Topic: Just a though about the recent situation. (Read 491 times)
The internet is a once in a lifetime thing =( Bitcoin will be great though.
If we are to live up to the point of trade in fractions of f coin as a standard because of the high price - I consider BTC an unkillable technology in terms it survived all of the things thrown at it.
The next time BTC gets to $200+ the market should reset to centiBTC (cBTC) where each trading unit is $2+.
When cBTC gets to $20+ the market should again reset to milliBTC (mBTC) where each trading unit is $2+.
When mBTC gets to $20+ the market should again reset to decamilliBTC (dBTC) where each trading unit is $2+.
And so on, so that in a few years billionthBTC (bBTC) would be the unit of trade and curency.
No wealth or value is ever lost. The trading unit thereby stays within people's currency comfort zone for conducting commerce.
When cBTC gets to $20+ the market should again reset to milliBTC (mBTC) where each trading unit is $2+.
When mBTC gets to $20+ the market should again reset to decamilliBTC (dBTC) where each trading unit is $2+.
And so on, so that in a few years billionthBTC (bBTC) would be the unit of trade and curency.
No wealth or value is ever lost. The trading unit thereby stays within people's currency comfort zone for conducting commerce.
I just think there needs to be more than just one major exchange. And an easier way to actually get BTC/altcoins.
I think far too much weight is placed on the DDoS attacks. I fully agree that the fundamentals are improving, but not at a rate to justify 2000+% growth in just over 3 months. I think we've returned to solid ground at about $80 though, although the market will see some volatility in figuring out exactly where "bottom" should be.
In any case, $80 is still over 5x the price at the beginning of the year.
In any case, $80 is still over 5x the price at the beginning of the year.
I've been reading the "big boy" forums for a few weeks now. The bears are really patting themselves on the back for their pessimism. But I think the truth is that they were right for the wrong reasons. The fundamentals looked solid: more accounts being created at the bitcoin sites and eroding confidence in fiat. Their bearish predictions turned out to be true due to a vulnerability in TCP/IP and human psychology. The bottom line is that a DDOS has caused a reset on the price discovery mechanism occurring globally. I think that from here on, reliability and security will be more heavily weighed in price discovery. Here's the problem - given an essentially unlimited supply on botnets, anything internet-based can be crippled. This gives criminals a profound influence over pricing. Not a good sign.
If Distributed Denial of Service wouldn't have been created or found out until this time, MtGox would have discovered it. 
We have seen a DotCom bubble burst trend copy.
A lot of normal users probably weren't very confident in the situation (read: panic) - all hell broke lose.
We may not know who made it out with profit.
Btc24 in limbo, even with all the info - we still don't know how, when and in which state it will reopen.
We made history.
It will go into books for our children.
Congratulations.
A lot of normal users probably weren't very confident in the situation (read: panic) - all hell broke lose.
We may not know who made it out with profit.
Btc24 in limbo, even with all the info - we still don't know how, when and in which state it will reopen.
We made history.
It will go into books for our children.
Congratulations.
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