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.
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.
Danny,
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...
