No, in Summer of 2011 the price never went below about 32 before climbing back up to 500 (in Nov 2011).

Goes on until the people selling the ASICs need to pay their bills, and sell all those bitcoins for the USD or EUR or CHY or whatever their suppliers and taxmen demand.

Hey, we are having a serious discussion here, no need to insert made up data!

There will always be people looking back at the wonderful times of yesterday, wishing, just wishing.

Down to 13.7 now, those single digits are looking closer and closer.

Expunge, exterminate, expel, remove, throw out, eliminate, displace, unseat, defeat, disarm, whatever you want to call removing them from power.

If it is your government doing the robbing, then it is time to expunge the criminals and start over again.

Conceivable it would be possible for the US to stop printing money, stop spending money they don't have, thus turning around their financial situation and strengthing the USD to the extent that silver never hits $100. Hah, it was hard for me to write that with a straight face. The US has a policy of trying to keep inflation around 3-4% per year, so unless the policy makers are all thrown out and replaced with anti-inflationists, silver and bitcoin will inevitably hit that $100 mark.

I was just reading about what Senator Feinstein is proposing for gun regulation. She is trying to outlaw all assault riffles with a detachable magazine and a pistol grip. Never mind the argument about how few crimes are actually committed with such weapons, the ban is silly because it focuses on features which are more cosmetic than functional.

I do not want to give too many ideas to make them ban even more weapons, but consider the M1 Garand, which would not be banned by such a law, but this powerful and capable weapon helped the US win WWII, but the wimpy (in comparison) M1 carbine would be banned.

Also consider that all AKs will be banned by the law, but the functionally simmilar SKS would be allowed. The SKS uses the same cartridge as the AK, but does not come with a pistol grip and has a fixed magazine which can be loaded using 10 round stripper clips to keep up a steady fire almost equal to that of a semiauto AK.

What I think is the most hilarious is (if I understand correctly) the proposed law specifies the Ruger mini-14 tactical, while leaving the other model of the Ruger mini-14 legal, just because one has a pistol grip and the other does not. They are the same damn gun, but due to the arbitrary line which the law draws, one is legal and the other is not.

[/rant]

That is exactly my point. The supply is staying he same, but the people generating that supply are doing it more easily. So for the amount of the supply which is coming from miners, that amount should be available at a lower price. Then you have to take into account that the percentage of bitcoins being generated new each day is declining, and so the miners are becoming less and less of a factor in the pricing of bitcoins, so the argument is becoming less and less meaningful as time goes on. So a bitcoin is worth what people are willing to pay for it, miners just have to admit they have no control over the price at all.

As I pointed out a few posts up, you could get enough XRP to try it out for just a few mBTC. You only need a few hundred XRP to get started, and they are going for something on the order of 100 XRP per mBTC.

You think it will reverse when we hit 2, or will it just keep going down?

Wow, the price has been sinking fast lately. I just checked and it was down to just 15.6, I sold just a few weeks ago at 31.2, it looks like we will be seeing single digits soon!

Of course, I am talking about the price of a USD in mBTC.

Edit: updated title with current price. 2013-04-09

Yup, we got to single digits

Edit (2013-04-22): Changed the title to show lowest price.

Edit (2013-11-07): New low price reached, 3.09.

Edit (2013-11-21): The price keeps dropping, it is hard to keep track of where it is at.

Just to nitpick a bit (fair notice, I am a minarchish libertarian) The government is there to produce something: an environment of law and order, which in turn fosters greater economic activity. People can spend more time doing useful things because we do not have to be constantly looking over our shoulders and fighting off robbers. Or, at least, that is how it should work (but governments are bloated and irresposibly trying to do more than they should and we need to cut back their powers to a great degree).

More like a 90 year old fighter leaning on a walker wondering who this upstart thinks he is messing with.

Poll is flawed. It should also have an option for "neither".

Not that I would vote that way, but the option should be there for completeness. I think bitcoins will hit $100 within 1 month to two years, and silver will hit $100 somewhere between three and ten years.

I would like somebody to post the price chart with the time on a log scale again. That was pretty entertaining.

It does seem strange you can't start using ripple for anything until you get some xrp, but you can't even buy the xrp until you have an active account. There was the free xrp giveaway thread for people with bicointalk accounts created before the giveaway started.

The other thing you could do is have somebody lend you some xrp as a started loan. I have done this for at least one person in the past: I send you 300 xrp (that is enough to get started), after which you can buy some xrp by depositing btc through one of the gateways and using the ripple exchange, then send me back the xrp I lent you (plus whatever amount of interest).

Or you could directly buy some xrp from somebody on the forum, you send them btc and they send xrp to your ripple account. So if you send me 5 mBTC, I will send you 500 XRP so you can start using your ripple account.

Considering how many people were drawn in by the 7% per week scam a few months ago, I agree many are shortsighted.

Because of the limited size of blocks, there can only be so many transactions processed per block. Because of the way the transaction fee works it makes sense to send large transactions rather than small ones. This can be mitigated somewhat by increasing the maximum block size, and by lowering the threshold for requiring a fee, but as the value of one bitcoin goes up, the amount of bitcoins in a microtransaction or purchase goes down.
The fees have been lowered in the past, and if the price of bitcoins continues going up they could be lowered again, but if blocks are getting filled up then it does not make sense to lower the fee.