Topic: I'm Out - page 4. (Read 8599 times)

Everyone who responded to the above quote, is totally missing the big picture.  

1.  You're under the assumption that because VC's are dumping money into a trend, it's automatically going to succeed.  How many VC's lost money in the .com bust?  VC's aren't psychic.  The just represent pools of money, large enough to take gambles on a lot of different things.  

2.  You can have all the infrastructure you want, if the value of Bitcoin is based on speculation, it will never be stable.  Thus, the majority of the general public, is not going to put money into Bitcoin, just to make purchases and certainly not as a store of value.  It's way too risky.

3.  Since the Bitcoin mantra is "buy and hold", anyone you convince to buy, is going to hold.  They aren't buying Bitcoin to make purchases.  Debit cards don't cost anything and that's why VISA and Mastercard are destroying every other payment type, by volume.

4.  You're now going to say how much merchants can benefit.  Agreed...but merchants can't make people buy Bitcoin, to save them money.  Consumers don't care if a purchase costs the merchant 3% + $0.25

5.  The poor distribution of Bitcoin, means the majority of the planet will not have access to Bitcoin.  People can't spend, what they don't have.  Again, doesn't matter how many merchants accept it.  This is why the price keeps falling, even though a boat load of merchants have come on board, since the $1200 high.  Bitcoin value is not based on merchant adoption or actual transactions.  It's based on speculation and it's killing Bitcoin, as a currency.

It has become abundantly clear to me that while the future of monetary transactions will owe a great debt to Bitcoin, it was not distributed properly, it was not promoted properly (buy and hold) and it does not scale well enough, to be all you want it to be.  At least, not all by itself.  If it survives, it will do so as part of a larger collection of digital currencies that together will form ubiquity.

Bitcoin will serve one group of the population.  Maybe Litecoin another section, Dogecoin another...and so on and so forth, until the entire planet has access to digital currency.  Currencies with better distribution models like Dogecoin and others, have a better opportunity at having a much larger share of the population as holders.  It doesn't need to be speculated to $1000 each, it just needs to be available and useful. I personally would rather have $100 in a stable currency for spending purposes, that didn't require me to deal with 0.01.  I'd rather look at 100.00.  With Bitcoin being up in the nosebleed section, it just doesn't make sense for me to buy-in and use as a currency, or as a speculative investment, knowing these overwhelming limitations.  Crypto is crypto.  Whichever one is more user friendly is the winner, because they all do the same thing.

China is out there loss let's go from here

OP's subject should have been: "I'm Out - and hoping to buy back at a lower price."

OR he wouldn't bother to post it here.

If you want to fly somewhere, you can do a quick Internet search, and come up with all the regular flights between your location and destination, all listed in price order, or airline order, or how you want it listed. If there were a market for it, programmers could devise Internet apps that would search for "trade" relationships. For example. Let's say you are a Walmart worker and you wanted to buy a Hotpoint refrigerator. The app could show you all the Hotpoint refrigerators across the country, and how many Walmart work hours it would take to buy whichever one was in your preferred location.

The point is, any time we want to make Bitcoin practical, we need to do the above for Bitcoin and product comparisons rather than simply for money. When we make an app like this, both the average people and the average sales company will be happier with using Bitcoin for daily purchases. We could even make it work for something as mundane as the price of meat at the grocer.

The work is already started with the scanners and bar codes in use all over the country. While I don't know the programming for the system, I believe that it is based on DOS-like programming. A company that wanted to design and develop an app for folks to use hand-helds to check prices and pay for almost anything in the marketplace at the register, all based on the current bar code and qr code, might make a fortune selling their programming to all of the marketing industry.

Once this is done, Bitcoin prices would be updated instantly, Bitcoin as an investment would become more stable and could start its upward movement, and Bitcoin would start to become a world standard for everybody, at least in America.

I guess you haven't heard of Ripple then...

I think so.

No it isn't. We're already using the basics of this technology and have long since accepted digital transactions. The "currency" part on a mainstream level isn't a pipe dream anymore than frequent flier miles, marboro stamps, starbucks bucks or all that sort of thing. Mainstream society WILL accept bitcoin because all these VC firms and big money players are *investing in bitcoin* as a future, as a technology, as a game changer and working to solve the infrastructural problems, security scenarios, and wide scale adoption PR campaigns to lure the public toward adopting bitcoin in a fun way instead of the way things are at this moment, which is you're on your own to figure out what bitcoin is and why it's a game changer, and how/when you can/should make money with it, or that it's a financial investment and so on, or whether or not the media is doing your thinking for you.

Bitcoin isn't "down the road"...it's already here and it's successfully, wildly successfully carving out its niche. A decade from now the whole evolution of cryptocurrency could have us all just "mind rich" where we slip on google glasses and wink and suddenly have new wealth - whatever future tech grows out of it. To not invest in it because it might not be a thing is short sighted on your end and not really grasping what it is.

Investing in bitcoin as a technology and a future way of doing money is the real investment you're spending money on. As long as you see it as just another stock you can dump some money in and cash out, serving only yourself, you're going to lose til you get scared and run away...and you'll still end up using bitcoin as regularly as you use the internet in spite of yourself.

They are getting in and making it happen. In the next two years we'll be seeing bitcoin bust out of the gate on a massive adoption scale with more people buying bitcoin because it was made 10x easier and less of a learning curve than it is today.

no they don't the average person hold the least wealth, the wealth is held by the few

http://www.coindesk.com/irs-bitcoin-ruling-may-bright-side/

there are plenty countries with massive taxes, btw, bitcoin is a bargain because those are its competitors, i mean when someone gets of bitcoin what are they betting on, that the population in this planet is a bunch of morons?

I cashed out most of my coins the day after the price was $1200. Since then I've held on to what I've had, selling some of them but spending most-and even trading for some on here. Today was just the day my account reached 0.00. Like I said though, I'm keeping my eyes on BTC...

The infrastructure for that really isn't there just yet.  There are plenty of projects on the way and we'll get there, but not yet.  That's when it really takes off.

I've cashed out the amount in fiat that I initially invested so I don't lose anything.  I'm still in the game though.

Hard to fault anybody for taking a 100x gain. Personally, I wouldn't have sold everything. I'd have kept 5-10% of my stash and checked back 5 years later.

You will be back!
You might come again?

Leaving can be a huge mistake; This isn't all about money.
BTC is an exciting project and an amazing story.   

Even if this is true, this is the number one reason, Bitcoin will fail as a currency.  Average people need to buy it and spend it.  Investors just pumping the price up means nothing toward usefulness.  It's a temporary and artificial valuation.

BITCOIN TO 420! THIS IS THE BEST PART. HIP HIP HURRAY FOR 420

I'm 17+ grand in the game so i'm crossing my fingers that the price goes up lol..... i bought a few in the 700 range some in the 600 a bunch in the 500 and a bunch in the 400 so... i dunno lol this thing better shoot up :\ i got like 32.9 bitcoins

And then it stabilizes and goes back up, I am watching for it to bottom and then buy.   

The game changer for me was the IRS' update that came out today in regards to Bitcoins and Affordable Care Act!  (Obamacare).  I'm in!

Taking a bite out of the $1.5 trillion dollar a year payment processor fee / money transmitting business... yeah, the Bitcoin protocol is worth every penny of that sum saved.

Once China becomes mostly marginalized from their speculating on the market, things will settle back down.....and head right on up to that $750-$825 range.  

US investors are... lurking in the wings.