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The Price of Bitcoin is Down, The Price of Bitcoin is Down and the Price of Bitcoin is Down – Video

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The Price of Bitcoin is Down, The Price of Bitcoin is Down and the Price of Bitcoin is Down
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The Price of Bitcoin is Down, The Price of Bitcoin is Down and the Price of Bitcoin is Down - Video

The Price of Bitcoin Doesn’t Matter Right Now | WIRED

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The price of Bitcoin has taken bit of a dive over the last couple of days, shedding over 20 percent of its value in the last 24 hours. The sell-off, like other sell-offs and rallies before it, draws a lot of attention and questions about what it means for the future of the technology. Heres why I dont focus on price much.

Bitcoin is best thought of as a 5- to 10-year project, and were at the very early stages. An (admittedly imperfect) analogy is the early Web.

Like the early Web, Bitcoin is an open platform that no one owns, and on top of which anyone can build without having to get anyone elses permission. And just like the early Web, success requires investors, entrepreneurs, and developers to build out the infrastructure and applications that will make it useful to average users.

The World Wide Web was conceived by Tim Berners-Lee; he published a paper proposing it in March of 1989. The following year he worked to implement the idea in code, making the first website in December of 1990. The first popular Web browser didnt come until 1993 when Marc Andreessen and the team at the National Center for Supercomputing Applications released Mosaic. The following year Andreessen started Netscape and released the Netscape Navigator browser in 1994.

Those of us old enough to remember using Navigator to browse the Web over a Winsock connection on a 56k baud modem can attest that it was not the amazing experience we take for granted today. In fact, if you couldnt see that the technology would evolve, you would have concluded that it was practically useless. For one thing, there was no easy way to find things on the Web. Well, we didnt get Google until 1998.

Google is now the most visited website on the planet. Second to it is Facebook, and for many people the Web is virtually synonymous with social networking. Yet Facebook was not founded until 2004a full 14 years after the Web was first conceived.

So heres the parallel: Bitcoin was conceived by Satoshi Nakamoto and proposed in a paper published in 2008. He worked on implementing the idea into code, mining the first block of the blockchain in January of 2009. So, if we take the Web as a parallel, were at the stage in Bitcoin were we would hope to see a Mosaic level development, not a Facebook.

In other words, its early days. The Googles and Facebooks of Bitcointhe killer apps that will make the technology indispensable for ordinary usersmay not come for another 5 years.

Unlike the early Web, though, Bitcoin has a price ticker people look at daily, and so they wring their hands. Every dip and spike in the price gets a lot of attention and spells either doom or irrational exuberance. But as Marc Andreessen has pointed out, the price of domain names didnt determine the usefulness of the Internet.

With a longer time horizon in mind, you can put the short-term drops and rallies in price of Bitcoin in perspective. So dont worry so much.

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The Price of Bitcoin Doesn't Matter Right Now | WIRED

Bitcoin fell below $200. Will it ever rebound?

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NEW YORK (CNNMoney)

Bitcoin lost more than 60% of its value last year. The digital currency has already plunged another 30% in the first few days of 2015 -- and that includes a 30% rebound on Thursday!

The price of Bitcoin (XBT) briefly fell below $200 on Wednesday, an important psychological barrier, before bouncing back.

According to Bitcoin news site Coindesk, it is not profitable for people to process transactions or mine for Bitcoins when the price falls below $200. "Mining" is the term used to describe the complex math puzzles solved by computer networks in exchange for new Bitcoins.

So what's next for Bitcoin? There is an intense debate about its future.

Bitcoin was a bubble that has burst. Jeffrey Gundlach, head of influential investment firm DoubleLine, is firmly in the Bitcoin bear camp. In a webcast on Tuesday, Gundlach declared that Bitcoin is "on its way to being relegated to the ash heap of digital currencies."

Those comments may be one of the reasons why Bitcoin plunged on Wednesday.

But is it fair to focus on Bitcoin's price as a measure of failure or success? This is a currency after all.

Related: Bitcoin was one of the tech failures of 2014

The problem is that some fans of Bitcoin seem to think that it is also something that could be a good investment.

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Bitcoin fell below $200. Will it ever rebound?

Will Bitcoin ever rebound?

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NEW YORK (CNNMoney)

Bitcoin lost more than 60% of its value last year. The digital currency has already plunged another 30% in the first few days of 2015 -- and that includes a 30% rebound on Thursday!

The price of Bitcoin (XBT) briefly fell below $200 on Wednesday, an important psychological barrier, before bouncing back.

According to Bitcoin news site Coindesk, it is not profitable for people to process transactions or mine for Bitcoins when the price falls below $200. "Mining" is the term used to describe the complex math puzzles solved by computer networks in exchange for new Bitcoins.

So what's next for Bitcoin? There is an intense debate about its future.

Bitcoin was a bubble that has burst. Jeffrey Gundlach, head of influential investment firm DoubleLine, is firmly in the Bitcoin bear camp. In a webcast on Tuesday, Gundlach declared that Bitcoin is "on its way to being relegated to the ash heap of digital currencies."

Those comments may be one of the reasons why Bitcoin plunged on Wednesday.

But is it fair to focus on Bitcoin's price as a measure of failure or success? This is a currency after all.

Related: Bitcoin was one of the tech failures of 2014

The problem is that some fans of Bitcoin seem to think that it is also something that could be a good investment.

Original post:

Will Bitcoin ever rebound?

Bitcoin Price Freefall Has Its Startups Suspending Operations

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The price of bitcoin continued to evaporate this week, stumbling downwards to new lows it hadnt seen since 2013. Proponents say that price is not its ultimate value as an anonymous cryptocurrency, but bitcoin companies are struggling all the same.

Bitcoins price recovered on Thursday after falling to a 15-month low of $173.06 the day before, but have so far has failed to reach $200, according to CoinBase. Bitcoins latest price change is part of a downward trend that began when it reached a peak of $1,147.25 in Dec. 2013.

The price of bitcoin is in a bubble just like real estate in 2007 and gold in 2002, and will continue to fall at least until it hits around $150, the last period of relative stability, according to Martin Tillier. The market analyst said in a NASDAQblog postthat the bubble that began in 2013 has begun to pop, but if bitcoin falls further than $140, then a case could be made that the real, underlying value of BTC was questionable before the jump.

Startups based on bitcoin are feeling the heat. Bitcoin miners are computers that compete to be the first to find solutions to complex algorithms. If they break the code first, they are rewarded with 25 bitcoins, still worth thousands of dollars. The cost of running enormous computer rigs and paying to power them has some bitcoin mining companies ceasing operations.

One bitcoin exchange, CEX.ioannounced Mondaya temporary shutdown of mining operations, when its price was still above $260. CoinTerra, a bitcoin mining company operating out of Austin, Texas, is being sued in Utah by a data center operator that claims it owed $1.4 million in back payments. CoinTerra said it would countersue the data center operator, C7, and fight the suit in court.

At the end of the day, what will be determinative of Bitcoin being a success or failure is going to be whether people are using it, Patrick Murck, executive director of the Bitcoin Foundation, told theNew York Times. The day-to-day stuff with the price is kind of a side show.

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Bitcoin Price Freefall Has Its Startups Suspending Operations

Bitcoin keeps falling Wednesday

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The exchange ultimately resumed services after admitting that about $5 million worth of bitcoins had been stolen. O'Connor said the development may have spooked some cryptocurrency speculators, as Bitstamp had a reputation as one of the more professional outfits in the bitcoin community.

"I would imagine they were inundated with requests for withdrawal on Friday," he said.

Read MoreBitcoin breaks another key level

Another factor weighing on the cryptocurrency is that Russia is beginning to ban bitcoin-related websites, "Fast Money" trader Brian Kelly pointed out in a blog post.

Still, the selling that continued into Wednesday may also be part of a vicious cycle, as some have theorized on the influential Reddit bitcoin forum. In other words, the low prices may be forcing volunteers who "mine" new bitcoins to cut their losses. If the price falls below the electricity and hardware costs of "mining" bitcoinsa process that involves solving highly complex mathematical algorithmsthen the enterprise becomes unprofitable, and some miners will be forced to sell their holdings and give up.

That said, bitcoin's death has been predicted many times (one site has counted 29 obituaries), and some predict that the technology behind the system could live well beyond the currency it now supports.

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Bitcoin keeps falling Wednesday

The Price of Bitcoin Doesnt Matter Right Now

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The price of Bitcoin has taken bit of a dive over the last couple of days, shedding over 20 percent of its value in the last 24 hours. The sell-off, like other sell-offs and rallies before it, draws a lot of attention and questions about what it means for the future of the technology. Heres why I dont focus on price much.

Bitcoin is best thought of as a 5- to 10-year project, and were at the very early stages. An (admittedly imperfect) analogy is the early Web.

Like the early Web, Bitcoin is an open platform that no one owns, and on top of which anyone can build without having to get anyone elses permission. And just like the early Web, success requires investors, entrepreneurs, and developers to build out the infrastructure and applications that will make it useful to average users.

The World Wide Web was conceived by Tim Berners-Lee; he published a paper proposing it in March of 1989. The following year he worked to implement the idea in code, making the first website in December of 1990. The first popular Web browser didnt come until 1993 when Marc Andreessen and the team at the National Center for Supercomputing Applications released Mosaic. The following year Andreessen started Netscape and released the Netscape Navigator browser in 1994.

Those of us old enough to remember using Navigator to browse the Web over a Winsock connection on a 56k baud modem can attest that it was not the amazing experience we take for granted today. In fact, if you couldnt see that the technology would evolve, you would have concluded that it was practically useless. For one thing, there was no easy way to find things on the Web. Well, we didnt get Google until 1998.

Google is now the most visited website on the planet. Second to it is Facebook, and for many people the Web is virtually synonymous with social networking. Yet Facebook was not founded until 2004a full 14 years after the Web was first conceived.

So heres the parallel: Bitcoin was conceived by Satoshi Nakamoto and proposed in a paper published in 2008. He worked on implementing the idea into code, mining the first block of the blockchain in January of 2009. So, if we take the Web as a parallel, were at the stage in Bitcoin were we would hope to see a Mosaic level development, not a Facebook.

In other words, its early days. The Googles and Facebooks of Bitcointhe killer apps that will make the technology indispensable for ordinary usersmay not come for another 5 years.

Unlike the early Web, though, Bitcoin has a price ticker people look at daily, and so they wring their hands. Every dip and spike in the price gets a lot of attention and spells either doom or irrational exuberance. But as Marc Andreessen has pointed out, the price of domain names didnt determine the usefulness of the Internet.

With a longer time horizon in mind, you can put the short-term drops and rallies in price of Bitcoin in perspective. So dont worry so much.

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The Price of Bitcoin Doesnt Matter Right Now


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