Bitcoin Forum

Will everyone panic buy the coins when the prices get lower?

I am thinking of buying 10,000 coins when i see the price drop to $1. If everyone urged everyone else to do the same, the price will rise, and sharply! everyone will be a winner!

is $1 too high / too low?

Thanks

$1 is too low we should do it at $2.42.  Everyone panic buy now.

You're planning on catching a falling knife? Very risky move...

But its not worth doing, untill it hits a price where everyone would naturally consider it an appealing amount to mass buy, I would think the majority of people who plan to mass buy would wait for prices to hit $1. If everyone did, then the price would sky rocket.

  The bigger question would be, "is there enough volume to fill your 10k at $1"?  I would highly suspect you would end up with only about ~4500 or so coins for that 10k. As I would venture to guess the bots and the traders who were actually paying attention would catch on pretty quick. ;p

good point ...... ok then, lets make the Mass panic buy even lower... the first dip into 0.75$ signals the biggest rally bitcoin has ever seen

tell your friends about this investment opportunity lets use the lowwer prices as they should be use ... to get new players

i was saying in another thread that it might spike lower than $1 but now i'm not so sure...

because if you're prepared to buy 10k and i probably am too and possibly a few others would bulk buy at $1 then the price is going to have a heck of a fight pushing through that barrier.

$1 does seem to throw off "buy" signals for me. Especially since it means all bitcoins combined are only worth $7million, but I tend to think the system is worth a bit more than that.

I would sell at 1 to buy 10000 in another currency.

thanks. good to know there's someone to buy from for $1 each... you want to set up a deal outside the exchanges?

only bitcoin having big new killer applications will save the price of bitcoin.  The application is not only a better choice, but should be a "have to" choice, just like silk road.

As you haven't invented it, so I don't see where the price rise will come.

People will move on, if bitcoin don't bring new applications. There will be iphone5, iphone6, iphone8 waiting for ppl to kill money and time.

Let's all agree to only buy at $1 and create a $7Mil buy wall. Remember, don't bid over $1. Agreed?

I agree! (fingers crossed Muhahaha)

As long as everyone [else] is in complete agreement... <goes off to place his bid for 1.01>.

Durn, I was hoping nobody would figure out my ebil scheme. *changes bid from 1.01 to 1.02*

the bigger question is ..... at want price to we stop buying!

so lets say it hits 1$

everyone gose nuts and buys bitcoins in mass

10,000coins sold the price is now 5$ a coin.

wtf do we do now!?

xD

1,2,3,4 I declare a levelling war!

and then puts it in the church's technologically-advanced 'collection plate' :D

boom-tish

Sell and buy again at $1  ;D

People were saying there would be mass panic buying when we hit lots of values on the way down from $32.  My prediction is that, just like all those other values, $1 will come and go as we continue down.  I'm further happy to confidently predict that the price will not go above $5 again in 2011.

why not over 5$ again?

why is it bitcoin gets better and better, yet the price goes lower and lower..

what do you think prices will be in 50 years?   0  or......

Bitcoin will not exist in $50 years.  The price won't go over $5 because not enough new money is going to enter the system since the reputation of the bitcoin has been irreparably damaged over the past months.

what are you talking about "reputation of the bitcoin has been irreparably damaged " last i checked the bitcoin protocol is still thought to be unhackable...

For most ordinary people the concern isn't at all whether the protocol itself is working.  The concern is whether the value one puts into bitcoins will be retained.  For too long now the answer is a very big NO.  As I've said elsewhere, it is possible to retain or even increase value in the current market, but it takes more effort than ordinary people can and/or will want to put in (e.g. constantly trading in and out).  Over the past months bitcoin has proven that it is a poor medium of exchange and a poor store of value.  And, not just that it's not good, but that it's laughably atrocious.  I don't think bitcoin will be able to shake that reputation.

bitcoin won't cross below March's exchange price

http://bitcoincharts.com/charts/chart.png?s=2011-2-2&e=2011-4-17&m=mtgoxUSD&i=Daily&c=1&l=1&t=S&noheader=1&height=150&width=900&v=1&vc=1

Proudhon - Old French, from latin: Pro ursus laqueum, meaning Bear Trap. Proudhon is Theft!

ROFL!!!

Anyway, I'm also interested in buying at $1 outside the exchanges. Send me a PM.

This is exactly the problem.  It won't bottom out at 1 or whatever and magically recover.  The price will be driven up by believers, people will sell into those rallies because they want to get out before it crashes again, hence causing a crash, it will dip near the low again after some time, a few more will buy in, rinse and repeat.  There will be lots of turmoil, but it isn't necessarily going to go back up.  Going all in at the bottom is a bad idea, because you don't know if its really going to be the bottom.  It may just bounce a couple times and head right back down again.

Hitting $1 would cause me to spend some of my profits for buying more coins.

Who the £¢€$ is still holding on to bitcoins today and thinking "as long as it doesn't crash lower than $1, I'll hang in there"? I believe, though have no evidence but for the deliciously gloomy sentiment in this forum and in the press, that the only people holding onto bitcoin either truly care not what the exchange price is and those lesser fools who are rapidly trading amongst themselves in the Mt. Gox Casino.

Panic buys do seem to be happening around round numbers here often, and I fully expect one to happen when 1 BTC = $1, since it sounds like something most people will try to justify in their heads. Trying to profit off that could get ugly though, be careful and don't get too greedy.

I think 1 dollar will trigger the bull trap we've been waiting for.  A bunch of people start buying them up, but since the volume isn't there the price rises sharply, people see this, assume it's the rally they've been waiting for, lots start to buy, then it stagnates, crashes, recovers a bit, stagnates, crashes some more.  Should be interesting at least.

Watching this subforum in particular should be fun for the intermittent waves of elation and despair go up and down every few minutes.

Looks like a set up for another bubble...the market is so small that it is easy to manipulate... ???  There will be large buys, then prices will spike followed by dumping...  Fear and fraud will plague the market until better information becomes available...
 
P2P Exchanges, More secure wallet, and independent audit sites would help strengthen the market.

I will be buying 7 million BTC at 1 dollar each.

The fact that you're wanting to plan for a mass "panic" is quite amusing (:

STFU!  :o  lol really Elwar?  That's a lot. Are you planning on buying outside of the exchanges?

There aren't even that many bitcoins for sale.

+1
Was just about the post the exact same sentiment.

Or more that the price can reach $1.  It could fall lower and when I was considering this yesterday thought $0.10 would be a fair price to bottom out.

Because people are illogical, selling at $1 when you buy at $10, people will probably hold in the *hope* it might be worth something, but not too pissed that they've lost another $1/coin as it falls to zero.  Plus, it doesn't cost too much to just leave the coins in a wallet.

+1

If I had bought in at $30, and witnessed a fall of $28, recovering 6% of my investment by selling at $2 would not seem worth it. It may be illogical, but I would much prefer to lose that 6% than give my coins back, probably to the very people that lured me into the trap in the first place. And if I wasn't willing to sell as I witnessed the long slide down from $30, I sure as hell would not sell now at $2, let alone $1 for that matter. The logical thing to do is sell and take the 6% left, but that is the logical conclusion ONLY if you believe bitcoin is done-for. I don't think that. The exchange of bitcoin for fiat currency is stupid, and the valuation of bitcoin in terms of fiat currency is equally so.

Luckily, I was not gullible enough to buy bitcoin as an investment. I do have some pity for those who have been lured into the speculative trap, and I regret all the negative press bitcoin is getting because of the deflating speculative bubble, but at the end of the day investing in currency to realize profit from exchange differentials is moronic. But there seems to be no end to the number of people who are suckered into it. Forex is big business.

It's feeling more like it's going to go all the way down to $0.10. Bitcoin continues to exceed my expectations for drops, so I don't see why not. So I wouldn't buy until it's at least below $1 - maybe even wait longer.

Yeah, people used to bet on when it will reach $100.  Now, the sentiment is becoming when it will reach $1.00

Anyway, I doubt there is any possibility of a rally.  All the people buying in the last half year can't have much cash left.  And those of us who have been cashing out probably put their money away or spent it.

I was thinking of buying in at $1.7, but now that I see all this, yeah, $0.7.  I'll wait until I need some BTC for Christmas presents.

well the way for it to recover is to pump more money into it, thats what i hope will happen when it reaches $1 and I'm putting my money on it.

I think many realize this time around that bitcoin is and should be used more like a currency and less like an investment for now due to the speculation volatility.
Because of this I think we will be much less likely to create another pump and dump like situation now.  

Today whenever mtgox sees any type of price spike even a tiny one, people sell their coins to take profit. Why? because they know now not to hold for eternity and lose their speculative/mining profits to someone else that will sell first. When it reaches $1, I don't think much of this behavior will change unless we see something that causes a surge in demand for bitcoin use. Saying it's cheap because it's only a $1 isn't reason enough for speculators build a bitcoin bubble with anymore imo.

If the entire bitcoin economy has a demand for bitcoin over $1 to sustain it's economy, then it will be bought up to keep it above parity, but it won't be because of mass panic buy.
The bounce back certainly won't be like what we've seen this year. It won't be anything resembling a panic since there is simply very little demand for bitcoin right now as an investment.
At least not right away until it's proven itself more stable and on the rise again.

bump...  someone is buying right now.

looks like are dream of buying bitcoins at 1$ is over

nope, a birdie told me prices'll climb in three waves above $3, drop again in five to the $1's, completing wave II since June and begin the 2012 rally from there.

surprised there's no 'rally' thread popping up... they've been prompted by smaller rises than this before.

$2.04 to $2.72 is huuuuuge.

  Maybe by some miracle we've either chased some fo those posters off or they have just grown bored with it. Orrrrrr, they lost so much shorting they have no BTC left to sell no matter what the price. ;p

  Just pokin fun. I've no clue and don't really care either way. Though it is nice to see some light hearted posts about it, the 'pumper' types do get old...

i was just thinking how excited people would have been if it had gone from $20.40 to $27.20.

  true, there are many easily excitable in the audience.

i guess for many of us bitcoin was the first "stock market" experience , a bull trap can look like something to get excited about when you don't know

There's been no volume to back up this price since the 'rally' at 0100 UTC. I expect the price to come down <$2.5 and then burst up again before collapsing through $2 within a day or so.

i fail to understand your post and your reason for editing my figures.

 I failed to understand your intended numbers then. I apology for assuming it was a typo. Which hopefully adds atleast a bit more sense to my post. Not that there usually is much to mine to begin with ;p

   Cheers

it was not a typo. it was a comment on the fact that:

$2.04 to $2.72 in a day doesn't seem to have caused much excitement
$20.40 to $27.20 in a day would have had people jumping up and down like crazy and posting multiple 'rally' threads.
$204 to $272 in a day would probably have people cumming in their pants.

...even though it's all the same thing pretty much.

You may have noticed there's an anti-log faction on this forum. Plus, minus good. Multiplication, division bad. Exponentiation doesn't exist.

  Give it a few more years and 'no child left behind' will have us all lucky if +- makes any sense.....   :'(

Possibly true - if I had put $10k on at $2 and it was +25% to $2.50 in a day - WOO HOO.  I'm still working on bringing my average buy price down.

I just bought 1200 coins that I needed for some various projects. Price was already climbing up to $3.20 by the time I was done

Yeah but if you sold that 10k worth of bitcoins when it was at 2.50, you'd be selling them at a nickel a piece :)

that's just not true.

Today I see them above $3 and the volume is sufficiently large that the price would not be driven to $0.05. 

I find it  tiresome when people do not know the depth of the market and how it works and/or make silly statements like that.  Please try harder.

You were spot on this time. BTC is currently at $3.20

Sorry guys, only basing this on previous performance..

Previous performance is no guarantee of future results.  Money is not insured by the FDIC or any other agency, and is at your own risk.