BitCoin and Cryptocurrencies - Will they fail? My 3 Predictions!

W130SN said:
I think if it reaches the $500 mark then some people will start to off load a percentage of their BTC.
This might cause a dip next week.
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Dips in the market are to be expected. More so once we cross certain barriers. However, the rate at which bitcoins price is rising, those dips will hardly be noticed. I find it hard to believe that with the rate of growth someone with large holdings would start selling off. At least for now. You may see noticeable dips once things start slowing down.

wexzone said:
what do people here think about the CoinValidation concept?

I think as a external party tool/plugin, it would be good. As a requirement of the core bitcoin protocol, it is a terrible idea.

Interestingly enough, if we did have this, we could all avoid buying those coins seized from SR, and they would effectively be worthless.
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What would be gained from blacklisting the seized coins from SR? Someone, somewhere would still be willing to accept those coins. What if those same people decided that the coins in your wallet should be blacklisted because of the taint levels from previous bitcoin heists? Suddenly all the time/money you've put into bitcoin will be for nothing. Sounds like a great addition to the bitcoin network.....
 
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The Senate Hearings came out very positive for Bitcoin, with several govt agencies saying that no new regulation is needed and that Bitcoin offers legitimate and useful advantages for its users.

And the market took notice, with the price currently soaring past $930 on the largest bitcoin exchange in the world, btcchina.com
 
f0rked said:
What would be gained from blacklisting the seized coins from SR? Someone, somewhere would still be willing to accept those coins. What if those same people decided that the coins in your wallet should be blacklisted because of the taint levels from previous bitcoin heists? Suddenly all the time/money you've put into bitcoin will be for nothing. Sounds like a great addition to the bitcoin network.....
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well, for one thing, untainted coins would hold more value, and even though someone, somewhere would buy the SR coins, the value would be much less. So people that steal coins would have less incentive to do so.

I don't think it should be part of the core bitcoin protocol, but as an addition, like a 3rd party plugin, it would give people the ability to boycott certain coins/actions, while maintaining the core bitcoin principles.
 
wexzone said:
well, for one thing, untainted coins would hold more value, and even though someone, somewhere would buy the SR coins, the value would be much less. So people that steal coins would have less incentive to do so.

I don't think it should be part of the core bitcoin protocol, but as an addition, like a 3rd party plugin, it would give people the ability to boycott certain coins/actions, while maintaining the core bitcoin principles.
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Perhaps you're missing the point of bitcoin, but having the network fragmented by different value coins isn't in the core principles. Nor will it give less incentive to steal coins. All coins are created equal, if you don't like how those coins were obtained, or who has held onto those coins maybe you should look to mining(if you're even able to do so). I understand what you're saying and it's complete nonsense, 3rd party plugin or not.

Edit:
Should the dollars in your bank/pocket devalue because they've been used to pay for murder? Drugs? Sex? If you're trying to buy my car, and I've found out your money came from someone I didn't like, could I then devalue those $100 bills by half? It doesn't make much sense does it. The same principles apply to this.
 
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I am watching the live charts right now.
It is moving UP and DOWN every sec at an alarming rate.
Some large fluctuations.
Making me seasick.
 
the support is amazing. it wants to crash, and keeps trying, but the support keeps flowing in. If coinbase and some of the other services weren't experiencing so much lag, the price would probably be rising right now.

phenomenal!
 
wexzone said:
the support is amazing. it wants to crash, and keeps trying, but the support keeps flowing in. If coinbase and some of the other services weren't experiencing so much lag, the price would probably be rising right now.

phenomenal!
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Which tracker are you using?

Been testing a few out but the best I have found for live prices is : http://bitcointicker.co/
 
The LTC price is making me reaaally happy at the moment..
Finally. :D
 
Ye I think LTC will experience some growth too. This cryptocoin stuff is very exciting. Anyone who does not invest in cryptocoins now is a fool.

Black.Star said:
The LTC price is making me reaaally happy at the moment..
Finally. :D
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I honestly believe that bitcoin will not sustain. The reason why is because I know Uncle Sam loves to stick his hand in everyone's wallet. But since he cannot reach into your encrypted bitcoin wallet, he will be absolutely furious :P
If the United States government step in to regulate bitcoin (either tax it, or ban it completely), then the bitcoin trading economy will sink like crazy.
But then again, nothing can be certain. China seems to be loving bitcoin right now; it is a major player in the world's economy). And with the current amount of debt that the United States owed to China, I don't think they would want to go against the flow anytime soon.
 
 
Growth pains, that is all. As the market matures the volatility may calm down a bit. I would not be surprised either if the bankers are trying to create all this madness to try and tarnish the Bitcoin image.
 
The survival of any currency hinges on being able to exchange it for something. Right now the currency is a little bubbled in my opinion because people expect that there will be a number of future options for using bitcoin as a currency.

While there are a number of places that currently accept bitcoin (both physical and digital) they too are hedging their bets on the expansion of the value of bitcoin.

For a currency to have a stable long term value you'd need to be able to exchange it for various goods and services that fulfil your basic survival needs, food, shelter, etc. Since to fulfil these currently you need to transfer Bitcoin into another currency it lacks a pillar of stability. In fact theoretically it's on par with something like WoW gold, while the supply isn't ever evolving like WoW gold, it is still something that needs to be pushed through another currency.

That being said I imagine someone will always accept bitcoin but its value will drop off massively. The same happens with anything that can't be directly spent. Even gold goes through cycles, in the past decade gold has went from $1000/oz -> $300/oz -> $1500/oz and will likely have another crash at somepoint because as economists say "all bubbles burst"

If I had made good money in the bitcoin rush I'd sell out now, as I don't want to be around for the crash - if I hadn't yet got into the bitcoin game I'd wait it out, let that bubble burst. I personally think bitcoin will hit around $1200 before dropping under the $100 and from there re-growing to the mid $300s (no exact science here obviously, just a rudimentary understanding of economics)

If there is going to be a crash it will be due to regulation, while Governments can't regulate the currency directly they can make it illegal to accept it as legal tender in a store, or trade it for legal tender and even make it an illegal possession (plenty of digital items are); while that will never stop it, that will certainly cause the big US investors, VC firms and banks that currently hold bitcoin to sell off like wildfire causing the value to plummet as it's all a faith market right now.
 
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