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1. Price continues to drop.
2. Miners give up and hanging their rigs.
3. So many miners give up that CPU mining becomes practical again.
4. Everyone who stays become an remade early adopter!
5.Some people out there figure out that bitcoin mining is a way of making money and decide to join, and a new cycle starts.
Since step 3 is an impossible scenario, so the price will not drop to the point where it becomes a reality.
Proof done.
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Whether the price is going up or down, MagicalTux must be really happy, look at the volumes!!
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The real value of Bitcoin is the value you give to your financial privacy/freedom. As long as there are someone in this world who still value these ideas, and there is no other viable alternative, Bitcoin would not die.
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Not much resistance between now and $1, time to buy back all the BTCs at sub-$1 and present yourself as one of the early adopters, folks.
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Jumping from 10 to 11, this is what could happen in a market where traders have absolutely no clue.....
So take advantage of it? If there was one person left who is aware of what could happen, the jump would not have happened......... |
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Dam breaking in real time...........
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Jumping from 10 to 11, this is what could happen in a market where traders have absolutely no clue.....
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The mining juggernaut is actually running at unprecedented pace, so I doubt the plummeting ill stop soon. It seems that the price drop recently has go something to do with a new big player in the mining town.
What do you mean new big player? Even with the low profit margins and plumeting price, there are still people setting up huge mining farms? I don't know the reason, but the network total hashing capability growed by about 20% in the last 1 week and it just growed noticeably as we talked. |
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The mining juggernaut is actually running at unprecedented pace, so I doubt the plummeting ill stop soon. It seems that the price drop recently has go something to do with a new big player in the mining town.
What do you mean new big player? Even with the low profit margins and plumeting price, there are still people setting up huge mining farms? That doesn't make any sense, rate of mining is essentially constant. Whether or not some new person comes aboard doesn't drastically affect creation rates. They could have some cheap computing power and electricity and harvesting a large potion of all the BTCs, then sell them at a very low price. |
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All the ask walls are real, solid, reinforced-concrete ironclad which you can't get over no matter how small the number is. all the bid walls are fake and flimsy and will vanish the moment the price touches it no matter how large the number is.
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The mining juggernaut is actually running at unprecedented pace, so I doubt the plummeting ill stop soon. It seems that the price drop recently has go something to do with a new big player in the mining town.
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I get a bit excited seeing the price plummeting, not sure why since my money is at stake.
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I have never got it, are you guys using Dwolla for the fear of disclosing your bank details to Mt.Gox? I am in UK and Gox would process my bank wire transfer(they have a domestic bank account) within 1-2 days.
I don't think there's a bank transfer option on MtGox, and SEPA transfers are 2% fees. Depending on what you transfer, 25c might be less than 2%. Hmmm.....GBP deposits are free in UK. |
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Ironically, the crash stopped due to the bug and now we are having some sort of a mini-rally.
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I have never got it, are you guys using Dwolla for the fear of disclosing your bank details to Mt.Gox? I am in UK and Gox would process my bank wire transfer(they have a domestic bank account) within 1-2 days.
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If some certain You-Know-Who organizations/established institutions want to destroy the Bitcoin, shouldn't the most effective approach be......taking out its biggest exchange??
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I keep on wondering about the real size of the economy besides the speculation.
There also shops that sell real goods, not only money exchangers. The real economy isn't that big yet, but it's growing. uploaded.to for example has announced that they will accept Bitcoins as payment soon. On spendbitcoins.com for example you can indirectly shop on Amazon and buy your new mining rig or books with bitcoins. And I sell other goods that bring you pleasure, see signature. Yup, but I still hope I can see a quantitative estimation of the size of this economy someday. That's going to be a while. Right now it's growing at a pretty fast rate. I try to add at least one site a day to The Bitcoin List and I feel I'm still behind the curve. But I think you should at least have some ideas about the rough scale of it? Like in millions of dollars or thousands of dollars? |
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I keep on wondering about the real size of the economy besides the speculation.
There also shops that sell real goods, not only money exchangers. The real economy isn't that big yet, but it's growing. uploaded.to for example has announced that they will accept Bitcoins as payment soon. On spendbitcoins.com for example you can indirectly shop on Amazon and buy your new mining rig or books with bitcoins. And I sell other goods that bring you pleasure, see signature. Yup, but I still hope I can see a quantitative estimation of the size of this economy someday. |
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