Topic: How True that Bitcoin is Failing (Read 2694 times)

Here are some links I just found online;
http://dealbook.nytimes.com/2013/11/27/a-prediction-bitcoin-is-doomed-to-fail/?_php=true&_type=blogs&_r=0

http://techcrunch.com/2014/03/04/fools-and-their-bitcoin/

The price is dropping because:
- Early backers are leaving
- no new money coming in because basicly all news regarding bitcoin is bad currently

Furthermore there is a lack of interest in bitcoin for the general public. There has been a drop in volume for months already.
The volume of bitcoin is about 4 times the volume of litecoin, but it's price is 43 times higher, so something is seriously wrong there.

I found the volume, or lack of it, can be a good indicator for the future price of coins. I watched it happen to enough "promosing" upcomming altcoins, when the volume started to drop the price would follow.

Sudden rise in volume usually means an upcomming pump or dump. Or a pump followed by a dump.

when I wire with the banking system it takes 2/3 days and for some people it can cost up to 1$. wow, such speed; so cheap !

You know, it's too bad that the transaction limit can't be changed by changing a single static value in the code and getting 51% of people to agree...  Oh wait, it really is that simple.

I'm sure those MIT kids will be drowning in debt and unemployed after they graduate.  

True, but since "those kids" have hundreds of thousands of bitcoins, they never will...

Are credit cards "failing" because of Target?

why "it is failing", but hashrate and difficulty are still growing exponentially? And who are those "unknown" sources which take over 35% of total network calculation power?

all that power and it's only capable of a limited amount of transfers per minute and has other scalability issues as well

It's failing, but it is failing my way.

Why you reminds me I am 42 ? LoL

No, the average age of Bitcoiners is over 30 years.

What Bitcoin is supported by is a decentralized open-source network capable of over 60 petahashes per second, the most powerful computer entity in history.

As trolls go, you're pretty lame. Try again.

for regular investors it's like ...

But once those kids run out student loan, it'll collapse 

Yes, and that's all it needs to survive.

Both Big Finance and Bitcoin are scheme/scam for sure, the only different is that Big Finances are sometimes able to get government support, Bitcoin is supported by bunch of what(college kids?)

I have always equated Big Finance 'jumping in' with an ultra depressed Bitcoin market as they take control of the shares in the Bitcoin system on the cheap, or as cheap as they can feasibly get them. Bitcoin has proven it's uses. Western governments appear to allowing it to breath. BRICS nations not so keen. This along with a rather freaked out Dorian Nakamoto admitting involvement in Bitcoin, and then denying it whilst reminding the media of his signing of 'non-disclosure' contracts with Uncle Sam, tell me all I need to know about Bitcoin.

Bitcoin, or something like it, will be used to help sink the economies of nations who aren't playing ball with US foreign policy.

I remember people on tech forums denouncing Bitcoin as a 'scam' way back when it was just hitting $1. I believed in it's potential back then but for very different and more innocent reasons than I do now. Well that 'scam' went to over $1000 (no, I didn't become a millionaire but that is a different matter entirely). It may ultimately prove to be nothing but a big old scam but what will it do between now and then?

Bitcoin has proven uses and benefits. It has proven itself as a legitimate financial product. Why wouldn't Big Finance who dip their wick in every sort of speculative asset imaginable, not want to take a stake in Bitcoin?

Big finance will jump when it'll be worth it mean that the price of btc will need to reach the price of gold for good speculation.
It will be also needed that important retailers use bitcoin as a payment system such as Amazon, Wall Mart, ebay, Paypal, etc.

I believe that France will also make the price go up : Monoprix wants to implement Bitcoin payment till the end of 2014.
We are talking about thousand shops... with million customer each weeks...
http://bitcoinconf.ru/en/french-retail-chain-monoprix-accept-bitcoin-payments-year

believe it or not, mine or speculate, the bitcoin is on the way... devs just need to lower the fee (1 or 10 satoshi) to make it viable.

I find it's really funny people keep dream about Big Finances jumping in, are they really stupid to believe a schema/scam?

Yeah.

Seeing a lot of recently registered accounts that here just to tell everyone that Bitcoin is going down. I don't disagree with them but it does smack of some kind of focused effort to imbue the market with negativity in order to drive it down.

Not just on forums but most media articles on Bitcoin tend to be very negative also.

Perhaps there are forces at work that are actively seeking to push Bitcoin down. If this were the case, and there was institutional money behind the 'smear campaign' (covering press releases for negative media spin, paid internet reddit and forum trolls etc), then I don't suppose it would be wise to bet against these people. If there were any ring of truth to this theory, then the big question would be how low can Bitcoin be pushed down, how long can it be held down, and how many cold store Bitcoins can be emptied out of long term holders wallets and emptied into the koffers of big finance on the cheap?

As short/medium term bearish as I am, I believe that Bitcoin has a future in helping to trash an economy or two of some non-USD hegemony compliant nations and at some point in the future, $500 Bitcoin really will seem cheap. Although that isn't to say that between now and then, that Bitcoin won't be pushed towards the precipice of a seeming death plunge, because it could well be. Although I am reckoning that a reversal will come around somewhere in $200 range, I wouldn't rule anything out. Now that Bitcoin has gotten the heat and now that Western governments seem intent on allowing Bitcoin to live, albeit shakelled down with an ever increasing amount of chains, Big Finance is bound to be taking notice, is bound to be taking a stake, and is bound to use their power to push Bitcoin around however it suits them in order to take their positions at an advantageous price point and I wouldn't consider $400 for a line of code to be that great value.