Quote from: BitProdigy on January 19, 2015, 07:05:54 AM

Quote from: zavtra on January 19, 2015, 06:17:25 AM

It's because they don't really believe in it. If they did, they would just let it sit, and wouldn't bother watching the price at all.

That's why they're all in here, pumping it up like a penny stock and eating and believing their own shit.

I'm seeing a lot of denial here; an enormous amount of denial. You need to face something; Bitcoin has no use in the civilized world. I pay with cash or credit for everything. If a business doesn't take credit, I don't even frequent it. Considering the hurdles with accepting Bitcoin, mass adoption seems as likely as never. It's already been how many years now?

If a government can just ban Bitcoin, then you can never expect it to succeed either. Just look at what happened in Russia: Their currency has plummeted to a third of what it was a few months ago, yet the Russian people didn't all flock to Bitcoin. They weren't allowed to, and it wasn't seen as a viable alternative. Cyprus proved Bitcoin's legitimacy, Russia proved its worthlessness.

You need to stop talking about this shit like it's going to keep going up forever. Dogecoin parodied this mentality exactly: "To da moon!". A strong, steady decline like what Bitcoin has experienced is reminiscent of the VCR, or any technology, rather. Face it, Bitcoin is a technology. Even if cryptocurrencies were to succeed on a regular, nonblack market, it wouldn't be Bitcoin that succeeds.

I say face the reality. A truly rational person wouldn't feel the need to come in here and try talking about how everyone not investing in Bitcoin is an idiot. If they believe in it, then what others do wouldn't matter, and they wouldn't need to check the price constantly. That's all. Good luck to you all, I don't feel like this industry has any merit any longer. It feels like when Tamagotchi's went out of style. Maybe this will have more success in ten years.

As long as bitcoin is capable of storing value, and transferring that value from person to person, then bitcoin still has merit.

The value I perceive in bitcoin is not measured by it's price. Also, this not an industry, this is a new form of currency. If you are looking at bitcoin as a way to make a living then maybe you've got an incorrect perspective. Bitcoin is an innovation of the way money works. We are only 6 years in, if you told me in 2011 when I first heard of bitcoin that it would trading for $197 in the year 2015 I wouldn't have believed you. When bitcoin was at $3, what we have now seemed utterly impossible.

If I could somehow erase my memory of bitcoin soaring to $1200 and just new that from 2011 when I first heard of bitcoin it went from utter obscurity and trading at $3 to approved by the US Government as a viable currency, acceptance on Overstock.com NewEgg.com Dell.com TigerDirect.com Microsoft and Paypal and trading at $197, i'd say HOLY COW bitcoin has really made a lot of progress in just 4 years!

If you first heard about bitcoin when it was selling at $1200, then all you have ever experienced is a slow decline in price. In reality, the price has risen tremendously in 4 years. It's gone from $3 to $197 and people are complaining that it no longer has any merit!?

The merit of bitcoin is in it's utility. The infrastructure still works, transactions are still able to be made, value is still able to be stored, central authority is still unnecessary. All of the merit of bitcoin is still intact. 10 years from now all of the merit of bitcoin will still be intact. 20 years from now all of the merit of bitcoin will still be intact. 50 years from now all of the merit of bitcoin will still be intact. What do you think it's just going to disappear? We have invented a superior monetary system and we are all just going to pretend that we didn't?

Of course it will take time to catch on, just as the internet did. My parent didn't get the internet until it was on their phones for christ sake. Six years after the internet was invented it seemed pretty bleak too, but give it time. Six years is not even giving it a chance to succeed. If after 20 years bitcoin hasn't caught on then maybe you're right, but right now I think all you see is a downtrend in price and that has got you down.

When I first heard of bitcoin, all I heard was that it was useless and going away. It just crashed from $30 all the way down to $3 and everyone was in a panic and declaring that this industry no longer has any merit. Well they were wrong. The merit of bitcoin has nothing to do with the price. All of the merit of bitcoin is still and there will continue to be there as long as transactions can be made and value can be stored. Period.

I predict another price rally, then another crash, then another rally, then another crash. And predict that one day the price is going to crash all the way from $14,000 down to $1200 and people are going to cry that bitcoin is dead, and this industry does not have any merit any more. And you know what I'll be doing? Trading as many Federal Reserve Notes as I can into bitcoins every month regardless of what the price is at. If the price is low HURRAY! cheap bitcoin! If the price is high HURRAY! my bitcoin is more valuable!

The price is ultimately irrelevant. My brother is going to college in another state. If he asks me for $5 for lunch money what am I supposed to do? Call my bank and wire him some money? Or just click a button on my phone and 2 seconds later he has 24 mBTC in his wallet. What if he is on vacation in mexico? Should I Western Union him some money or just click a button my phone and two seconds later he has the money and there's no charge. If I have a website that sells good should I pay a 3rd party a transaction fee every time one of my customers purchases something or just get the money directly as if it was cash by using bitcoin. How difficult is it buy something on Overstock.com using bitcoin? No more difficult than entering my name address phone number credit card number expiration date and security code to buy something using a credit card. There is no reason to believe that more and more businesses will begin to accept bitcoin as well.

The only people who are affected by the price and declare that bitcoin is dead and dying because of the price are people who are trying to make money off of money. Bitcoin was not created to make people money. Bitcoin was not created as a get rich quick scheme. Bitcoin was not created as an industry. Bitcoin was created as a new improved form of money. As long as bitcoin is capable of storing value, and transferring that value from person to person, then bitcoin still has merit.

Hey, thanks for a reasonable, rational response.

I see all these things, but again, I don't think bitcoin will be the specific cryptocurrency that succeeds. On a day to day basis, not enough people are wiring enough money abroad to find a use in this stuff. I do think, however, that it will have utility in inter-planetary trade, especially when quantum entanglement makes interplanetary transactions a reality. That day is far off though, and so I think that you can expect Bitcoin to remain where it is today for quite some time. I would hold more in Bitcoin if I could use it in as many places that took credit (like Starbucks, or a deli).