Pages:
Author

Topic: How Do we bring the value of BitCoins back up? - page 2. (Read 6414 times)

hero member
Activity: 756
Merit: 500

No merchant is going to accept btc when people have confessed it's a gambling game, and given the horrific breaches of security bitcoin has. You know like mtgox being hacked and all the money in mybitcoin "being stolen".
Smaller merchants will and that will help establish stability. Risk can be removed to a large extent if you immediately convert your costs back in to fiat on sales and keep profits in your own secure wallet!

Smaller buisnesses are less likely to use a highly risk based currency because they can afford to lose the least after being screwed over by exchange fees and volatility.
legendary
Activity: 1512
Merit: 1036
You could make up a fake media story, like "Brad pitt uses bitcoins".

hahaha Brilliant!! +1
This just in, photos from the Bitcoin conference after-party...

For a worldwide audience who may not know, these celebrities are Felicia Day (of The Guild, Buffy), Wil Wheaton (Wesley Crusher from Star Trek TNG), and Nathan Fillion (of Firefly, Castle). These would be the kind of celebrities you'd expect to twitter about Bitcoins. Bounty time!
sr. member
Activity: 364
Merit: 251
kill everyone who wants bitcoin to go down in value!

Then, when they are all dead, we'll have only people who want the price to rise.

Then, we'll have to make sure they are not killed shortly afterwards.

The victor will have bitcoins, and nobody left to buy them.  Cheesy
Everything you say can and will be used against you in the court of law Wink.

Hey FlipPro,
   Don't be stupid by taking me seriously.
   Don't be an asshole by taking me seriously.
   Now go back to your sandbox and stay out of mine.
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
I agree that if a small country started to use bitcoins then this would make a big difference. What stops that right now?

Well many small countries with serious money problems also have dire political situations that would prevent this. Lets put those aside.

Next many governments would not want to cede their currency to one they had no control over. After all you can always print more pound notes, or green backs if the economic situation gets bad, but what can you do with bitcoin? Nothing. So A country that already had any control over its finances could not or would not do this.

Lets imagine we have a country wanting to do this. HOW would they do it? First thing is how does the man in the street get coins? Normally introduction of a new currency is go to the bank and exchange iold currency for new one. That could work, but for many people lack of a physical embodiment would be an obstacle. I mean, for us netizens, its great we never look at a piece of paper, and want our money to be the same, but for your average sheep farmer who doesnt have a computer, much less understand the difference between hash and a random number how can it work?

Perhaps we need a physical currency built on bitcoin, as was discussed in these forums some while back. The idea here was that the actual coin contained a sealed hash that could be broken open and redeemed or could be exchanged still sealed. This is, of course exactly the same as a fiat currency, you are relying on the promise on the coin/note that there is a bitcoin behind it. Just like a Uk £5 note which has a promise to pay the bearer on demand the sum of five pounds, once upon a time this was five pounds weight of silver.  Its a bit better than this because the promise can be verified and and "expert" could check if the coins really exist in the bitcoin chain. I'd say your average sheet farmer would be happy with that. But the problem here is that the cost of making the money would be high, would involve new, possibly unproven  and unfamiliar technologies. I mean look at the notes circulating in turkey, libiya or malasia. Some of these are so old and worn to be hardly reconisable.  The physical bitcoin must be tough!!

Is this possible? I do not know.




the best way would be to make a physical currency backed by bitcoin..

the government prints bills, no sealed hash none of that shit ... the bill only comes with a promise, that it can be exchanged at their local public bank for bitcoins.

the bills are cheep to produce
the bills have value because they are backed by bitcoin
more bills are printed only if the country buys more bitcoins.
removing the private bank and replacing it with a public bank.

money controlled by its government, not by greedy poeple who do not give a F%^K





full member
Activity: 126
Merit: 100
The value will go back up soon enough. There are SO many projects in the works right now.

Like what?  What could possibly be big enough to bring Bitcoin back from it's long slow slide?  Or is this just blind optimism (nothing against that, everyone has their flaws)?
full member
Activity: 168
Merit: 100
Brad Willman, SSCP, LTCP, MCTS,SCE,BCE
The value will go back up soon enough. There are SO many projects in the works right now.
sr. member
Activity: 490
Merit: 250
Anyone have any ideas on bringing the value of BTC back up?

Wait for the market to bottom. Buy. (Could take months.)
$30 will not happen. $20 will not happen.
The price will go lower than it is today.
Sell now. Buy at the bottom.
legendary
Activity: 980
Merit: 1003
I'm not just any shaman, I'm a Sha256man
...Just kidding. Who cares what the price of a bitcoin is in other currencies? I don't. If you're only posting on this forum because you're the dumb money, I hate to tell you but your time here is almost up. This is not an investment scheme and if you treat it as such you'll get burned. The only thing that matters is that we achieve some small level of stability so that merchants can confidently accept bitcoin, suppliers can in turn get paid in bitcoin, and pay their employees in bitcoin and so forth. You know... an economy, they call it.

I could have not said it any better Cheesy

*Cough*
full member
Activity: 123
Merit: 101
The solution is simple. We become Somali pirates, capture a yacht with Brad Pitt on it, demand bitcoins in payment, reap the publicity rewards with both Hollywood and the criminal underworld.

Just kidding. Who cares what the price of a bitcoin is in other currencies? I don't. If you're only posting on this forum because you're the dumb money, I hate to tell you but your time here is almost up. This is not an investment scheme and if you treat it as such you'll get burned. The only thing that matters is that we achieve some small level of stability so that merchants can confidently accept bitcoin, suppliers can in turn get paid in bitcoin, and pay their employees in bitcoin and so forth. You know... an economy, they call it.
legendary
Activity: 980
Merit: 1003
I'm not just any shaman, I'm a Sha256man
I didnt read every post so forgive me if this has been suggested. One thing bitcoins is missing that is described in the faq(i believe) is bitcoin has no value. There is only goods and services onlines that are not in high demand(minus irc and forum methods of buying with bitcoin). Also if suppliers accepted bitcoin....it would have tons of more support at a global scale.

I had a conversation with a family members and he stated "i will never use a bitcoin, i cant buy gas with it, and ralphs dosent accept usb-sticks. Bitcoins are not for me" in my opnion Even if bitcoins were worth $100 I doubt people would adopt using them just becuase your tethered through a the internet and lets be honest with all the identity theft going on with credit cards people relate that to "using the internet" and thus think its already unsafe to purchase stuff online. Imagine if we had just 1 gas station accepting bitcoins how much trust that would add not to mention value and free advertisement...

How much does it cost to start your own gas station anyways?
sr. member
Activity: 252
Merit: 251
SilkRoad + Oxycontin = Current BTC value x3 Wink

Wasn't the big bump to over $25 USD/BTC was due to speculation of drug availability ?, we should embrace the subculture, as it directly benefits us.....lol
But it's stupid since all online transactions are traceable.

The way sales are setup on Silk Road you can't trace the buyer or seller.
You also might be forgetting everything is encrypted and goes over TOR rather than the 'normal internet'.
newbie
Activity: 46
Merit: 0
Buy $10,000,000.00 USD worth of bitcoins, then delete your wallet.  That might help.  Let me know when you're done.
legendary
Activity: 1764
Merit: 1015
SilkRoad + Oxycontin = Current BTC value x3 Wink

Wasn't the big bump to over $25 USD/BTC was due to speculation of drug availability ?, we should embrace the subculture, as it directly benefits us.....lol
But it's stupid since all online transactions are traceable.
legendary
Activity: 1022
Merit: 1000
Freelance videographer
I was actually hoping that people would show an interest in boosting the value of BTC and now i've found my kind of thread :-)

Anyways I'm thinking that maybe if all of our respective websites that we own (I do own 2 forums in addition to my blog,plus mining,filmmaking and investing businesses online.At least I own multiple ways to make use of bitcoins as well as traditional money,$,£ e.t.c) made use of bitcoins,then perhaps the reputation would get better (of the currency) and more widespread use of bitcoins would make the value rise massively (I hope).

I want the value to rise as well as I mine.Will there be another bubble where we have high value bitcoins or are those days behind us now?

thing is, what factors can change bitcoin's value?

Perhaps a film could help?
sr. member
Activity: 462
Merit: 250
I heart thebaron
SilkRoad + Oxycontin = Current BTC value x3 Wink

Wasn't the big bump to over $25 USD/BTC was due to speculation of drug availability ?, we should embrace the subculture, as it directly benefits us.....lol
legendary
Activity: 1896
Merit: 1353
Anyone have any ideas on bringing the value of BTC back up?

Whenever you need to buy something, check if you can buy it with bitcoins.
You can buy a lot of things with bitcoin, see for example spendbitcoins.com

Spending bitcoins does not mean that you cannot hoard some; just buy back the coins that you have spent if your goal is to keep a constant amount.

sr. member
Activity: 286
Merit: 251
I agree that if a small country started to use bitcoins then this would make a big difference. What stops that right now?

Well many small countries with serious money problems also have dire political situations that would prevent this. Lets put those aside.

Next many governments would not want to cede their currency to one they had no control over. After all you can always print more pound notes, or green backs if the economic situation gets bad, but what can you do with bitcoin? Nothing. So A country that already had any control over its finances could not or would not do this.

Lets imagine we have a country wanting to do this. HOW would they do it? First thing is how does the man in the street get coins? Normally introduction of a new currency is go to the bank and exchange iold currency for new one. That could work, but for many people lack of a physical embodiment would be an obstacle. I mean, for us netizens, its great we never look at a piece of paper, and want our money to be the same, but for your average sheep farmer who doesnt have a computer, much less understand the difference between hash and a random number how can it work?

Perhaps we need a physical currency built on bitcoin, as was discussed in these forums some while back. The idea here was that the actual coin contained a sealed hash that could be broken open and redeemed or could be exchanged still sealed. This is, of course exactly the same as a fiat currency, you are relying on the promise on the coin/note that there is a bitcoin behind it. Just like a Uk £5 note which has a promise to pay the bearer on demand the sum of five pounds, once upon a time this was five pounds weight of silver.  Its a bit better than this because the promise can be verified and and "expert" could check if the coins really exist in the bitcoin chain. I'd say your average sheet farmer would be happy with that. But the problem here is that the cost of making the money would be high, would involve new, possibly unproven  and unfamiliar technologies. I mean look at the notes circulating in turkey, libiya or malasia. Some of these are so old and worn to be hardly reconisable.  The physical bitcoin must be tough!!

Is this possible? I do not know.

legendary
Activity: 1764
Merit: 1015
kill everyone who wants bitcoin to go down in value!

Then, when they are all dead, we'll have only people who want the price to rise.

Then, we'll have to make sure they are not killed shortly afterwards.

The victor will have bitcoins, and nobody left to buy them.  Cheesy
Everything you say can and will be used against you in the court of law Wink.
member
Activity: 76
Merit: 10
It's easy to get impatient but there's so much development going on at the moment that I think is crucial to the BTC economy as a whole (as far as merchant apis/plugins and exchanges are concerned) and the economy should grow pretty well on it's own for the next year at least.

But really I think we need more merchants with competitive prices so people are compelled to buy and spend BTC to drive the price up.

No merchant is going to accept btc when people have confessed it's a gambling game, and given the horrific breaches of security bitcoin has. You know like mtgox being hacked and all the money in mybitcoin "being stolen".


its a million times easier to keep your wallet secure when you do not have to have authomatd payouts. Thats why banks like mybitcoin and MTGox where targeted, they had to be able to send as well as reviece coins. If you only have to reciece coins you can keep the wallet you are sending them to off site, making them almost impossible to steal.
hero member
Activity: 662
Merit: 500

No merchant is going to accept btc when people have confessed it's a gambling game, and given the horrific breaches of security bitcoin has. You know like mtgox being hacked and all the money in mybitcoin "being stolen".
Smaller merchants will and that will help establish stability. Risk can be removed to a large extent if you immediately convert your costs back in to fiat on sales and keep profits in your own secure wallet!
Pages:
Jump to: