lol you may need to gather 1.21 JiggaWatts of power to do so 

I'm trying to think of ways to have Bitcoin keep its value, instead of always fluctuating up and down.  As far as I know, it rises because lots of people buy coins, and once it hits a certain point, someone decides to sell a large amount, so the price drops a little bit, causing everyone else to sell, dropping the price lots.  It falls down, until it hits a low enough value that people wish to "buy back in", and then the price begins to rise again, and the cycle repeats.

My idea is that instead of waiting for the price to rise to sell coins, wait for the price to rise to buy something with coins.  Go to coingig, or bitcoinstore, and find an item that you want, and tell yourself "When Bitcoin hits 120$ (or any price), I'm going to buy this item instead of selling to an exchange.".

I think that this would help keep the price stable, as well as distribute the coins more, instead of keeping them all locked up in an exchange.

EDIT::  My knowledge of economics is minimal, so I could be way off.

People stop beliving in mtGOX anymore, even when price between mtgox and bitstamp is near 10$ people dont want to buy on bitstamp and sell on mtgox because they are conviced that gox will never give them money. I think its time to abandon the ship.

http://bits.blogs.nytimes.com/2013/06/27/silicon-valley-luminaries-bet-on-clinkle-a-payments-start-up/?_r=0

"Clinkle, a new mobile payments start-up, may or may not have succeeded where so many other efforts have fizzled by inventing a practical way to replace credit cards with smartphones. It’s hard to say, though, since Clinkle won’t say much about how its system works.

But a prominent group of Silicon Valley investors who do know what Clinkle is cooking up are acting as though it has achieved a breakthrough. On Thursday, Clinkle announced that it had raised $25 million in early financing from Accel Partners; Andreessen Horowitz; Intel; Intuit; Marc Benioff, the chief executive of Salesforce.com; Peter Thiel, the co-founder of PayPal; and a long list of other investors with technology industry pedigrees."

I've read through a few articles and personally, I can't fathom why a smartphone wallet app is worth $25m in seed stage funding. I searched around on the forums and couldn't find a single mention.

Thoughts about how this could relate to Bitcoin? Is this "the" wallet system that end users will embrace en masse and something that will rely upon Bitcoin infrastructure? Or is it a competitor?

Inspired by this thread https://bitcointalk.org/index.php?topic=245802.0 I thought I'd try the scientific approach.


Before 2020 is my non-fact-based estimate.  What do you think?

Reference to chicken little there...

Anyway I figure people are now able to cash out of Gox?

Not a big move yet I guess, but what do you guys think is gonna happen?

What is a fiat currency's value backed by? It is backed by the economy behind it,  you can use that currency to satisfy certain kind of demand, so it has value

What is bitcoin's value backed by? It is backed by some properties, although those properties do not provide goods/services that satisfy any kind of demand, but they combined together can satisfy an ultimate demand: To get a lot of income quickly, and all the other demand will be satisfied in turn

The problem today is not that your demand can not be fulfilled, it is you don't have enough increase in income and the cost is getting higher every year. So, there will never be a race to bottom phenomenon for bitcoin: Everyone selling their last coin to buy a cup of milk before they starved and bitcoin price crash to 0  

In general people will treat it as a digital asset and hold them in hope of fast price appreciation. Price will rise eventually due to higher and higher difficulty and lower and lower coin supply, and you can buy more and more things with bitcoin throughout the world because many merchants will try to get bitcoin through their sales later

Gavin mentioned an interesting thought: If the coin price double each year, you only need to spend half of your coin each year and your purchase power will stay the same forever. So when you have accumulated a certain amount of bitcoin which worth 2 years' worth of living expense, you can retire

Some one will argue that if everyone is doing this then there will be no one working to provide the goods/services, but currently it is over production and low income enviornment, until we have a shortage of labour force (which is very unlikely due to rising of AI and robots), nothing to worry about

Why is bitcoin price stuck around the same number and not  increasing, how likely  is it for bitcoin to steadily start going up again?

Who  still believe double digit are  feasible? State a reason of  your  position( but please no f*g charts ).
Do you intend to jump back on wagon  if  we  don't  see it never  again , or you just let it pass and  be gone forever.

By double digit   mean  long period of  time when  price is below  let say  90 $.

We all know that flash crash to  90-80 $ and  rebound could happened any  time so this  doesn't count.

I'm scared this will turn into a full blown panic...

Price hasn't been going up for a while now

  That was a very long time.

Ripple is a scam. It is controlled by a single corporation that kept the vast majority of the coins for itself.

Did you know the market cap for Ripple is actually higher than bitcoin. That's how ridiculous ripple is. Most people will never use trust it and thus never use it. I know I never will.

Bubbles, bubbles never change.

until it starts trending up again.  cos you know this could all be 2011 all over again.