Quote from: asdf123 on February 07, 2014, 11:25:55 AM

Whenever we see negative news reports about Bitcoin and see a fall in the BTC/USD rate as a result, it's important to take the long view:

As we all know, Bitcoin (amongst other things):

* Enables instant and free transfer of funds anywhere in the world
* Offers free accounts to anyone in the world
* Can bypass government attempts to impose currency controls
* Enables merchants to take payments that are irreversible - no more credit card chargeback losses

The brilliance of Bitcoin the invention is that it runs as a decentralized network.

The benefits it offers means that it was always going to be perceived as a very real threat by people at the top of the hierarchical structures that have a vested interest in maintaining the status quo. It is only to be expected that at least some (maybe not all) banks, governments, big corporations etc are going to oppose Bitcoin, they have too much to lose not to.

So when I hear news reports about Bitcoin encountering opposition from such entities, whilst that will scare some people into selling, and cause a possible price crash, the opposition is only to be expected, and in the long term it doesn't matter, because they can oppose Bitcoin but they cannot win.

No matter how much opposition Bitcoin encounters, it isn't going to go away. It cannot be un-invented. Bitcoin cannot be shutdown.

It is also to be expected that there will sometimes be technical problems at exchanges that affect withdrawals of fiat or BTC, and when people panic then the BTC price is adversely affected.

Human nature being what it is I would also not be surprised to hear of losses through fraud, and the negative publicity around that will also drive the price down.

Again, in the long term, it doesn't matter, because Bitcoin the invention is not going to go away.

It could be safely predicted 5 years ago that if Bitcoin did indeed take the road to mainstream adoption, it was going to be heavily fought against by those hierarchical authorities that have most to lose. It's a fight they can't win. But it's to be expected they will try to stop Bitcoin.

Price bubbles may form and then burst, but that doesn't matter in the long term. Bitcoin will continue, because of its genuine utility. That genuine usefulness to people will bring the price back, and cause it to go higher still each time it comes back. I can't see how it won't go mainstream eventually. I reckon it will be an exciting ride getting there.

It's a trollthread, move on. Cool