Bitcoin Forum

Do you guys think that the price will be at $5/1BTC by the end of this month?

I can't tell if this post has a purpose.

Who know? Maybe yes maybe not, i think not  :)

I just started mining last week and I need you guys opinion on the current situation with the price drop. Because if it is drops anymore I'd have to take my 3 5830 back to Frys.

The topic you chose seems to be an answer to the question you've asked.  With your goal in mind, it seems counterproductive to make a statement such as your topic.

Its looking pretty imminent  :'( I guess the bubble is bursting quicker than most people have expected.

Newbies like to say the price will be $5 by next week.
People with Bitcoins will say the price will be $50 by next week.

And nobody has a clue!

But its still fun to guess. I reckon $25 by next saturday.

Take em back while you can unless you want them for gaming. Mining isn't going to be able to pay back the cost of the cards any time soon, and it's getting worse.

Just my .02 BTC

Mining is definitely not a way for the average joe to make extra money. You have to be dedicated and know what you are doing.

Philj I agree with you, it's not wise to go into debt over BTC and it wasn't before (but some people got lucky and won.)

Look at mtgox today, though, it's swinging wildly today with lots of volume.  So far today, anyone so inclined has been able to grow btc on mtgox.  Who knows how long these cycles will go on?  You don't need a high price for btc, you can also profit by growing them in the market.

Thanks for the advice friend, I'll probably take them back later today. I can't deny the fact that it was a fun experience though. I'm gonna store my wallet.dat on a USB drive and put it in my closet. Hopefully when I pull them out 3 years from now, it'll still worth something.

That's new technology for you, Its getting coverage so it probably will go up again. Plus, look at the charts, its following the same pattern it did before the last jump up.

Based on no calculations whatsoever, I'm 98.3% positive that the value of BTC will be greater than or less than $5.  So quick... buy or sell!!!

Just hold on to it bro. All we can do now is hope for the best, but if it does hit $5 by the end of this month I don't think it'll come back up.

Bitcoins are either worth zero or thousands each.  Much depends on events as they unfold.  Better clients developed with user friendliness in mind will help.  As will more vendors taking Bitcoins.  And of course, one can't ignore monetary policy.  A bet on Bitcoins is a bet on the future.  Day to day ups and downs are relatively meaningless imo.

I think that it's likely we'll see some more of a drop, but it could likely come back up in time - what it's going to take is a better economy outside of simply trading bitcoins for money.  If/when we see more sites taking them for more 'normal' purposes, there will be more of an incentive to spend them.   What's the final value going to be - don't know.  But that's not something that we'll know for a long time - even if it goes through a long down period.

Glad to see you're out of the hospital (http://www.twincities.com/ci_18263971?nclick_check=1). First "the rapture", now the vague BTC prediction. :D

Please do. Fewer miners means more BTC for me. :)

Someone just sold a shitton of bitcoin.

There will be little (relatively speaking) dips now and then, but long term the price is only going up.

You sound upset. lol

That's what I hear but if trojans keep stealing people's coin by the thousands and the robbers sell them on mt gox, the USD is going to dry up and people are going to give it up.

 
That's the only people that I know that would sell so many bitcoins at 1 time and take that big of a loss

This looks like a troll post.

Subject says "Price WILL be $5 by the end of this month"

His actual post says "Do you guys think that the price will be at $5/1BTC by the end of this month?"

Enough said. Stop feeding the troll.

You know what. I really hope it drops to $5.. I would be incredibly happy.

$5 does 2 things

1) Scares off all the people casually doing this. Now i know you don't NEED to be a hardcore farmer to get it, but it will scare off enough people it will stabalize the difficulty a bit for a little while.

2) Give people the option to buy again. @ $20 it's a bit too steep for my tastes.

I'm guessing that we'll see controlled sell off until we reach past the $5 mark. The price will oscillate back up eventually. The recent news cycle on bitcoins has generated interest that will translate into higher valuation as bitcoin sees adoption for commercial use.

boris_37, $7 puts are likely extremely cheap on bitoption.org if you want to make a bet on that kind of price movement.

Unless some new hardware increases hashing significantly, the ever increasing difficulty rate will ensure only a few will be able to make a profit from mining ("few" being relative here to the average user.)  So current mining rigs are currently reaching their limit and pushing the break even price further down the road.  That is, until the Bitcoin/USD sky rockets and makes it profitable again.

But I strongly feel mining and Bitcoin exchange are closely related which should help stabilize the market (if speculators weren't screwing things up enough.)

Bitcoin just received a massive media blitz and many people previously unaware of Bitcoin's existence are now suddenly interested in it. I'm sure that the idea of running a program on your computer to "mine" coins appeals to just about everyone, so you get an influx of coins...but like all markets it's going to have its peaks and valleys.

The finite number of bitcoins will certainly drive their value up that limit is approached, and those who are mining today may be able to sell 0.1 BTC for $5 rather than 1.0 BTC for $5...in other words $50 per BTC...but the real benefit isn't exchanging BTC for a real currency - it's using BTC as currency itself.

Sums it up, I'd take the cards back imo.

The bitcoin algorithms makes sure a constant amount of coins are generated until the limit is reached. So more miners doesn't mean coins are generated faster, it means the difficulty of meaning will increase.

I know that's how it is supposed to work, but doesn't the "difficulty" effectively control the rate at which coins are generated? If there is a sudden burst of hashing power then it could result in more coins being generated before the difficulty adjusts to compensate. To an extent I think something like that happened within the last few days.

5$ per BTC would be realy bad, because we had to rethink our pricing (and reprogramming the interface too ;-)

We started http://leech.io/feature.php - a file hoster proxy, so you can access all the popular file hoster with one account.

http://www.youtube.com/watch?v=85cL1HisrNc
 ;)

I hope so!

Likewise.

I was hoping it was going to drop a little lower last night then fell asleep. I am inbetween buying hardware or coins... if the price drops buy coins for when it goes back up... if it just goes up with no major drop get hardware

All I can type is Lawl.

Erm..no!!  :P

What sort of factors are we looking for anyway as to what will make BTC go up/down??

Has anyone noticed Max Keiser on RT advertising BTC??

i dont think it will go down to 5$/1BTC by the end of the month. even though there has been a serious drop due to the hack of mtgox and various other reasons i can only agree with Jordoss as my opinion is also that the price of BTC can only go up in the future.

Only gonna go up, but who knows how much. :-\

From today's perspective, it's pretty sure that in the long-term (over 5 years) the price will go up. Although I speculate the price can reach $5 or worse in the next few months as the current increase was too rapid (and it looks like a very big bubble as apart from people buying bitcoins on exchanges, hoping for a price increase in the future, there doesn't seem to be much real use of the coins), and eventually difficulty will go up even more (with the Radeon HD7000 series) and some % of users may stop using the system.

Yes, the price will be 5usd per btc.

If it drops to $5/btc, I'm all-in!  Way cheaper than buying the mining hardware necessary to get a large amount of coins.   ;D

I see all to commonly people posting that , "price increase was to rapid" but why even make such a statement unless its your personal opinion which doesnt make it the truth.

There is no reason why BTC should be worth $100 right now or $0 right now, but to use the argument that you believe it should not be >X but definitely around Y in value is just dead wrong.

As long as it settles a good bit above the cost of the electricity expended on mining it, it's all gravy as far as i'm concerned. I am not interested in wild speculation. I would go bet on the horsies if that were the case...

For my part I think that the bitcoin will be much more than 5$/BTC, With all what happen and all new people hearing of bitcoin, this will surely interrest people in accepting bitcoins for their business. I have for my part also ideas to use bitcoin for about whatever.

In fact with bitcoin you just need something to offer or to promote others people product then you'll make bitcoin same as real world make money.

I know I'm new here, but I strongly believe that BTC is a real curency, and will be widely accepted.

You apparently have not been paying attention to the quality "debates" around here lately...

Ahhaha

Looks like it did let it happen.

I think they are going back to 7 by the summer.

Necroposting o_o , what a kind of bad-guys forum

Let's hope so! Or even higher, 100 would be funny.

Why do you think so?  Also, whoever said that BTC would be trading at 4.20 a couple days ago was spot on the money!