Bitcoin Forum

I just want to post a positive note to my brothers and sisters in Bitcoin land. The price drop is hurting a lot of people right now, and a lot of people are getting discouraged. I just saw a local guy put his 3.5 ghash mining operation for sale on craigslist including 9 GPU's - his asking price $1000 or best offer! In July that rig could of sold for $3000, times are getting tough my friends but don't let it discourage you. It can only go up from here and believe me it will. Miners... I have not sold any mined Bitcoins since they were at $11, you know why? Because I truly believe that they are worth more than a couple of bucks a piece and I am not going to panic and sell the wallet off because I am afraid of losing. Keep your coins - or better yet INVEST them in a Bitcoin business.

I remember late last winter when the price went from $0.85 to $2.00 - you know how freakin ecstatic I was?? I remember that feeling and I remember selling 50 coins when they were at $30 a pop and thinking aint life grand and all that happy horse sh1t, but damn look at us now. I will not be discouraged and don't let it discourage you. This is a growing pain and we will come out of it stronger. I know for myself I am in this for the long run and if you truly love Bitcoin and want to see this thing work you need to take on a similar attitude.

Still pissed about the price drop? Go tell everyone you know that Bitcoin is the best currency that ever existed and explain to them why. Then set your ask offer at MTGox to $10.00 log out and leave it.

STAY STRONG BRO'S I LUV YOU ALL :)

ahahha :) I actually laughed out loud on that one.

lol, it's actually a really nice pic. I wish it was of me when I was a baby.

Ignore the douchebag. The current price is a dip. The more important issue is getting the currency to be treated as a regular exchange method every single day, for many more people than are using it right now. That means -- give more people reason to use coins.

Hmm, MTG:OX disagrees with you. Bitcoin is not a currency.

I'm with OP.

The speculative bubble *had* to be destroyed, and it was. The following months might turn out as a sort of "Bitcoin Judgment Day" -- without the speculation driving the hype, will it reach critical mass?

If Bitcoin gets adopted on any actual market, the game is over. It's just superior to anything else the world has to offer. The only reason I'm not buying more is Kelly's Criterion; they're not established enough, so I can't bet too much on that one card. I guess you see this is a chicken-egg problem that, once solved, is solved once and for all.

Not that this stopped me from buying in that drop we just had. I expected something like this long ago, and had money waiting on Mt. Gox ever since the bubble became obvious in June. Buying then was out of the question. But now?

What goes down is cheap, and it has more room to go up again. :)

Volatility is rough.

Onward.

denial

Keep driving, brother. It's just a pothole.

https://i.imgur.com/S41Ly.jpg

At the beginning of the bitcoin, I did believe that there will be one independent economy there, so, I never compare it to US-dollars, someday, we can use bitcoin as dollars, that's our aims.

What would be really good is to get some services with huge profit margins (barbers, beuty therapsist and that sort of things) to offer prices in Bitcoins. strictly coins. not based on USD.

I think if they say. 2BTC or whatever for a haircut.. will gain interest especially if prices are significantly lower than the USD equivilent.

Makes newcomers interest due to intial massive savings. gets people onboard.

My 2 satoshis :)

Why are you people care so much about price? Bitcoin will live does not matter what price it is...  Some people did mistakes buying it at too high price... but, God, you did absolutely RIGHT choosing to support this technology.

Well the only practical way to participate in the economy is by buying the coins from someone else right now.

And to say one thing: Each time I did pay any attention to this sub-forum I made a loss in value. As long as I ignored it I made profit on the bumps.
But I don't care about that now, this little amount now lies in LTC which will either take of or not, in which case I'm keeping them till hell freezes over  :)

i thought Bitcoin was bad b/c its a deflationary currency, rising in value with time, thus encouraging hoarding?

now Bitcoin is bad b/c its an inflationary currency, dropping in value with time, thus encouraging selling?

When it was at 17USD I had zero intention to sell..

I wont even considering sell any until sometime in 2013 I reckon.

This does not mean I wouldnt use them to trade for goods though :)

I just dont see the point of switching out to other currencys. Certainly not at this time anyway.

Yeah people who don't have a lot invested aren't gonna care much, they'll see it as a lottery ticket of sorts.  People who have thousands of btc, or tens of thousands invested though?  They definitely will sell once it gets low enough (like has been happening on the bounces).  People who have money tend to know how to use it, and holding bitcoins at the moment is fucking dumb.  There may be a rosy future for btc, but not in the next 6 months.   

now is the time to buy.  it won't go much lower than this if at all.  buy the dips.

Disagreed.  Thanks for the advice though. 

I guess if you are good enough to predict the bumps and dips better than everyone else it doesn't matter when you stock up your funds.
But you never know when someone else with more coins than you will cash out.

This thread was mentioned in this article, which was picked up by /.

http://arstechnica.com/tech-policy/news/2011/10/bitcoin-implodes-down-more-than-90-percent-from-june-peak.ars

"debating how low the price can fall before the currency is declared dead"

Bitcoin can still be use for payment regardless of its value. The only thing that will happen if the price gets really low is we'll lose some people who were in it for a quick buck. Whether the value is $30 or $0.30, I can still buy some and spend some. As long as people own some and there's a reason to move them around, bitcoin will live on.

I just wish it was easier to find stuff you actually want to spend them on.

You talk as if bitcoin is stable enough to just spend $100 buying bitcoins, then spend those bitcoins to buy $100 worth of stuff.  It isn't.  Sure, you can still perform transaction in bitcoin.  The problem is that it doesn't store value well at all.  For all practical purposes bitcoin is done for at this point.

Discouraged!Depress!Demoralize!Deflate!

will you stop it already you've been at it for days now....

I'm just trying to combat nonsensical religious defenses of bitcoin.  The mere fact that we can still buy stuff with bitcoins is, when you take into consideration other important factors, a horrible reason to get into bitcoins.  I wish bitcoin had succeeded.  I really do, but we all ruined this thing and the sooner it's over, the better.

are you holding any coins?

So true, these idiots who think they will hold bitcoins if the price is $100 or $0.01 are delusional.  There is only one reserve currency in the world, USD, everything is priced in it, it doesn't matter if it is Swiss francs, Renminbi, Gold, pigs, cucumbers, or band aids.  If BTC value goes down, yes you dumbasses, your 100 BTC goes down in value also.  The market has peaked and is in for a slow long decline to base value of a bitcoin, which is nearly 0 since people can mine them for free on other peoples hardware, and the sunk costs in the ASICS are producing bitcoins for free as well.  Those of you hoarding your bitcoins in hopes of $50 value, or even $10 are in for a long sore lesson.  Price will slowly sink to $1 where there is probably some emotional resistance and it will bounce around, and then sink lower.

While I agree with you, we can all still be VERY wrong :).

risk and reward...

if i risk 25$ and the potential reward is 100$

and the odds are be 1/3

its a bet you have to make