Bitcoin Is Taking a Nosedive

Comments (24)

  1. Playak says:

    Yawn. How much opinion can one hide in a would-be objective article? Mixes negative misinformation with facts, e.g.: Mt. Gox is not an example of an exchange, it was one. Simply holding Bitcoins doesn’t necessarily mean it’s out there in the cloud, it might as well be on my local USB stick, or a piece of paper.


  2. Paul says:

    Your title is a bit misleading – Bitcoin is on a tear as of late. It’s up from that 286 to about 380? It’s headed north – could possibly touch $400 or maybe even $500 this week.


  3. Incredulous says:

    Wow – so many things about this article are wrong. I could start with the Mt. Gox reference, showing that the author has simply lifted the information directly from another out-of-date website, or the statement that “simply holding Bitcoins means your virtual wallet is in the cloud – susceptible to being hacked, stolen, accidentally deleted, or destroyed by viruses” which is just incorrect.


  4. CGC says:

    This article is pretty disconnected from reality right now and seems one sided. The positives of BTC seem to outweigh the negatives tenfold+.

    The ending is a little irresponsible; scare mongering even. BTC is a safer shared ledger versus cloud. Your coins are never “in the cloud” and you can safely just encrypt your wallet file on your local computer and tuck that away for the ability to safely access what you have anytime. Do some technical/real and community research before next one I’d say.


  5. Frankie Diaz says:

    “This lack of transparency drives the government crazy, as it has no authority over the Bitcoin market. The Internal Revenue Service is particularly perturbed about taxation, and the revenue they could otherwise collect in a regulated market.”

    I can’t believe you’re frickin’ rooting for the government and the Infernal Revenue Service. Especially for “taxation, and the revenue they could otherwise collect in a regulated market.” I know it’s a matter of opinions yet, please, aren’t we all rooting for a FREE MARKET?!?

    WHEN will you come right out and report that Taxation is Theft?

    Okay, so Bitcoin is behaving like a commodity. Well, so is gold, silver, platinum, palladium, heck even copper! And they were used in the Prehistory of The Fed (prior to 1913) as MONEY. You make it sound like a bad thing!


  6. nkr says:

    It is factually inaccurate to say that merely holding bitcoin means that it is vulnerable to “being hacked, stolen, accidentally deleted, or destroyed”. Securely storing the private keys required to send bitcoin make all of these impossible.


  7. Jerry says:

    It’s obvious when I read this hit piece that the author has no idea what they are talking about. Ignore the naysayers… They were predicting Bitcoin’s demise years ago.


  8. Jeff says:

    Storing bitcoin offline removes every risk you mentioned in the last paragraph!


  9. Chris says:

    Misinformed click bait. Lot’s of ad revenue with no research or thought. Scares people away from Bitcoin, which I happily buy up, cheap.

    Remember when you had to explain what email was in, like, 1989? That’s Bitcoin now. In 20 years Bitcoin will be so commonplace that everyone will know what it is and how to use it.


  10. Nick Sar says:

    SERIOUSLY? Judging from the title of this article alone, it’s obvious that you have a strong and rigid one-sided opinion about the matter, and your claims couldn’t be any less credible. Haven’t you even seen the price of BTC fluctuating from $260 to nearing $400 in the last week or so? It’s actually gradually recovering, and this upward trend is not what you called a “nosedive”. You mentioned about storing Bitcoin in the clouds and subject to it being at high risks for it to be stolen or deleted by hackers but you failed to mention about hacker-proof safeguards like cold storage and multi-sig technology. Either you are misinformed or again, your opinions tend to be very one directional and incredibly biased.


  11. ithinkerer says:

    It’s actually indistinguishable if you have 21 million BTC each divisible to 100 million, or if you have 1 BTC divisible to 2100 trillion. At the end of the day the number of unique transactional units is always 2100 trillion. However, the point of releasing the 2100 trillion units via a predictable function is to encourage mining in the beginning (i.e. verifying transactions). As the supply reaches its ultimate limit, the incentive of mining will predictably shift towards transaction fees.


  12. Edward says:

    Extremely pathetic attempt to scare people away to keep the price down for as much longer as they can, so they can still get a good deal on their buy-ins. “Bad” news always means good news.


  13. Smokin says:

    And there’s Neal FacePalmquist bashing bitcoin again. What does NCR pay you to do this? Neal, you sound like the ye old livery stable owner screaming that “automobiles will never work; they’re a fad”, while service stations pop up on every block.

    Talk about dumb. About as badly researched as this article.

    People need to come to terms that this neither a fad, bubble, or ‘tulips’. It’s called innovation. Deal with it.


  14. Dave says:

    Call me paranoid, but this article screams of someone’s agenda. Cash is anonymous and much more prevalent in illegal transactions. Getting tired of the same old propaganda. Bitcoin is here, and it is disruptive to the powers that be. Tough dookey.


  15. justin says:

    The supply of bitcoin IS finite, despite what your article says. There will only ever be 21 million bitcoins and not one more. Please correct that in your article.


    Commodities Editors

    Commodities Editors Reply:

    You are right, there are a limited amount of Bitcoins. The article has been corrected.


  16. Teddy says:

    People dealing with Dollars may be (probably are) dealing with dirty money too – don’t you think?


  17. The Guy says:

    Well said 🙂

    I agree that Bitcoin is a highly speculative investment. I also understand that it has a loyal community of supporters.

    It has value in the service of providing transactions. I could see it working well on a place like Amazon where people could make small international purchases and avoid paying heavy fees.

    When I see companies offering prices in Bitcoin, I will consider it a currency, until then, it is not a threat to paper money.


  18. Bribot says:

    There is a finite number of bitcoins that can ever exist. I think its 21 million or so.


  19. Jack says:

    Really Authory? You think dirty money isn’t in the stock market at large already? You gotta be kidding me. What about cash? Guess we ought to stop using that now?
    Bitcoin doesn’t commit crime, people do. Also did you bother to check any of the Bitcoin charts out there? Its going up, not down.


  20. SDC says:

    1) “since the currency can be untraceable, you may never know who you’re selling it to, or buying it from.”
    Really? How about that dollar in your pocket, where did that come from? Can you guarantee that it’s a ‘wholesome’ dollar, as opposed to one which has been used for illegal transactions? US Dollars are used for illegal transactions far more than bitcoin, I don’t see you imposing the same scrutiny on that.

    Also, when the DEA seizes drug money they don’t burn it, they use it for buying items because it’s fungible.

    Btw, the price drop was caused by one sell order for 30000 BTC. It quickly ate all the buy orders and eventually the price stabilized, once the order was filled. It’s that simple.


  21. Patrick says:

    If you mine Bitcoin, it’s not coming from dirty money. It’s clean money because it’s coming from your own calculations work. If you have a local wallet installed on your hard drive and encrypted with a key it can’t be stolen. So much disinformation, article partially true, but missing the juicy part of Bitcoin.


  22. jonathandoors says:

    Even if you don’t think it will work out (and become the universal global currency), Bitcoin is clearly the most interesting and potentially fundamental development in money since money began. It makes us reconsider what money is and how good our current versions of it are. (Actually not great, in lots of ways – notably the fact it simply is not available to half the world’s population, in ways they can use in the internet economy).

    But – factual gaffes aside – this article makes no attempt to understand or explain this crucial, fascinating and possibly civilisation-changing stuff. It goes for lazy innuendo, playing to everyone’s unthinking, ignorant, superficial reactions (similar to mine, when I was less ignorant than I am now). Google Andreas Bitcoin Canada if you want to actually begin understand this and make your own mind up.


  23. Gavin says:

    Actually the fully mined POS coins are what will take Bitcoin’s place, as they are greener, and from what I gather, more secure. The fact that so much power is consumed in order to mine these coins should in itself be a condemnation. Fully mined POS coins that are open, transparent, and user friendly for non-tech savvy consumers are what will take Bitcoin’s place.

    Consumer adoption is key. All the hype about Bitcoin itself is mainly driven by those miners hoarding large amounts of the coin, wanting to sell at a crazy future price.


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