Is 2014 going to be the WORST EVER year for Bitcoin in terms of valuation?

galbros

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Quote from: ArbatDeli on July 24, 2014, 05:39:54 PM

Quote from: galbros on July 24, 2014, 05:29:57 PM

Ha, ha, no way. The run up at the end of 2013 clearly got everyone spoiled to the fun of straight line advances. A year ago bitcoin was still under 100 USD and 250 USD was the peak everyone was sad about missing out on. 2014 may not see us hit a new high, but it is far from the worst year ever!

Well, if we are talking about % and not absolute gains, the picture may not be so dandy.

Even in percentage terms bitcoin is up huge from where it was a year ago. The problem is confusing Nov & Dec of 2013 (which were AWESOME!!!!) with all of 2013. Yes bitcoin is down from January 2014, but if you look at the average price over the year, so far it is way higher than last year.

Not saying the picture is dandy, but hardly the worst ever. Now we go back to under 100 USD, now you are talking a bad situation.

I don't think splitting bitcoin into a bunch of smaller units will help, but it might address the whole what do we call subunits of bitcoin problem.

tspacepilot

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Quote from: Black Tie on July 24, 2014, 07:00:53 PM

Quote from: BTCtrader71 on July 23, 2014, 08:56:33 PM

Quote from: Bitcopia on July 23, 2014, 08:05:28 PM

Exactly. The unit bias issue is a real issue. Because you and I are smart enough to understand it, doesn't mean the average person is, or even fairly well educated people who just don't know a lot about bitcoin. Services like Coinbase, blockchain.info, Bitstamp, etc. need to start showing prices in mBTC. Bitcoinity started doing so about 6 months ago, and I believe Coinbase has an option to display in mBTC, but it needs to be default.

I've wondered what would be the effect if a bunch of big players in the industry got together and made a big announcement that "Because of bitcoin's many spectacular successes over the past several years, bitcoin is going to do a 1 : 1000 split with one bitcoin divided into 1000 units that industry leaders will call Dorians. At the current price of $620 per bitcoin, the new Dorians can be obtained for only $0.62." Then go on to explain that people are already anticipating another 1:1000 split in 3 years or so, with various names being considered ...

Good idea. I hope they do it.

I don't know if you guys are right about this. I mean you can already set your wallet to display your amount in some relevant units. If, for example, many many places accepted btc, they would at this point, probably show their prices on their products/menus in mBTC. And that would be fine. I mean, just think about the opposite, when you go to Korea you pay in 1000s of units. This is fine, people easily abbreviate it as necessary.

beetcoin

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Quote from: tspacepilot on July 24, 2014, 06:36:41 PM

Quote from: beetcoin on July 24, 2014, 06:26:55 PM

even if we get a bull-run towards $1,500, the gains would be the worst ever.. at least year-to-year. at least in terms of price.

but so far we've seen a lot of stability and merchant adoption rate.

Exactly. I'm totally happy if bitcoin valuation takes it slow and we see it more and more used a currency. Let it gain ground as a medium of exchange. I personally find the huge bull runs scary because I'm worried about the collapse that happens when the dumping starts.

I honestly wish I could pay more of my bills in bitcoins and get more of my income in bitcoins. I'd like to see more movement of bitcoins between parties involved in economic exchange, not just currency trading and whatnot.

if you hold throughout the bull-run, then what is there to worry about? everytime we have a meteoric bull run, it ends up higher than where it started (at least in the past few years). if you ended up selling during a bull run, there's a good chance you can buy back at a lower price.

Black Tie

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Quote from: BTCtrader71 on July 23, 2014, 08:56:33 PM

Quote from: Bitcopia on July 23, 2014, 08:05:28 PM

Exactly. The unit bias issue is a real issue. Because you and I are smart enough to understand it, doesn't mean the average person is, or even fairly well educated people who just don't know a lot about bitcoin. Services like Coinbase, blockchain.info, Bitstamp, etc. need to start showing prices in mBTC. Bitcoinity started doing so about 6 months ago, and I believe Coinbase has an option to display in mBTC, but it needs to be default.

I've wondered what would be the effect if a bunch of big players in the industry got together and made a big announcement that "Because of bitcoin's many spectacular successes over the past several years, bitcoin is going to do a 1 : 1000 split with one bitcoin divided into 1000 units that industry leaders will call Dorians. At the current price of $620 per bitcoin, the new Dorians can be obtained for only $0.62." Then go on to explain that people are already anticipating another 1:1000 split in 3 years or so, with various names being considered ...

Good idea. I hope they do it.

CoinsCoinsEverywhere

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Quote from: beetcoin on July 24, 2014, 06:26:55 PM

even if we get a bull-run towards $1,500, the gains would be the worst ever.. at least year-to-year. at least in terms of price.

but so far we've seen a lot of stability and merchant adoption rate.

Hopefully the stability and adoption will provide a platform for future increases, even if they're smaller. Stability leads to trust, and bitcoin needs more trust....or an ETF.

tspacepilot

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I may write code in exchange for bitcoins.

Quote from: beetcoin on July 24, 2014, 06:26:55 PM

even if we get a bull-run towards $1,500, the gains would be the worst ever.. at least year-to-year. at least in terms of price.

but so far we've seen a lot of stability and merchant adoption rate.

Exactly. I'm totally happy if bitcoin valuation takes it slow and we see it more and more used a currency. Let it gain ground as a medium of exchange. I personally find the huge bull runs scary because I'm worried about the collapse that happens when the dumping starts.

I honestly wish I could pay more of my bills in bitcoins and get more of my income in bitcoins. I'd like to see more movement of bitcoins between parties involved in economic exchange, not just currency trading and whatnot.

beetcoin

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Activity: 434

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even if we get a bull-run towards $1,500, the gains would be the worst ever.. at least year-to-year. at least in terms of price.

but so far we've seen a lot of stability and merchant adoption rate.

ArbatDeli

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Quote from: galbros on July 24, 2014, 05:29:57 PM

Ha, ha, no way. The run up at the end of 2013 clearly got everyone spoiled to the fun of straight line advances. A year ago bitcoin was still under 100 USD and 250 USD was the peak everyone was sad about missing out on. 2014 may not see us hit a new high, but it is far from the worst year ever!

Well, if we are talking about % and not absolute gains, the picture may not be so dandy.

galbros

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Activity: 1022

Merit: 1000

Ha, ha, no way. The run up at the end of 2013 clearly got everyone spoiled to the fun of straight line advances. A year ago bitcoin was still under 100 USD and 250 USD was the peak everyone was sad about missing out on. 2014 may not see us hit a new high, but it is far from the worst year ever!

akali

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Quote from: gentlemand on July 24, 2014, 04:56:55 PM

Quote from: akali on July 24, 2014, 04:53:44 PM

I feel like its a pause, since the community is slowly cleaning up esp. Mt. Gox being gone, and the community correcting itself.

Seconded. Gox wiped a lot of big players and it often slips minds at present. It's going to take plenty of time for the dust to settle and we still don't know any details about what really happened.

I don't think 2014 will set the world on fire in terms of price. As for what's been and being laid down for the future, you would've been laughed off the internet had most of it been suggested a couple of years ago. The future beyond this year is looking epic.

Bitcoin itself wins generally since we do run on a fiat system. So I`m with you on the future etc.

Which also reminds me why I`m invest in this coin 1st place.

People still act like 2008`s crisis was something small w. the banking world which we all rely on.

InwardContour

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Quote from: wachtwoord on July 24, 2014, 03:16:58 PM

Quote from: Febo on July 24, 2014, 01:39:30 PM

Quote from: thms on July 23, 2014, 04:34:12 PM

We are past mid year and so far, this has been the worst year in Bitcoin in terms of price valuation.

No of course not Year 2015 will be much worser. If that is the word.

The word is worse and yes it might be worse for people that don't own Bitcoin (or worse: short them Shocked

)

2014 isn't finished yet, it may be the best year for bitcoin instead of the worst, just wait and hold your precious coins.

ArbatDeli

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Quote from: akali on July 24, 2014, 04:53:44 PM

I feel like its a pause, since the community is slowly cleaning up esp. Mt. Gox being gone, and the community correcting itself.

I still see scams and shady businesses everywhere I look.

gentlemand

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Welt Am Draht

Quote from: akali on July 24, 2014, 04:53:44 PM

I feel like its a pause, since the community is slowly cleaning up esp. Mt. Gox being gone, and the community correcting itself.

Seconded. Gox wiped a lot of big players and it often slips minds at present. It's going to take plenty of time for the dust to settle and we still don't know any details about what really happened.

I don't think 2014 will set the world on fire in terms of price. As for what's been and being laid down for the future, you would've been laughed off the internet had most of it been suggested a couple of years ago. The future beyond this year is looking epic.

akali

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I feel like its a pause, since the community is slowly cleaning up esp. Mt. Gox being gone, and the community correcting itself.

ArbatDeli

full member

Activity: 154

Merit: 100

Quote from: wachtwoord on July 23, 2014, 08:29:07 PM

Quote from: evansearle42 on July 23, 2014, 08:23:53 PM

Why is everyone so optimistic about bitcoin when more and more country is banning it.

Because more and more countries are banning it. Anti-fragile anyone? Wink

There is a new ban? Huh

Erdogan

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Quote from: wachtwoord on July 23, 2014, 08:29:07 PM

Quote from: evansearle42 on July 23, 2014, 08:23:53 PM

Why is everyone so optimistic about bitcoin when more and more country is banning it.

Because more and more countries are banning it. Anti-fragile anyone? Wink

We don't depend on a single person, city, country or continent.

ArbatDeli

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It's been a long bear market. Hoping this turns soon.... Cry

Mybitcoinz

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Quote from: wachtwoord on July 24, 2014, 03:16:58 PM

Quote from: Febo on July 24, 2014, 01:39:30 PM

Quote from: thms on July 23, 2014, 04:34:12 PM

We are past mid year and so far, this has been the worst year in Bitcoin in terms of price valuation.

No of course not Year 2015 will be much worser. If that is the word.

The word is worse and yes it might be worse for people that don't own Bitcoin (or worse: short them Shocked

)

This may be a repetition of history, when bitcoin crashed hard the first time all the people said the party was finished but we are still here, only 600 times higher.

wachtwoord

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Activity: 2324

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Quote from: Febo on July 24, 2014, 01:39:30 PM

Quote from: thms on July 23, 2014, 04:34:12 PM

We are past mid year and so far, this has been the worst year in Bitcoin in terms of price valuation.

No of course not Year 2015 will be much worser. If that is the word.

The word is worse and yes it might be worse for people that don't own Bitcoin (or worse: short them Shocked

)

Febo

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Activity: 2730

Merit: 1288

Quote from: thms on July 23, 2014, 04:34:12 PM

We are past mid year and so far, this has been the worst year in Bitcoin in terms of price valuation.

No of course not Year 2015 will be much worser. If that is the word.

Topic: Is 2014 going to be the WORST EVER year for Bitcoin in terms of valuation? (Read 3115 times)