Topic: Is it possible for us to get the price back up (Read 4730 times)

Of course, I have cybernetically mapped the future development of mankind and just posting the results!  

LOL
(actually it's my secret weapon, I've heard its called 'common sense')

Do you have any economic models for your list or they just your "feelings"?

I only see that necessary for the bull markets success, not bitcoin and I am very confident that bitcoin will be around no matter what the price does.

It will always be worth *something*

Why do you think this is necessary for bitcoin success? Why do you think bitcoin's basic purpose - possibility to send wealth around the world instantly - enough? For me (and for many other people) bitcoin has huge value even without things you enumerated above. But - as I already said - bitcoin is not useful anymore even for sending wealth, because thanks to fear and uncertaininty on the market.

+1

I agree with this 100%. To me Bitcoin is great from both technical and economic standpoint. I don't mind it if someone comes up with something even better and manages to create a clearly superior cryptocurrency, but that's not the main issue. Bitcoin is fine, what isn't fine is that it's still unknown to most people, it's difficult to understand, it's not easy enough for regular people and it doesn't have a good image/reputation. What also matters is the price development it has had for the last few months.

And most importantly, it is not offered as a payment method almost anywhere. Only very rare merchants accept Bitcoins. It's very hard to accidentally run into Bitcoin. That needs to change. This is not because early adopters are holding coins, they are holding because it is like this. There are limited possibilities of what you can do with coins so most people either hold, buy, sell or actively trade them. Spending them is a small part of the economy.

I'm hopeful that once we have more Bitcoin merchants and (much) more importantly, known merchants adding Bitcoin as a payment option, we will see those Bitcoins move much more actively that are not in circulation at the moment.

And again, technically and economically Bitcoin is quite fine. The model has a fixed money supply which means there will be no inherent inflation involved (eventually) and no deflation either with the exception of lost coins. This allows for a much saner economy which does not artificially pressure people to spend money instead of saving it. Which means that people will be more inclined to buy what they need and save more. That will not only save our planet but it will also help individuals to become more self-sufficient in their personal economies, leading to people thinking less about getting more money to spend (via loans) and thinking more about saving money for future needs.

You can argue that this will lead to a massive decline in investments because it's more attractive to just hold money, but that's actually not the case. Holding is fairly smart if Bitcoin has a massively growing userbase, because the value of Bitcoins will predictably rise significantly. But if you imagine Bitcoin in year 2030 with basically all of the money supply generated and a relatively stable userbase, then the value of one Bitcoin should be very stable. You neither lose nor gain money by holding Bitcoins. I can imagine a lot of investment options that are more lucrative than holding coins at that point. So people would still invest massively. The only difference is that right now you're basically forced to invest unless you want to lose money. With Bitcoin you don't have to invest to avoid losing money, but you will still want to if you want profit.

This is a bit off-topic and I don't even have a clue what kind of "radical changes" Revalin is proposing to Bitcoin, I'm just saying that if it has something to do with the model Bitcoin uses for the money supply, I can say in advance that I don't care of it. But if it's something else I'm interested and would like a link to a more appropriate thread.

No its not that, if the fundamentals don't change we are heading for sub-penny prices.
I am not one of these pessimists who think they cannot change and bitcoin is doomed but something must happen along these following lines:

resources sold for bitcoin
decentralized exchange
more productive userbase
grassroots projects
existing merchants doing well

I see nothing of the sort yet.

Intentional destruction of US currency is a crime under federal law.  Luckily it only applies to physical currency otherwise every banker would be in jail right now.  I would consider subprime loans to people without income on homes worth less than the loan to be the closest thing to intentional destruction of money I have seen in a long time.

i support that.

stable growth from $1.50 sounds good to me. would also probably get a bunch of new people into BTC cause everybody be like "BUY NOW FOR GODS SAKE!"

Are you still holding?  Cause I see further drops on the horizon.  Absolutely nothing has changed thus far, so downtrend should continue with minor hiccups along the way. 

$500

I bought at $6.8...  

Total investment was around $1,300.

And you absolutely lament not knowing enough when you were a newbie (Price was at $8) to buy HEAPS & then sell at $35/btc

AAAAAAAAAAAGHH! 

I am waiting not for changes to how Bitcoin works, but tools to make it accessible to 99.999999% of the world population. We need very easy ways to transport Bitcoin offline (i.e. public/private key systems) and allow someone without a highschool education to redeem them on a smartphone without opening multiple online accounts with financial institutions. I think this will attract more banks to accept the idea of bitcoin when they can feel they can dupe Aunt May to then 'deposit' her Bitcoin in their bank. I know this may sound stupid, but evolution is about adaptability, not superiority.

+1, I agree completely.

I was alluding to this when I said "broken economics", but I didn't want to derail the thread with my usual pitch.  Suffice to say, there are several people working on interesting ways to improve it, most likely in another cryptocurrency since the changes would be too controversial for Bitcoin.

With only 1/7th of bitcoin actively traded, there's animosity between actual developers / entrepreneurs and hoarders. If only the Satoshi working group had considered the real world implications of a successful launch, and included a holding cost (demurrage) to thwart hoarding, we probably wouldn't be in this mess. I hope beyond hope that the the value falls another 80%, and that days destroyed starts decreasing rapidly, and soon, for at least another 20 - 30% of coins.

Many (including me) want early miners and speculators to liquidate the majority of their holdings. If that doesn't happen rather soon, bitcoin may never recover, and an alt currency chain could easily leave Bitcoin (and its early adopters who killed the golden goose) in the dust.

Bitcoin is not the end game. It is the first experiment in a new type of money. Keep your chin up, developers and entrepreneurs, even as the price continues to go down. Instead of being depressed about $0.80 bitcoin, be glad that many hoarded coins will (hopefully) come into circulation. As is, Bitcoin is a HORRIBLE investment, where far too many inactive bitcoins are capable of creating incredible volatility, and this will scare off any serious players. Perhaps that will (finally) change soon? Maybe not. Either way, cryptocurrency isn't dead by a long shot.

Really good discussion in this thread. To slush I have to say that I wouldn't worry too much about low price and the chicken and egg problem. You're not the only one starting a Bitcoin business. I'm starting a company in 2 months.

The only way that we'll see a sustainable higher price for Bitcoin with less volatility is by starting companies that increase the commercial use of Bitcoin.

2012 will be the year Bitcoin begins. But only if enthusiasts continue the path of development. Now is not the time to start doubting oneself.

+1, yup that's the bottom line.

your either, stupid and go around spreading bitcoin hate. Or you play the game, have allot of fun, and maybe make some money.

No it wouldn't.  Someone who was smart enough to be in the game (rather than just sitting on the sidelines spewing nonsense) would become $1M richer.

well you'd portly end up with a 300,000BTC wallet..... but ya that's kinda useless.....

agreed,

bitcoins new slogan should be.

"Don't want to go to jail for burning money? consider buying bitcoins!"

Its illegal to destroy legal tender. Burning $1 million would therefore be illegal. Kind of like how you can be charged for drilling a hole in a penny (as stupid as it sounds). You may think its your money but its really the governments

Huh? Why?

Damn, you're right.  Buy bitcoins instead then.  Same end result.  It just takes longer, that's all.