Bitcoin Forum

I really believed in the bitcoins concept, but now it looks like a sad bubble that is about to explode in any moment. I almost put money when it was 30, but luckily I couldn't manage going to the back to do the wire. Sometimes when you feel unlucky you find out later that you were lucky.

And as I write these lines I see that the price is still dropping...

It's going back all the way down to 0. Everyone will stop trading, turn off the thousands of graphics cards, uninstall the client, etc. Exactly the same thing happened with egold.

The bubble is dead! Long live the bubble!

speculation + tradehill + noob + geek = bubble explosion

expect a gain in ~7 days.
[set #loop1]
Every ppl afraid will /quit the project and only concerned ppl will continue in this project :)

expect another bubble explosion in a couple of month  :p
[goto #loop1]

People can make easy money only for a short while, so those who were smart enough to sell at 30 made money. Early adopters can still sell and make money, but the believers will not cash out until they lost it all.

I personally hope it. Bitcoins should be used for commerce and not for speculation.

At present, Bitcoin is useful as a transactional currency, but it is too volatile to be used as a long term store of wealth or as an investment.

So one should not "put money into Bitcoin," unless it is for fun, and it is speculative capital you don't mind losing.

Good, then I can mine bunch all by myself :)

You and me both. We can have a 2 person economy.  ;D

No the bubble already exploded...what your seeing now is collateral damage..

Bitcoin is not backed up by anything, so when one card falls all the building collapses.

What is gold backed by?

So when gold collapses, what does it fall back to? Its commodity value?

I think his implication is that gold is backed by other currencies, which happen to be backed by gold.

By itself. Gold is a commodity that has demand regardless of any currency.

LOL. ok, you win the debate, I will go back to watching Camelot.

come on, we had a massiv exaggeration the last days, look at the charts. If the price comes back down to 5$ its not the end of Bitcoin, its a step into more stability. Hopefully.

That's just plain silly. Any medium of exchange will be speculated upon. Simple economics. Otherwise it wouldn't be a medium of exchange!!!

looks like more of a correction

Thousands of Years of Human History for $500, Alex.

"This precious metal has been used as a store of value for thousands of years of human history."

What is gold?

...

I think it is the end, because now people are not dazed by the hockey stick charts we had, and they start thinking about how this currency really works. I don't like the banks either, but without a centralized entity that manages the currency, there's no solid infrastructure and the currency can't live for long.

If bitcoin survives a bubble like this and survives, there must be something backing it, even if its only the stubborness of its users.

I'm very glad I bought my rigs rather than take the advice to simply buy coins. At least now I have the option of hanging onto them for as long as I wish.

It's amazing all the crystal balls that are coming out eh? Corrections are always painful and bring out more speculation than the initial speculative fervor!!!

This thread is comic gold.

Bitcoin has gone up the highest it has EVER been !!!!

BUY !!! ??? !!!

Your ill fated logic has failed you sir. You will lose money on many things besides BTC.

You know, when the price goes up from time to time now, it's just the guys who have already invested and are trying to save their investment by buying more and creating some green spots on the chart. They're gonna lose more that way...

I think this is true to a certain extent. It's currency if the PEOPLE believe its currency. If bitcoin takes a huge hit and doesn't get destroyed it will be stronger.

So go cry into your pillow. You're becoming trollish.

Alright, I'll stop here as I don't want to become a troll.

Correct. And I think the same thing can be said about the Euro right now.

It's a little like watching Generation Y find out that Santa Claus is dead. Having the dubious honor of reading this board for the very first time tonight makes me realize how much they don't teach in school anymore...and how high the hopes were. This is their 1849, 1917, 1969. Down with the man, then the kids lose again. Makes me kind of sad, kind of baffled that nothing ever changes. Just watch; someone will come out of this thing and end up being director of the Fed in 2026, lol.

A drop in price is outstanding if it means people stop mass purchasing of graphics cards so we can see a drop in difficulty. Unfortunately I fear the rest of you crazies are just as stubborn as I am and will keep mining even when the exchange rate can't pay for the electricity.   >:( ;D

I guess we can at least hope for a bit of leveling off in the hash speed growth rate.

Oh I'm committed now. My brain is already creating defense mechanisms and rationalizations to justify my expenditures!!!

Crystal Ball says
Where it would have been had someone not come in and manipulated the market with around a million dollars.

Exactly. This is  an obvious correction + its the weekend remember... will probably climb back up towards 20 by next week

i personally think any commentary on what the market will do is straight BS, This is a new exchange system and currency which can not be compared to others.

The supply and demand is based on what is buzzing around on the internet.

if all of you care so much about dropping prices, go out and promote bitcoin, rather then hording the great idea to yourselfs. This will create more buzz which will drive the prices back up.

We have no idea how this market will level off after a bubble burst like this.

Sure we do: trepidatious fervor :)

I think there is still a lot of sell pressure on BTC because Mt Gox only allows $1k/day withdrawals and $10k/month, so how many early adopters are there still waiting to cash out?? I believe BitCoin is here to stay for the long term, but not so sure about the next month or two...

In a month or two there will be nothing left of this concept, just people without their life savings...

It will be the same as on the stock markets:

http://www.tutor2u.net/blog/images/uploads/Business_cycle_frenzy.JPG

isnt it already?  ;D

I'm afraid this is not a bubble whatsoever, just an expected drop from speculation. The REAL bubble is much further ahead of us.

it's like people bought into a market they have only been watching for 48 hours.

You guys rock! Mention a bubble about bitcoin and I get to post my bitcoin bubble comic. (http://www.bitcoinweekly.com/articles/comic-reaction-after-dramatic-rise-of-bitcoin-s-value)

And they bought with no intention of staying in long enough to smooth out the bumps.

Can you imagine those guys who bought thousands at 30$?

They must feel fucking terrible right now. (if they didn't sell yet)

And I feel great for an opportunity to take advantage of the mayhem and promote my magazine.