Do you think that the current dump is going to destroy the image of bitcoin? - page 2.

equator

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Quote from: randy8777 on August 25, 2016, 05:48:39 AM

Quote from: Schuyler on August 25, 2016, 05:32:58 AM

We've seen a lot of dumps and though it brought the price of bitcoin for a while, it was able to recover again and again. Add to that that this dumps are rather common to something that's in its early stages of existence. Once bitcoin becomes a well-known and widely accepted digital currency, stability shall follow.

not necessarily. especially with huge holders as chinese mining farms and current bitcoin whales. their coin count will only increase in the coming years. the volatility is something we will keep seeing for as long as bitcoin exists. i think it's great since volatility is what attracts fresh money. and fresh money coming in is needed to keep the market healthy and liquid.

Ya it is true that the main mining holders are Chinese but it is due to the low cost of electricity but even then the holders of the mainners are from outside of Chinese even then they are going to get much more profit as they are the real miners of bitcoins. until they dont dump high their wont be much volatility and now more peoples are getting confident on bitcoins so due to that even on market crash their are so many who are ready to buy back bitcoins on low value , so their is always support on selling side.

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Quote from: randy8777 on August 25, 2016, 05:48:39 AM

Quote from: Schuyler on August 25, 2016, 05:32:58 AM

We've seen a lot of dumps and though it brought the price of bitcoin for a while, it was able to recover again and again. Add to that that this dumps are rather common to something that's in its early stages of existence. Once bitcoin becomes a well-known and widely accepted digital currency, stability shall follow.

not necessarily. especially with huge holders as chinese mining farms and current bitcoin whales. their coin count will only increase in the coming years. the volatility is something we will keep seeing for as long as bitcoin exists. i think it's great since volatility is what attracts fresh money. and fresh money coming in is needed to keep the market healthy and liquid.

I agree that we will see that volatility for more years.But when more and more comes in and Bitcoin rises in value, the big whales will start to spend parts of their stash for houses, cars, yachts and other stuff.So a bigger distribution of the coins will happen.
And when marketcap will be in the 3 figure billions, due to ETFs and other new financial vehicles the waves of volatility will become slower andf slower. But this won't happen before 2028 to 2032 imo.

randy8777

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Quote from: Schuyler on August 25, 2016, 05:32:58 AM

We've seen a lot of dumps and though it brought the price of bitcoin for a while, it was able to recover again and again. Add to that that this dumps are rather common to something that's in its early stages of existence. Once bitcoin becomes a well-known and widely accepted digital currency, stability shall follow.

not necessarily. especially with huge holders as chinese mining farms and current bitcoin whales. their coin count will only increase in the coming years. the volatility is something we will keep seeing for as long as bitcoin exists. i think it's great since volatility is what attracts fresh money. and fresh money coming in is needed to keep the market healthy and liquid.

Schuyler

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We've seen a lot of dumps and though it brought the price of bitcoin for a while, it was able to recover again and again. Add to that that this dumps are rather common to something that's in its early stages of existence. Once bitcoin becomes a well-known and widely accepted digital currency, stability shall follow.

ivanst776

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Quote from: YTBitcoin on August 02, 2016, 02:58:35 PM

for about a month the price of bitcoin was stable and everyone was very happy with that and people started to believe for putting all of their money in bitcoin, and it was considered that it will be the next global currency, but now a bigger dump has started, and I think that dump is dangerous for the better future of bitcoin and its continuous happening will deny bitcoin from it success.

Any dump that happens in the cryptoworld will not destroy the image of bitcoin.

Because because bitcoin is used by a large community even though the price increases or decreases.

But for traders and for alternate coins is not good because the exchange rate changes which can bring sometimes profit.

chaser15

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Quote from: YTBitcoin on August 02, 2016, 02:58:35 PM

for about a month the price of bitcoin was stable and everyone was very happy with that and people started to believe for putting all of their money in bitcoin, and it was considered that it will be the next global currency, but now a bigger dump has started, and I think that dump is dangerous for the better future of bitcoin and its continuous happening will deny bitcoin from it success.

To answer this back when the recent dump happen, well it's not really a big deal after all if we are to linked it with the current price.

Now 23 days since the thread is created, the price is steadily sitting at above $500 which is a good sign of support from the community even with the recent bad news happened.

hasiramasenju

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obviously not because even though bitcoin has been down $200 at 2015 early but many people has decide to be bitcoin users and not leave bitcoin and still using bitcoin until now and i think the current price approximately $575-$585 is not so low and still good for me

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Quote from: Junko on August 24, 2016, 12:17:48 PM

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Those who had their bitcoin/money on bitfinex and were affected directly by all this... well, I imagine that's a different story as to what their image of bitcoin would be.

I agree at 100%, at the end someone that understand the point of view of affected users.

Don't make a mistake, I mean, I'm still a bitcoiner, in fact, I know that this it is not related with bitcoin itself. It's a problem of exchanges, but in my opionion it's not good for bitcoin enviroment.

I don't like the point of view that any exchange can delegate their losses to the users and create a coin as a bank. That's not good for anyone, but up today I think was the more acceptable decission intead of years of lawyers and so, wasting time, the most valuable coin.

I think that bitcoin can afford this, no doubt about it!, but at the moment exist a feeling of luck of trust..., at least in exchanges!. Like anyone told me: "Problem is yours, because you believe in them!".. and that's no good for bitcoin exchanges.

crairezx20

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Quote from: romero121 on August 24, 2016, 08:20:47 AM

The recent dump doesn't make big impact over the reputation or the image that got created in a very short term of around 8years. Already at different scenario the same dump have occurred.

Yeah it can not be destroy the image because if you notice the bitcoin before or even last year its happening to that the price is crash 35% in the current price last year.. but bitcoin still alive and the price is increase more this year.. and i think more people are invest and buying bitcoin to use it in their service or business.

Junko

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Bitcoin detractors will always have a negative image/outlook on bitcoin. Events like this (bitfinex hacking) and the subsequent dumps, they just use as ammo.

Bitcoiners for the most part understand what happens when things like this occur and the reasons for the dumpage. Their image of bitcoin doesn't change, at least not significantly because of the dump.

Those who had their bitcoin/money on bitfinex and were affected directly by all this... well, I imagine that's a different story as to what their image of bitcoin would be.

MingLee

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There have been far worse dumps that didn't destroy Bitcoin's image, so I'm not sure how something like this would really be all that different. This was a very mild, relatively mediocre dump and it definitely didn't do much to Bitcoin, and the value is already going back up. The Bitfinex hack probably hurt Bitcoin's image more than the dump, and that simply wasn't that much.

Ayers

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i think not, bitcoin faced much more dangerous dump like the one from gox, this is nothing against that, this is a joke lol only $100 lost, although i think the hacker did not dumped everything, so maybe there is still some dumping to happen

Hyena

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Boy that dump was pathetic. In past I've seen much deeper dumps that were still casual kind of dumps. This last one just confirmed the mid-term uptrend by not having been able to break the halving rally support line.

romero121

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The recent dump doesn't make big impact over the reputation or the image that got created in a very short term of around 8years. Already at different scenario the same dump have occurred.

randy8777

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Quote from: ~Bitcoin~ on August 24, 2016, 04:57:50 AM

Yes i think the recent dump afteer bitfinex got hacked is really bad publicity for bitcoin and lots of people including some of my friends and relatives who were about to start investing into bitcoin step backwards. But i am still forcing them, and advising them to buy at the current dumped price because price have really nice space to rise now.

it's indeed bad publicity to a certain extend, but the media here was quite understanding and unbiased when they were reporting about bitfinex. they even made clear that bitcoin itself isn't hacked, but just a place where you can trade coins. so far, this is the first time i have seen the media reporting from an unbiased point of view. also, advicing people to buy bitcoin is cool, but you should never force people into buying it. that's not the way.

~Bitcoin~

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Yes i think the recent dump afteer bitfinex got hacked is really bad publicity for bitcoin and lots of people including some of my friends and relatives who were about to start investing into bitcoin step backwards. But i am still forcing them, and advising them to buy at the current dumped price because price have really nice space to rise now.

Gahs

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The image of bitcoin has come a long way for it to be affected by a fall in price. Because there will always be demand for the coin, no matter what happens in future Grin

Universat

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to me as it has effect the image of bitcoin a little bit. but still there no serious effect on the image of bitcoin, as we can see that now people got confidence of bitcoin again and they are investing their money in bitcoin again therefore hopeful that the price of bitcoin are going to increase in next few days.

StoreBit

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Quote from: jhenfelipe on August 03, 2016, 09:04:32 AM

I don't think that it will destroy the image of bitcoin. Bitcoin is still bitcoin no matter what. I mean rise and fall of bitcoin price is just normal. As what others have mentioned, it's not the first fall of bitcoin price so I think no need to worry that much. Everything will be alright, just a matter of time, patience and trust. Just my opinion.

yes i am agree with you the previous dump cannot effect the image if bitcoin, just after the bad news spread in the market about bitfinex and people just start panic selling, but now we can see that the people gain the confident again and now they start buying bitcoin, therefore hope that the price of bitcoin will also start raising and this time bitcoin is going to cross 1000 USD in next few months.

PacePay

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I think it is now good the dump was just a little dump, and the image of bitcoin is still much better as people are still fan of it and are still putting their money in bitcoin, I hope that bitcoin will be the global currency of the future and no one will leave it because of these small dumps, as it is a currency and the rise and fall occurs in every currency.

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