Mike Adams: Bitcoin has failed

[itshappening]

http://www.youtube.com/watch?v=OIEZE6gIWWw

 

[RickyJ]

I don't think it has failed, it is the incompetence of the exchange providers to protect and keep their servers up.

 

[Carehn]

Bitcoin is the end all save all.
Bitcoin has failed.
Bitcoin up a kadrillion %.
Bitcoin has crashed.
Bitcoin Is to unstable to be a currency. Why? Because I'm not about to be holding that hot potato. And I'm the average guy.

 

[Natural Citizen]

I don't think it has failed, it is the incompetence of the exchange providers to protect and keep their servers up.

Or maybe the 1% maneuvering into the .01 percentile?

 

[Petar]

Give it time....

Bitcoin will go up even higher, and then it will crash again... up even higher, and then crash again... that is what I see as the overall pattern regarding bitcoins.

 

[Carehn]

Give it time....

Bitcoin will go up even higher, and then it will crash again... up even higher, and then crash again... that is what I see as the overall pattern regarding bitcoins.

Does that sound like a money you want to be paid in?

 

[RickyJ]

Does that sound like a money you want to be paid in?

I don't want it myself, but it does beat the US dollar which only goes down with time.

 

[Petar]

Does that sound like a money you want to be paid in?

To some extent, yes, very much so.

Also, I think that as bitcoin finds its place in the market more and more, it will become less and less susceptible to crashes.

 

[Carehn]

I don't want it myself, but it does beat the US dollar which only goes down with time.

I dont think it does and here is why
1. You will never be able to pay your taxes with it.
2. If it ever does start to compete the state will crush it. Smash shops who take it. Make it illegal even.
3. It has no other use outside of trade. This is the killer.
4. I'm willing to bet it can be hacked (counterfeited).
5. It is unstable as fuck!
6. You are about to see a thousand knockoffs identical to bitcoin but by a different name. (MARK MY WORDS)

 

[RickyJ]

I dont think it does and here is why
1. You will never be able to pay your taxes with it.
2. If it ever does start to compete the state will crush it. Smash shops who take it. Make it illegal even.
3. It has no other use outside of trade. This is the killer.
4. I'm willing to bet it can be hacked (counterfeited).
5. It is unstable as fuck!
6. You are about to see a thousand knockoffs identical to bitcoin but by a different name. (MARK MY WORDS)

This also applies to other currencies as well, your bank account can be hacked, digital dollars can be hacked. I don't even see bitcoin as a currency right now, it is more like a stock, so I wouldn't want to be paid in it. I don't want to be paid in dollars either, I want gold, silver, ammo and guns as payment.

 

[Tod]

This kind of highlights how the internet allows for extremely rapid fluctuations in value, which will no doubt bother a lot of ordinary people. This is something I had not considered before tonight. It would seem that one of the important features of a good currency is stability.

 

[Carehn]

This also applies to other currencies as well, your bank account can be hacked, digital dollars can be hacked. I don't even see bitcoin as a currency right now, it is more like a stock, so I wouldn't want to be paid in it. I don't want to be paid in dollars either, I want gold, silver, ammo and guns as payment.

Like you said. It doesn't apply to my silver or lead. It doesn't apply to my land or food stock or gas. It doesn't even apply to my good name (credit). Sadly, like it does paper money, all these things do apply to bitcoin.

 

[devil21]

Give it time....

Bitcoin will go up even higher, and then it will crash again... up even higher, and then crash again... that is what I see as the overall pattern regarding bitcoins.

Sounds like most every market I guess. Is inflation a natural law? Probably for another thread.

 

[itshappening]

He's right though. Bitcoin is fundamentally flawed.

Do you really want to put over $10k in bitcoin because you can't take that much over the border or travel with it or whatever? I mean let's get real here. And merchants are not going to put up with something that is going to fluctuate so wildly.

All of this is BEFORE the Feds and Chuck Schumer starts targeting it with sanctions.

Bitcoin is dead. Long live gold and silver.

 

[ronpaulfollower999]

Bitcoin is dead. Long live gold and silver.

 

[LibertyRevolution]

 

[muh_roads]

He's right though. Bitcoin is fundamentally flawed.

Gox is the flaw. They will adapt or someone else will do their job better.

Do you really want to put over $10k in bitcoin because you can't take that much over the border or travel with it or whatever?

It is still the best option to secretly move money, yes.

And merchants are not going to put up with something that is going to fluctuate so wildly.

I think the opposite will happen as the economy keeps getting shittier. Merchant fees will keep rising. Never thought I'd see a board hate BTC so much that they would rather embrace digital FRN's...lol

All of this is BEFORE the Feds and Chuck Schumer starts targeting it with sanctions.

Yes sanctions sure prevented Iranians from using it didn't they?
http://www.businessweek.com/articles/2012-11-29/dollar-less-iranians-discover-virtual-currency

Bitcoin is dead.

$70 is not dead...lol After all of the shit that has been going on it is more than double the 2011 high. We are still in the beginning stages.

Long live gold and silver.

You sound threatened for some reason? Why do you act as if a decentralized payment processor is competing with metals? It is for ATTAINING metals when you relocate. Or attaining whatever you want. Expatriating is going to keep rising.

Amazing to see so many people fight against their own interests. Lots of non-technical people around here. The problem with the FUD movement is that they think there won't be a tomorrow and therefore can only see what is in the moment.

 

[PaulConventionWV]

Gold and silver are crashing. SELL SELL SELL!

 

[TheTexan]

it may take a decade or more to stabilize and be widely used, but no it aint dead

 

[talkingpointes]

Does that sound like a money you want to be paid in?

Well if it means losing value, yet if I was paid from the beginning it still has me up 100000% then yes.