Topic: The main problem in the Bitcoin ecosystem the real reason Bitcoin is plummeting (Read 2118 times)

Bitcoin is nothing but a way to turn speculative money into heat. 

trezor...nuff said.

the real problem in bitcoin is its demographics... too many miner and speculator. 

Everything is the wild west when it emerges from obscurity. But people believing in Bitcoin will always stick to it. Also, I believe this is already kind of priced in. You have to think of it the other way: People who got to know Bitcoin actually start to 'get it'. Once you're in, you can't get out. You've seen the possibilities and it's hard to ignore them from there on. As soon as the next bubble emerges, even those who got burned before will come back.

The price of bitcoin has not fallen as much when compared to other currencies but it has still fallen. If you look at it's performance over two years then bitcoin has appreciated verses both the dollar and other currencies.

I think Bitcoin is stronger than the Rubble

This year many foreign currencies fell sharply against USD, because the ending of QE3, if you check bitcoins exchange rate against rubble or japanese yen, then it did not change that much,   totally normal(considering such a large gain it had during past 2 years) Bitcoin is as strong as the largest country's currency on the planet

moon hard or land hard...

Get outa here.!! Bitcoin price went down do to scammers?? are you on drugs kid? Bitcoin price went down because it was over-bought, over-hyped and under regulated.
Big money cant flow in until official regulations are in place to secure investments... Hype died down and some panic sellers/amateur investors couldn't handle the swings. Had no clue of what Bitcoin was when they bought it and still dont know what it is after they sold for a loss.

Get on the jet man... BTC is about to moon hard... Do you have your space suit on? I do!

Someone said it earlier which really did hit the nail. One user error in this network will see all the bitcoins that you put up, gone and usually permanently. Whether it be the accidental deletion of a priv.key or accidentally sending funds to the incorrect address. There is no room for error. The process of using bitcoin is also not very easy. Although videos make it seem easy, trusting any online resource with your btc and private key will NEVER be secure. They usually provide 0 insurance.

With banks, if the systems are hacked and your money stole, said money is insured and replaced by the bank. If your accidentally throw away your credit card, you can apply for a new one. If you send money to the wrong account its often reversed. If someone scams your account details, the transactions are reversible.

The bitcoin network is very secure but definitely offers no protection against user error. I consider confident use with bitcoin something the more tech savvy users would cling onto.

Whoopee doo.  A one time promotion that already ended.  Wake me up when its permanent

Yes, I don't deny that. In fact, not only Mt. Gox which is causing this, the massive generation of pump and dump altcoins and the lure of getting newbies to invest in it, only to suffer losses are making new investors turning their attention away from bitcoin. Our reputation suffers as a result of linking bitcoin to scam. Sadly these are something which we can't do anything to prevent it.

Stop with the FUD.
Newegg has already been offering a 10% discount up to $100 when you checkout with Bitcoin.

Which will be never

There will eventually be incentives for people to buy bitcoin when merchants start to offer discounts for paying in bitcoin because the cost of processing bitcoin payments is lower then traditional credit card and check payments

increasing number of merchants are accepting bitcoin payment, but the price is going down. Once paypal was adopting bitcoin, we thought it was good news for it and would push up the price! But it actually didn't. Another big issue is the ecosystem of it is consisting of big portionn of merchant adoption, which causes a lot of down pressure of the price! Hopefully there are some other positive aplications to come out.

agree with OP, yet presales aren't banned from the forum which are 99,9% to 101% scams

you buy your first coin(s) with hard earned money and loose it to scams - you're likely to show the middlefinger and leave.

Lots of people got wiped out by scams - possibly up to 50% or more of participants

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then you have some people delete their priv-keys. If they delete a lot they also say "*uck it"


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on top: prices goes down due to endless bleeding (inflation)


... can't make money with crypto now ...

anddddd Bter is going to be next to goxxed off their customer.in crypto world everybody ripping everybody,sad!! yes your private keys are makes you owner of the coin.
Happy new year all  

the amount of people in the community and using bitcoins is increasing.

just look at the influx of endless noobs trying to learn about bitcoin...


the problem is not people its the fact that we are all judging bitcoins price and market cap, based on small crappy exchanges that do the following things
1. new AML/KYC restrictions limit how much people can deposit before hitting flags, and as such not much buying to increase prices occurs
2. the amount of day trading on exchanges has decreased 10fold in just a year meaning its easier to plummet the price with a smaller handful of coins
3. out of the 5 main exchanges. if one moves downwards they all follow like sheep even without any means of a FIAT arbitraging route to cause genuine need to follow.
4. out of the 5 main exchanges if one moves UP, the others do not follow. and its harder for the average price to rise unless 1 exchange has a substantial price rise, or more than one exchange is pumped at or near the same time.

all of which makes the exchanges the wrong place to look for price validity because there is no stopping any size bitcoin deposit to sell, but theres many reasons to stop fiat deposits to buy.
and there is more emotion choices to dump at the mere mention of a drop, then the choices to buy at the mere mention of a spike.

i think everyone should stop looking at exchanges and start bartering locally and properly trough local bitcoins where they can set their own prices and be independent of manipulated and narrow pathed exchanges

That is an off-topic post. I never said that people deserve to be scammed. I do not care what Gawminers is doing nor do I have interest in their internal affairs.
Keeping money in online services = asking to get hacked.
Like I said, you only own the Bitcoins if you own the private key of the address.

There is always scammers and drama in new markets, new technologies... But it is definitely not the reason why bitcoin price is falling...
I think one of the reason is that people can't get bitcoins by working. So far the only way to get bitcoin is to buy them with fiat money.

The reason adoption hasn't begun is simple.

At this time there is zero incentive for consumers to purchase Bitcoin.

Period.

-B-

So a person with a Gawminers signature saying people deserve to get scammed, interesting.

Whoever got burned on stuff like Mt.Gox deserved it.
Bitcoins on an address of which you do not own the private key, are not your own Bitcoins.

the real reason is that people dont understand what they are doing here and dont have a clue even after months on this forum  

I think that the prevalence of scammers in the btc world is a problem too.  I've said it before that a major problem with btc is lack of protection, like a a credit card would offer when you buy something.  I've even seen experienced users on here copy/paste the wrong wallet address and sent coins to the wrong person!  I just don't see it being user friendly enough for MOST people to even think about using.

Nah. This is opinion and all speculation. It's nothing to do with scammers, though people could be losing faith and gradually getting out for various reasons.

Do you have any numbers proving your claim?
There are always so many theories about the Bitcoin price, but nobody has any prove. It really gets boring.

Whoever got burnt by mtgox should've seen it coming. I saw it coming with the ridiculous AML/KYC thingy. The number of people that left because of mtgox are actually quite countable.

The real reason Bitcoins price has went down is frankly quite ovbious it's because so many people have been burnt by scammers most notably MTGox.This creates an enviornment that is extremely hostile to newcomers and once they are scammed they are put off Bitcoin and they do not reinvest. Seeing as roughy 60% of Bitcoins supply has never moved this rate of alienating newcomers results in Bitcoins price plummeting at the worst and barely maintaining value at best. Countless people have left the crypto community as a result of MTGox alone that means a large percentage of people are no longer taking part in the Bitcoin ecosystem.