Bitcoin Forum

I'd happily buy 100,000 BTC for $8.00, so that's the way I voted.

That said, I won't be buying any more BTC for until the rate get's below $2.00/BTC.  That was my plan when I made my last acquisition (in the near $2.00/BTC range) and has not changed.  What has changed is that I don't keep a store of fiat entrusted to an exchange in order to make the next purchase since I don't see the rate I want as being eminent, and if we do get a sudden down-spike to those levels I may wish to re-evaluate since it may indicate a problem with the Bitcoin solution itself.

None, i'll just patiently wait till they drop under 3 or 2 usd... expecting that to happen before the halving of the reward.

OVER 9000

I'd rather buy at 13.

If it goes to 8 it will go to 5 but if it goes to 13 it will go to 21.

The superior efficiency of asic mining will yield differences in btc price (at first, for a couple/few months) when accounting for the reward halving, but the capacity of the electrical efficiency will surely promote a net increase the value of btc.

You think the price is going to drop to 2-3 before December??? That would be something.

I would buy BTC2000 at $8. Saying "will" implies that a drop to $8 is certain to happen at some point in the future. Why so pessimistic?

A temporary drop would be optimistic from a buyer's point of view. But if I were bearish about Bitcoin's longer-term prospects I wouldn't have put down a single satoshi on any mining equipment. :)

What if the value of the $ goes up and the price of bitcoin goes down??   ;D

What if the value of bitcoin gose up and the price gose down??  ;D

BUY BUY BUY

all pay attention please
we now know that adamstgbit's bitcoins average value is around 8USD...  :P

Or he is at least planning on making a buy there.

I am in @ $6, - 0 is missing from the pole

+1 for the missing option
I'd only buy at $6 if it dropped to $5 and started back up.

At $8, I'm holding out for a lower price.

A crash in price could benefit early ASIC adopters in the short term by slowing sales of ASIC devices.  So there is incentive to make that happen.

Been there, done that... Let's move up  :D

 None. SELL, SELL, SELL!  ;D

Interesting.

But how can one (or more) make that happen?

I'm interested on an estimation of the volume required for such a trade.

buy fiat

None, order did not get filled ;(

Oh adam. Caught out short AGAIN?

You'd need about $1.3M to push the price down to $3.00 or $1.5M to take it to $2.00

(or less, if you believe that more people will remove their bids then add new asks during a sudden crash)

ftfy. confusing, right?

I like it though.

None for $8.00 / BTC. But if it dropped to something ridiculous like $1.00 / BTC or lower I would probably buy as many as possible to sit on.  8)

I'm pretty sure that >90% of the people that say stuff like: "if it dropped to $1 I'd buy shitloads" would not even read the forum any more should that happen. Plus: They would've shouted: "Oh my god, Bitcoin is dead because of <insert huge fuckup and bad press/>" all the way down.

Bitcoin will appear dead - it may even actually be dead until the next cycle.  The problem here is that there may not be a next cycle.  This is just part of the affect of an unregulated system - cycles.  There is no one here that will defend BTC, ie act as a buyer of last resort.  This is a pure market function.  Price stability plays no role in pure capitalism.

Most folks would rather have a stable currency rather than one that swings for the fences.  For Bitcoin to grow beyond it's current purpose and stop being a vehicle for speculation, it needs to be a virtual currency that can store value over the long term.  This depends on uptake by common folk - not crusaders, not criminals, not technical gurus.  Otherwise, it's only economic contribution will continue to be a way to transmit value for folks who don't like traditional transfers or can't use traditional transfers - which is a very niche market - realistically this is a no or little growth area.  In other words, common folk will only hold it for a short-time, days, ie buy some BTC, trade BTC for goods or services, but never store it for the fear of loosing value.  In that case, it will continue to swing due to un-smoothed demand and availability.  The growth of available BTC is a fix daily amount if we disregard BTC traders/speculators - BTC is not elastic.  There is no entity that can add or absorb liquidity to stabilize the value of BTC.  If common folk believe that BTC is a stable store of value, they will hold it.

As for the original question, none at 8.  It's an imperfect question.  Really this question fundamentally assumes that it will go above 8 again, that may not be true.  Personally I believe, it has much further to fall than 8, and once it falls thru 6.1, it may not see 5.8 until the next cycle.   If I was seriously concerned about people losing money, I would advise folks to do a technical analysis and look at the chart and figure out the most likely support/resistance level...which to me means around 6.1-5.8 (it's a moving target).  However, that doesn't mean it won't move lower, so I would further advise folks to keep a reserve in order to double down at the next resistance level.  But I would also be wary of external affects, such changes to MtGox.  Or the declaration by the US or UK that bitcoin is persona non grata.  

I believe that BTC/USD is in a super down trend right now, and all technical indicators will be late indicators.

Niche market? Ever heard of System D?

Perhaps you're the new Nagle.

For now, bitcoin is merely a commodity. One subject to speculation, obviously. Its monetary value is much lower (about 0.25 BTC/USD as I've recently guesstimated). To view it as a money "running an economy" at this point and discuss about it as if it was a established money is inadequate.

I'm not sure you are doing that (talking about bitcoin as a money). Are you? Because it sounds to me a bit like you are defending a regulated fiat currency system (government regulates economy). But that might be some kind of bias on my part.

Either way, maybe you can be a bit more clear on what you're talking about in the quoted paragraph.. I'd love to discuss.

I almost forgot about that... thanks for the reminder (although I was not the recipient of the question).

For some reason this also brings to my mind the book "A lodging of wayfaring men" by Paul Rosenberg (free ebook (http://www.freedomsphoenix.com/Article/059017-2009-10-06-free-e-book-a-lodging-of-wayfaring-men.htm)), a great read I can recommend.

And what if the real Nagle returns?

From an economics point of view, I think of bitcoin as a store of work based on the fact it takes a finite amount of electricity and computational power to generate bitcoins.  So, in this way bitcoins are a form of money, ie a store of value.  However, bitcoins don't behave the same.  I believe since there is no central authority, which has an interest in defending price stability.  Because of this lack of defense against pure speculation, it acts like a commodity on the open market.  Which means wild swings that speculators use to their benefit. Now, from a purely legal regulated outlook, I suppose until some countries legal system declares otherwise, I think of bitcoins as a commodity rather than a form of money or currency.

Actually I am defending regulated fiat currencies, in so much as they provide stability and can make it unprofitable for speculators by overwhelming them.  I am not defending fiat currencies in the way they created a bureaucratic mess and their current method of monetizing debts.  However, the side affect of price stability right now is monetizing debts, so go figure, in a way I guess I am even defending that right now...

I am treating bitcion as nothing more than another payment system, although with some very interesting features.

My real point is that if people want a "economy" in bitcoin that works with bitcoin as something more than just a way to move between fiat currencies, price stability is a must.

Price of what?  Well that's a good question, right now for me, its the price of USD in BTC.  I can't seem to spend BTC on anything useful to me right now, so on it's own it's a useless store of value to me personally.  Without an BTC "economy" it doesn't make sense to hold bitcoins for non-speculators.  In a way, just holding onto bitcoins longer than a day makes one a speculator.  I don't see any benefit to holding bitcoins.  Bitcoins are not very usable for most peoples needs, ie rent, fuel, electricity - YET.  But that's the point, that yet will be pretty far out, and may never occur.  It's a huge risk to hold onto bitcoins for the future yet moment.

I am sure someone can point to a few cases where bitcoins are accepted, but these are the marketers/evangelicals of bitcoin.  At this point, t's really like the fabled SMS coke machine, it keeps being talked about year after year, but never gets any traction, from Finland to New York http://www.mobilemarketer.com/cms/news/commerce/10231.html

Nagle - I have no Idea what this refers to...

No, I had not heard of System D. My question, is do you think of System D as something beyond a local barter system?  I am making a few assumptions here, so feel free to correct me.

all of them

The only time I bought BTC it was at 20 USD, and then they crashed to 2 USD. Pray that I don't buy again.

Buy here at $10 please, so we can go back to $1 lol

The poll is statistically incorrect. It should cover all possible options, yet is missing the None option.

technically, there should also be: -10, -100, -1000,....

(I tend to sell the lows)

:D

The poll does state "buy" in the title though ...

Right... and to buy -10 btc is the same as to sell 10 btc.

I believe in BTC, and this instability does not matter to me, I compete it. I do not try to predict the future price of BTC.

On BTC drop I buy for ( x USD ) for every Cent the BTC value drops. My max. investment at this time could be ( 1050 Ct * x USD/Ct ).

On BTC rise I do sell my gainings.

Timing is medium at least this way, waiting on larger price jumps enhances my timing.

This way I cannot loose money on the long run, and I anticipate the oscillations, this stabilizing the price.

As I cannot be sure that BTC will withstand attacks forever, it's only a small part of my property, below 10%.

Think pretty similarly, though not quite as technical. I would love to see those kinds of prices, though.

Depends on how many you are willing to sell me...

The first person who wants to sell at $8usd... contact me first, please.

If it drops below $10 again we will be lucky, and I will be buying.

Now it's 11+ again

I wonder if we are going to see a steady increase in price now because of the reward change fixing to happen?

You mean you just learned about the block reward halving? We all knew about it 6 months ago on the rise from 5 to 15, where were you?  ::)

pretty much the only reason i got into bitcoin was because of the reward halving every 4 years  :D

.... its priced in trust me, just sell your mined coins