Bitcoin Forum

Wow, the price has been sinking fast lately. I just checked and it was down to just 15.6, I sold just a few weeks ago at 31.2, it looks like we will be seeing single digits soon!

Of course, I am talking about the price of a USD in mBTC.

Edit: updated title with current price. 2013-04-09

Yup, we got to single digits :)

Edit (2013-04-22): Changed the title to show lowest price.

Edit (2013-11-07): New low price reached, 3.09.

Edit (2013-11-21): The price keeps dropping, it is hard to keep track of where it is at.

lol.
Good played.

 ;D

Perhaps it will go to 2, like BTCUSD did ;)

Hah! Nice.

Once enough people make that mental shift and start buying and selling completely in mBTC... wow.

I need a seat belt.

You think it will reverse when we hit 2, or will it just keep going down?

Down to 13.7 now, those single digits are looking closer and closer.

 I would love to buy some more coin back then...

back yesterday?

This is a devastating crash. I don't see a floor anywhere in site. USDBTC almost down to .013 now.

Oh god, now it's down to -$0.40. That means I owe 40 cents for each coin I own.  :'(

There will always be people looking back at the wonderful times of yesterday, wishing, just wishing.

Hey, we are having a serious discussion here, no need to insert made up data!

Nice try , bears.

I've been outed. I've been bearish on USD since I first learned about the fed's magic printing press.

 We are playing the summer 2011 events in this theater...

Oh I see. There was fine print. Real funny.

Tired of the scare posts. You are ignored.

No, it's current events just from a different perspective.

No, in Summer of 2011 the price never went below about 32 before climbing back up to 500 (in Nov 2011).

At this moment one bitcoin is worth only 2.6












...troy ounces of silver.

10 has never been breached before, should offer a massive support.

My gut tells me that we will go to 3.5'ish after which the selloff abates, following by a dead cat bounce to about 8. That will be a brilliant selling opportunity. (Of course now is even better)

The price will settle at it's true value before the Bitcoin fear driven spike.  (About where it was trading before the spike).

The spike was never driven by fundamentals... only by fear.

OMG, USD COMES BACK!! :o A rally to 14.4, with a volume of 150000, BUY! BUY! BUY!

Down we go some more, we hit 10.5 today. Those single digits are just calling to us, who wants to push the price down that last little bit?

I think the buyers will take the opportunity to buy at this stage. We could see a mini-runup to about 11-12 during the weekend, even higher, as the sellers cannot easily respond due to the bank holiday.

Smashing the supposed support of 10 for good, will not take more than 1-2 weeks, imo. It will offer an ultimate resistance to the price during any subsequent dead cat bounces later down the road.

Looking at the past few price changes, I think we might see a spike back to 13 just before the price drops below 10.

I am gonna panic sell this "dead cat bounce".

The cold-blooded panic selling is always a prudent choice of action in this market. I would say the rally stalls at 12 maximum though. I have sells spread out in the range of 11-12 based on this idea.

See that? Do you see that? The price just spiked up to 13.3, just like I said it would! Am I amazing or what?

Yeah, you are so amazing. Although it was particular to the big one. In other exchanges 13 wasn't breached, and it didn't give support anyway. Now we are back to 11, because the cold-blooded panic sellers have again taken the upper ground. My asks were filled and I am happy.

I guess since it did not yet drop below 10 my prediction was only half correct.  :-\

It will certainly not drop below 10 before next week. The buyers are strongly in control, as the bank holiday hinders the delivery of merchandise to the exchanges. When the influx of dollars to be sold resumes on Tuesday, we will see some serious action to the downside. I don't think 10 will hold for long. In general, I see that the only thing that hinders the crash from accelerating, is the inability of the exchanges to clear enough dollars to be sold.

You know what? This is probably the only long-term serious analysis thread on this subforum right now. :D

Down into single digits now, just hit 9.97.

We haven't seen the bottom.

We leveled off for a few days at about 20, then the Cyprus news hit and we dipped down to where it is now, about 10. I suspect we will we the price stay level between about 9 and 11 for a few days or weeks unless another major news hits.

The prediction was too conservative, it seems that the sellers are in charge now..

So the psychological barrier has been breached.

I've been following another price, EUR/mBTC, closely and expect it to follow suit in the near future (currently at 12.21). I'm not sure if it will be as big news as this one, though.

And this is why I do not think there is as much to the whole "psychological barrier" argument as people believe there is. While the USD is hitting a nice round number like 10 mB, the EUR is at a non-round 12.2 mB. Each local currency will have their own points of round numbers, and so the market will just ignore silly things like numbers.

Even though people make a big deal about the price going under 10, or when the price of an ounce of silver was 1000 mB, or when a gram of gold was 1000 mB, I do not think those points are so notable for the overall market. What will be notable is when the monetary base of bitcoins is the same as the monetary base of silver, or gold.

Looking back, we have come a long way from when somebody paid 10000000 mB for two pizzas. Now those two pizzas would be about 200 mB or so.

Now the price has continued sinking down to 4.25, it does not show any signs of slowing down.

Units???

We are quoting the price of 1 USD (or anything else) in milliBitcoins (mBTC = BTC0.001). For this change of viewpoint, we are able to turn everything upside down, and that is fun.

**//**

I am afraid the fall will continue until we get uncomfortably close to 1. When we start to approach it, say, at 1.5-1.3 or so, there will be increased buying pressure that will rock the boat. I think 1 will not be breached, technically that would be a bold prediction. I think that the parity will continue to offer support until this autumn, at least. (I am rather disappointed that 10 did not offer any support at all :( )

As nothing seems to stop the fall, that is exactly what I will predict to happen: the fall will turn jittery and a sucker rally will commence from the level between 1.3-1.5. That will go all the way to 2.5-3, followed by a plateau which will provide a good exit point for many wealthy individuals and organisations, and a buyback point for those that successfully exited a while ago, since many of the goods they are willing to acquire are still priced in US dollars and have become surprisingly affordable due to the crash in the exchange rate.

Im guessing it will fall to < 1mBTC this month :D

I thought the units for this thread were clearly layed out in the first post.


You can still get a cheeseburger at McDonald's for one, so I don't think the price can go all the way to zero unless something big changes.

Prophetic.

I think the probability for a sucker rally increases as we cross 2.

I heard that some large sellers and shorters are entering the market, over the last year the mining output of USD has significantly increased, needless to say the banksters who borrow their customers' money on speculation of a rapid USD price fall.

Looks like the price is stabilizing at about 8.1 or so. I predict this is like a repeat of last summer, we will have generally stable price for a while, perhaps with a gentle rise and fall, and in a few months the price will start moving down again.

 ;D

If you expect the "rally" to be like 2011, remember that it is 30x fast forward now. The top was 5 days instead of 5 months, and we will smash the ATL about May 2nd  ;)

It is crashing  :-\ We are almost at 5, and as a large holder of USD this troubles me.

what did you just smoke?

Read OP. Don't miss the fine print, please.

tz.

i tought about that, but calculated 0.005 and so dropped the idea. so its m* ... lol

Depends on where you look. MtGox went down to 5.1 but Bitstamp is still up over 5.8. But either way, the price is definitely going down. We may have a new low soon; if you look at something like a weekly average for the price, we are already down below what it was back in April (the low of about 3.8 was touched only briefly before the price jumped back to 20 on the way to settling at about 7 for the past couple months).

It doesn't help the exchange rate that the printers just got the green light to flood the market for the next four months without any limit. The American representatives just gave a blank check to the banksters, that move will come back to bite them and the people they represent, and the price dropping is just one of the many effects we will see. Now would be a good time to sell if you are holding any significant quantities.

Hey, that looks like it worked out pretty much as I predicted :)

I don't understand what are you guys trying to say, other alt coin?

Maybe you missed the third line in the OP.

I guess you could call USD an alt coin, but I don't think it even deserves that level of respect.

LMAO! Yes, even the likes of ADT, BUK or TIX, say, have more real value than Plunder Woman's greenbacks. ;D

And now we are down to 4.6, this drop is still going. Anybody want to guess where we will hit a bottom? I think it would be reasonable to get down to 3 or even 2 before the market stabilizes again. Anybody think we are going below 1 before the end of the year?




[Note to Moderators:] Despite this message being deleted (I am not sure why?) I am reposting it. Please read the thread carefully before deleting this post. I do not feel that this tread is any worse than the many other threads analyzing the price in this subforum.

I know exactly one person who believes in the accelerated crash and breach of 1 this year, and it is not even me. To add some credibility, he is the one who introduced bitcoin to me in 2010.

My take on the matter is that dollar reaches an interim bottom of 0.5 next april but I cannot make myself to believe in large action this year. Something between 3 and 2 would be a safe bet.

We still have over two months left in 2013. If the price starts dropping parabolically, it could over-correct and shoot below 1 very quickly. I do not think the rate will stay below 1, I suspect we will see the next leveling off somewhere between  3 and 5.

Price has dropped down to 3.09, it has gone down fast the past day! Anybody want to guess at a bottom before the price comes back up?

A discussion over on the Wall Observer BTC/USD thread is when to start to discuss BTC/USD prices in terms of mBTC.

So a similar question here is when to switch to using USD / µBTC.  :D

The US cent is now down to under 3200 satoshis, and I think it might go under 3000 this week. A big question, when will we see tripple digits for the first time?

They are talking more and more about getting rid of the US penny because a cent is nothing now.

We are talking more and more about shifting to using pennies and micro pennies.

What does this tell you?

Reliable sources estimate anything between 1 to 8 months.

I have lost a good deal of my net worth these past few weeks due to these market movements. Deeply concerned - will USD continue to drop? I am sad to say USD represents a large minority of my portfolio.

Perhaps USD money masters should take some corrective action.. If this kind of drop continues, nobody can soon trust fiat to keep its value!!

Over the past couple weeks the price plummeted from 5.0 all the way down to 1.25, it looks like that was a dead cat bounce back up to 2.5, the price seems currently to be settling at about 1.4. This price looks shaky, the volatility is still high and the price could continue dropping, it might even go below 1 soon.

If the price drops to about 0.8 then USD will be equally worthless against bitcoins and ounces of gold.

Given the fact that ounces of gold outnumber bitcoins currently about 400:1, I expect ounces of gold to become increasingly more worthless against bitcoins.

I guess the big question is what the market cap ratio of bitcoins and gold will be in the long term? Will all of the value currently stored as gold be transferred to bitcoins? Gold has some utility for industrial, electronic, and jewelry uses (and as a medium for long-term storage of bitcoin wallets due to its non-corrosiveness), so the price of gold will never go all the way to 0, but the monetary markup is a huge component of its current price.

My advice is to take long term short position in USD. Hold as little USD as possible, always borrow when you need it, coz there is too much outta there and it will always be cheaper when you return the loan!

I dont agree, loans have much higher interest than inflation.

But hold as little USD as possible is good advice

Well, that depends on where you spend you borrowed USDs, those who have borrowed to buy bitcoins must be feeling really good right now ;)

Unless they bought at the highest high! :-\

I wish there was some way to short USD

There is. Buy bitcoins with leverage.

Note: it is stupid. Don't do it, nor anything else that involves a loan or obligation.

The almighty one has fallen! Is it bottomless abyss below us? :-\

I think the exponential decay model explains this rather well. The mean half-life is approximately 3.5 months, which means that the current rate of decay is a little bit ahead of itself.

Looks like it came even faster, starting to think even triple digits won't hold very long.

1 USD = 916.43 uBTC  :o

We can use micobitcoin now. And as "cents" we use satoshis  :D

1.25$

I wonder how many people sold when it went back up to 5$?

 :o

https://www.bitfinex.com

Now this deserves a bump.

USD is up to 2, and people are speculating a rally to 3 (and some, even further).

Myself, these are the last gasps of air before the lid is put strongly in place, and a descent towards 0.2-0.1 area resumes.

Bitcoin worth 20 cents a coin... LMAO so much no... just no.. if it goes to 20 cents now it goes to zero..

Also.. stop being a necromancer.

Read the OP. Discussing price per USD (in mBTC).

LOL oh.. derp.