something like $0.05), using Bitcoin for micro-payments.  They won't move on this until they can also link to a wallet service where their customers can sign up for a Bitcoin account and immediately fund it, even with just $5-10 worth of coin.  Once these initial road blocks to growth are overcome, things could expand very quickly.

Lol...

If 200 people are registering every day, then how is it shrinking? Are you stupid or something?

Look at the fucking charts, maybe? Idiot?

EDIT: and oh, btw, keep in mind that the value of the USD is falling., especially with the recent Bernanke news. Yeah, always remember that.

Again, sorry to be stickler and all - but you have some proof to offer us? I mean, if your argument isn't solely fabricated, of course.

Use your imagination.  What is all of God's Hell's can you imagine anyone in the corporate media writing about bitcoin?

Bitcoin was in some of the largest financial publications in the world.  You think there's anyone left out there that gives a damn to write about it again? Why would that be, pray tell?

Please, maybe you could emulate a possible headline?

There is nothing left that's worth saying to the public about bitcoin, from the mouths of the corporate media. Period.

Except it hasn't stabilized. It's being artificially propped up and failing it at that. Again, BTC has not had any gain in value since Gox opened back up.  It has been a slow bleeding.

Thread fail right away, not a fact at all, can't take the rest of your post seriously now.

I'm glad you were inspired by my thread - right down to the topic phrasing. Lets see if we can look at this objectively.


So, you know the future then? That is what you're implying. I tend to disagree.


You may want to look at my other analysis, which specifically looked at other 'bubbles' in the past. Here's a little reminder:

http://forum.bitcoin.org/index.php?topic=26117.0 - "The Dichotomy of a Bubble - Why Bitcoin Will Endure"

For any 'bubble' comparison, we have until the end of August to be proven wrong or not. Again, you claim some kind of future knowledge, which I doubt you have.



Again, you claim to know future value. I find this interesting, as no-one has clear knowledge of the future. My post about future potential growth wasn't about dates and times, only a general guide as to how I think things will work out. I didn't claim to know for sure. Why are you so sure, then?


I find most facts have citations - all I can see in your post is some unconfirmed knowledge of future events. So which are you, an oracle, or someone talking out of their ass?