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    Author Topic: Why I don't think Bitcoin is Dead, and what it will take to keep it Alive  (Read 1766 times)
    johnniewalker (OP)
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    April 16, 2013, 09:53:09 PM
     #1

    I have read other people's reviews, gained a lot of insight, and too feel that bitcoins aren't dead. I'll tell you why.
    Its no coincidence that that same [dreadful] night bitcoins dropped almost $100, while gold and silver dropped considerably, too. I can't even buy silver at my local coin store-they're out of stock because everyone bought, because the markets are so low.
    Thus, the reason for this drop is artificial. Its a result of the acting of only a few [very powerful] agents. Its the only thing that makes sense.

    There was no consensus as to what caused the sudden rise in bitcoins, prior to their drop. Although, debate was minimal (why ask questions if you're getting money thrown at you?). I believe that the aforementioned agents brought about the sharp rise in prices. It was essentially a HUGE pump and dump.

    Now we are left with what I believe is a true market (no big players running any schemes). Bitcoins were just gaining publicity, and still are. I am actually somewhat thankful for the prices at the moment, as it may compel more people to buy into BTC. As far as the ease of buying bitcoins-where there is an opportunity to make money, it will be ceased. I am hopeful that someone will come up with a simple way to purchase bitcoins with a credit/debit card. This will make it even easier for new people to get into BTC.

    I believe the intrinsic value of bitcoins is their utility, and that their utility is great enough to ensure their survival. By utility I mean ability to send funds anonymously, avoid taxes, etc.

    Finally, the infrastructure already exists. There are a number of bitcoin exchanges and services, and what do you think they'll do-just disappear? What I think needs to happen is that Bitcoin needs to become more user-friendly. I guess by that I mean "n00b" friendly. I believe other people realize this, and will capitalize on it as there is money to be made.

    Thus, I do believe bitcoins will survive. But I think they will [and must] undergo a major renovation, as they turn into a more  user-friendly form of P2P currency. THAT is the key to their survival.


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