Topic: You guys need a reality check - page 4. (Read 9480 times)

My first transaction was in June last year. End of july 2011 I had est. 2.800 confirmations on this first transaction.

Now I have exst. 30.000 confirmations on this transaction.

So: a lot more people and a lot more BTC-clients are envolved now. The networks hashrate remains even in the descent more or less stable between 6.x and 9.x TH/s - compared to june/july 2011. This network capacity consumes MWatts of electrical power and we all people are paying for it, continued investments as well.

But one of the main arguments is that there is a real exchange rate above the 1:1 ratio USD/BTC. Despite huge selloffs in recent months we had still 1  BTC >/= 2 USD.

Lets assume that is the bottom line. Then this is the usage value for BTC: arround 2 $/BTC. The price for the possibility of nearly instant, trusted, verified and individually based transactions.

Speculation then creates on top value which is then creating the higher and more volatile market value. Sure, there is a lot of speculation but this is for good. It brings money and believe into the system. I just bought these days a new HD 6990, adding up my capacity to 2.5 GH/s.

Then look at the failure of the US supercommittee and look at the souvereign dept crisis in Europe. There might be events in the nearer future of the next two years that could be bring bitcoins into the position of a additional transaction alternative for ordinary people if their trust to normal banks is finally eroded or simple there are no trustworthy banks anymore or we can have a lot of inflation. This will take the usage value upwards significantly and the market value even more.

Start to think yourself about these mechanisms. Start reading ft.com.

It might be naive to be too optimistic. But who on earth had foreseen the rally of May/June/July last year? So its not justified to be too pessimistic as well. We have to decouple our expectations for a fast profit from the BTC system evolution.

And this is real: the system is there, it is evolving and developing. This will take time and we don't know how much. But if there where no market for BTC, it has been vanished last year.

Best part... several hours after the meal, since you don't digest it, the gold is available once again!

Mmmm...

Lots of people drink silver water and gold water and you can find it in your body as well. just saying.

Generally speaking, precious metals. Primarily gold, now that so many "consuming" industrial uses have been found for silver.

What metals are not consumed?

What kind of person wastes time on forums about things they think are fundamentally useless?



Psst... also, not all commodities are consumed. Hint: think metals.

I am optimistic now simply because the price held at $2.50 for so long.  Which means, it's not likely to go lower than that.

At $2.50/coin, with 7200 coins generated daily, people believe in Bitcoins enough to inject $18,000/day into the system.  That's a significant amount of money, and I don't think it's just one person, or just a few people.  Pure speculation on my part, but I don't see a system viewed as failed being propped up for this long by this much money by less than a dozen people, and more likely, it is propped up by hundreds.

Then, you look at the future.  We are now less than a year away from mining rewards being cut in half.  As we get closer to that point in time, we will have more and more assurance that the value of Bitcoin has only one way to move, assuming that same $18,000/day injection.

I think $2.50 really was the rock bottom.  There are too many people who believe in Bitcoin and want, badly, to see it succeed, for it to fail completely.  It might forever be a niche item, but that niche will always be there.  And so far, no one has come even close to overturning Bitcoins as the go-to product for the niche.

This is all just my opinion, of course. 

To clarify your example, you'd need to mention that the automobile is electric and you live in the country.

except that Bitcoins cannot be created at will while USD....... are being created with ever increasing speed.

A few days ago I got paid a few thousand dollars by someone overseas. Happened instantly, with no fee, no delay, and at 11pm in the evening.

Bitcoin is a useless as the automobile.

omg! he's right! bitcoins are stupid, stupid bitcoins  
 

Edward50 send me your coins all send you something useful..

would you like:
cigarettes?
or maybe ... a butt plug?   

Okay Mommy! I won't let the bad BitCoin men take advantage of me. 

Aren't we all adults here (well mostly)?  I don't think we need to be babysat!

I was sleeping, literally.


I only earned 4 btc from this downtrend. Looking forward to wednesday and thursday

Some blind optimism.

http://www.thebitcointrader.com/2011/12/10-most-anticipated-bitcoin-projects.html

The downtrend was already happening and was an expected correction anyway. There had been a huge sell off already when this was posted. =)

+1 and thankfully I did too, recouped some losses from a quick short position

Op spotted a downtrend.

When bitcoin hit $0.5 for the first time I guess there was a topic just like that, adjusted by a factor of 10. Now nobody beileves bitcoins at 0.2 are reality anymore, just because the financial power of the group of people investing into BTC has grown.

Will it stay the same tomorrow? Grow tenfold? Noone knows for sure, but right now the userbase is still pretty small (I'd say at ~1000 active investors) and I see it definitely growing to 10-20 thousand people actively trading at mtgox this year.