Bitcoin Forum

Seems to me that $10 is a very important mark for Bitcoins. If prices drop below $10, I would imagine MANY people will be in buying sprees. How many of you think it will or won't happen, and how many plan to buy if it does? I have not seen it around $12.65 for some time now. It did drop down a few days ago, but it never went below $12.50. Fortunately I had some funds in Dwolla at the time.

I'll be buying it at whatever the market price is over the next year. It's worth zero or it's worth thousands, but it is not worth $12 =)  To be able to be involved with something so revolutionary for markets and freedom is deeply satisfying. I care little for the interim daily prices.

Price is dropping ever Min ATM at 12.5596

How is the Price calculated ? has any a link that explains that?

It's trading volume. If someone has bitcoins to sell at the bid price, then sale goes down, and that's the current price. Not too complicated. There are asking prices and buying prices, when they match, the trade takes place and that's the current price. It's supply and demand, and not much more.

See my thread here for the same topic: http://forum.bitcoin.org/index.php?topic=26012.40 (Will we reach at $12?)

Here is my estimation:



Cheers
Train

Not to burst anyone’s bubble or anything, may I just point out a simple fact that the bitcoin network (specifically, the block chain) is just a giant general ledger (a.k.a. a bookkeeping tool) in which bitcoins and their fractions represent credit/debit entries, and nothing more. It’s time everyone starts treating it as such. The sooner it happens, the more chances bitcoin has of becoming the de facto global currency. That's right, I said currency. So, don't run away with thinking that I don't see bitcoin's potential.

Cows jumping over the moon will happen before bitcoin becomes the "de facto global currency".

Not "world currency" -- only a "global currency".
I wasn't saying that world governments would replace their currencies with bitcoin.

I will buy at $6 or lower.

I misquoted you and all fixed. Though I really don't see a big (if any) difference between the two words.

Ill buy again when it does its final dead cat bounce at $0.01 or similar.

I'm in a sub $10 camp prediction. I won't invest directly in bitcoins at this stage, because bitcoins are not meant to be an investment. I will buy them if I will want to buy something that accepts bitcoins only and I wouldn't have minted enough myself. Sub $10 at this stage is a no brainer unless something major happens in the next couple of weeks.

I sold my 12-month bitcoin mining hoard at 15.5.  If this is a deflating bitcoin bubble then prices might well return to April 2011 levels, namely around one dollar.

Then what do you see as the main problem with bitcoin -- why can't you see it becoming the de facto global currency?

I have no problem with people dumping their bitcoins. This selling behavior happens all the time in the 'real' markets. Right before it spikes upward, that is. The current impulse move down which started July 2nd peaking on the 5th has exhausted itself. I'm waiting for my indicators to move into positive territory before buying in again, which I believe will happen near the end of the month.

Can't sweat the wiggles, its the long term that you've got to be focused on. Unless you're scalping at Mt.Gox with a 0% fee account, then by all means, trade away :)

my expectations are that the market is washing up the dirty mercinery miners. It will drop back to 0.01 USD soon and it will be like that for a year. before it start trading for thousand of USD per btc.

If you have been around stocks and currency trading you will know these things come in waves. Things go way way up and they peak, they then sell at that peak and the wave goes down. Right now, people are selling and it will stay like this for a month or less and then it will pick backup. People who don't understand get scared and sell and those smart kiddies wait and hold on to it and the price will spike back up. The world is not ending, bitcoin is following the norm, stop worrying.

i'll start picking backup at about 6 or 7. The only time this would all fail is if people sell and then walk away and not come back.

Apparently, you've missed my point: the bitcoin network is a state-of-the-art general ledger (one giant, digital bookkeeping notebook with 2,100,000,000,000,000 potential credit/debit rows). Bitcoins (and their fractions) are those very rows, and nothing more. So, it does not matter whether one uses 1BTC or 0.00000001BTC to move around $100 worth of value between the parties involved, a bitcoin, in and of itself, has no inherent price other than what we pay miners for processing every credit/debit entry.

Now, it's up to the bitcoin miners and users to decide how many of those credit/debit rows to make available for all transactions. The sooner everyone realizes that little fact, the faster we can put "bitcoin is a commodity" idea behind us.

But we won't, it's traded as such and most people here treat it as such. We are human and we like to put a value on it. I never said you were wrong, I'm just stating that there is no reason to panic or flip out over a sale.

A game is a game, right? Well, enjoy the swings then... CNN Money to the rescue (http://money.cnn.com/video/technology/2011/07/18/t_bitcoin_currency.cnnmoney/)!

Personally I think if the price drops below $10 we are all screwed.

 :-*

Ouch

$10 is crazy, what year is this? 2012?

Oh I just realized, it is in fact an old topic.

Today the situation is different. Gavincoin will replace Bitcoin. The marketcap is higher and more people have been robbed by this market. Some for millions. Today altcoins are far more advanced and Bitcoin looks pale against them. It is in no way guaranteed to come back up. A black swan event could happen any day now.

We are currrently observing many interesting moves in altspace.

The first mover advantage starts to fade away.

When this post was made there were no real alts and the piss poor priceperformance on a smaller cap was more easy to excuse. Today we have to admit: it's much too volatile to be taken serious anytime soon. Less volatile coins will take marketshare.
The novelty-bonus bitcoin had back then are now having the altcoins. This year will be a big year for the good alts.

I wonder how many people actually bought sub $10. It's not an easy thing to buy toward the bottom when sentiment is horrible.

If we went sub $100 this year, people would still be greedy and wait for lower prices. $80? $50? $10 again? This is the reason some people still aren't buying now, and will miss the train if we head back over $300. It's also the reason that we will probably never go sub $100, since people know that they cannot predict the future, and will be buying en masse at prices near the top of the last bubble.

Lol. Not ouch, more like very good decision...

Wow, posts like these from 2011 put everything into perspective. The price actually went below $10. Way below that even. And yet it started to climb again and reached $1000 back in November 2013. People need to realize these things have happened before in Bitcoin and may repeat over and over again. We're not screwed at all in my opinion! :)

yes, but back then nobody has heard of btc and the news didn't propagate through the internet at that point. When they did the bubble happened. These days everyone knows Bitcoin and finding new buyers for overvalued coins becomes harder and harder

In my opinion Bitcoin hasn't even reached any significant mainstream-investor-adoption. Even if the whole current market cap was invested in Bitcoin (which it isn't) we'd still be talking about a rather small amount of money - compared to the potential upsides.

Yeah trolls never change, look at their posts back on the first page and in other old threads from 2011, it's the exact same thing we hear now from names like lambchop, nothatinjusttrollin, yourmother, etc.. They keep making up excuses as to why now it's all different but yeah we all know how that ends up eventually. :P

They most likely are rationalizing and convincing themselves why they got out of Bitcoin or didn't go in it to begin with. Human psychology tends to do such things. Also, I think there's a big sip of 'schadenfreude' involved right there...

When it comes to trolls, all one has to do is imagine themselves having the same amount of disdain toward any other topic that you can think of.  For starters, are you going to go to a forum dedicated to that topic and waste your time creating an account so that you can waste even more of your time every other hour to let other people know about your disdain for that topic?

Makes me wonder how much the trolls' employers actually think they are affecting anyone.  It would take someone with an IQ smaller than the trolls themselves to believe a word from them

yes, marketcap is so small because everyone was buying bitcoin and that bled out the money to the miners. All of crypto-industry could be 3 or 4 times as big already (or even more) if people wouldn't have bought BTC  but a less inflationary coin instead. I will be waiting and looking if people get wise or if irrationality prevails.

@the other: yes, call me a troll for being a bear on btc and correct all year long. People called bears trolls on 800$, on 600$, on 300$ ... #justsayin'
trend is your friend (well, not the bulls friend certainly)

You arent a troll, you are just an obvious alt sock puppet shilling for alt coins.

How do we know you have been right? Where are your calls from 9 months ago? Any newbie can turn up saying they have been correct for months.

And you are just an obvious bitcoin sockpuppet shilling for bitcoin - where's the difference?
No difference. You're only shilling and pumping harder so you're actually the worse pumper of us two. At least i don't hype a specific product like you do. 

What if this happens again this year.. :o :o

People have heard about Bitcoin. Most people heard about in in December 2013 and most of them thought it was too expensive. (Note it was relatively expensive back then).

Now they think Bitcoin has failed because it's in a massive bear market. But since everyone knows about Bitcoin now, the new serious increase in price will spark interest with all these people who never had interest before. People will be one greedy and want to profit from the new bubble and will fuel it even more.

Historically bear markets in Bitcoin last much longer than bull markets, however bull markets are much more explosive and even 2 weeks of bull market will completely blow away 6 months of bear market.

Next bull market may very well bring the price from $200 to $2000 within 10 days.

There is no way it's going to drop to $10.  Nobody would mine it at that price.

Stop talking in absolutes. It can happen, but the chances are very slim that it will go down that much. It has been there before, so it could be there again.

You want your animated gif to happen right? lol. Well, I dont think we will ever go that low before someone starts buying like crazy.

Stop telling strangers what to do - learn some manners man.   Quantum theory says pretty much anything can happen but...

Odds that it'll drop to ten are unbelievably low, since if it goes to ten - nobody will mine it as I said - then it'll continue on down to 0.

There's nothing but volatility ahead.

i think if bitcoin touches the $99.99 mark it will be all over and a slow churn to beanie babies status

It'll go below 10, but I'm not buying. When it's below 10, it won't be able to get above it again and stay there. We might see a brief DCB to $15 or something, but then it quickly drops down to $5 or less.

Who wants my $7 BTC?
I bought enough under $10 to be set for life, but I sold most of them for a very small profit.

DCB? LOL
http://i664.photobucket.com/albums/vv10/JimboToronto/DCBmoon1.jpg

 :) ;) :D ;D 8)

Ouch. Never trade more more than 10% of your coins.  :o

http://i664.photobucket.com/albums/vv10/JimboToronto/hodl1a.jpg

Unless you're forced to spend/sell of course.   :'(

I will buy many btc if the price drop to $10.
before drop $10 i will buy more actually :P

Seems BTC survived the 2011 dip into $10 and consolidated in a higher level.

Keep spreading FUD, sell your coins quickly please while you can, bitcoin can be $10 within a day