i would say chances are 93% that the price will rise, i don't expect the price to fall below 200
any value beolow 200 will trigger a good buy that will rise the price above 200 again
Every price level on the way down, people say "once bitcoin goes through that level, it will trigger buying which will stabilize the price". AT some point, the people doing the buying will be all out of dry powder... What you fail to realize is the lower the price gets, the easier it is to buy the market up. Let's say there are 100,000 coins sitting on exchanges ready to be dumped at market price. (Yes, silly, but let's look at this extreme case.) If I jump in at $100 per coin with a limit order, I can absorb the entirety of the market dump all by myself with just $10 million, and end up 100,000 coins wealthier with a market that has no more ammunition to sell. |
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I can quite honestly say that Bitcoin will never reach less than $100 per coin longer than it takes me to move my funds to exchanges. I can quite happily keep price above that level by myself, thank you.
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I'm with Stephen Hawking on this: aliens from outer space will try to exterminate the human race, they won't be interested in human technology at all. If any sufficiently advanced aliens were to discover earth, they will come and take everything we have and we will meet a horrible end.
Anyway, that's my belief. If it happens, bitcoins will be the least of my worries.
Disagree 100% look at our animal rights groups. Any species capable of traveling the galaxy would have those that are interested in preserving all life. Probably massive pentalies for wiping out life.. wiping out intellegent life.. perhaps death to those that are immortal that would make you think twice. Ah, you mean the vegetarians. I eat vegetarians. |
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That's not quite true. If you can buy 3 times as many Bitcoin at $100 each, then the future gains will be triple. Your argument only stands if you are planning on buying X Bitcoins regardless of price.
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Who would like to help crowdfund the above event on him?
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Forget just keeping the price up. Think of how much more Bitcoin we can buy for our money at lower prices. If Bitcoin really ever did drop to $10 per coin with lots of supply, I could pick up a million Bitcoin for a measley $10 million. That's almost 5% of the entire money supply. There is no way the rest of the ecosystem would ever let me do that. So there is no way it would ever reach that price. Even $100 per coin is out of the question. At that price there is far too much money buying.
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I came across an interesting comment elsewhere by someone named ozlanthos and thought I would share. I've been saying this for a while now. That the "exchange hackings" are being done by federal agents, or proxies for federal agencies. See unlike FRNs, the government can't ask the Federal Reserve to "print" more Bitcoin. Because of that, they can't keep devaluing the FRN at the rate they were, because the inflation would show in the price of Bitcoin and other cryptos. As a matter of fact, I am pretty sure that is why the Fed stopped QE to begin with, they couldn't hide the rate of release of new FRNs anymore. It's one thing when the FRN is falling in value at the same rate as the other fiat currencies, it's an entirely different matter when there are currencies like Bitcoin whose rate of production is not only fixed but deterministic, and orders of magnitude slower.
In attempts to dissuade people from investing in Bitcoin, the Fed has to distort the value of Bitcoin in contrast to Federal Reserve Notes. They can let the FRN strengthen by cutting back on QE, and increasing interest rates. Either of which will make the FRN a better store of value over the short-term. The problem is that many industries (oil specifically) have become DEPENDENT on cheap money flowing to the banks from the fed. Without the awesome rates the banks were getting (more or less FREE) exploration for sites to frack seems like a lame investment because of the cheapening prices of gas, and relatively low returns by comparison to conventional oil drilling. This negative feed-back loop has already gotten to the point where oil workers are being laid off by the thousands in the US and Canada.
All of this puts the fed in a bad spot. It could buy enough BTC to sell it at a loss, and cause major chaos on our exchanges, but, doing so would lose them money, and the market would correct too quickly for doing it to be worth it. In addition it would make everyone that sold them BTC richer. They could invest in networks to pull a 51% attack, but it would only work for 10 minutes. If they tried to mine, it would put the difficulty through the roof, make miners richer, and cost them as much to mine as it does everyone else. Everyone would know the fed got into mining, and the price would follow the difficulty. They have to steal it, or have someone else do it for them. It is the only way to get Bitcoin other than mining it, buying it (or trading for it...either of which makes traders richer), or selling something for it. Last I heard, they don't take BTC for Treasury Notes.....The markets behave the way they do because "someone" is selling Bitcoin in a way that seems to indicate that they didn't buy it, trade something of equivalent value, or mine it (meaning like they have no regard or concern for how much BTC is worth/costs)....you do the math...
-Oz |
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I wanted to check it but it wants me to get some app, that sucks. Also i have to belive this as in bitcoin world everything is possible lol. I updated the link. Tell me if it works better now. |
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My income is paid partly in Bitcoin. The amount is based on the market value in USD. When price is lower, I receive more Bitcoins. This will continue until I have cornered the Bitcoin market or price is so high that I have retired.
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Those who can hang on through the shake-out will be quite happy.
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Has anyone ever counted the provably-burned coins? |
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I thought the Block 0 mining reward was not spendable?
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Block 350,000 confirmed. 14,000,000 Bitcoins of the total 21,000,000 that will ever exist have now been mined. Only 50% of the current Bitcoin supply can possibly ever be added to the market to dilute existing value.
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The Blockchain is such a tease...
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349,995, and 349,996 just confirmed.
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Are you really using Bitstamp bid sum in your arguments here? The market has moved on. It's time to update your data.
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