Topic: Why are people losing faith? - page 3. (Read 3513 times)

I think the problems with security should have been anticipated by people in a network that deals with a virtual currency. I think the fact the prices have stabilized a bit means people do still believe in Bitcoins and where the market goes from here is anyones guess. Since they are making apps for cell phones and other portable devices to transfer bitcoins I think the future of bitcoins will be bright. I think as someone said the only way to kill bitcoins is for everyone to stop mining all at once which I don't see happening in the immediate future.

The real thing that amazes me is that with the OWS movement Bitcoins haven't increased significantly in price.

I won't say I exactly lost faith in Bitcoin but, after all the security problems with the exchanges and the online wallets, I grew concerned enough to back away a bit. Market volitility didn't scare me since I expected that with Bitcoin being a new currency. It's going to have growing pains.

I think we're facing a few major problems with the currency that we will need to work hard as a community to overcome:

1. Education. Most people don't even know that Bitcoin exists, why it exists, and why it's a better alternative that the money in their pocket. Hell, most people don't even understand the basics of why the money in their pocket is bad and unsustainable. We're going to have to address this bit time and repeatedly.

2. Criminality. Of the segment of the population that knows about Bitcoin, a good portion of them have been convinced that it's just an instrument to allow criminals to buy and sell stuff anonymously. Sure, you could tell them that cash is the exact same thing but they will see an exception as to why Bitcoin is the 'perfect thing for doing evil'. I've run into this mindset a lot over the last year or so. The media isn't helping and this might just overlap with the education need.

3. Physical access. There's just not a lot of real world 'hard' things available for purchase with Bitcoin. I love that there's a guy here selling beans for Bitcoin. That's the kind of stuff we need! Even if we overcome the first two points above, access to real world stuff is going to be a BIG reason why people don't use Bitcoin. Only the community can fix this.

So I'm not sure 'losing faith' is a good way to put the problem. I think a small portion of the community, probably those already on the fence about it, lost faith and jumped ship, but the true believers are still here and will be here. Now, it's just a matter of bringing along our friends an neighbors.

Regards,
TMA

The Mt Gox hacks were particularly damaging.   Another issue is your "reference point."  I think these things started at $.06 and now are $3 - wildly successful.  Unfortunately most of the marginal adopters/recent buyers bought at prices much above current market, which is deterring them.  I'm underwater but view the current levels as very attractive.

Considering OWS on the left and the Ron Paul types on the right, it seems that the entire world will fumble it's way towards bitcoins.  Especially since very small transactions are viable and costless with bitcoin.  Every night I watch the news, I get more resolute that bitcoins will succeed. 

Currently the aggregate value is $22.5 million.  I can envision the worldwide transaction demand for bitcoins reaching $1-2 billion.  People want to opt out of the banking system and bitcoins are the most obvious substitute, imo.

Feel free to add to or challenge my points listed above.

What's in it for me?

It makes sense to lose faith. Believing in something because of "faith" just means believing in it because you want it to be true.

If Bitcoin users were losing reason, that would be something to worry about.

Bitcoin is still seen as a high risk investment, with the rampant crisis in the world less people want to invest in it...

Hey Atlas!

I haven't posted in a few months. I lost faith with all the security problems and the subsequent volatility in exchange value. I am now regaining faith in it though as the exchange rate has stabilized (I watch it every day on my Android phone). Bitcoin has been good to me. The phone I mentioned was purchased with Bitcoins. I've bought tea, a shirt, a watch, all sorts of things. Sold a lot too. As I learn about digital security and care about my privacy, Bitcoin becomes more and more something I want to keep in my life. Plus I think it's awesome that I can spend it anywhere from my phone.

Ah, faith, what an interesting term. On one hand it can and will cause you to turn a blind side, but on the other hand are payoffs you could not have imagined. I know skepticism is healthy, but why are people so quick in jumping off the bitcoin ship? I honestly believe that this technology, or what will come of it, will change the world. Freeing people from the source of all evil and suffering, money. Okay, maybe money isn't so bad, but the institutions that have arisen from it are arguably the cause of most contemporary world problems.

Back to the real question though, why so faithless?

I read somewhere that one of the early bitcoin developers said that between 2010 and 2014 there could be 1 to 4 bubbles.. Since there's is evidence that we just went through the first bubble( June 11') are there signs pointing towards another in the coming year? 


VIVA LA BITCOIN! Even at .10 cents a BTC you better stay true for the betterment of the human condition!

But really, thank's in advance for all input.