Re: Bit coin is on a down hill slope

I understand the initial get rich quick phase is now over... I am a true believer that good things comes to those that wait. I don't mind waiting a year or two and let me mining machines keep plodding away and then cash out when things get a little better... but as i keep seeing more and more big firms taking on the payment of bitcoin it feels me with more and more hope that this will in the first or second quarter of 2015...

Does anyone else agree with me on this one?

I have a feeling there are still A LOT of speculators messing around keeping the price suppressed or over valued. TBH I am not sure which one.

I use bitcoin soo.. the price can do w/e.

That's true, price can be at any level, and won't affect actual Bitcoin functionality. But investors in Bitcoin itself WILL be screwed as long as Bitcoin uses PoW, because PoW will destroy 10% of Bitcoin total marketcap every year, therefore any investors holding Bitcoin will lose 10% every year, guaranteed.

The only savior will be new money coming into the Bitcoin eco-system, if there's no new money, then investors in Bitcoin will experience a perpetual downward spiral.

Sounds great. Probably sounded great in 2011 and 2012 and 2013 and.. you get the idea.

You may have a point a few years down the line but certainly not now.

2009-2013 has all been good years, precisely because all the new money coming in, plus Bitcoin marketcap was tiny back then, so the 10% of something tiny, is still tiny, new money easily overwhelmed the 10% PoW mining tax.

At the end of 2013, Bitcoin marketcap went up big time. Now 10% is not so tiny, it's a pretty large amount of money. Therefore 2014 new money was not able to balance out the 10% PoW mining tax, and we are seeing Bitcoin going down in value.