Quote from: ElectricMucus on May 02, 2013, 11:16:18 PM

Quote from: wobber on May 02, 2013, 10:58:29 PM

ElectricMucus - what is your opinion on BTC and it's price in general. I'm asking because you're the most efervescent here and I really want to know.

It changed very much over the time.
Initially I was your run-of the mill bull, hoping that bitcoin will change the world. Then after witnessing the whole drama surrounding Bruce Wagner, the advent of Bitcoinica I became very bearish. That attitude hasn't changed since. Still I kind of anticipated this bubble, although I didn't really capitalize as much on it ("only" 10x before the pop, which I have increased some since). You guessed it I think we are still in Bubble territory.
I became largely annoyed by the thing we call the cargo cult: Guys playing financial experts, playing monopoly man and chanting the gospel of Bitcoin to be the biggest best thing ever.

I don't really believe in things like Bitpay, other payment processing, Bitcoin ATMs, Bitcoin "Supernodes" or Bitcoin stock exchanges. I think Bitcoin is an incredible useful tool as a financing model for non-profit websites, small webhosts, oh and of course Silk Road and the rest of the online black market. I also like Satoshi Dice and Seals with Clubs, great. Bitcoin has already found it's niche. It can be incredibly successful in it, possibly it can even sustain prices like we have seen this month in a few years.
But the gold-rush mentality has to stop. Bitcoin currently doesn't work as a currency not because it has insufficient market cap but because the crazy price swings make it unsuited to use it as such unless absolutely necessary.

That is as I would like Bitcoin to be, idealistically. For me personally the more dumb money there is in it the better. The volatility is incredibly predictable which is great for my way of trading, I kind of expect it to last as long as the current paradigm of the hype way of doing things holds.

So what happened with Bruce and his whole Bitcoin show? I heard he scammed people or something?