bitcoin is dead. long live the bitcoin!
Bitcoin crashes over 25% in 24 hours, under $180
21–30 of 348 posts
Re: Bitcoin crashes over 25% in 24 hours, under $180
#22Not 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…
"Was meant to be" based on the claims of all the leading people in the bitcoin world outside of Gavin. Barry Silbert has been telling everyone about how Wall st was coming in 3 months since Nov 2013. Go back to January 2013 posts on /r/bitcoin to get a feel for what people expected of the year. With the exception of more merchant acceptance it has failed all those expectations.
No one cares what version the software is and that you would think anyone does is one of the problems with the Bitcoin community. Bitcoin had its chance to impress the general public and get them on board when it had all its media attention this past year and it failed.
Re: Bitcoin crashes over 25% in 24 hours, under $180
#23Re: Bitcoin crashes over 25% in 24 hours, under $180
#24Earlier quoted context omitted.
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.
Bitpay is basically just a one way exchange that handles the trading for you. It is no different to end users except in the amount of work required. Xapo is a huge flop and accounts for 1/10th of that 400m. Bitfury accounts for another 1/10th.
Blockchain raised a silly amount of money for a platform that most people in the community have lost faith in due to repeated security failings.
Re: Bitcoin crashes over 25% in 24 hours, under $180
#25Time to get more cheap coins
Re: Bitcoin crashes over 25% in 24 hours, under $180
#26Yeah, 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…
Although Bitcoin is often marketed as such, it doesn't necessarily compete with banks. I personally see it as a currency which competes with other currencies. It's a bit like paper cash except that it can be stored digitally. I don't see what would prevent "big bad banks" (although unlikely) from adopting BTC as one of the many currencies they support and offer all the protections and services they offer with other currencies. This is actually the direction that Coinbase seems to be taking.
Re: Bitcoin crashes over 25% in 24 hours, under $180
#27Not 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…
It's not beta software, it has been running for years and not much has changed. It has constantly lost value/trust for one year now. I can't think of a piece of software that is clearly _losing_ momentum (especially if it's beta) and then, magically, after 1.0 things turn around.
Re: Bitcoin crashes over 25% in 24 hours, under $180
#28Not 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…
> most people(in western nations) learn about it and respond almost unanimously with 'Meh'.
I have very mundane needs, and I've never figured out a compelling case for me to use bitcoin. In general, it's always been more trouble than convenience.
I know there are people with exotic needs, but I think the majority of people are more like me.
Re: Bitcoin crashes over 25% in 24 hours, under $180
#29Which will most likely immediately follow people buying at low and preparing to pump again.
Re: Bitcoin crashes over 25% in 24 hours, under $180
#30Yeah, 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 gold is palpable can be used to make things.