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Bitcoin crashes over 25% in 24 hours, under $180

bitcoinity.org

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Re: Bitcoin crashes over 25% in 24 hours, under $180

#11

Post by sanswork »

Hermel wrote: post #8
sanswork wrote: post #5

Not really surprising. 2014 was meant to be the year of bitcoin and it flopped as far as the general public was concerned. Bitcoin picked up some more merchants but they almost universally saw disappointing sales or dramatic drop offs(Overstock the poster child which at one point was claiming serious expectations of $15-20m in bitcoin sales ended up with a 5th of the lower end of their claim). Mining companies are cl…

400 million of venture capital has flown into Bitcoin startups in 2014. This money is used to improve Bitcoin and to build new services on top. It's not over until we have seen what comes out of that.

Square alone has raised more 50% more than that. VC money in an industry doesn't guarantee success.

Look at the services built too. Mining companies and exchanges. Tell me how those are going to draw in new users?

Re: Bitcoin crashes over 25% in 24 hours, under $180

#12

Post by curiously »

Hermel wrote: post #8
sanswork wrote: post #5

Not really surprising. 2014 was meant to be the year of bitcoin and it flopped as far as the general public was concerned. Bitcoin picked up some more merchants but they almost universally saw disappointing sales or dramatic drop offs(Overstock the poster child which at one point was claiming serious expectations of $15-20m in bitcoin sales ended up with a 5th of the lower end of their claim). Mining companies are cl…

400 million of venture capital has flown into Bitcoin startups in 2014. This money is used to improve Bitcoin and to build new services on top. It's not over until we have seen what comes out of that.

likely that money will never be recouped.

people throw at money at anything.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#13

Post by hueving »

tribaal wrote: post #10

Yeah, as much as I like the concept of bitcoin (and the blockchain), I don't see adoption becoming anything more than anecdotal. No interest rate, and you have to secure it yourself? No thanks. My "big bad bank" guarantees me at least a small interest in saving money, and if my card is stolen, I get a new one in 24 hours and all transactions are cancelled. I'm happy to pay some transaction fees ("extortion!") to get…

>Bitcoin is the electronic version of "let's buy a lot of gold and stash it somewhere".

It's even worse than that because normal people at least have a decent idea of when their gold is secure. A non-techie just has to trust that the online bitcoin provider or author of the wallet is doing what he/she really says and in a secure fashion.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#14

Post by hueving »

atian wrote: post #9
derefr wrote: post #4

Huh. Does this have anything to do with the 1.25-hour mining gap that occurred on Monday?

No. It's all speculation.

The majority of bitcoin transactions are speculation. If you ever purchased or sold bitcoin because you expected a price appreciation/depreciation, you were speculating.

There was a very small percentage of the market using it to buy online goods that wasn't speculating, but it's small representation is the reason the price is so unstable.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#15

Post by xorcist »

sanswork wrote: post #5

Not really surprising. 2014 was meant to be the year of bitcoin and it flopped as far as the general public was concerned. Bitcoin picked up some more merchants but they almost universally saw disappointing sales or dramatic drop offs(Overstock the poster child which at one point was claiming serious expectations of $15-20m in bitcoin sales ended up with a 5th of the lower end of their claim). Mining companies are cl…

"Was meant to be" amounts to your own view. The software isn't even called 1.0 yet, and the core developers all say the important applications are a couple of years away.

Yes, Bitcoin was probably hurt by the mania surrounding $1000. Had it gone to $180 from $30, without the spike, there would be calls of tulip mania instead.

Is it too early to build applications on top of Bitcoin? No, I don't think so, some wants to be in early. But to call "the year of" on what amounts to beta software and VC backed startups is a bit much.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#17

Post by Hermel »

sanswork wrote: post #11
Hermel wrote: post #8

Earlier quoted context omitted.

400 million of venture capital has flown into Bitcoin startups in 2014. This money is used to improve Bitcoin and to build new services on top. It's not over until we have seen what comes out of that.

Square alone has raised more 50% more than that. VC money in an industry doesn't guarantee success. Look at the services built too. Mining companies and exchanges. Tell me how those are going to draw in new users?

> Look at the services built too. Mining companies and exchanges.

Not really. Often, it is merchant solutions like BitPay or consumer services like Blockchain.info or Xapo that are funded. Most interesting in my opinion is blockstream. Mining tends to be privately funded outside the VC-ecosystem.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#18

Post by tribaal »

hueving wrote: post #13
tribaal wrote: post #10

Yeah, as much as I like the concept of bitcoin (and the blockchain), I don't see adoption becoming anything more than anecdotal. No interest rate, and you have to secure it yourself? No thanks. My "big bad bank" guarantees me at least a small interest in saving money, and if my card is stolen, I get a new one in 24 hours and all transactions are cancelled. I'm happy to pay some transaction fees ("extortion!") to get…

>Bitcoin is the electronic version of "let's buy a lot of gold and stash it somewhere". It's even worse than that because normal people at least have a decent idea of when their gold is secure. A non-techie just has to trust that the online bitcoin provider or author of the wallet is doing what he/she really says and in a secure fashion.

You're completely right.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#19

Post by chii »

sanswork wrote: post #11
Hermel wrote: post #8

Earlier quoted context omitted.

400 million of venture capital has flown into Bitcoin startups in 2014. This money is used to improve Bitcoin and to build new services on top. It's not over until we have seen what comes out of that.

Square alone has raised more 50% more than that. VC money in an industry doesn't guarantee success. Look at the services built too. Mining companies and exchanges. Tell me how those are going to draw in new users?

None of those are going to draw in users - i think the "killer app" for bitcoin is still yet to be found. I went to a bitcoin meetup/talk recently, and what i m hearing is that bitcoin's direction is more heading towards what might be called 'smart' money, such as a more trustworthy escrow, contracts, etc.
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