Bitcoin Forum

Just curious as to your thoughts on this recent decline in trading price.

Manipulated? Bound to happen, nature of Bitcoin?  Are we heading to $1.00 BTC soon  :-\

Thanks for your insights.

SJ

Belongs in speculation.

I've no idea, and doubt that more than a few people really do.  I'm planning to double down one more time if we get deep into the 1.xx range and have the ammo on-line to do so.  So I kinda hope that we do but will live either way.  I would feel much better about a rally if we do get well below the bottom at $2.04 from a month ago (even though I have little interest in or knowledge of technical analysis.)

I am in the same boat. Try to follow the smarties in here for their recommendations, but the bottom line is I think I secretly wish for $1 btc, then I will go in big and long.

That's the way to "swing"! :D

I can't wait for lower prices! Ima buy'em ALL. Or at least try to!

Get them while their hot HOT!

Be careful you don't get burned...

Pet Rock Anyone? (NMC)

3 targets for me:

1.77 BUY
1.54 Strong BUY
1.24 super Strong BUY

i don't think it will go any deeper than 1.24 at no time. everyone is talking agbout the 1-mark, so i doubt it will ever reach it, cause everybodsy will buy like mad if it should even only touch 1.1

100% speculation, i mostly use s3020 suggestions on elliot waves.

Personally I believe NMC has as much or greater real-world use potential as BTC.  I think the idea of a decentralized naming system is revolutionary and amazing, and could enable the concept of smart property.

As to the OP, I'm currently betting on $1.65.

I think you mean S3052  ;D  But yes, me too, and I have been very satisfied lately.

Could you elaborate on the s3020 / waves thing? Was this posted on this Forum?

Thanks!
SJ

agreed

disagreed,

it will Never go below 2$.

I should have specified I was agreeing with the view on NMC as an idea, not BTC price.

I'll keep my mined coins, another buying strategy.

It's not going below $1 for more than an hour this year, is my prediction. Why? because there is insane support at $1. How do I know? Because many people (me too) say they would buy at $1 very big and I believe them.

I think bitcoin is undervalued. The market should normally take into consideration future expectation. Bitcoin is very high risk, but the reward in case it becomes widely used even within just a sector or certain populous is extreme. Todays uncertain times should free some FIAT looking for places to go.

Maybe such high risk is just not a popular place in fearful times.

Maybe bitcoins trust got damaged more heavily than I thought by the bad news since June.

As far as "fundamentals" go: it seems the economy is not growing rapidly yet, but look at all the developments on the technical side and infrastructure support businesses popping up, exchanges professionalizing. The infrastructure is being built and remember: we're still in the "initial big inflation" phase. This all takes time, but it happens.

I'm not trying to talk the price up, but it might well be that "Q4 2011" will be used in sentences like: "Early adopters that got into bitcoin in Q4 2011". Don't miss out ;)

.bit is cool, no doubt.

However: I somehow doubt it will ever find it's place in widespread use, because there is just not enough incentive. The current system, however flawed, works well enough for most. And the fears some have about lack of freedom and/or too much control over the names are too abstract and far out for most to have large scale effect. Also: adoption of .bit by big providers seems unlikely... why should they? Without that, I don't see widespread adoption either.

And also: The world will have a SCREAMING NEED for SOUND MONEY very SOON. Bitcoin (as well as NMC) _is_ sound money. That need is far greater and more important than a good decentralized system to lookup ip addresses. So if BTC has usefulness 1.0, NMC has usefulness 1.00000000001. So what you say is true, NMC has greater real-world use potential than BTC. However, as I just explained, that is largely irrellevant: BTC clearly has the first-mover advantage and there can only be one big currency like this. So unless one of the OtherCoins offers some really useful innovation, the internet currency will be called Bitcoin.

Have you guys subscribed to his investment letter?

Not even for a minute?

I wouldn't subscribe to an investment letter unless the author could prove that they control >100,000 bitcoins, and are describing their upcoming moves.

Talking about how much support is at 1.00 and how it can never stay that low is foolish, because it's not like it will only get near it once then bounce straight back up never to come down again.  Sure the first time it gets near a dollar there will be lots of buys, but what about the second time, third time?  Same thing is happening now.  Last time the price was this low there was quite a bit of support with a decent rally back up to 3.70ish.  The price falls again, and the people who would have bought in have bought in already, and there is very little support left. 

Not yet.

http://bitcoincharts.com/charts/chart.png?width=640&m=mtgoxUSD&k=&r=150&i=&c=0&v=0&cv=0&ps=0&l=1&p=0&t=S&b=&a1=SMA&m1=30&a2=&m2=25&x=0
Bitcoin, last 5 months, on log scale. Brown line is 30 day trailing moving average.

The long, slow slide is right on track. It's been all downhill for 5 months now, and the trend is consistent  Currently, the price is cut in half every 5-6 weeks.

Every once in a while, there's a big drop, and then the price recovers. But it never recovers all the way.

Nagle is the manipulator!

In case you're answering to me: that's why I said: "this year" it well not go below $1 for more than an hour.

Admitting you are right a few months ago has served me well.  Thankfully there have been enough bag holders resisting the obvious.

Its been one price concretion after the next, going down, for the past 5 months.... whats your point?

So if the trend persists how long before BTC goes sub-zero?

[sinking with the ship bought at 19$]

its not going to go much lower ... Maybe we'll see 1$
bubble #2 is on its way no worries

Boom.  Dumping several thousand BTC has just pushed us past $2.  New post bubble lows.

is this titanic sinking in fireworks? how did you produce this image?

Probably signaling flares.  The Titanic was so.... titanic, when it went down that it made the entire ocean list, by the looks of that image.

Never - this is a log scale.

Yeah signal flares for the rescue ships that were underway.  And lol at ocean listing.  Didn't notice that til you pointed it out. 

To answer the question in the thread title...we're going all the way down.  There simply is no reason for bitcoins to be worth more than a $1, no reason at all.  Nagle has been right.  When a bubble pops, it pops all the way, and in the case of bitcoin, there's no reason for a legitimate recovery on the horizon.

yawn.

There might be no rational reason right now, no. But there are plenty of irrational/psychological reasons based on potential future valuations. There is also no rational reason why the USD or the EUR is worth anything either, other than a thinly veiled 'promise' from central banks and nation states. It doesn't stop you from buying your milk and bread with it.

I have made plenty of money on Bitcoins, but please don't try to compare Bitcoin with the USD or the Euro in terms of "why is this worth something". It's a horrible comparison.

Oh, no, he's right, it's exactly the same.  Because it's just as likely that the dollars I have today will buy 25% less bread tomorrow at the grocery store.  Or that the dollars I have today will buy 50% less bread in a few weeks.  Or 93% less bread in a few months.  Is exactly the same, see.

Heh. I use that graph, though with the 40-day moving average, to predict at what speed people would "undershoot" when hitting fundamentals by blindly following an exponential trend once again. 40-day was chosen since this line was never touched since the bust phase began in the beginning of August, marking a limit at which trend-followers might notice something is fishy about extrapolating exponentially. (Oh boy, isn't that 9th grade school knowledge?)

It seems I got one half of my prediction right, people do like this trend and try to make it continue. Now let's see if fundamentals hold, too. The moment market forces overpower a common opinion is always the most interesting one, and unless we get an exp drop to zero, this moment should be coming soon.

So the reason we transact with fiat is because it doesn't lose its value? Uh huh... tell that to Mr. Bernanke and his printing presses.

The reason we transact with fiat and not bitcoin is because the bitcoin system does not have states, military, and legal systems supporting it. If the dollar had none of that, it would be just as insane as bitcoin. But when fiat currencies die their slow death, bitcoin will still be around.

Failing to understand my post and mocking me just makes you sound ignorant.

Look, when I want and need to buy things (food, supplies, entertainment, etc) I don't care why the currency I have buys roughly the same tomorrow, next week, or next month.  I care that it does.

The problem, as I'm sure you are aware, is that it doesn't.

Why the "magical" $1.  It seems everyone who is convinced that Bitcoin is overvalued is absolutely positive it is worth $1.  Of course they have no data to support how much Bitcoin is overvalued nor how it is properly valued at $1.

I mean why $1?  Why not $0.10 or $0.01 or $0.001?

Notice I didn't say bitcoin is or should be worth $1.  I said there's no reason for it to be worth more than $1.  It's probably going to be worth less in the coming months.

I guess that makes me lucky because the amount of, say, bread my dollars buys over the past days, weeks, months hasn't changed all that much.  I'm sure there are tiny fluctuations.  There are not fluctuations on the order of bitcoin.

http://data.bls.gov/timeseries/APU0000702111?data_tool=XGtable

I wouldn't call 50% a 'tiny' fluctuation...

Me either. What's the time-frame on that again?

Looks like 50% fluctuation over the course of 10 years. Bitcoin has had fluctuations of 50% in a single month, so a couple of orders of magnitude less stable than the USD.

If someone shoved their fist up your ass slowly, would it not piss you off just as much? Or would you be ok with that?

If you can only think on short time scales, you are going to eventually get screwed in the long term. At least with bitcoin, the fluctuations are due solely to participants in the market, rather than the institutions who actually control the monetary systems across the world.

Over time, stability will come. Stop asking from bitcoin what it can't give you right now. The client is still in 0.4 beta.

If you want true stability, invest your money in actual bitcoin businesses rather than on casino games like bitcoinica.

Right. Better compare it to gold.

+100

The exchange of bitcoin for fiat is pointless. We shouldn't be basing the value of a bitcoin on the exchange rate for fiat. Instead we should start exchanging it for more hard assets, like commodities and bitcoin stocks, instead.

That comparison is still invalid.
There is a fundamental difference here: Gold can never be substituted for something else.
Bitcoin can, so far new blockchains haven't been very successful but they could be.

It is not that there could be another element used for currency but gold has the best properties to make it one, based on it's physical composition.


I would rather compare them to limited issued 'collectors' numismatic coins which are much more pricier than bullion with better speculative performance but larger fluctuations. Right now bitcoin is the most desired one but this could change... It might not.. I'm just saying that it could.

It makes no sense to disconnect Bitcoin from the real world. Why Bitcoin has potential over gold and silver? Simply because it's easy to use in the real world. The best way to produce more goods and services in Bitcoin is to keep importing from and exporting to the fiat world.

Everything should be progressive. The first stage to establish a currency is to make sure exchanging currencies is easy.

Where did we get our Bitcoins? Not everyone of us mine. So we need to exchange.

I'm not suggesting we should do such a thing. The world of fiat finance is far from 'real' though. Hard assets, commodities, stocks and shares are real. Fiat money is a fiction. What I am saying is that people need to realize that the value of a bitcoin is not solely determined by how much it can be bought or sold for in fiat money. There are many factors, but that seems to be the only one guiding everyones behavior around here.


So sell the fiat you have for something that someone else is willing to pay for in bitcoin. Or else provide some other sort of good or service that people are willing to give you bitcoin for. Why do we need to peg what we consider the VALUE of a bitcoin to the fiat exchange rate?

I know there might be some reasons for wanting to do it in the early stages, but I'm suggesting that people should not be too fixated on the fiat exchange rate. They are missing the forest for the trees.

I think you are missing the tree right in front of you.

If I buy a mining rig it likely has components in fiat dollars.  If I am rewarded in Bitcoin then the relative value of the two is very important.

Last time I checked my electric company doesn't accept Bitcoins so unless I discover cold fusion the relationship is equally important to keep rigs running.

If I open a Bitcoin store it is very unlikely my distributors accepts Bitcoins and thus the relationship is important here too.  Even if my distributor did accept Bitcoins the products likely aren't available in Bitcoins so the importance of the relationship still exists it just happens to be abstracted.

http://coinabul.com

but who would give his precious BTC for gold?

There are other metals: platinum, silver.

But these are neglegted, while equally suitable for the same function gold is used for. Same as LiteCoin. Gold to Silver like Bitcoin to LiteCoin.

Platinum is just a tick to rare to be used as a currency, and silver is not as corrosion resistant.

Also gold has only one stable isotope which is unique and it's high density makes it more difficult to fake.
Yes both silver and platinum are kind of undervalued but they just aren't as suited for use as currency as gold, that's why.

While now irrelevant the fact that gold has only one isotope will become very important, it is the only element which can be used as nanomoney without sorting them.

A major difference from fiat currencies is the seeming lack of anyone who is actually determined to see to it that the currency does actually have value.

Although fiat gets pretty vapourish, it used to be that some kind of reserves or something backed it up.

If someone who had a huge amount of bitcoins had held as reserves everything they ever managed to buy with them, we'd be able to make a pretty good estimate of the lowest value/price just by looking at the reserves.

For example if someone had managed to sell one million bitcoins for USD$21 each back when the going rate was $1, ***AND*** they held the resulting USD$21000000 as reserves to back bitcoin, we could figure that even when all 21 million coins have been minted they should not be worth much less than a dollar each simply because we know there are 21 million dollars, minus maybe some costs such as security arrangements, banking fees and such, ready in safe storage (aka "reserves") to buy back all the coins for dollars.

To me it has always appeared that the biggest problem with bitcoins is the miners seem to be trying to get rid of them instead of treating them as a valuable token they are committed to always being ready to buy back for close to the price they sold them for.

The money would be in the transacting, like it is planned to be once all the coins have been minted.

Since miners seem generally unable to afford to back the coins, having so much expense for rigs and power, maybe it will fall to the exchanges to aggressively buy up all the coins, maybe allocate some portion of their fees as funds with which to buy up reserves of fiat currencies and precious metals and stocks and bonds and so on with which to be able to stand ready to buy up any coins that fall below some percentage of the price they sold them for.

The mentalist though seems to be to just get rid of all the coins then start up a new currency; there does not seem to be any significant number of people who are determined to buy back any coins they sell for not a whole huge amount less than they sold them for. Even something simple like "any we sell you we will buy back from your for 90% of what you paid us for them if you fail to find another buyer within X amount of time after buying them from us".

But what reserves do bitcoins have? How much of what people have spent on bitcoins is in various hoards ready to buy bitcoins back? Does anyone acctually have a "vested interest" in bitcoins or are bitcoins just something to get rid of as soon as possible to stock up on valuables to eventually buy some better-backed currency with when some better-backed one comes along?

-MarkM-

...The "how low can we go?" post...


#we'veTalkedAboutThisBefore

we never did get to $1

very helpful to retreive this old post to refresh my investing perspective in bitcoin.

Perspective is very important.

Now let's remember how incredible and meaningful an advance bitcoin is. Back to basics, and the broadest possible perspective:

http://www.youtube.com/watch?v=NERAN-89j8M

^ That's Wences Casares' Bitcoin2014 talk in case you missed it...

what exactly has changed?

oh, millions more in VC money, thousands more merchants, >100x price, Dell, Expedia, Overstock, 100's of ATM's worldwide, exchanges in multiple non US countries, a protective hashrate thru the roof, etc.

Thanks for digging this up. Good stuff.

Funny to see people squabbling over pennies, eh? Relativity is a bitch.

So nice to see this one again.

i know this guy prbly won't see this, but as a jeweler i have to point out silver is quite corrosion resistant. copper is not. sterling silver is a combination of the two,(92.5% silver, 7.5% copper as most common alloy) and the copper corrodes('tarnishes') fine silver does not corrode. fine silver is however a very soft metal, which is why it is generally alloyed with copper so it can be hardened.

ahahaha nice job reviving this thread!

It'll be fun to dig up a current "How low can we go" or "Will it ever recover" thread in another three years.

I buy all you bitcoin $2.25 each that sound fair?   :D

I thought this thread is from future, and it is price of mBTC  :)

Yes so true, no chances to recover above $1 anymore :) Today's new breed of trolls also seems to think that now is for real, we will go to $100 and stay there. Of course they are right just like proudhon was ;)

Amazing to think bitcoin was only worth $10 million or so at the time. Severely undervaluing it's growing community and future potential. The same can be said now with a marketcap of $5 billion. The price is discounting the future potential, current infrastructure in place, and the growing community.

Pessimism really does fuck with people's abilities to draw logical conclusions

Yep you could take one of today's VC investments in bitcoin biz, literally buy most of available bitcoins, and still have enough to build coinbase or two :)

maybe not, but I did read this and appreciated your input, thank you  :)

Thing is that exchange rates can fluctuate. When it is rising people cheering, when it's dropping people are crying.

And in the end BTC1 is still exactly BTC1

True, because a lot of people are in this game for the fiat.
They totally forget and ignore the thing you just said.

How much lower!?!

300

Dude, I was reading this and thinking people were being facetious and just dividing the price by 100. 
 
Then I realized this actually was from 2011.... wow, what an interesting read now in these scary times.

i started buying coins in $2 range and back then i remember reading people saying it will drop to $1.50 or $1.25 or even $1 and it even made me think twice about buying a load between $2 and $6

luckily i didnt listen to the FUD and kept buying but im sure many people dumped at $5 when they thought it was going back to $1 .....lol

fast forward 2 short years and they could have dumped at $1200 lol

reminds me of this current situation where people are relucatant to buy in at $200 even though in a couple of years there probably will  not be any coins under  $1k .........:)

In 4 more years, people will dig up threads from 2015 and laugh at these ridiculously low predictions and prices. And say "why didn't I listen when they told me to buy for $220" and "I could have been rich if I invested in 2015".

Just get yourself some bitcoins, even if it's just a fraction of a Bitcoin, you will be glad you did in 2020.

I was in a period of frustration here.  I would never characterize things as 'scary', but they were fairly baffling and somewhat aggravating.  I was sure that there was a lot of potential since there had not yet been the half-expected catastrophic bug and it was baffling to me that the prices got as low as they did.  I just said 'fuck it...I'm going to follow my own theories about what the values for a system with it's capabilities could be' and at around this time I was really thinking that this was a gift for those of us who missed the early 2011 prices.  A second chance.  Also, at that time I felt that I was doing a good thing for the solution by mopping up some excess liquidity since the price decline had gotten a lot of people to give up hope.  I had download the source code in 2010 but didn't compile it because I would need to port it to my secure platform and I got tied up buying some property instead.  When I got back to it we had already crossed the mid 2011 peak.

 
 
I hear you; I started going in hard at $350 (about where I felt we had hit severely undervalued) and have been buying/buying/buying all the way down to current levels... even though it hurts to watching your purchase lose value in front of your eyes you simply don't know where the bottom is... and once the true bottom is hit, human fear (of the deal you just missed out on) and "I'll wait for it to go back down" paralysis will set in. 
 
The correct decision is many times the one that's hardest emotionally to do.  Buying low while the price is dropping protects you from your own stupidity and hesitation later. 
 
I wish I hadn't of blown of bitcoin back at the $2 level, but the past no longer exists and $3 billion value for all bitcoins is probably one of the most absurd mis-valuations in the world today... though I do wonder if Dogecoin (current market cap of about $10 million) will one day make people laugh at the idea of buying a million of them for about $100. 
 
Anyway, better to discover and believe in bitcoin now vs. on it's meteoric ascent through the thousands of dollars per coin.... coming soon.

It's so crazy.  I'm one of the loudest bitcoin supporters on the internet... and I can clearly see how it simply *can't* happen any other way.  Bitcoin must explode in value, though I confess not to be able to predict the time frame (major players and game theory above calculation). 
 
But even though I'm a true believer, even I have trouble looking at the price of $220 and imagining that it will be $10,000+ by 2020.  It just seems so impossible... and yet it will happen. 
 
All I can do is buy as many as I can right here and now, and trust the logical part of my brain vs. the emotional one. 

 
That about sums up the current situation.  A price of $200 per coin makes no logical sense given everything we know.

I know what you mean, no one in his right mind would pay 200+$ for a Bitcoin, this is absurd. But don´t worry we will soon get back to normal prices in the lower double digits range.

This has to be the most interesting threads on here in awhile...  =)   

this is me from 2017
1 BTC = $35168546846876876546543213216546879679854241213516854684687687654654321321654687967985424121

Here's a thought as new mining operations come on line there is an increase in the need to cover investment and overhead.

That translates to selling new Bitcoin's the result is a drop in price and selling of more Bitcoin.

When this turns around and we have an increase as those same miners can afford to hold Bitcoin's back pushing the price up.

If this is happening on any scale coins now are being sold at a discount and the wealth transfer is going to subsidies the mining backbone of Bitcoin.

And the true squeeze will come in the latter half of 2016. But whenever it happens supply will be limited from the mining side and come from the limited savings side.

I don't think so , I think bitcoin price will be  200-220 for a long time  ::)

Lol. This must seem funny now for the people that are still around :)

Pleeeaaassssseeee stop dredging up these old, zombie threads.

These old threads can be very relevant to today's discussion about price speculation, and bring some nostalgia to those of us that were around then. I was a lurker on BCT at the time and had only started buying Bitcoin a month earlier at the then outrageous price of 5.41 CAD. The First Pirate Savings and Trust later to become the Bitcoin Savings and Trust had just been launched https://bitcointalk.org/index.php?topic=50822.0 (https://bitcointalk.org/index.php?topic=50822.0). The latter is so significant since the First Pirate Savings and Trust was predicated on the premise that Bitcoin can only continue to keep going down in price.

I have been thinking the same thing for awhile.

The latest ramp that started in early 2013 aligns with when the first ASICs started to hit the market. ASIC miners were so profitable that anyone running them only needed to sell a small fraction of their mined BTC to cover electricity & costs.

Once the majority of total mining went to ASIC miners, the supply of mined coins dried up, and so up went the price.

A year later and difficulty finally caught up, and today miners have to sell a good portion of their mined BTC to cover electricity & costs. So the supply of mined coins rose back up a the same time as the price stagnated and fell.

Over time the supply of mined coins will re-drop according to the schedule. The price action the last time the supply of mined BTC reduced, is a good predictor of what will happen when the supply of mined BTC is reduced by the schedule.

No.  This is many times more interesting to read than 95% of the new posts.

agreed, most recent posts are full of trolls, the old treads are much more interesting, and since the market is a cycle, it's always relevant.

Exactly this.  The price action is kind of boring lately, but the history helps shape perspective around it.

I think this is what is happening, at some scale, I just haven't mustered up the courage to buy at this price, most of my energy has gone into support at a price well above here.

I think my trigger will be how the majority of devs handle the proposed Blockstream soft fork, in the meantime I'm hoping there are new market leaders making roots.  

I'm hoping to go back in the $1's soon so I can make a big buy. I think a lot of people are going to do that and it is going to skyrocket real fast after it hits the bottom whatever that may be.

I think you're correct in the second assumption about people buying in when we find the bottom.  I think you're incorrect to hope that it will be anywhere close to $1.

Totally agree very unlikely to return to $1 per bitcoin ::)

I love that this old thread from 2011 has been resurrected, it can put things into prospective of where we're at right now.

I find myself supporting the fall and waiting for the rise.

The question is how much of my bank balance supports the fall before I need the rise to happen ???

I think instead of that low being a $ , people will go crazy buying even if it touches a 100$

everyone should go back and look at the mtgox chart bottom time frame for this period in 2011.  it lasted about one month before drifting back up to btwn $4-5 for another 6 mo.

we're almost to one month right now for this current bottom.

I meant $1's as in $100's which $100 might happen.

And, like back in late 2011, I would feel more comfortable with one more down-leg below the recent bottom to set up for the next upward cycle.  We didn't get it back in the day and things worked out OK anyway.

The blowoff is taking longer this time, so I wouldn't be surprised if we sit in this range for a month or two longer than in 2011. But take that with my usual "I'm not a trader!" caveats to any non-multiyear comments I make...

That is a hilarious thread, thanks for resurrecting it  :D

I think there was a $1 bitcoin, wasn't there? So OP was right. I am pissed I did not buy these expensive $2.25 bitcoins (didnt know about it  :'( )

So could it be that we see $100 bitcoins and people buying them at 220 now, will still be OK in 5 years?  ;D

Why don't you look it up yourself.

Never broke $2.17 USD

MTGox
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

Bitstamp
http://bitcoincharts.com/charts/bitstampUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

BTC-e $2 USD <--- Lowest
http://bitcoincharts.com/charts/btceUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv


https://i.imgur.com/n03SQNx.png

Wonder where it will go next ;D

6:20PM EST 2015-02-10
https://i.imgur.com/pRmal2O.png

Sitarrow do you think this scenario is same? I know its not totally same, but do you think bitcoin will make it like always did?  Need to help restore my faith sometimes from true bitcoiners :D

Restore your faith with this:

https://bitcointalk.org/index.php?topic=470453.msg10378876#msg10378876

 ;D

so $2 to $1200 is 600x, then 600x$200 is what? 12,000?

This correction is already almost 3x as long as the 2011 correction. I would expect the bottom lull to be 3x as long too. In about a month or so, we get that retest of lows and a couple of weeks after that, we head toward $7.22 (x100)

Edit:

MtGox hit $1.994
https://i.imgur.com/mHqpc1J.png

I think you're missing a zero  ;)

two or three even?  ;)

exactly ,but most  are thicker than pigshit and  want instant profits

it doesnt have to jump from 5B to 50B
5-10
5-20
5-30etc would all be good too over a certain time period

market cap is only useful for today ,its impossible to put a time frame on a 50B marketcap
it could happen in 2 years or 10  or 20 or never ...........

120,000

There are alot more of these threads from where this one came. 

Like this one?

https://bitcointalk.org/index.php?topic=35956

like so 000120000 https://i.imgur.com/1d3VVtX.gif

are there any threads where early adopters start to realize they are millionaires and then later on show off their lambos?

seem to be deleted now for some reason ( maybe tax lol ) but there was a few in the past

http://articles.latimes.com/2013/dec/12/local/la-me-ln-lamborghini-bitcoin-20131212

Ooh, I hope they didn't HODL  ;D

the smart would have cashed a few to live in relative comfort  and hodled the rest
anyone who thinks btc cant go higher than the last ATH is deluded

last time was a crazy speculative bubble ,next time there will be solid network and foundations to support crazy spurts of growth .........watch,listen and learn :D

That was a car dealership. A dealership that sells cars of $100k+. They aren't into speculation, at least not enough to keep many coins.They see Bitcoin as another avenue to profits. I fully believe there will be a new ATH eventually, but they would be idiots to hold those coins in the hopes of selling higher. The coins spent on that Lambo are worth a whopping $20k now. You can barely get a Honda for that. Sadly enough, that Honda would last longer :P

The Honda is also a lot cheaper to insure.

~goat and I seem to have done some cashing out at about the same time.  I was patting myself on the back for investing in some property instead of blowing it on an expensive car.  Then I found out just how badly a guy gets fucked by the various government agencies when trying to do things with land.  A word of advice to anyone who takes an interest in land.  This:

  http://habitat.igc.org/vancouver/vp-d.htm

Read the policy prescriptions.  They are nearly and exact match for what we find here in the U.S. at this time.  I cannot imagine what it must be like in 'socialist' European countries!

That is an awesome article, laszlo was buying pizza for BTC10,000 in mid 2010 and this guy is buying a Lamborghini for BTC91.4 in late 2013

How volatile can you get  ;D

I'm not talking about the car dealer speculation
I was referring to the speculation and greed that drove us up  to $1200 briefly  in late 2013

I am fully aware the car dealership converts to  usd with bit pay immediately

That was a nice deal for that Lamborghini, considering goat probably got those coins for pennies and bought his Lamborghini at the top of the spike lol

Years ago, I noted that we can probably get into the $20B-$40B market-cap zone on the same dynamics that got us to >$1B. Primarily because that range is still of little global consequence. ~$30B is still less than the net-worth of many *individuals*, the market-cap of hundreds of medium sized companies, and the M2 of globally-irrelevant countries. But go up another order of magnitude, and all that looks very different. Bitcoin will have to have become a major global force to get into the 100s of $B market-cap. Of course, if we get to a stable $30B, getting to the next level is all the more likely; it'd just probably take a lot longer than prior runs.

It is needed for bitcoin mining to get to 0,xx mining reward for bitcoin to gain such high value, otherwise costs of just filling in mined coins dumped on the market
would be too big. My guess is that bitcoin is going to either go to 100s billion carket cap, or just die out if the interest dissepates.

cheers

i think i made my first buy around this thread start @ $2.54 on mt gox.

best financial decision of my life. probably just lucky. but i actually needed the bitcoins for something, so i wasn't just speculating.

*something*. DPR, is that you? :-)

poker.

Crazy ass throwback in time to see things from a perspective. A+ thread.