Bitcoin Forum

So I hear "cheap coins" thrown around here a lot and I'd like to know what is a cheap coin?
If you are using Bitcoin as a currency the price of items reflects the value of BTC so therefore if a Bitcoin was $1,000,000 items your purchasing regularly would then cost Satoshis. So cheap coins doesn't apply right?
If you are using BTC as a store of value you wouldn't want cheap coins because that shows volatility and you would rather see long term growth and wide adoption. So again cheap coins wouldn't apply here?
If you are a new comer to BTC and one day you see $100 coins and the next day you see $50 coins well that would just scare you away. So do you want cheap coins here?

I would venture to say that most of the people on this forum are not day trading 100s even 1000s of coins to where a 20-30% fluctuating market would result in making thousands of dollars in a matter of hours. If you are this person I can clearly see your logic behind wanting this kind of volatility.

For everyone else, what's a cheap coin and why do you want them?

Me personally I would like to see a stable Bitcoin around $50 with a slow gradual growth. It is a solid price to where miners can still make back their investment. It allows "noobs" to comfortably enter the market because the mentality of buying partial Bitcoins isn't there yet. It is also a great price to grow the economy of Bitcoin.

By cheap coin people mean "end of the bubble, back to real normal"

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

I think we are there with the exception of some big players still playing their hand against the weak minded investors. Don't you?

We have not seen capitulation yet!

Is it possible... that we won't?

we should stop metioning "Bitcoin" in the media and instead using "x-bit" as currency:
XBT is the semi-official abbreviation of bitcoin (check xe.com)

and to solve the problem of buying fractional bitcoins, we should use 1 BTC = 1000000 XBT
=> 1 XBT = 100 sat.
Every normal currency has 100 cents, penny's etc

So if we use 1 x-bit that equals 100 satoshi's, we will have solved this problem :)

people will be happy to buy 100 x-bit at 0.01 USD ;)

maybe thats because of mt.goX?

^^

BTC is the semi-official abbreviation of Bitcoin. Check everywhere else.


No, we should use the metric system.
1 BTC = 1000 mBTC

When in doubt, always use the metric system!

We should at first find an appropriate abbreviation in the corresponding threads. While I like XBT, I think a statements like "I bought xxx for 10000000 XBT" is almost as bad as "I bought xxx for 0.0023 BTC".


OP is correct. I don't want cheap coins, because I want to see Bitcoin rising. Nevertheless, it's all relative. Compared to earlier this year and last year and before, 100 isn't cheap but damn expensive. Right now I'd say "95 is pretty cheap, 70 is crazy cheap and I'd ship in all I could mobilize, 50?! Fuck, this is almost the end!", but as the price will change, the perception about cheap coins will do so, too.

What people always want though, is buying in "just a bit lower than right now". ;)

Yawn. This is getting old, fast. Things do not need to get worse in order to better. Anything can (and will) happen.

I agree! All the talk about the floor being $150, $120, $110,...etc. It is tiring following you  :P
There is no floor! That rug you are standing on, has just empty space below it. Don't walk too heavily!

Hey, I was just pointing out a fact. Yes, anything CAN happen, but that doesn't change the fact that capitulation hasn't happened yet  ::)

Cheap coins pretty much always is a statement to be proud of ones bullishness, and since we all now the price of Bitcoins is going up, uP, UP that means any price lower than the previous one are cheap coins.

Actually if somebody ever says cheap coins in a non-sarcastic manner he shouldn't be taken serious by anybody outside the Bitcoin Cult.

Cheap coins! ;)

I agree things don't have to get worse before they get better, however I also believe stability is key. They constant 20-30% fluctuation scares potential newcomers. I think a steady bitcoin with a slow gradual increase would be nice.
It would be nice to get rid of all the day trading all together. I can't wait for the day that the BTC economy is flourishing to where people are finding new and better ways to earn/make BTC without having to trade it.

This!

This statement is ridiculous. The opposite is true, bitcoin needs liquidity, which is provided by traders.

Please explain why it need liquidity if people are using it as a currency? Do you need liquidity for your current fiat currency? I'm sure if you are from the US you're not going man if it wasn't for all the day traders this five dollar bill wouldn't be worth the paper it's printed on! Oh wait, it's not..... Because of all the people on Wall Street making bets they can't pay when they lose sending our economy and the global economy in the shithole. If you spent/saved what you earned and there was slow steady growth why would you need liquidity? Why would you want your savings to be in the hands of day traders and 20-30% swings? If you managed to save 100 Bitcoins and they were worth $1,000 each and you were retiring from your job and needed to cash out would you want to open your account and see that your savings just went from $100,000 to $70,000 or worse $50,000? No. That's why slow steady growth and a flourishing economy where BTC is functional and used to earn, buy, sell etc is the best thing for its long term growth. If you want to bounce it around like a penny stock then it will be dead in a matter of a year and some new and improved coin will come along and the big boys will toss it around for awhile until they've made their millions and toss it aside like an old toy the kids don't want anymore.

Bitcoin is an idea to change the world economy as we know it. Take back control of our finances and out of the hands of greedy corporations and politicians. But everyone is so god damned worried about lining their pockets with fiat instead.

Until you can easily live fully by just using BTC, there needs to be an easy way to convert BTC<->fiat. Right now, in almost every place, people still have to buy food with fiat, pay for their fuel with fiat, pay the rent with fiat, get paid for their labour with... you guessed it... fiat.

In the ideal future, where a fully self-contained Bitcoin econonmy has been established, there's no need to keep liquidity in the BTC-fiat pair, but we're far away from that. And isolating BTC from fiat right now isn't the answer either, because that will practically nullify any attempts of getting the currency accepted by many more merchants and consumers.

I'm not saying isolate it by any means. I am saying stabilize it. Forget about making fiat off of BTC. Buy it, use it, save it, or cash it out if you need too. This can easily be done by buying and selling OTC instead of on the exchanges where a single power player can ultimately tank the price by filling buy orders all the way down to $20, and when that happens every other site follows suit. Mt.Gox and big BTC holders have way to much power over the price. How do we limit this? How do we take the fluctuation out of their hands and put it back into the everyday bitcoiners hands? Like I said slow steady Bitcoin growth and price is the only way we survive.

The bolded actions require liquidity. If you want stability, convince the whales to cash out, distribute their coins, and get it over with. Until then, liquidity is necessary for everyday purchases of BTC to spend, save, hoard, whatever.