While everyone is growing tired and ZZZZzz-ing, it give us Bitcoiners a great buying opportunity.
If you believe in it, no need to quit now. Let it grow out of these growing pains.
Topic: The Energy and Enthusiasm is Dying. Bitcoiners are Growing Tired. ZZZZzzzzz.... - page 2. (Read 6188 times)
April 09, 2014, 12:18:22 PM
April 09, 2014, 12:15:25 PM
Quote
ok did you guys forget bitcoin was suppose to be a currency not an investment, stop treating it like that and think of it as a way to pay for things.
I am new around here. That the general consensus of bitcoin being an investment first, and currency a distant second, is something that has really surprised, shocked me. It seems as if bitcoin used as a currency is a very minor part of bitcoin.
April 09, 2014, 12:11:48 PM
"The Energy and Enthusiasm is Dying. Bitcoiners are Growing Tired. ZZZZzzzzz...."
Is the current pool of bitcoiners the only pool of bitcoiners? This market is largely untapped.
we got Goxxed and had some other issues, courtesy of regulators, but some regulation was to be expected.
China is jacking things around again and that's not helping price.
We are also waiting on more established trading platforms, as a lot of people, myself included, wouldn't trade on the current ones on a dare.
The infrastructure is being built out for that and a lot more, although that takes time. These parties will be motivated to market their product, enhancing awareness and growing the marketplace. Once these trading platforms launch and larger funds/Wall St. can invest I think things will pop again, as all of this activity on Gox and China takes it's inevitable place in the rearview mirror.
It's been pretty bad for months, but that WILL change. Price is beaten down as a result of this negativity, but once things stabilize and people can invest with the confidence they won't get Goxxed, that will change too.
Tired? good. drive that price down so I can buy more of this before it blows up again, which it will.
Is the current pool of bitcoiners the only pool of bitcoiners? This market is largely untapped.
we got Goxxed and had some other issues, courtesy of regulators, but some regulation was to be expected.
China is jacking things around again and that's not helping price.
We are also waiting on more established trading platforms, as a lot of people, myself included, wouldn't trade on the current ones on a dare.
The infrastructure is being built out for that and a lot more, although that takes time. These parties will be motivated to market their product, enhancing awareness and growing the marketplace. Once these trading platforms launch and larger funds/Wall St. can invest I think things will pop again, as all of this activity on Gox and China takes it's inevitable place in the rearview mirror.
It's been pretty bad for months, but that WILL change. Price is beaten down as a result of this negativity, but once things stabilize and people can invest with the confidence they won't get Goxxed, that will change too.
Tired? good. drive that price down so I can buy more of this before it blows up again, which it will.
April 09, 2014, 11:42:33 AM
I'm not a skeptic, I'm hopeful. I've invested quite a bit in mining equipment and still continue to mind this day… It just seems as if it's such an uphill battle, that never ends. Now governments getting involved, well the list goes on and on...
This mentality is where the term "weak hands" comes from.
As I recommend to everyone who views Bitcoin with such a tiny hyperfocus, please download PodCruncher app to your phone and subscribe to Lets Talk Bitcoin podcast.
Make an effort to listen to the newest episodes every day. While you make breakfast, while you drive places, etc.
Especiallly the official podcast within it by the actual name: LTB / Lets Talk Bitcoin.
Coinsider This is another good one.
You will start to gain an awareness of what is going on in the industry. The vastness of the adoption and growth going on.
Speakers from the conferences. Your hyperfocus on the minutia and short term view of everything will hopefully start to dissolve.
Then confidence in long term growth will happen.
I'll meet you there.
-B-
April 09, 2014, 11:06:01 AM
I think one of the reasons for the lack of enthusiasm might be the proliferance of the altcoins. New coins are being created at a rate of two dozen per day. All of them leaching like a parasite on Bitcoin.
April 09, 2014, 09:27:36 AM
Sentiment is pointing that the bottom is close, but the price can stay at the bottom or slightly bounce back and forth around it for another few months before it takes off again.
April 09, 2014, 09:10:41 AM
Despite the many large investors still hedging on Bitcoin taking over the world, and the spin they push through various media outlets and sites like Coindesk, the truth is that the general Bitcoin community is growing tired. Tired of falling prices. Tired of scandals like Mt. Gox. Tired of rigs they invested in not paying off like they hoped. Tired of maintaining those rigs. Summer on its way. AC bills will rise. Price now trading flat, or in my opinion barely holding on to current levels. Scam after scam with companies that promise mining equipment but instead use your money to develop and build the technology only to use it for months and months, earning the BTC for themselves and skyrocketing the difficulty. Crap coin after crap coin which honestly just makes the whole industry look like a joke. Potcoin. Dogecoin. It makes the technology look like a circus for morons yet more coins come out every day and are backed by exchanges that represent the industry. Could you imagine if the NASDAQ was filled with goofy company names like that?
Posts are slowing on the boards. Hashrate is spread so thin across so many coins. And most coins are so thinly traded, even with the bigger ones you'd have a damn hard time liquidating a large value of currency if you had it, the prices are held up by thin buys, and not enough buyers to really dump huge amounts.
I hope I'm wrong.
Posts are slowing on the boards. Hashrate is spread so thin across so many coins. And most coins are so thinly traded, even with the bigger ones you'd have a damn hard time liquidating a large value of currency if you had it, the prices are held up by thin buys, and not enough buyers to really dump huge amounts.
I hope I'm wrong.
ok did you guys forget bitcoin was suppose to be a currency not an investment, stop treating it like that and think of it as a way to pay for things.
April 09, 2014, 09:06:37 AM
Also we need a background miner when BTC adoption is high.
Because to construct a true decentralized currency, everyone has to mine.
The current hashrate is only 50Million GHash/s
There are 3 billion internet users in the world
If everyone provides 1/150 GHash (6Mhash/s) solo hash rates on average (no pools), we can double the hashrate and make it completely 51% proof.
So all we need is someone to mass produce low power low hashrate USB ASICs for mega cheap for everyone for the sake of securing the network when the time comes.
Because to construct a true decentralized currency, everyone has to mine.
The current hashrate is only 50Million GHash/s
There are 3 billion internet users in the world
If everyone provides 1/150 GHash (6Mhash/s) solo hash rates on average (no pools), we can double the hashrate and make it completely 51% proof.
So all we need is someone to mass produce low power low hashrate USB ASICs for mega cheap for everyone for the sake of securing the network when the time comes.
April 09, 2014, 05:30:46 AM
The energy and enthusiasm to the get rich quickers is dying, this normally means were closish to a bottom, only positive as far as I'm concerned.
April 09, 2014, 05:24:59 AM
You are growing tired.
From what I see, community right now is bigger then ever before.
Number of cryptocurrencies users are bigger then ever before.
From what I see, community right now is bigger then ever before.
Number of cryptocurrencies users are bigger then ever before.
April 09, 2014, 04:18:01 AM
I don't agree, your look is like many others because they do not fully understand market psychology. If people believe in the fundamentals and they have enough persistence they will get what they want. Only the weak hands are getting tired.
In my personal opinion look up emotional rollercoaster and this could be linked to Bitcoin. As soon as new hype runs in the markets go high again. Low prices are due to emotional rollercoasters and fundamentals blending in eachother.
If you educate yourself better then you will understand what is happening is complete normal.
In my personal opinion look up emotional rollercoaster and this could be linked to Bitcoin. As soon as new hype runs in the markets go high again. Low prices are due to emotional rollercoasters and fundamentals blending in eachother.
If you educate yourself better then you will understand what is happening is complete normal.
April 09, 2014, 03:58:41 AM
I'm not a skeptic, I'm hopeful. I've invested quite a bit in mining equipment and still continue to mind this day… It just seems as if it's such an uphill battle, that never ends. Now governments getting involved, well the list goes on and on...
miners are mining and cashing out all of their rewards at a loss to pay electricity companies
dont sell bitcoin at a loss. hold it.. or there is no point in you mining in the first place. its even got to a point that miners think they need extra subsidy above the 25btc reward purely to break even, to then also sell the reward+subsidy for fiat.. they need to learn that the miners that cant afford their electric are shooting themselves in the foot, by selling at a loss and basically causing the next block reward to be worth less by their sells making the prices drop.
if your selling all your coin just to pay bills. then stop mining. YOUR NOT A BITCOIN INVESTOR!
change your mindset
"stop making bitcoin to invest in your FIAT electricity company... instead pay your FIAT electricity company to invest in bitcoin"
April 09, 2014, 03:46:03 AM
Ah, such little vision you have OP.
Crypto currencies are the new paradigm. And no temporary "problems" are going to stop it.
Crypto currencies are the new paradigm. And no temporary "problems" are going to stop it.
It's not lack of vision. It's simply analyzing reality. Do you have no concern that the top 100 wallets hold 20% of all Bitcoins in existence?
There are a number of single wallet holders that have funds in the 50+ Million USD value- and that's at current value. If any one of these guys unloaded the market would tumble to zero, because there isn't enough cash coming in to support it.
Money has been exiting the exchanges. From 12 Billion to now just over 5 Billion. That means 7 Billion Fiat has been taken out of the system....
In order for BTC to go back to 1150 with the current number of coins, roughly 9 Billion of fresh USD/Fiat is going to have to be placed into the system. I simply wonder if and when we will see that kind of mass flood of fresh money enter the market.
Not lack of vision, simply pondering the possibility of a different vision than what you have in mind.
April 09, 2014, 03:22:01 AM
Well, I think it is good to see some movement.. ofc some people lost some money, but that is how "the game" is.
I think and hope like most others that Tuesday next week (15th of April) the price will have its last bad day.
Then the Chinese banks should be done dumping.
Then lets see if we can get bitcoin around in the US and Europe
I know Denmark would be a good place to have some more things to use Bitcoin for.
I am just a "kid"(17) so I cant do much when it comes to business, but I can atleast try to help others getting their things going.
But lets see where this goes.. Might be time to get back down under 100$ pr coin for some days, and then back over 600$ later..
Who knows
I think and hope like most others that Tuesday next week (15th of April) the price will have its last bad day.
Then the Chinese banks should be done dumping.
Then lets see if we can get bitcoin around in the US and Europe
I know Denmark would be a good place to have some more things to use Bitcoin for.
I am just a "kid"(17) so I cant do much when it comes to business, but I can atleast try to help others getting their things going.
But lets see where this goes.. Might be time to get back down under 100$ pr coin for some days, and then back over 600$ later..
Who knows
April 09, 2014, 03:19:09 AM
Already down 60%+ close to 70%...
Remember the day when BTC hit $250 for the first time. Within a few hours it went back to sub-200 levels. 2 days later, BTC was trading at $70. So I wouldn't be much concerned about these temporary dips.
I remember like it was just a few days ago.
$250 seemed so high back then...
April 09, 2014, 03:13:54 AM
Already down 60%+ close to 70%...
Remember the day when BTC hit $250 for the first time. Within a few hours it went back to sub-200 levels. 2 days later, BTC was trading at $70. So I wouldn't be much concerned about these temporary dips.
April 09, 2014, 03:09:38 AM
i would welcome a massive price drop, it would clear out all the shit. push out these childish teenagers, crush badly designed and managed exchanges. the only way bitcoin can go up is with a big shit clearout
Already down 60%+ close to 70%...The 2011/2012 Bear market was down 90%+
This time we might already have hit bottom.
The sh^t is going up sooner or later.
April 09, 2014, 03:00:37 AM
Welcome to a truly free market, sometimes you have slow periods where absolutely bugger all happens and then they pick up again, of course, neo-keynesians would have you believe that when this happens you need to print more money in order to get things moving again
Note: Don't make the mistake I made of fucking around in the slow markets from losing patience and accidentally clicking a sell order making you lose a lot of money
Note: Don't make the mistake I made of fucking around in the slow markets from losing patience and accidentally clicking a sell order making you lose a lot of money
April 09, 2014, 01:19:36 AM
i would welcome a massive price drop, it would clear out all the shit. push out these childish teenagers, crush badly designed and managed exchanges. the only way bitcoin can go up is with a big shit clearout
April 09, 2014, 01:09:53 AM
Despite the many large investors still hedging on Bitcoin taking over the world, and the spin they push through various media outlets and sites like Coindesk, the truth is that the general Bitcoin community is growing tired. Tired of falling prices. Tired of scandals like Mt. Gox. Tired of rigs they invested in not paying off like they hoped. Tired of maintaining those rigs. Summer on its way. AC bills will rise. Price now trading flat, or in my opinion barely holding on to current levels. Scam after scam with companies that promise mining equipment but instead use your money to develop and build the technology only to use it for months and months, earning the BTC for themselves and skyrocketing the difficulty. Crap coin after crap coin which honestly just makes the whole industry look like a joke. Potcoin. Dogecoin. It makes the technology look like a circus for morons yet more coins come out every day and are backed by exchanges that represent the industry. Could you imagine if the NASDAQ was filled with goofy company names like that?
Posts are slowing on the boards. Hashrate is spread so thin across so many coins. And most coins are so thinly traded, even with the bigger ones you'd have a damn hard time liquidating a large value of currency if you had it, the prices are held up by thing buys, and not enough buyers to really dump huge amounts.
I hope I'm wrong.
Posts are slowing on the boards. Hashrate is spread so thin across so many coins. And most coins are so thinly traded, even with the bigger ones you'd have a damn hard time liquidating a large value of currency if you had it, the prices are held up by thing buys, and not enough buyers to really dump huge amounts.
I hope I'm wrong.
I've been waiting months for posts like this to start to appear. It's about time.
It's when everyone starts shouting emotionally charged "new paradigm", "unstoppable", "all time highs", "guaranteed profits", that I suspect the market is about to crash.
It's when people start complaining about "falling prices", "not paying off like they hoped", "trading flat", "barely holding on", "industry look like a joke", and "a circus for morons" that I realize we are finally approaching a bottom. People are actually looking once again at the actual merits of the technology. Bitcoin has long term potential. Those who are looking for a "get rich quick scheme" will be disappointed, but those who can understand the technology know that this protocol is a significant development in its infancy.
I'm looking forward excitedly to the next 2 to 5 years. The changes in this market and the new developments that are on the way will result in a bitcoin that will be as different from what people see today as the World Wide Web is from what it was in early 1990's. A decade from now, today's bitcoin technology and interfaces will look primitive and unusable in comparison.
Same, when you start seeing despair/capitulation from the get rich quick folks is when things usually start leveling out. It's happened before, it will happen again.
Also, posts slowing down here means nothing, most people I know into people either don't know about it, or don't care. Spending time on a forum about bitcoin doesn't really fit into most people's lives.
Jump to: