Bitcoin Forum

value dropping like a rock.... :'(

Value or Price?

it was at 87 a few weeks ago and bounced back to 130.  I'm sure you said it was "game over" then too.  If you say that every time it drops, you will be right eventually but wrong every other time of course.

It's been very quite recently as far as it concerns the bitcoin.
After the big headlines in the news papers, the buzz is over.
I don't see many people are trading bitcoin for goods. Most people are just holding their coins so the volumes are low.
I have a feeling it is dieing slowly and quietly.

Correct me if I am wrong.

Bitcoin prices drop does not mean game is over.  There is a lot of VCs and capital coming into Bitcoin to develop Bitcoin as a payment method.   The drop may help others who are waiting at the sidelines to go in and grab some coins themselves.

Yes I guess the hype is over

nice now we can buy cheap and sell higher  :)

Hm...seems to have a strong upward trend coming

nop

Game over. 3 year old crypto-currency selling for 93 times that of the dollar issued by the worlds largest economy. Run for the hills.

Wait for it...will buy in when I have some cheap bitcoins  :D

$4/bitcoin is still 4 times that of a dollar. price is arbitrary.

So what is a good price to buy a bitcoin? Obviously 95$ and higher is not a good price to buy at, so what is and why?

Should the price EXPLODE tomorrow, that also does not help its cause.

where drug trade vs mining costs is in an equilibrium

Which is?

Game over? Hahahaha! You're cute.

it is not game over, but it is not time to buy or hold. based on all the fundamentals, bitcoin is worth  A LOT LESS than 94x the dollar. Until oil(or major commodity) is sold for bitcoin, this is a speculative price that has no basis in reality.

I also think a bitcoin can be worth 0 dollars and still not be game over.

1 bitcoin can be worth 1 barrel of oil.

a dollar is worthless. . . a bitcoin is a global currency and is worth way more than 200 dollars.

So WHAT IS IT WORTH?!

You will never be able to accurately determine what it is worth, do not even try. Every other answer is just a guess. The honest answer is that you do not know.

The number you want will change constantly.

The sooner it goes to zero, the more we begin to see what bitcoin really is and if the network allows for the world to trade it like a visa card processes transactions, for now the dollar is worth more because of that.

Just imagine being a bug, walking through the lush forest. Have you ever noticed just how many spiders and spiderwebs their are?

I'm starting to call these dumps "noob scrubs" since they clean out they spineless riffraff. Good riddance I say.

How did you obtain your bitcoin? Why have some transactions with a .30cent fee attached still take 30+minutes to clear. Granted we get to argue and poke holes at something that is real.

I agree that now is "wait and see" time, but I disagree with your comment on the price.

If BTC is used *anything like* a reserve currency, or used for buying oil, it's price would need to be several *orders of magnitude* larger than it is currently -- we're talking millions of USD per BTC.

90M barrels of oil are used daily, $100 per barrel

that's 9 trillion dollars of money flow per day.

There are only ~12M BTC in existence. I'll let you do the maths....


It would take significantly less than "using BTC to trade for a major commodity" to support a value of over $100.

wait and get slaughtered you saying?

+1 As I said before, firm believers shall ignore the price fluctuation and pity those who have not been blessed.

slaughtered, you say? Using your price tag, my bitcoins are still worth 100x more then when I got them.
<insert Nelson HA-HA pic here>

good for you,

bad for everyone else

amen

Oh my, how many times have I read that BS. Just a few months back, $20 was unsustainable.

Unless something really bad is happening, such as a ban on the possession of Bitcoin, even a prolonged bear market seems highly unlikely, because unlike OP, too many people expect that the price development from 2010 to now will continue, which means that in less than 3 years from now, we'll see 4-digits. This is not 2011. And this is certainly not game over.

No, it's not 2011.

It's worse.

Me: Bitcoin is cool!
95% of my facebook friends: What's Bitcoin?

What big headlines? The media has no idea.

I live in Pakistan and here
Me: Bitcoin is the future
99.9% of Pakistan what is this.

Just one drop of perspective ruins an entire bowl of gloom and doom.

It's like a diamond which has many facets. The price of bitcoin is only one facet. We must also consider the number of people owning bitcoins, the number of transactions they do, the number of businesses accepting bitcoin, the number of companies developing applications for bitcoin... There are many indicators telling that bitcoin is growing.

Quite a few people I meet have heard of them, so far im reaching 1/2-1/4 people. I walked into the bar last night, an older lady says, hey its Bitcoin,

I also do not think bitcoin is dead, but I think there will be cheeper prices to snatch up more for less.

Again, I am very doubtful of bitcoin, but I am completely aware of, this has all happened before have no worries. That bitcoin has grown to a level that is unprecedented, The future is bright, it will eventually make proper headlines. Consultants should get ready to be taking calls from businesses in the somewhat near future.

As one, I have major concerns affecting adoption and I do expect the learn that what we see today is a basic early version of bitcoin. I also wonder if the specific cryptocoin I own is also going the be the one worth anything in the future.

$55 to $60 is a perfect price to buy with bitcoin and $1,5 is a perfect price for litecoin.
If you trust into cryptocurrencies I do not think price will go lower than that unless cryptocurrencies die.
But you should trust no one  ;)

Bitcoin is not dead lol, just as the bandwagon starts rolling down the hill more people will jump on when it gets to the bottom and climbs back to the top. Remember that FIAT is a time bomb waiting to happen and once it starts to implode in peoples faces the deserters will come crawling back through the woodwork trying to recoup their losses.  :D

So bitcoin is dead? kk, i'll delete my wallet.dat!!!!  :)

Send it to me for recycling!

Everyday I ask people around me that are involved in Bitcoin story:

Do you believe in changes or you just want to make profit fast?

Bitcoin price was rised just because of greed of the people not because it was widely accepted in moment from stores or any kind of services that could sustain real value of currency.
Good part is that this btc price rise make many services and stores start acception of it.

So if you lose one life it is not mean game over, or even if you lose all your lives put another coin in machine and start new game!

Bitcoin is not about getting rich is about changing world!!!

War is in progress right now, so one losed battle does not mean we need to surrender!!!

if you believe the game is up. Sell. I'll be happy to buy

Bitcoin will boooooom very soon after that especially after OpenTransaction, Zerocoin and the anticipated max_block_size changes blossoms.

ITT: Someone with 16 posts says that bitcoin is "Game ovah" because one single person sold $10million USD of coins on a Sunday morning.

We're DOOOMMMEEDDD! Not because of the price drop, but because of the average intelligence level of the incoming userbase!  ::)

PM me.  I'm selling @ $199.

You will be pmed at these prices if BTC was traded at $1k. If I think something is more valuable that what the market is asking for, I am not going to pay that when everybody wants less. I often see such responses in threads and I just think of this

http://i0.kym-cdn.com/entries/icons/original/000/010/277/genius-meme.png

You must have strong faith in the Flying Spaghetti Monster.  Otherwise, what the market's paying is exactly how valuable Bitcoin is at any given time.   See: Value.

Apparently big stuff helps you comprehend sentences so I wanted to help you.

Also this is not just Bitcoin matter, it is whole world in economic collapse.
take a look on this http://gainspainscapital.com/2013/06/07/japan-just-gave-us-a-warning-of-whats-coming-our-way/ (http://gainspainscapital.com/2013/06/07/japan-just-gave-us-a-warning-of-whats-coming-our-way/)

or even on this http://www.thedailysheeple.com/dhs-source-warns-world-war-about-to-break-out-will-kill-millions-of-people_062013 (http://www.thedailysheeple.com/dhs-source-warns-world-war-about-to-break-out-will-kill-millions-of-people_062013)

This all will have direct impact in BTC value, not the price at the moment formed by speculators but real long term usage, used by people to pay goods not just sell/buy btc, not mining just to take the money but be involved with grater goal. Mining Bitcoin should be supporting network/community and get reward for that. It is just perspective you look on things and as we know todays the most eminent problem of the plant Earth is that people just look for themselves overlooking all others.
But... we think we live in democratic world... so majority is rule over minority?
OK, one man/woman as individual can be smart, but on collective level people are just sheep!!!

Because of why?!

Take just one actuel example:

If you look economic connections between major parties in world you will notice that they all are connected, with same interest, so that means that they do everything in they power to take more money/power, all big corporations, banks, royalties...  but if you try to explain that you are mad and that story is conspiracy.
Look at Bilderberg http://en.wikipedia.org/wiki/Bilderberg_Group (http://en.wikipedia.org/wiki/Bilderberg_Group)
Just look who is there behind closed door, discussing about the world's future.
Ohh no.. they are just playing chess or golf, drink tea and smiling each other.
People do not want to know anything about that.  Why!??!?!?!?!
How is possibile that the most important meeting in world is behind closed door!?!?
It is not important to us?!?! I do not think so!!!
It is not some great mathematics, it is just simple as 1+1+1.
Five old guys sitting in park and discussing loud world economy = NOT A BIG DEAL /// Five government-corporation-royal representatives drink tea together = BIG DEAL
There are hundreds of big deal representatives and no body speaks about it.
Nobody cares!!!
Ok, not nobody, but just small percent of people.

I could write about this topic for a long, but my point is that people need to have their own belief system, based on their experience and their own opinion, not attitude that come out because info/disinfo that come out just from one source (mainstream media) or another contra info side.

If you believe that is Bitcoin bad because somebody say so, or it is good for same reason you are just sheep whit out eyes and ears, think for good what BTC can bring to all and why people on top of world's economy pyramid are afraid of it. Monopoly and control is all they care about and so many of you people have same goal, to take as much power/money you can get without care to rest of world.

At the end we need to take responsibility for every one of us, believe or not our material world is based on action/reaction so every little action made it produce reaction who knows where!

Average user:

http://fc04.deviantart.net/fs70/f/2010/105/e/e/sheep_watching_tv_by_8puppydevil8.jpg

This is freaking creepy.........

3, 4 better lock your door

the original's creepy too:
http://s11.postimg.org/9poq1alg3/0_2.jpg (http://postimage.org/)

And again... as I said.. people are take more attention of some photoshoped photo of six girls than those people sitting at same table http://en.wikipedia.org/wiki/List_of_Bilderberg_participants (http://en.wikipedia.org/wiki/List_of_Bilderberg_participants)

 :)

That's 'coz the loli are more attractive :D

bitcoin - game over
insert new coin - game start

I sort'a agree.  If Bitcoin prices fall low enough, miners will aim their hashpower to some alt that's profitable to mine -> weakening the hashpower of the Bitcoin network -> harming Bitcoin security -> making new alt the new standard.  Makes sense.

Lol oh you guys.  ::)

http://www.ibtimes.com/battle-over-bitcoin-china-backs-us-startup-coinbase-us-falls-behind-virtual-currencies-1297147

^{/fadesbackintowall...with popcorn}

Bitcoin should be used, not hoarded.  The price dropping maybe a good thing if it makes people more willing to use them to buy things.

Old article TL;DR.  What's your point?

Ya, because whenever I try to buy something with BitCoin I get SCAMMED.

BitCoin is USELESS FOR THE AVERAGE, EVERYDAY PERSON! Now people's response to this growing use of scams in trades is "use an escrow". THAT IS NOT THE POINT OF BITCOIN, TO USE AN ESCROW! What good is it if you HAVE to use an escrow.

Not to mention:
http://www.coindesk.com/200-million-credit-card-fraud-highlights-bitcoins-security/ (http://www.coindesk.com/200-million-credit-card-fraud-highlights-bitcoins-security/)

IT IS DEAD

You change your tone a lot FUD-meister? why did you just add $10,000 to an exchange?? :P

this!

this!

The bitcoin game isn't even close to being over until we reach level 21 (and it continues to get more interesting for a long while after that, in theory). We've not long completed level 10...

Lower prices might actually provide opportunities for the masses to buy into Bitcoin once again. Even if Bitcoin hit say $5 a coin, that might actually be a good thing long-term.

The opportunity to buy into any stock with known extreme volitiity at a low price should make it an attractive proposition for anyone and not just investors.

At lower prices Bitcoin is better as a currency. At higher prices it becomes more of a commodity. The correct balance will hopefully be established someday, price stability is important.

https://www.youtube.com/watch?v=qwy5kgwvzE4

*Sings* The Proudhon Song - https://www.youtube.com/watch?v=A7TuFy0fcuw

this!

this!

this!

C-C-C-COMBOBREAKERRRRR!!!!11!!1

Currency only has value if you can actually buy things.
Other than gambling and drugs, there isn't much you can currently buy with bitcoins.

Oh hai, nice avatar ;)

and yes there has been some news hype but most people have no clue. People eating burgers in one of the places accepting Bitcoin the Berlin Bitcoin Kiez had no idea, how informed do we suppose the general population to be?

You can buy pretty much anything with bitcoins right now thanks to bitspend, gyft, etc.

Also, WHERE IS YOUR IMAGINATION? Bitcoin adoption is constantly growing. Don't look at how bitcoins work today, think about how the world will look with bitcoins tomorrow. That's how investing works, you buy an asset that you think will be valuable in the future.

this!

plus game isn't even over under 30$.
at some point we have less speculation because of small gain in profit and it will stabilize more which is good for actual market growth.

Well no, thanks to Gyft i can convert Bitcoin into currency i can buy stuff with.  You're saying "You can buy pretty much anything with bitcoins cows right now thanks to gyft cattle auctions, etc."


The cool thing about real money is you don't need any imagination.  If imagination bought stuff, i wouldn't need Bitcoin. :D

Reloading a saved game...  ;)

Lucky.  I can't save -- this is a crippled demo.

Adoption isn't really growing if businesses don't take it. Speculation is growing and that's dangerous, look at the dot.com bust.

Bitcoin needs businesses that use it.

My imagination is in making that happen. Building a business that exclusively takes bitcoins. Providing a place for people to spend it on stuff they normally purchase with cash or credit cards.

There aren't enough of those places, and by providing such a place I very well may profit far more than any Bitcoin value speculation. The Bitcoin value speculation ship has sailed. Some money can be made, sure, but the huge profits - those days are gone. Why do you think so many alt currencies are popping up? People trying to do what they can't do in Bitcoin anymore.

We need easier safe ways to get bitcoin, exchanges that operate in the United States and comply with US law, better documentation, clients that aren't confusing to non-penguins.

+1

but it's good that bubbles keep popping, at some point the hole pot is cooking.
everything right now feels like the beginning of the internet.
Small startups, slow growth that couldn't keep up with the huge specualtion bubble.
But think of developement of companies like google or facebook right now.
I wonder if some day we will see a bitcoin-based company starts selling shares at a regular stockexchange.
that would be a nice paradox :).
 

Someone apparently cannot infer. Read the damn article (in it's entirety) and connect the dots in order to see my point, you rainbow-tailed dandy. If you need it laid out for you, then you don't belong here IMHO.

^{Off-topic: God I hate 'TL;DR' with a burning passion. Get out of here with that shit.}

Bye now.

Everytime there is a slight Bitcoin movement, we have doomsayer predicting the demise of Bitcoin.  Bitcoin has survived quite a lot of such fluctuations, hacking, whatever.  But it is getting stronger and stronger.   Just look at the growth of Bitcointalk and you can see the number of those interested in Bitcoin has increased a lot.  Bitcoin Game Not Over.

+1  :)

+1

I hypothesize that the boom/bust cycle will contract (shorter & shorter timespans between bubbles) because of exactly this.

Been there, done that, have many t-shirts about it, an entire plethora of t-shirts that won't sell well...
Nobody "cares" because everyone knows, but who can do anything about it?
There's a time for talking and BSing, then there's a time for DOING
So ask a different question:  What are YOU doing about it?
Suggestion:  Buy or mine cryptocurrencies.   ;D ;)

Looks like you are missing the entrepreneur gene.

Whoa there, Blaztoize!  I don't *really* have a pretty rainbowy tail, that avatar's been shopped!  Sure, a sexy mane & a cute multicolored shock of pony hair, but that's a macho thing -- George Washington and Andre The Giant both had one.  I know being a pokemon with huge thingies that spurt liquid (and i thought you were just happy to see me :'() is trying, and being "trained" by prepubescent boys pleases only the most esoteric of tastes.  No worries, i don't judge!  

As far as your link, i still see no point in linking to an article rehashing old news & ends with:
"But for the U.S. to experience widespread adoption of the currency, which is considered a necessary step for gaining a grasp on the bitcoin market, limited government control will have to allow the money, like the Internet that birthed it, to develop organically."

TL;DR: Bye.

I get so sick of hearing this.
Bitcoinstore.com has over half a million products, 90% of which I can't find cheaper elsewhere.
Coinabul.com, bitcoincommodities.com sell precious metals at decent prices
Foodler.com, pizza4coins.com delivers food to your door

Those are just off the top of my head.  There are many more.  I pay for 95% of my online purchases with Bitcoin.

Bitcoinstore.com: "Lifetime Sales:$536,732 / 6,239 BTC."  More money passes through a walmart in a dead mall.  IN A DAY.
Coinabul.com, bitcoincommodities.com sell precious metals at decent prices:  If Bitcoin is a sound store of value, why would anyone bother with precious metals?  Irrelevant.
Foodler.com:  Instantly converts your Bitcoin to USD.  Sells nothing/makes nothing.  Protip:  Sell your Bitcoin for USD -- order from *any* restaurant/pay on delivery.
Pizza4coins.com:  Dead.  No pizza for me.

TL;DR:  Sorry, i can only think of two scenarios where Bitcoin is more convenient than $:  SR & gambling.  Possibly laundering money, though i wouldn't know.

bitcoinstore- only a few months old, growing steadily
precious metals- ever heard of diversification ::)
foodler.... it's cheaper than converting to USD first
pizzaforcoins.com.... sorry, wrong url... like I said, off the top of my head

But, keep yourself painted in the drugs and gambling box.  It will make coins cheaper for me.

Oh wait, if bitcoin is only god for drugs and gambling in your mind, why are you here?  Are you a gambler or a drug addict?

I think the real difference of opinion here comes from you earning USD and needing to convert to bitcoin before you use it.  I earn mostly BTC, so I'm coming from a position of plenty of bitcoin and not so much USD.

Yes, a small portion of my btc income is from mining, but I also do programming work for people all over the world and prefer bitcoin.  It sure beats 6+% fees for paypal (regular fees plus currency conversion fees).

When it grows up, i'll consider it.  Till that happy time -- $ is way simpler.


Sure have.  Though if you're sure, why would you want to hedge your bet?  Or... Are you not so sure?


Huh?  You're saying that the only reason i have for using Bitcoin is the fact that it'll cost me money to cash out of Bitcoin :D  There's a strong endorsement!


So, you're saying you're still not all in?  You're ... waiting for cheaper coin?  Do you realize how much this sort of thing hurts Bitcoin valuation? :D


What a strange thing to ask.  Is this the sort of research you do before investing your money?

Bad troll is bad... you are reading things I didn't write.

Well doomsday didn't happen!

no game over sir..

game is only starting...

:)