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Topic: What is happening to Bitcoin is positive (Read 2642 times)

full member
Activity: 126
Merit: 100
February 12, 2014, 07:05:28 PM
#22
Thats like being a parent and your 16 year old gets arrested for armed robbery.  Then you rationalize it as being ok because he 'needed to learn his lesson and grow up'
hero member
Activity: 1106
Merit: 500
Life is short, practice empathy in your life
February 12, 2014, 07:02:09 PM
#21
I think its the average Joe that is mainly panic selling and the big boys are just buying more and more.

If you study the charts, the recent panic selling was started by big holders. Thousands of bitcoins were dumped in a matter of minutes after the Mt.Gox announcement. The average small time BTC holder most likely did not even know about it at the time and dumping was actually instigated by whale type of holders.
member
Activity: 84
Merit: 10
February 12, 2014, 06:51:12 PM
#20
the average Joe's are smoking Camel Joe's.  not blowin' Joe Smith
global moderator
Activity: 3990
Merit: 2717
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February 12, 2014, 09:18:12 AM
#19
seems like average joe is selling more than the big boys are buying Sad
Seems like the average joe here is not that smart.

Average Joes usually aren't, hence the name.  Cheesy
legendary
Activity: 2674
Merit: 2965
Terminated.
February 12, 2014, 09:08:52 AM
#18
seems like average joe is selling more than the big boys are buying Sad
Seems like the average joe here is not that smart.
full member
Activity: 224
Merit: 100
Professional anarchist
February 12, 2014, 08:31:34 AM
#17
Just my opinion

I think that Bitcoin devaluation will help Bitcoin, because this will redistribuite Bitcoins to a larger range of people who will be able to buy them at low prices.
This would be positive or the future of  Bitcoin because there is not a good ratio fo distribution fo Bitcoins in the world.

The absolute value of a bitcoin is meaningless. It could be a thousand times higher of a thousand times lower. Value is still understood in terms of fiat currencies, so $100 worth of Bitcoins is still $100 worth of Bitcoins. It's only a psychological barrier.

But I agree that this is actually very positive for Bitcoin. It shows that it can endure pretty serious assaults while not collapsing. I'm impressed. In April last year, BTC lost two thirds of its value in a matter of hours when MtGox's trading engine froze. Today, we have a bug/quirk/feature being weaponised against the entire network suspending withdrawals on major exchanges, arrests, bans - Bitcoin dips, sighs, then carries on.

Let's keep up the pressure. When TEOTMSAWKI comes, I will be up to my eyeballs in crypto. Smiley
legendary
Activity: 1540
Merit: 1000
February 12, 2014, 08:22:10 AM
#16
It is a good thing, not just for the economics of Bitcoin but also for the coding aspect as well, I think this is the first real panicky situation that we've been in that hasn't just been caused by media hysteria, we'll have to see now just how good Bitcoin's coding and programmers are.
global moderator
Activity: 3990
Merit: 2717
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February 12, 2014, 08:17:09 AM
#15
I think its the average Joe that is mainly panic selling and the big boys are just buying more and more.

The average Joe cant influence the market too much

Isn't it the average Joe that spreads the majority of FUD or panics when they start to see the price dip. These kind of falls scare off newbies who think Bitcoin is just a foolproof get rich quick scheme. It's not and people need to learn this.
newbie
Activity: 42
Merit: 0
February 12, 2014, 07:30:24 AM
#14
I think its the average Joe that is mainly panic selling and the big boys are just buying more and more.

The average Joe cant influence the market too much
hero member
Activity: 546
Merit: 500
hm
February 12, 2014, 04:43:45 AM
#13
A lower (or falling) exchange rate does not help distribute coins to more people.

Sorry.

We can just simply not know. My theory is, when the price is more likely to rise in the future, especially the big whales know about that. They have an information advantage. It is less likely, that it is the other way around. But everything is possible.
legendary
Activity: 1937
Merit: 1001
February 12, 2014, 04:39:38 AM
#12
seems like average joe is selling more than the big boys are buying Sad

Why would big boys start buying already if they can just artificially stimulate a crash this way? I would wait until the average Joe thinks its a good time to buy again and then scoop up all the coins before their eyes.
legendary
Activity: 910
Merit: 1000
★YoBit.Net★ 350+ Coins Exchange & Dice
February 12, 2014, 04:27:35 AM
#11
seems like average joe is selling more than the big boys are buying Sad
legendary
Activity: 1937
Merit: 1001
February 12, 2014, 04:24:38 AM
#10
I think its the average Joe that is mainly panic selling and the big boys are just buying more and more.
member
Activity: 200
Merit: 10
https://rangersprotocol.com/
February 12, 2014, 04:12:17 AM
#9
“I think that Bitcoin devaluation will help Bitcoin, because this will redistribute Bitcoins to a larger range of people who will be able to buy them at low prices.” - Well, you have a good point with that. However, I don’t think it’s a good thing for investment matter and gambling industry.
legendary
Activity: 1120
Merit: 1012
February 11, 2014, 06:42:55 PM
#8
Its almost "good" that everyone thinks this is the downfall of Bitcoin.

Because they are going to look a wee bit foolish when they see it recover.

I don't know. No one cares about the people who said the same thing in the past. Many of them are still saying it!
member
Activity: 84
Merit: 10
February 11, 2014, 06:40:52 PM
#7
it's great.  cheaper miners (for those that buy them)
hero member
Activity: 924
Merit: 1001
February 11, 2014, 06:33:11 PM
#6
I agree that we will all be hearing these words soon:

"And Bitcoin has survived yet another ..."

They've said that about the last 2-3 crashes.   Believe me that it impresses the skeptics to see it rebound and grow afterwards.

Its almost "good" that everyone thinks this is the downfall of Bitcoin.

Because they are going to look a wee bit foolish when they see it recover.

-B-
legendary
Activity: 1120
Merit: 1012
February 11, 2014, 05:56:18 PM
#5
A lower (or falling) exchange rate does not help distribute coins to more people.

Sorry.
legendary
Activity: 2674
Merit: 2965
Terminated.
February 11, 2014, 05:53:38 PM
#4
Not necessarily, people could buy just 1 bitcoin to hold if they wanted to. The price doesn't really matter be it 600 or 800$.
hero member
Activity: 667
Merit: 500
February 11, 2014, 05:41:01 PM
#3
I don't think it's necessarily the price that's positive in this whole scenario.

It's the fact that Mt.Gox launched a FUD campaign as a public relations technique, and the mainstream media is picking up on it as though there's some doomsday bug scenario unfolding with Bitcoin, but the reality couldn't possibly be further from the truth.

The fact of the matter is that this situation demonstrates how powerful Bitcoin really is, because absolutely nothing about the DDoS attack can do anything whatsoever to undermine the integrity of balances in keys. This is demonstrating the strength of the protocol and when the dust settles and FUD clears away, that's very good news for Bitcoin.
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