Greed - the driving factor behind 'bitcoin is dead'

n2004al

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Quote from: AliceWonderMiscreations on January 27, 2016, 04:36:03 PM

All the articles about bitcoin being dead, unsustainable, doomed to failure, etc. have one driving factor behind them.

Greed.

At least in my opinion.

These people want bitcoin to fail precisely because they know it can work, but weren't invested in it in the beginning.

They want bitcoin to fail because they know it can work, and they want it to be replaced by something where they can invest in the beginning, and see explosive growth in value.

There will be alternative crypto-currencies that are successful, I don't think any of the current alt-coins are it but it will happen.

But as long as bitcoin remains around and dominant - none of them will ever see the kind of growth explosion bitcoin saw, and bitcoin will never see that kind of growth explosion again either.

I believe many if not most of these nay-sayers want bitcoin to fail because they realize this, they realize they missed the opportunity to make millions just sitting on their fat asses, and that opportunity will only come again if bitcoin does fail. Thus conscious or not, they write these articles hoping to influence a crash in bitcoin.

That's my opinion.

Put all the thoughts against bitcoin only in this category seems very arbitrary. Maybe there are such kind of people (and for sure that exist) but I think that not all are so. May exist some who don't know the real value of it (not only as a currency but as a product which has opened a new era because was invented based at peer to per). Then may be others who simply don't see it as useful as it is advertised by its followers. There are to many who don't like nor the internet (or use it rarely or only for few things like for example the use of email) and neither (even more less) to buy on it. For this kind of people bitcoin is worthless for true. And are at all not few in our days. Then may be others who believe on the words of Mike Hearn and see it as a failed product full of bugs which will bring its failure. I named only few other possible existing groups of people who see otherwise from OP bitcoin and according to their view do even their judgement about it. Which is different from that given from OP.

Amph

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Quote from: wayniac30 on January 27, 2016, 04:38:21 PM

Another theory crossed my mind and it's very simple. What if some people want the bitcoin price to fall so they can buy using anonymous backdoors and up the price again after that... the media can be plaid to reach their goal.

i believe it's the main reason, none holding bitcoin want bitcoin to die, only those that want it to die genuinly, are those that don't know what bitcoin is or simply do not care about it, they don't even know that they lost a great opporutnity to be rich, in the ebginning

all the other are manipulators, they are manipulating the market in their best way to have more cheap coins

Jet Cash

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Yep - I think all you guys should sell your Bitcoins as fast as you can. I can do you a favour an take them off your hands for cash, that's real folding money. The folding paper is real, but I'm not sure about it's value.

justspare

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Quote from: Windpower on January 27, 2016, 06:51:56 PM

Exactly. People want the price of Bitcoin to fall so they can buy a shit tonne and then make the price go back up and sell.

Do people really need extra money that they would announce that Bitcoin is dead? WOW

ATguy

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Quote from: sniveling on January 27, 2016, 06:34:42 PM

The writers of those articles need shock/horror headlines to entice people into buying papers or reading websites. They are often written by the same people who were writing articles saying Bitcoin would soon be $100000 in 2014. All they are motivated by is the need to keep people buying the papers that pay their wages.

Basically this - delivering some interesting story to readers (shocking headlines really help sales). They have no intentions to drop the price because they dont plan to buy Bitcoins, killing Bitcoin is no intention as well because Bitcoin is very tiny project with very small market cap when compared to world economy, not worth a trouble for the Big players.

DimensionZ

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Shit, did I leave the stove on?

I think whatever the articles about bitcoins are in the end there is no bad publicity. More Bitcoin news will make more people reading the news interested in checking out these things called bitcoins.

romero121

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The driving factor is not dead or moving towards death. Just yielding more potential to take bitcoin high. These days what happened doesn't look to be a great fall. It has experienced more than hundreds of such situations, and people are greedier to earn. So the typically technology is not that easy to get collapsed or defeated.

FlyingSaucer

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Yeah all the naysayers could be jealous or greedy people kinda butthurt they didn't invest in bitcoins sooner.

Kakmakr

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Greed has been a motivator for most of the bad things you are seeing in this scene. The Ponzi/HYIP's / Scams / Fake Hack reports and much more. Bitcoin is a relative new technology and people will be skeptic at first and once they see some potential, they would start poking holes in it, to see if they can somehow utilize it to make some quick profits.

Like with the old Gold Rush, some people came in early and they took some fairly high risks and got huge profits. They found the biggest nuggets and picked them off the ground. The people who came in late, had to invest in expensive mining equipment to get to the fine gold.

There are some jealousy with the people, who missed out on the first and these people will attack the integrity of the technology, because it will be the only way for them to vent their anger.

oblomov

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A key argument made by Satoshi is from an anarchocapitalist perspective; bitcoin is a stateless currency without the physical limitations of gold or other hard assets.

Many people in media and many technology experts are not libertarians, and are opposed to libertarian thinking on money.

This is of course the usual progressives, Social Democrats, left-liberals, and center-leftists, but also some moderate conservatives who are OK with the status quo.

For these people, the "death of bitcoin" is inevitable, since it doesn't fit within their value system or ideology.

In this case, they don't have selfish motivations (greed). Their opposition is sincere and founded in their strongest convictions.

gentlemand

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I think that's giving them more credit and awareness than they deserve, plus a dose of confirmation bias. There are no shortage of people out there who simply do not believe it has any viability. It goes against no shortage of conventional thinking plus there's the fact that it's pretty much come out of nowhere with no one's permission. It's going to be a long old time before the majority of dissenting voices go silent.

kevin go

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in my mind..they say like that to tricky everybody..once when everybody try to quit using bitcoin, bitcoin getting low price and they buy and said bitcoin is rising up, bitcoin price get high..they will sell it and got profit.

SFR10

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You certainly have a point here but it's not summarized on that only and there are different people as well, like for instance some are just writers and try to get people's attention by their way of putting articles up and some are people behind other monetary systems that try everything the could for the sake of damaging BTCitcoins reputation and they seem to never end and one comes after the other one fails.

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Quote from: AliceWonderMiscreations on January 27, 2016, 04:36:03 PM

All the articles about bitcoin being dead, unsustainable, doomed to failure, etc. have one driving factor behind them.

As a former publisher, I think the main motivation in the press is in attracting readership.
The public loves seeing a good train wreck now and then, so these publishers spoonfeed the candy to their readers.

That is true.
There are 2 kinds of articles which attract a lot of eyeballs - Bitcoin being dead or bitcoin's price doubling in a short while. (Massive) Price increases are few and far between. So the press makes do with Bitcoin being dead stories.

mtnsaa

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Please, any of these critics are all people with plenty of money and can get in and buy I don't know...21 BTC which is nothing for them, if we really think Bitcoin will hit it big sometime in the next 5 or 10 years that amount will be worth a lot. And I'm just talking about people with some money, imagine what a big investor or a rich person can do. Even a company, they can get even a 1-5% of all BTC if they really want. The logic behind is flawed, the critics were done because they are deserved I guess but not because of envy or lack of funds to get into Bitcoin.

Windpower

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Exactly. People want the price of Bitcoin to fall so they can buy a shit tonne and then make the price go back up and sell.

russian_pete

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Quote from: NorrisK on January 27, 2016, 05:19:58 PM

I think you are right in principle. But not because people want to be heavily invested in a potential candidate that can replace bitcoin. That involves a much greater risk if you look at all the alts and how heavily they were manipulated now and in the past.

They want bitcoin price to drop so they can buy more at cheaper prices before it really takes off. Their efforts however are limited, no market movements are generated on these forums anymore. News like Hearn leaving is what causes the big movements nowadays.

What I see from my limited comprehension about cryptos so far is exactly this. There's no clear substitute for BTC, specially considering it is still developing and will hopefully leave behind most of it's problems faced today.

countryfree

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No. Some people may just fed up by the lack of progress. The scalability problem, most commonly seen as the block size issue, has been around for more than 8 months, and no solution has been found yet. Many early bitcoiners are from the start-up world where big decisions are made in a few minutes in front of the coffee machine. Greed isn't a factor. The people who were looking to make a quick buck have left a long time ago.

sniveling

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The writers of those articles need shock/horror headlines to entice people into buying papers or reading websites. They are often written by the same people who were writing articles saying Bitcoin would soon be $100000 in 2014. All they are motivated by is the need to keep people buying the papers that pay their wages.

NorrisK

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I think you are right in principle. But not because people want to be heavily invested in a potential candidate that can replace bitcoin. That involves a much greater risk if you look at all the alts and how heavily they were manipulated now and in the past.

They want bitcoin price to drop so they can buy more at cheaper prices before it really takes off. Their efforts however are limited, no market movements are generated on these forums anymore. News like Hearn leaving is what causes the big movements nowadays.

Topic: Greed - the driving factor behind 'bitcoin is dead' (Read 1027 times)