Topic: We can breath now. (Read 6310 times)

Have you sold yet?
No?
Then you're not "making money." Once you have sold, then you will have made money. Right now, you are holding a very volatile commodity. Be as excited as you like about the increasing price of that commodity, but don't call it "making money" until you have cashed out into something more stable. Like that motorcycle you were wanting.

Well, clearly, any who oppose the almighty DEATHCODE are in the wrong. Even to doubt that his statements are 100% TRUFAX is heresy.

That said, Bitcoin is a digital commodity, and I expect that it will level out soon after we reach market saturation. Where the hell the price will be at that point is anybody's guess, though (I wouldn't trust proudhon on that one)

But what if someone understands what you write but think you're wrong?
Who, in that case, doesn't understand bitcoin or does.

Dear OP,

You do not understand bitcoin, nor its potential (yet) and what it was designed and will achieve. Bitcoin is not a commodity, expecting 'lvl'ing' out and easier 'ups and downs' simply will not happen.

People who are trying to 'make a quick buck' by treating the exchanges like stock houses are badly mistaken about the 'essence' of btc.

Buy some, put some away for the future, sell some later, or preferably use it now or later on items.

Expecting bitcoin to 'level out' so you can play with it and 'win' money is like thinking you can make a snowman and have snowball fights with a few flakes of snow... when an avalanche is coming.

Blink and you'll miss it.

What he and MatTheCat have going is their own thing. I simply suggested that the "crash" could have overloaded the servers with legit activity, and he refuses to accept even the possibility. This fact, and the fact that his only reasoning for this refusal is "MTGox said they're under heavy DDos" is what has lost him my respect.

Look people, you won't get PROOF - any number of scenarios are possible depending on the actors...

Let's say Gox shuts down 20 out of 25 servers, announces a fake DDOS attack, and buys up coin themselves
only if/when people panic?  There is plenty of money to be made, so people will use their brainpower to scam...
A huge correction is likely - there will be big losers and big winners.

That said, I think deathcode is probably right, and the attack on him seems undeserved.

I have been using Bitcoins to make Silk Road purchases since 2010. The cheapest coins I bought were less than £3 and the most expensive around £15. Since I use Bitcoins for the purpose they were intended to be used for, and you see them only as a means to enrich yourself, I guess that kind of does make me a Bitcoin participant that contributes to the Bitcoin economy, whereas you, as a speculator, are parasiting from the whole Bitcoin economy. Which is what may kill it.

I have been very interested in the whole concept of Bitcoin and the opportunities it could offer mankind. The recent action in the Bitcoin market however, I view as highly negative for the long term health of the currency. Just to be quite clear, I am not riding any moral high horse due to the fact that I spend all my Bitcoins and have kept hardly any in my wallets, because obviously I am kicking myself that I never invested anything in them when I had every intent and opportunity to do so.

Regarding my 'bearish' attitude towards Bitcoin, only a fool could possibly think that Bitcoin isn't due for a heavy correction, if not indeed a near price collapse. That doesn't mean that Bitcoin may not triple or quadruple between now and then, because it might, and if it did, then anyone investing in them today (wont be me, that is for sure), would be rewarded with dazzling profit margins. Me personally, I would even be reluctant to use them to make any sizable Silk Road purchase as in my opinion, there always exists a huge risk that large chunks of the value of these coins can be wiped out in the time it takes for me to get the coins purchased, transferred to my Silk Road wallet, and then for the order to be processed. If I feel that way as a customer, I hate to think how I would feel as a vendor.

Yay, the idiots finally realized that they don't need to quote 9 feet of text in every reply! (took them a page or so of bickering to figure that out, though.)

Quote-pruning provides much-needed rest for my scroll finger.

 

Oh yes, and this reply: https://bitcointalksearch.org/topic/we-can-breath-now-167277 which I stuck in my signature, exactly sums up my opinions regarding the bitcoin code/protocol and what we really need to do to allow it to succeed. Gavin and friends are like the momma bird not quite ready to let her little duckling leave the nest... we need to take bitcoin's training wheels (and concrete-filled tires, and retarded random magic numbers) off, extrapolate a protocol already (and stick to it) so other people can make better clients, get rid of buggy external dependencies, and oh yeah - P2P exchanges would just be the icing on the cake. I know there are a couple in development that I've been meaning to start testing. Let's get on this shit folks.
I would donate to the bitcoin foundation to help spur development but from what I've read, they aren't even remotely interested in what I'm talking about. I can't code so my only options are to donate money or complain; I guess I'll stick with the latter for now until the former becomes effective.