Bitcoin Forum

Im a new user who wants to invest on bitcoins and i feel the price for 1 bitcoin is absurd. Im certain is just this way because of some greedy chinese who took most bitcoin out of circulation and are waiting to cash out when they feel like. Right now it looks like a bull trap and deserves to crash to teach those chinese a lesson who will panic sell. Otherwise Bitcoin will fail simply because none in a mainstream society wants to deal with a currency based on decimals. example
how much is a tv?
0.1 btc wow that sounds stupid. Its already hard enough for a mainstream user to trust an exchange with their money to buy bitcoins. Now its even more hard to get 1 because of the price.
I am a mainstream user who heard about bitcoin in the news and although this post doesnt sound smart. This is how most mainstream users will think like and without our support it will unlikely get acceptance in our society.

Do you usually buy 1kg of gold?
No I presume. You will buy more like 0.02kg, meaning 20 grams.
And still you are perfectly ok with this.

The same will happen with bitcoin.
Soon we will have to use mBTC as the unit.

Very well said! I believe this is the whole reason of bitcoin going down 8 decimal places. As price goes up I think we will start trading in mBTC but who knows  :P

So what do you do in the store when something isn't exactly a dollar or two dollars? Give up and say it's too hard/complicated?

wow stupid gold comparison. gold is on a whole different level. its like comparing a scion to a lamborghini. at least with gold i have the physical value to back it up and gold also is hit and miss when it comes mainstream acceptance. Also i never said the decimals make it hard i said its harder to get 1 whole bitcoin. Go and try to convince your friends to buy 0.1 btc as an investment and see how they laugh at your face. Now redo this.when the price hits 200 and tell them to invest in 1and youll see a different response. thats my point

Bump
Today i seen a nice dip keep selling and we might hop back in when its at 200 or 300. Otherwise consider this currency dead and dont listen to those dumb fanatics who think this coin is worth 10k or will be worth 1 million. Question how can it be worth so much if some bitcoin miners mine 5btc per day. Im sure those guys will patiently wait till it gets till 10k value NOT. damn deillusional nerds nowadays. Btw ill be glad to eat my words if it at least gets to 3k after 5 months

it might be worth 1 million someday, but first, $300-400.  :D

Im kinda hoping it will drop to somewhere between $100-200 so it would lure more ppl in and they would start to use it for its real purpose. Alternative payments. Not a speculative currency

Agreed Bitcoin should go up when its use also goes up. Not because some greedy chink decided to spend his life savings into it.

My sense all along was we would correct again

Though we are off the lows again, can't help feeling we might see 500 again...

speculation is bitcoin's main purpose, deal with it.

i'd be happy to see a nice crash. keep selling LOL, i want me some cheap coins! :P

I agree. let the price crash, then we can gather a ton, and the price will go thru the roof again... making us richer!! LOL

i hope it doesnt go so low that people start thinking bitcoin really IS a bubble..... better stay above 266! :)

At this rate, anything is possible.   :-[

i hate it when people do this. its becoming my new pet peeve. this is COMPLETELY irrelevant to his argument. he was talking about how people have no problem buying 0.1troyounce coins of gold. whether bitcoin is better than gold or vice verca has NOTHING to do with his argument about how fractional denomination doenst prevent people from investing in gold.

as an aside does anyone know if there is a label for this specific form of logical fallacy or rhetorical trick or w/e it is?

im guessing you bought in at 266 lol

Behold the magnificence of this handy cut-out-and-keep-on-your-wall chart!

https://yourlogicalfallacyis.com/poster

(http://utminers.utep.edu/omwilliamson/ENGL1311/fallacies.htm is also good)

@ 200 300 will be perfect. remember when the price explode all major exchange websites and companies that use btc gone greedy and cheat or scam people.

I can't cashout the BTC I have fast enough to guarantee that I'd be able to re-buy at a lower price.  And yet, I don't have enough cash on hand to set a buy order. FML, I'm going to have to ride this out and hope for the best.

Anyone know if Gox is still repeating its sell order?

This has all happened before, this will all happen again. Bitcoin is constantly overshooting marks due to relatively low market cap, and swings wildly when derps panic, but the long term trendlines tend to hold true.

It isn't going to see 2 or 300 though, 500 at the lowest. Too much exposure.

let it flowww, steady and gentle  ;D

I don't think that statement applies to all exchanges or companies that use BTC but, when the price drops like a rock so quickly that it scares even the value buyers from pulling the trigger and stabilizing the price, there are serious problems still to come.

I bet a lot of people bought around $860 when the price stabilized for 20-30 minutes.  Now, I wonder a couple of things about those people and other potential buyers:

1. Are they buying more now that the price is around $600?

2. Did they cut their losses and sell all their coins between the $860-600 price drop?
     2a. Will they place a buy order later or are they staying away until the price hits rock bottom?


3.  Have the events of the last 24 hours scared off any potential value buyers now that it's clear that the price has not yet reached any semblance of stabilization?

4.  At what price will true panic ensue?

your questions will be answered on monday. its to early for predictions right now with the weekend coming.

no, my average buy is much, much lower than that, but to go below the previous ATH would be incredibly bearish

I guess it would be wise to hold off on purchasing anything with my coins until sometime early next week when there's a chance for a legitimate recovery to begin.

+1

Who has kept most bitcoin out of circulation until now? Would you call 'him' greedy?

Why are you entitled to invest and other folks not? You're probably planning the same as your subject of accusation of some evil deeds.

So, who knows the answer as to why Bitcoins are falling now, currently at $688.3

Thanks for the vote of confidence.  I got paid 0.15 BTC on Thursday (12/5) for a transcription I did over in the Project Development sub-forum.  There was something I wanted to order but I was getting over a sinus infection and went to bed after I got home from class.  I went to bed when my 0.15 BTC was worth about $156.  Now, it's worth around $91.  If I just would've placed the order on Thursday, only about 33% of those coins would've been exposed to the rapid depreciation.  The site where I was going to buy something uses a third-party insurance company to hedge BTC in escrow.  Hindsight is 20/20 I guess.  

Well, it will all have been worth it when the price jumps to $1500 next week.   :D