What the hell is wrong with Bitcoin

STKMKTFTGRU said:
It could go to 1,xxx level again, but its going to take years since the amount of merchants needs to get up to the few million range.
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There's a unique paradox with bitcoin, though. People think that more merchant adoption means higher prices. However, that's not necessarily true.

Most merchants, especially the big ones, only accept bitcoin to immediately convert it to usd. It's nothing more than a payment method...they're not holding the bitcoins on speculation, or their corporation stands to risk losing a lot of money on their merchandise.

What does that mean? That means the more merchants that accept...means more coins being flooded onto the market each and every day. Which means price supression as purchasing demand needs to rise astronomically to meet the equilibrium as coins are dumped.

At this point, the only way bitcoin can see another astronomical rise is through more grandscale manipulation. However, most of the market and general public is once bitten twice shy, and bitcoin has quite a negative image in the press because of it. So I doubt that'll ever happen again. Possible? Yes. Likely? No.
 
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Today's price is 1BTC= $244. It is in decreasing trend, let's see where it stop.
 
BTC Price is decreasing regularly, it makes loss for me
 
I have money ready for buying bitcoing waiting when it will value come down to $1.
 
not looking rosy in that garden at the moment, sticking with cash for now
 
I just recently started using it and going through so many exchange companies really makes it an unreasonable choice due to added fees etc. However, at times it was the only payment option so technically well worth it.
 
I been looking into it and for awhile and even thought of seriously mining but with all the hacks lately and the unstable price currency it seems to me that unless you need it to conduct business in say certain unsavory sites or if you just like it for the intellectual curiosity dealing with it brings it is overkill. I remember when many were saying it would replace the dollar in a few years that was really overblown. For the lay person like me we will just stick to paper and plastic. Bitcoin will stay a novelty currency for the foreseeable future. My 2 cents.
 
There was already ways to hide your info when buying, such as prepaid debit cards and trading gift cards for services.
 
Having been into Bitcoin for more than 2 years now, I start to think that it's just not gonna work out as everyone anticipated in the beginning. Much like with everything that brings something new to the market, a 1.0 version eventually becomes just not good enough after a while. Sadly, we don't have any new crypto that is remotely close to BTC in terms of recognition. But then again who am I to judge - we shall see how it works out in the end.
 
Where is the problem, all major banks are searching an option on blockchain. We still mining other ALT coins (BTC not right now-profitability). Very slow are coming into this market all major players...and when big players come...jand take time that normal users use coins for buying goods...
 
Nothing wrong just evolution and slow tempo of adaption of bitcoins between people and merchants.
 
i think this is a good time to buy bitcoin and hold it for few weeks for a decent profit.
 
Bitcoin is at a stable price so don't get too greed induced as it could go up,continuously initiating a constant equilibrium upward motion.

It could always go down, but it doesn't look that way anytime soon.
 
Most merchants, especially the big ones, only accept bitcoin to immediately convert it to usd. It's nothing more than a payment method...they're not holding the bitcoins on speculation, or their corporation stands to risk losing a lot of money on their merchandise.

What does that mean? That means the more merchants that accept...means more coins being flooded onto the market each and every day. Which means price supression as purchasing demand needs to rise astronomically to meet the equilibrium as coins are dumped.
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Excellent point of view. Bringing this insight to the next bitcoin meetup most definitely.

The US dollar has been doing better from September to May of last year and I'm curious as to how that might be affecting the price of bitcoin as well.
 
Bitcoin's blockchain is growing exponentially and will one day get into terabytes or more, at that point the average person won't be able to even have a wallet on their computer (unless they want to devote a whole hard drive to it) and more online wallets will pop up. That will start to make bitcoin more centralized which defeats the only thing it has going for it which is that its decentralized.
Unless you're a day trader I think it's all down hill for bitcoin from now on.
 
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