Losing Faith in Bitcoin? - page 2. | Bitcointalksearch.org

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Quote from: KuromaYoichi on May 13, 2017, 12:00:02 PM

You lose faith too quick. The civilwar is just a usual conflict of interest and BU will never win againts core. And the price? dude it's just $100 drop in one day, did you realize that we've been climbing from $1200 without some correction? correction is bound to happen and it's good that the price only down $100. If it fall below $1000 then you may start worrying for bitcoin future.

The exchange rates doesn't matter much, as long as Bitcoin retains such a large userbase. You need to start worrying when the altcoins like Ether and Ripple attract a part of the Bitcoin users.

OROBTC

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...

Thank you all for your comments. I also liked the remarks about larger transactions v. smaller ones, good insights.

Please note that I did clarify my original post to state that it is not me who is particularly worried about SW/BU and the price drop, I worry more that the antics of the miners v. developers will scare off newbies. That matters...

And now wcrypt has the .govs of the world all worked up, they may try to clamp down. Potential newbies don't like that kind of news!

I'm OK with Bitcoin, and will likely hang with it for a long time. I have not sold any, nor even recently bought gold with it!

It's the future growth of BTC with all the issues that has me more concerned.

Peace to all.

KuromaYoichi

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You lose faith too quick. The civilwar is just a usual conflict of interest and BU will never win againts core. And the price? dude it's just $100 drop in one day, did you realize that we've been climbing from $1200 without some correction? correction is bound to happen and it's good that the price only down $100. If it fall below $1000 then you may start worrying for bitcoin future.

Kanine Awe

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Small transactions are slower, but those that are larger are still fast. I don't think bitcoin is going to heavily drop or all of a sudden just stall in transactions. It will continue as normal.

Stedsm

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Quote from: Nagadota on May 13, 2017, 10:43:22 AM

Price drops are caused by people taking money out of Bitcoin into fiat. Bitcoin is only inconvenient for small transactions - people who have held a significant amount of Bitcoin will find that it's actually not that hard to be spending >1 Bitcoin, and people who still find Bitcoin quite convenient will not be selling by your logic so it would not cause a very significant price drop.

Actually, you'll notice that when you go to that transaction page you mentioned, a surprising number of the transactions are upwards of 10 Bitcoin.

Inconvenient as in what sense? If expected fee would not be paid, then why would a miner let such transactions involved in their blocks? And about the SW/BU conflict, I guess we are already on a co-ordinated decision that has been made by both the teams and the effects are not actually negative, but instead the price is increasing due to the so-called encounter.

MingLee

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Quote from: Nagadota on May 13, 2017, 10:43:22 AM

Price drops are caused by people taking money out of Bitcoin into fiat. Bitcoin is only inconvenient for small transactions - people who have held a significant amount of Bitcoin will find that it's actually not that hard to be spending >1 Bitcoin, and people who still find Bitcoin quite convenient will not be selling by your logic so it would not cause a very significant price drop.

Actually, you'll notice that when you go to that transaction page you mentioned, a surprising number of the transactions are upwards of 10 Bitcoin.

That's actually a very good point, I didn't think about it like that before but when it comes to moving large amounts of wealth, Bitcoin is really efficient and effective at what it does. When it comes to transactions under $5, then it becomes a bit more expensive than it should be and you start to see more issues related to fees seeping through the cracks.

Karpeles

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The unconfirmed log and chaos in price happened before the first ETF decision, some months ago. Price went upwards because some people hoped for an approval, now everyone expects another rejection and are preemptively selling, expecting some crash after the new rejection
Wait a few days after the decision to see if everything happening now are or aren't problems artificially caused

Nagadota

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Price drops are caused by people taking money out of Bitcoin into fiat. Bitcoin is only inconvenient for small transactions - people who have held a significant amount of Bitcoin will find that it's actually not that hard to be spending >1 Bitcoin, and people who still find Bitcoin quite convenient will not be selling by your logic so it would not cause a very significant price drop.

Actually, you'll notice that when you go to that transaction page you mentioned, a surprising number of the transactions are upwards of 10 Bitcoin.

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Quote from: Leonard2016 on May 13, 2017, 09:42:26 AM

we are all angry and sad about bitcoin and how miners are blocking the progress but i don't think any of us is losing faith in bitcoin. specially because we old users of bitcoin uderstand it well enough.
and the new comers are not losing faith either because they just started and paying a higher fee is not a problem when you are coming from a fiat system where you always paid much higher fees.

Absolutely, bitcoin is just taking it's breath and I'm as a lot of people who recently got into bitcoin, paying a lot higher fees with my fiat money, so I think that even tho fees are a little higher, they're still not as high as for fiat. People just got used to low bitcoin fees.

Yakamoto

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Quote from: OROBTC on May 12, 2017, 09:41:18 PM

...

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.

I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s). Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number).

Not sure why you'd start to worry after something like this, this has happened a lot of other times and I was honestly expecting a correction sooner than later, we just got to see it happen in a bit more of a brutal manner than anticipated. The scaling debate has also been going on for a long time and there is likely not going to be a change anytime soon unless the miners can agree on something. No reason to fret, this is essentially normal in my experience.

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Quote from: LeGaulois on May 13, 2017, 10:26:17 AM

Similar situation happened last week, Bitcoin price decrased by 100$ in just 1 hour, then what happened next? Price got back to what is was just before this 100$ move. I am not afraid anymore to see such behavior on the price. Unless I see a 400$ drop, then I can say all is fine Tongue

I bet you Monday the price will be over 1800$

You are right, volatility limits become very large when bitcoin price increase more. So anything could be happen. By the way, I believe that bitcoin price will increase more after this drop of 100$, in the next few weeks.
All is fine.

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Similar situation happened last week, Bitcoin price decrased by 100$ in just 1 hour, then what happened next? Price got back to what is was just before this 100$ move. I am not afraid anymore to see such behavior on the price. Unless I see a 400$ drop, then I can say all is fine Tongue

I bet you Monday the price will be over 1800$

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Quote from: OROBTC on May 12, 2017, 09:41:18 PM

...

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.

I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s). Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number).

A $100 drop in one day is not very much when the price is $1800. I don't think there is any reason to panic right now.

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Quote from: Leonard2016 on May 13, 2017, 09:42:26 AM

we are all angry and sad about bitcoin and how miners are blocking the progress but i don't think any of us is losing faith in bitcoin. specially because we old users of bitcoin uderstand it well enough.
and the new comers are not losing faith either because they just started and paying a higher fee is not a problem when you are coming from a fiat system where you always paid much higher fees.

Yes I am not losing my faith because even 0.15 million transactions are strucking for finding confirmations, I am able to get my transactions by paying 200 to 250 satoshi per byte which might be bigger compared too what I have paid some six months back, still I am good as I am not paying similar to I have do with paypal transactions.

Those 0.15 million transactions were initiated to spam the network for directly empathizing something. I guess they may not be successful with their attempts.

notyours

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I still have my faith in Bitcoin intact and through all those years that they have survived myriad attacks will this one will just bring it down and I believe that these skilled developer would find a reliable and best solution regarding this problem in due time. Really hoping that they can identify the source of this issue and upgrade the services it can offer so it will gosmoothly and the potentials that Bitcoin has and been showing would not be gone to waste.

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Quote from: sotoshihero on May 13, 2017, 07:14:54 AM

Quote from: ekoice on May 13, 2017, 06:55:52 AM

Quote from: romero121 on May 12, 2017, 10:16:02 PM

For what's been stated by Op, there is no need to lose faith on bitcoin. This is a delusion that most users have as they always focus on increase and profiting. They cannot accept loss, the price falling down or the huge number of transactions getting stuck on the network is common. The same gets running perfect within a short time frame.

Yes,Bitcoin has increased dramatically from $1200 to $1735 and some people could not even bare $100 price drop and start saying that they are losing hope in bitcoin.It must be taken into consideration that besides huge number of transactions stuck,bitcoin has reached this price and there is no need to worry.

Agree, when bitcoin losses $100 it is already the worst in bitcoin according to them but when it appreciates almost up to $1800 all are praising it. I think its a normal market correction until it stabilized and will rose again. We are trading it, and we should expect that there are ups and downs also.

$100 loss of price in bitcoin is not anything big. We have been seeing a constant rise in bitcoin prices for about a couple of weeks and there is always a small dump before the prices start rising again. Some week hands sell seeing price is down, make the overall price a little bit more down, but then it is temporary as bitcoin wont fall much and will start rising again.

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Quote from: dissident on May 12, 2017, 10:05:26 PM

Normal technical driven profit taking. Nothing more, nothing less.

Quite well stated and it is actually as simple as that! After the recent all-time high price of Bitcoin 2 days ago, it is as certain as the sun rising in the east that profit taking would ensue, eventually leading to a drop in price, but which most likely would be corrected. There is no cause for alarm or losing faith in Bitcoin, instead it should be seen as another opportunity to join the ride once more at a lower price, that is if one sees a price of over $1500 as low.

Leonard2016

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we are all angry and sad about bitcoin and how miners are blocking the progress but i don't think any of us is losing faith in bitcoin. specially because we old users of bitcoin uderstand it well enough.
and the new comers are not losing faith either because they just started and paying a higher fee is not a problem when you are coming from a fiat system where you always paid much higher fees.

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Quote from: densuj on May 13, 2017, 09:00:04 AM

Quote from: perla on May 13, 2017, 07:11:18 AM

i think down for $100 is better than more than $500 like last dump. bitcoin is more stable for now at least it is better than last day before bitcoin price dumped so much

Yes, actually bitcoin is better than couples years ago related price of bitcoin, the problem of bitcoin right now is about scaling of bitcoin, it is problem bitcoin network (fundamental of bitcoin) that is why price of bitcoin went down $100 in one day, debating without solution and the transaction of bitcoin that still not be confirmed by miners, will makes losing faith in bitcoin.

Just most of all other blockchain based projects suffer from the very same scaling bottleneck. The critical timespan will be when somebody somewhere discovers a working solution which can prove itself out in the wild and WHEN will core development pick up there and implement that.
Bitcoins speed to adapt could get challenged all to much. It's somewhat rigid.

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Quote from: OROBTC on May 12, 2017, 09:41:18 PM

...

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.

I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s). Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number).

Not because Bitcoin has decreased it value means you have to loose faith in it or stop believing. This might be a great opportunities for other Bitcoin users like traders and investor. And you we all know that we cannot avoid lapses or problems. But what's good is it will be resolved in no time.

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