Topic: Interest in Bitcoin is declining - page 3. (Read 6203 times)

Thank you anyways, I'm no economogist

Yes mining is what makes the network go but since your doing it for transaction fees and not for minting blocks, can you still call it mining?

Let me help with a few details:

Mining will never be obsolete, it is what makes the Bitcoin network go and secures it.
You're conflating (ugh, retarded word, but Bitcoiners love it!) price inflation with monetary base inflation.
Bitcoin's yearly monetary base inflation (what the local libers refer to as "making money out of thin air") is over 10%, YTD.
Bitcoin's yearly price inflation is ~65%, YTD.

No need to thank me, my pleasure

Mining will someday be obsolete, people will process transactions for fees and bitcoin will have hit full maturity. Bitcoin value can then only go up.

About high price and inflation:
"
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.[1] When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy.[2][3] A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price index (normally the consumer price index) over time.[4]
"
-- wikipedia --

This means bitcoin will deflate since the pricelevel for goods goes down and your buying capabilities increase.

for example:
BTC1 will now buy you an iphone
BTC1 will then buy you an house

Some link therapy clearly required for people who don't read newspapers....

http://www.businessinsider.com/r-australia-probes-bitcoin-crime-links-as-currency-craves-legitimacy-2014-12

http://www.abc.net.au/news/2014-12-03/billion-dollar-plan-to-make-electronic-payments-instant/5936980

http://cointelegraph.com/news/113028/newly-launched-btms-universities-in-italy-and-canada-had-machines-installed

http://www.thebitcoinchannel.com/archives/40573

https://www.cryptocoinsnews.com/tulipmania-2-0-critic-brian-kelly-book-bitcoin-bitcoin-big-bang/

http://www.pymnts.com/news/2014/bitcoin-getting-bigger-in-korea/#.VH60dTHF_3F

http://www.businessinsider.com/how-bitcoin-could-change-everything-not-just-finance-2014-12

http://www.coindesk.com/changetip-seed-round-bitcoin-micropayments/

http://www.thebitcoinchannel.com/archives/40604

http://www.thebitcoinchannel.com/archives/40532

https://www.techinasia.com/indonesia-bitcoin-bitdoku-startup-asia-jakarta-2014/

http://www.coindesk.com/mastercard-seeks-level-playing-field-bitcoin-regulation/

http://www.coindesk.com/bitupcard-rolls-voucher-scheme-30-stores-across-turkey/

http://cointelegraph.com/news/113026/coinjar-relocates-to-london-says-goodbye-to-australias-taxes

http://cointelegraph.com/news/113051/vizorio-is-combining-youtube-virtual-reality-and-cryptocurrencies

http://www.coindesk.com/winklevoss-capital-bitcoin-angellist-syndicate-launch/

http://www.bloomberg.com/news/2014-12-03/meet-the-man-who-s-making-japan-an-oasis-for-bitcoin-startups.html

http://cointelegraph.com/news/113042/bitupcard-program-enables-customers-to-buy-bitcoin-in-turkish-retail-stores

http://insidebitcoins.com/news/south-korea-to-host-its-first-major-cryptocurrency-event-in-seoul/26994

Does anyone care?

No.

@gustav, bro i hope you didn't kill off the discussion with your subtle pumping of low inflation alts. Leave the bitcoiners alone already! They want to go through it! It's their choice! You can't make friends here with pointing out fundamental flaws in bitcoin. Stop fudding and trolling bitcoin like a pro and gtfo of here already before they close down the whole altcoin section.  
You could be hijacking and derailing every second thread on this board but doesn't mean you have to. The solution to bitcoins problems is out already - more than once - but bitcoiners do not like to discuss the fact or even admit a fundamental flaw. Leave 'em hodlers to it. Don't make them all fuzzy now because their worldview is fragile and they have suffered a lot already. They are trolled hardcore these days too. Can't throw it in their faces like that like the fucking cherry on the cake to the funeral.

Low demand is only a problem when you got high supply - that's where bitcoin is at now. We know it. Now stfu and watch. Solutions are out there for those interested you don't net to hijack and derail discussions across the forum.  
Bitcoiners are still busy analysing the problem while you preach the solution since long before the problem even became apparent to most people. Too much! Too fast! Come back later. More mantras need to be formed (like "price is low because of miners dumping") in your favour before people will actually listen.

Good coins are going to pump anyways with or without your educational efforts. Leave bitcoiners alone!

Regards.

just two more halvings until it inflates less than the USD ... you can do it if you just believe in it Only 8 years or so ...

the image problem bitcoin has because of it is undeniable by now because 'fewcoins' got that right. This shit is just going to repeat over and over again.

To break it down to one sentence:
BTC just can't stay up (yet) - not possible - no sense in pumping it
low interest from new money is just rational.

That is why this rigged horrible game is over! Even if we hit 1,000 per coin it will not be sustainable & try telling investors about the crazy 12months period that it went from 1,200 to sub 300 again and again! GREAT INVESTMENT GUYS COME ON BOARD LOL!

so who is the fool who wants to invest just to keep the price up?  
I think that would be the real question

PS: bad actors trying to cap the price who are probably out there aswell have an extraordinary easy game with bitcoin right now. So if there is large money in BTC trying to surpress the price, well that's bad news for bitcoin then because these actors will succeed for a long time as they are mining aswell very likely.

PPS: if you are atually trading according to the theory of a large hand selling in key moments you will do very good trading. These red candles are very predictable i do have nothing against them.  

But as for this topic:
a declining interest in an commodity that didn't live up to its promises is just normal. Looking at the charts right now: i would be asking serious questions if i should become invested if i was looking at it first time today. I would probably end up not investing because of these charts. So i guess that's what going on. People look at the charts and are just turned away by them (who wouldn't be?)


Good news is: we will find out what the rock bottom is    (well maybe not so good news depending on your trading)

but that would make mining obsolete aswell (according to the logic of the proponents of high inflation for the sake of network security)

You can not have high inflation and a high price for it at the same time - shouldn't be hard to understand.

A look at the longer term trend shows were back in a healthy range.

http://i.imgur.com/pF8wYHM.png

Everyone is counting on increased difficulty and decreased reward this is an ongoing process.
If your statement is correct how did the bitcoin price ever go up from $1.

Once there are only 1M btc left to be minted and it's near impossible to mine them, the price will rise. This is a certain fact in the oncomming 10 years.

^this

never trust a statistic you haven't rigged yourself  
Creating transactionvolume is so cheap and easy to do in bitcoin, it would be a surpirse if the bigger holders would not do it.

there will be some epic pump and dump action for the halving for sure  
When it dumps most people will hodl like they always do and that's ok too.

All coin halving's are priced in... You think everyone isn't counting on 2016 to raise the price??? It's sad!

Um because all those transactions are bullshit & created so you have the same confidence in your statement that you just used..
Learn to investigate past the manipulation! All the scamming, fraud, and gambling transactions are NOT making a good case for bitcoin.

+1

ASIC production is at an ATH so coins are being minted faster than expected pushing down the price.
Once Bitcoin halves or ASICs hit their technology limits price will shoot up.
It's a waiting game now....

you people don't get the spin on inflation, do you?
It doesn't matter how much money you pump in, it will always bleed out again.

You'll loose the same percentage no matter what the marketcap is. Only difference: the higher the marketcap the bigger the total losses in Dollar.

So smart money does stay away from longterm investing for now.

Of course average Joe is not interested in holding a coin that performs this bad for so long.

Maybe people would like to use it as a payment system and that's fine but holding large amounts of it for long time doesn't make 100% sense yet if you don't plan to invest for decades.
So in its current form it's just a payment system you can use but it is not a hedge against inflation, a savings tool or store of value in its current form.
So people don't want to hold it because it actually is no store of value or at least not a better one than the USD is.
These speculation bubbles will keep being depressed by the inflation as long as it lasts. Losses to inflation are just higher with a higher cap so actually not even the richest people can afford to pump it.

Bottom line: nobody can afford inflation and the negative feedbackloop it creates has fatal potential (we are in it for many months now - just hope we don't see more large selloffs until the halving). I do see real potential there for a total failure of bitcoin (the unthinkable)

Yes people are interested in the tech and would want to adopt but can't because it doesn't hold value. It is just bleeding and bleeding and bleeding.
Maybe demand picks up for this or that reason but then it just continues to bleed out on all the new investors.

I see most people aren't even able to wrap their head around the issue with that inflation.

The inflation is what makes it very volatile too. So lower inflation would also be the solution to the volatility problem (not my problem but that of merchants)

Bitcoin is continually breaking all-time records for transaction volume so I can't see how more use = declining interest.