Bitcoin Forum

delete

No thoughts, just pain.

Lol you really think bitcoin will drop to $1?
Ah Ah!

Why $1 in that case, why not $0.01? Or even 0
Maybe -2!!

BTC was bound to drop below $10. Assuming it would keep its price while it was so high was ridiculous. However, expecting it to drop below $1 is ridiculous as well. If it did, it would be due to a hacker dumping coins.

It took a hacker dumping coins to cause it to drop below $10.

$8 was the price I predicted a while ago when it still was around $16. All called me crazy and said I could not apply methods of technical chart analysis and chart patterns to something like Bitcoin because TA is generally hocus-pocus (then I must consequently be a magician) and Bitcoin prices behave different than anything previously known to mankind. Now it seems they were wrong and I was right. As expected (by me).
</toldyouso>
 :P

There is no evidence of this over the more likely people cashing out out of fear.

Yep.

I don't think it'll go down to $1, but is was trading at that as little as 4 months ago, so I don't think it's totally ridiculous to think it could go that low again.

Nah.  Not $1.00.  90 Cents.  The optimal alternative currency value.

People acquiring bitcoins to exchange them for stuff don't care what the dollar value is, as long as it doesn't change while they're holding the coins.

So obviously this drop is due to speculators cashing out, and lack of new demand created by frequent publicity in places like Slashdot.

Absent clever promotion, this is probably the beginning of the long slow decline.

With the current difficulty, if price hits and stays around $1 there's going to be a mass exodus of miners.

I'm considering quitting now.  Mining is slow, just got a $600 electric bill and bitcoin prices are lower than when i started mining, and yet difficulty is 10 times as much.  So it takes 10 times mmore to mine now than when I started and prices are lower...

I know I'm not alone since other people have more expensive electricity than me.

I think any prediction is purely a guess.

My guess at the drop is that the thieves are cashing out and the little boys are panicking in their wake.

Dunno about you, but I would rather buy more at $1 than $30 though. :)

Good, then difficulty will drop and there will be a mass influx of miners.

Ah, negative feedback loops, what would we do without you? :)

experts my ass

Isn't the volume high enough to basically throw out the whole stolen bitcoin theory is dropping the price at this point?

How much of the huge early-adopter bitcoin-fortunes has been converted to fiat by now?

Have they been converting to fiat in large amounts at all?

I had hoped their plan had been to convert so much to fiat that they would from then on have huge reserves of fiat with which to keep bitcoin prices from ever falling below 1/21000000 of the reserves per coin.

But maybe they have not moved into fiat at all?

Or they have, but are not using that fiat as reserves to stabilise bitcoin?

Or they have, but are investing the fiat in various regulatory moves and licensing of legal banking institutions or purchases of legally licensed banks and such to uphold bitcoin's "legitimacy" more than worrying about its per unit exchange rate?

If it does go down to a dollar that would be awesome if I can actually buy it instead of finding at that point no one on #bitcoin-otc is fool enough to sell at such insanely low price...

-MarkM-

Once a flood starts all the sheep tend to follow. Let's see how many wolves are left.

This is the usual weekend rollercoaster, now with extra panic sauce :) Sell, sell, the world's financial system is going to ruin. All your digital assets will be worth nothing after the internet shuts down and we go back to farming goats!  ;D

Don't pride yourself too much, even a broken clock is right two times a day... In a rollercoaster like this all predictions will eventually come true.

this is a good day for bitcoin
BUY BUY BUY
SELL SELL SELL

you can smell the fear and hope

Wow someone got themself a bargain, though not as nice a one as whoever picked up 10,000 coins at only $6.00 each earlier.

-MarkM-

Today is a great day. All scared money is getting out today. Bitcoin sale is on. Go Bitcoin!!!

One secret is to keep you money in a different exchange.  They react slower then MtGox does.  I sold all my BTC for 2 dollars more than the asking on MtGox.  Also you can see where it's going to bottom out so you can put yourself in a good buy position.

Great job Bazil  8)

It does seem that if a smaller exchange is above the Mt. Gox rate, and the Mt. Gox rate itself is dropping, it's very likely that exchange's rate will move down as well. Similarly, if a smaller exchange is below the Mt. Gox rate, and the Mt. Gox rate is increasing, it's very likely that exchange's rate will move up.

I have found this to be the case in practice as well.  The smaller exchanges usually follow the larger ones.  The problem is usually the market dept is shallower so you may not be able to fill your whole order at the price you want.  It also depends highly on which way the price is going though because it's really easy and fast to move BTC between exchanges, but cash moves slow.  Even though I sold my BTC for a higher value I can't move my cash to MtGox to take advantage of the lower price.  Also if the large exchange bottoms out quickly and the rises the small exchange will bottom out at a higher value.

Especially with arbitrage bots starting to show up. It'll be very fast.

Actually when you think about it, this is a mechanism that might actually synchronize rates on all the exchanges (at least the ones that have good enough apis) and finally give smaller exchanges a chance to enter the market more easily.

Just a thought...

I will buy at -3 USD ^^

i'm hoping virwox hits 1500L some time tonight! :p i've got a bunch of linden i want to cash out!

I never fully committed my 100 BTC Buy-in; I sat out most of the time and observed.

The most I lost was $50 on a recent 20 BTC  buy/sell, so I guess I count myself fortunate(?)

It looks like my 100 BTC Buy-in is getting cheaper by the hour. Should I hope for $1 BTC?

I still believe in the fundamentals of this crypto-currency, maybe a rally will be in the making soon?

Peace out to all the BTC Peeps,
SJ

Yeah, it's been fun this afternoon and evening. I've got an early morning tomorrow. Wonder if there will be any bitcoin left? 8^)

Ny-tall!

Absolutely. I've bought 30 bitcoins on TradeHill and had my transaction push the price by 35 cents. I didn't place it high enough at first and had to repeat it two more times to fill it! That's obviously an extreme example, but that is the trade-off with a smaller exchange.

it doesn't work like that, at most it would be somthing like 1E-3

As long as the liquidity is there.  Most people flock to MtGox because of the depth.  Even though some of the other exchanges have better prices it could take a little longer to find a trade.  Nice sell though.  Glad it worked out for you.

Forget my previous post.  It sounds like you're aware of the pitfalls and are navigating them well.  Again, well done.