BTC will be below $11 by Tuesday, probably be below $7 by Friday.

[Jalum]

I guess the pass-the-bag speculation has been fun, but in the end someone has to end up being the bagholder.  The smart folks are unloading in the dark pool while all the retail "investors" think they're getting up to the minute market information from a website that used to be for trading magic cards.

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[wootwoot]

You are very credible with this being your only post, lol

[Djao]

http://www.blogcdn.com/www.urlesque.com/media/2010/05/haterbatman.jpg

[silversurfer]

[kuba_10]

I can't agree. My cat says it will be... oh, I have no cat.

[MatthewLM]

I would consider buying if it went under $10 and there was a safe way to buy them. I don't trust those exchange websites. I also want to be able to use my debit card with no crap involved.

[restomaniac]

I guess the pass-the-bag speculation has been fun, but in the end someone has to end up being the bagholder.  The smart folks are unloading in the dark pool while all the retail "investors" think they're getting up to the minute market information from a website that used to be for trading magic cards.

Whats wrong didnt you get in when the price was low enough
There seems to be lots of posters out to scare the price down at the min I cant think why

[AyeYo]

I would consider buying if it went under $10 and there was a safe way to buy them. I don't trust those exchange websites. I also want to be able to use my debit card with no crap involved.

Please do not invest in something you do not understand.

He has a legitimate point.  Even aside from the inherent dangers of extreme volitility, these exhanges are completely unregulated.  There is absolutely nothing insuring that you're getting the real market price, that the charts or market depth are accurate, or even that your money will be there the next time you log in.

If Bitcoins were traded on a legit FX exchange through legit brokers/market makers, I'd probably be a millionaire by now, but I wouldn't touch these completely opaque bucket shops with a 100ft. pole.

[Clipse]

I dont understand all these random people making singleposts like OP about random stuff they apparently dont care about anyways.

Its quite simple, if you dont want to be a part of bitcoins then dont be however if you do want to be then get involved.

This OP and many other 1post retards are either doing this to make new users believe its a bad thing to use bitcoins or he is a sad individual who wants to be part of bitcoin but is way to handicapped mentally to do much about it.

[AyeYo]

I dont understand all these random people making singleposts like OP about random stuff they apparently dont care about anyways.

Its quite simple, if you dont want to be a part of bitcoins then dont be however if you do want to be then get involved.

This OP and many other 1post retards are either doing this to make new users believe its a bad thing to use bitcoins or he is a sad individual who wants to be part of bitcoin but is way to handicapped mentally to do much about it.

I think the recent run up is cause for concern and perhaps people would be well advised to heed the words of caution.  I'm all for Bitcoins, I hope it works out, and I do mine.  However, I'm also an experienced FX trader and I see too many noobs around here that are going to get hosed by what is obviously a heavily and easily manipulated market with completely unsafe exchanges.

[skull88]

I dont understand all these random people making singleposts like OP about random stuff they apparently dont care about anyways.

Its quite simple, if you dont want to be a part of bitcoins then dont be however if you do want to be then get involved.

This OP and many other 1post retards are either doing this to make new users believe its a bad thing to use bitcoins or he is a sad individual who wants to be part of bitcoin but is way to handicapped mentally to do much about it.

These peonple probably want to scare as much people to sell now, so the price drops and they can buy in cheap. Can't think of any other reason why to do it else 

[tomcollins]

I would consider buying if it went under $10 and there was a safe way to buy them. I don't trust those exchange websites. I also want to be able to use my debit card with no crap involved.

Please do not invest in something you do not understand.

He has a legitimate point.  Even aside from the inherent dangers of extreme volitility, these exhanges are completely unregulated.  There is absolutely nothing insuring that you're getting the real market price, that the charts or market depth are accurate, or even that your money will be there the next time you log in.

If Bitcoins were traded on a legit FX exchange through legit brokers/market makers, I'd probably be a millionaire by now, but I wouldn't touch these completely opaque bucket shops with a 100ft. pole.

Because nothing bad ever happens there.  It's not like Bernie Madoff used them or anything.

[Jalum]

I dont understand all these random people making singleposts like OP about random stuff they apparently dont care about anyways.

Because it doesn't seem that the BTC adherents are thinking logically.  They're thinking emotionally.  They've become personally invested in this notion that their computer is a magical printing press that will make them rich with a publicly available application that does nothing but expend electricity.

BTC as currency: surely no one is pinning their hopes on this.  The endgoal of every BTC transaction is to "cash out" into an actual currency.

BTC as speculation: this is the only reason anyone is here.  And word is the party is coming to an end.

http://news.ycombinator.com/item?id=2632671

And, well, it's fun to say "I told you so."

[tehcodez]

My computer is a printing press, that takes power and hardware for the typeset and codez for the magik. Code a program, sell it, and see how much that makes you...a lot more than hashing. Poor 'man' and his old school 50's economics louisville-slugger-making-and-i-don't-play-baseball.

All BTC is verifiable open transactions...sorry you don't realize how that bill in your mom's purse works.

Besides, AOL went through 32 versions to be obsolete, and had some great rooms along the way.

Hold on Zefram, I'm coming for you.

[AyeYo]

I would consider buying if it went under $10 and there was a safe way to buy them. I don't trust those exchange websites. I also want to be able to use my debit card with no crap involved.

Please do not invest in something you do not understand.

He has a legitimate point.  Even aside from the inherent dangers of extreme volitility, these exhanges are completely unregulated.  There is absolutely nothing insuring that you're getting the real market price, that the charts or market depth are accurate, or even that your money will be there the next time you log in.

If Bitcoins were traded on a legit FX exchange through legit brokers/market makers, I'd probably be a millionaire by now, but I wouldn't touch these completely opaque bucket shops with a 100ft. pole.

Because nothing bad ever happens there.  It's not like Bernie Madoff used them or anything.

That's a strawman.  I never said that nothing bad happens in the regular FX market.  However, I at least know that my broker is giving me correct information, my money will still be there tomorrow, and that the  market is too large to be manipulated by any one person/entity.

This BTC run up is classic pump and dump, and there are a lot of people that will get slaughtered.  Some of us are trying to sound the alarm and bring people back to reality before they lose their piggy banks.

[Grant]

That's a strawman.  I never said that nothing bad happens in the regular FX market.  However, I at least know that my broker is giving me correct information, my money will still be there tomorrow, and that the  market is too large to be manipulated by any one person/entity.

That's why they (the central banks) have central authority to set interest rates (to manipulate a big market in an elegant way).

[malditonuke]

BTC as currency: surely no one is pinning their hopes on this.  The endgoal of every BTC transaction is to "cash out" into an actual currency.

Not entirely.  Each individual has their own probability estimate of success of bitcoin for various lengths of time.

Or can you read minds?!?

[Bimmerhead]

Possibly these very negative posts do serve a good purpose.  By scaring away speculator noobs who are here just to make a quick buck and don't really understand what bitcoin is, it reduces the risk to the rest of us that someone will lose a pile of money, run to their congressman to whine about it which in turn brings a lot of ill-conceived government regulation.

By maintaining this as a community of bitcoin devotees who understand this is more than a get-rich-quick scheme, we will grow more steadily and on a firmer foundation.

[AyeYo]

That's a strawman.  I never said that nothing bad happens in the regular FX market.  However, I at least know that my broker is giving me correct information, my money will still be there tomorrow, and that the  market is too large to be manipulated by any one person/entity.

That's why they (the central banks) have central authority to set interest rates (to manipulate a big market in an elegant way).

Like sailing the Titanic with a match stick.  They make a rate adjustment and hope for the best. 

That's not even remotely comparable to a Bitcoin market in which a single person with even a small chunk of money can buy/sell to themselves and move the market any direction they please.

[MatthewLM]

I like the concept of bit coin but would I really use thousands of pounds on these exchange websites which have "USE AT YOUR OWN RISK" written all over them? Nope. I'll continue to invest money in other ways. Maybe I'll lose out but at least I can sleep better at night. I could try it out with a little bit of money but then there is the fact the websites don't make it very easy and if it was easy, I'd still be afraid more money would come from my bank than expected.

What if these exchanges were to be shut down as well?

[neptop]

Actually I think it won't stop there. It will go into the negative -10$ is realistic and you'll have to pay to get rid of it! 

[m0ep]

Possibly these very negative posts do serve a good purpose.  By scaring away speculator noobs who are here just to make a quick buck and don't really understand what bitcoin is, it reduces the risk to the rest of us that someone will lose a pile of money, run to their congressman to whine about it which in turn brings a lot of ill-conceived government regulation.

By maintaining this as a community of bitcoin devotees who understand this is more than a get-rich-quick scheme, we will grow more steadily and on a firmer foundation.

Like that one I guess it was just a matter of time that price would drop, however I don't agree will all the folks claiming bitcoin's exchange rate will be 5$ in a few days What I don't like about this price drop is that it might scare away shops that accept Bitcoin..

[Jalum]

Like that one I guess it was just a matter of time that price would drop, however I don't agree will all the folks claiming bitcoin's exchange rate will be 5$ in a few days What I don't like about this price drop is that it might scare away shops that accept Bitcoin..

What can you currently do with bitcoins besides hope to sell them (for USD) to someone else for more (USD) than you paid?

[Jaime Frontero]

I would consider buying if it went under $10 and there was a safe way to buy them. I don't trust those exchange websites. I also want to be able to use my debit card with no crap involved.

Please do not invest in something you do not understand.

He has a legitimate point.  Even aside from the inherent dangers of extreme volitility, these exhanges are completely unregulated.  There is absolutely nothing insuring that you're getting the real market price, that the charts or market depth are accurate, or even that your money will be there the next time you log in.

If Bitcoins were traded on a legit FX exchange through legit brokers/market makers, I'd probably be a millionaire by now, but I wouldn't touch these completely opaque bucket shops with a 100ft. pole.

"full faith and credit" of the US government?

"full faith and credit" of Bruce Wagner?

pick one.

[Jaime Frontero]

"full faith and credit" of the block chain.

well, yes.

but the context was exchanges - not the blockchain.

[AyeYo]

I would consider buying if it went under $10 and there was a safe way to buy them. I don't trust those exchange websites. I also want to be able to use my debit card with no crap involved.

Please do not invest in something you do not understand.

He has a legitimate point.  Even aside from the inherent dangers of extreme volitility, these exhanges are completely unregulated.  There is absolutely nothing insuring that you're getting the real market price, that the charts or market depth are accurate, or even that your money will be there the next time you log in.

If Bitcoins were traded on a legit FX exchange through legit brokers/market makers, I'd probably be a millionaire by now, but I wouldn't touch these completely opaque bucket shops with a 100ft. pole.

"full faith and credit" of the US government?

"full faith and credit" of Bruce Wagner?

pick one.

That has nothing to do with my points.  Do you want to address them or just keep ignoring them?

[NielDLR]

Like that one I guess it was just a matter of time that price would drop, however I don't agree will all the folks claiming bitcoin's exchange rate will be 5$ in a few days What I don't like about this price drop is that it might scare away shops that accept Bitcoin..

What can you currently do with bitcoins besides hope to sell them (for USD) to someone else for more (USD) than you paid?

That's where you miss the point. I can't wait for a proper well thorough liquid Bitcoin economy. Already I can buy stuff on numerous sites. I have bought someone's EP before and loved it! I'd buy a lot more, if I was inclined to find something I like. For me, sitting in a country like South Africa, our exchange controls are strict. We were only recently (last year) allowed to withdraw from Paypal. This is why I absolutely love Bitcoin. Yes, I have a credit card, but Bitcoin is just so much more easy. In fact, I wish Bitcoin was here a lot earlier, 'cause it makes digital payments a breeze.

[Jaime Frontero]

Like that one I guess it was just a matter of time that price would drop, however I don't agree will all the folks claiming bitcoin's exchange rate will be 5$ in a few days What I don't like about this price drop is that it might scare away shops that accept Bitcoin..

What can you currently do with bitcoins besides hope to sell them (for USD) to someone else for more (USD) than you paid?

That's where you miss the point. I can't wait for a proper well thorough liquid Bitcoin economy. Already I can buy stuff on numerous sites. I have bought someone's EP before and loved it! I'd buy a lot more, if I was inclined to find something I like. For me, sitting in a country like South Africa, our exchange controls are strict. We were only recently (last year) allowed to withdraw from Paypal. This is why I absolutely love Bitcoin. Yes, I have a credit card, but Bitcoin is just so much more easy. In fact, I wish Bitcoin was here a lot earlier, 'cause it makes digital payments a breeze.

U.S.-centric Bitcoiners would do well to gain insight from posters like NielDLR.

i agree (speaking from the US, but not US-centric).

Bitcoin is most useful in the world.  in any (any) given country, not so much.

an effective end to the money-changers.  how valuable...

[heavyb]

Possibly these very negative posts do serve a good purpose.  By scaring away speculator noobs who are here just to make a quick buck and don't really understand what bitcoin is, it reduces the risk to the rest of us that someone will lose a pile of money, run to their congressman to whine about it which in turn brings a lot of ill-conceived government regulation.

By maintaining this as a community of bitcoin devotees who understand this is more than a get-rich-quick scheme, we will grow more steadily and on a firmer foundation.

+10000000000

[em3rgentOrdr]

Possibly these very negative posts do serve a good purpose.  By scaring away speculator noobs who are here just to make a quick buck and don't really understand what bitcoin is, it reduces the risk to the rest of us that someone will lose a pile of money, run to their congressman to whine about it which in turn brings a lot of ill-conceived government regulation.

By maintaining this as a community of bitcoin devotees who understand this is more than a get-rich-quick scheme, we will grow more steadily and on a firmer foundation.

[Jalum]

This dead cat didn't bounce as much as I thought it would.  It's going to hit $11 in a few hours at this rate.

[d.james]

lawl did OP just register a new account to post this?
I'll buy all your coins @ 12 since it's going down to $11 next tues (update: or a few hours)

[coga]

OP, if that's what you feel, why are you not cashing out? I run www.btcbuy.info, go there and buy amazon gift cards with all you have. I don't see anybody cashing out at all, as a matter of fact it was an extremely quiet day today.

[dserrano5]

lawl did OP just register a new account to post this?

5 out of their 6 posts are in this thread

[Edward50]

I agree with the original poster, the value of bitcoins right now is way too high. There are way too many bitocoins out there to be worth anything substantial. I think the bitcoin can have a good future, but right now with so many new bitcoins coming into the market, plus all the people who have thousands of bitcoins from mining early on, there is no way it can hold any substantial price.

I was saying this when the bitcoin price was $30. I honestly think a fair price is around $3-$10 dollars right now.

[Rodyland]

Whats wrong didnt you get in when the price was low enough
There seems to be lots of posters out to scare the price down at the min I cant think why
[/quote]

Seems funny to me too.  The number of people posting "the sky is falling" is crazy.  Now if you stop and think about it for a second, if you were a btc holder and did think that the sky was falling and the bubble was popping, what you would do?  I put it to you that you'd sell all your btc, post a "solong suckers" if you were inclined but more likely just disappear off the map.

Does anyone really think that the doomsayers are really being altruistic and are trying to "save us" from the coming catastrophe?  Or are they more likely to be trolls, or even people trying to talk down the price so they can buy at $7 rather than at $27?

All I know is that I believe in the idea of bitcoin enough that I'm going to keep buying and mining all the way down.  A drop back to $7 (the price where I originally started buying) means I can buy more than I could at $27.  

Long live the revolution!

[Jalum]

Does anyone really think that the doomsayers are really being altruistic and are trying to "save us" from the coming catastrophe?  Or are they more likely to be trolls, or even people trying to talk down the price so they can buy at $7 rather than at $27?

All I know is that I believe in the idea of bitcoin enough that I'm going to keep buying and mining all the way down.  A drop back to $7 (the price where I originally started buying) means I can buy more than I could at $27.  

Long live the revolution!

See?  This is what I mean by people who are emotionally attached to an idea.  Clearly this person is not thinking straight.  High price means it's super valuable, low price means it's a great opportunity to buy more?

Do you really think you're part of a revolution?  By sitting at home and watching a computer turn nothing into more nothing?  You really equate that to actual revolutions that have happened? 

[bombshelterzero]

Does anyone really think that the doomsayers are really being altruistic and are trying to "save us" from the coming catastrophe?  Or are they more likely to be trolls, or even people trying to talk down the price so they can buy at $7 rather than at $27?

All I know is that I believe in the idea of bitcoin enough that I'm going to keep buying and mining all the way down.  A drop back to $7 (the price where I originally started buying) means I can buy more than I could at $27.  

Long live the revolution!

See?  This is what I mean by people who are emotionally attached to an idea.  Clearly this person is not thinking straight.  High price means it's super valuable, low price means it's a great opportunity to buy more?

Do you really think you're part of a revolution?  By sitting at home and watching a computer turn nothing into more nothing?  You really equate that to actual revolutions that have happened? 

Damn right dude..
In a way our friend rodyland is contradicting himself lol...

[nemo]

I'd say $15.

[timmo11]

Possibly these very negative posts do serve a good purpose...By maintaining this as a community of bitcoin devotees who understand this is more than a get-rich-quick scheme, we will grow more steadily and on a firmer foundation.

Speaking as a non-speculating noob, I'm with you. I think it would be tragic for this rather ingenious system to be destroyed by cry-baby speculators. Anyone who knows anything about market pricing should be able to spot a price bubble, and the bitcoin chart is a classic.
Whenever a bubble is forming around a commodity, the talk around those who are speculating is always "this one is different".  In this case, there has never been an international cryptocurrency before.

This article is pretty good - it's Australian focused but it applies generally

http://www.rba.gov.au/publications/confs/2003/simon.pdf

If you cant be bothered reading through it all, just look at the charts, the slopes of the lines and all the rest.

When the fuss is over hopefully bitcoin can revert to what it was meant to be - an electronic medium of exchange. I'm never planning on hoarding them, only using them so I don't really care what the price is so long as it is relatively stable in the short term. Volatility of 50% in one week is not doing anyone who is trying to encourage "real" businesses to accept bitcoin any favours (speaking personally)

Tim

[cryptoanarchist]

Freemasons are on the attack.

If you don't think the freemasons are fighting bitcoin, you're naive at best, a conspirator at worst.

Does anyone think its odd that suddenly brand new posters are making uninformed, negative comments that all seem to follow the same talking points? Or that it seems coordinated with other attacks on facebook, youtube, and other social media.

They're coordinating across all the lodges to smear bitcoins, of course. Why wouldn't they? Bitcoins are a direct assault on their power. For those of you who don't know, those are freemason symbols on your paper fiat money. They run it, and they don't like competition.

Expect more run ups in price as the freemasons use their paper USD wealth to bounce the market up and down and poo poo btc every time they do a sell off.

The smart ones will listen to their rhetoric, and use it to time their buys and sells.

[timmo11]

There seems to be lots of posters out to scare the price down at the min I cant think why

They may not be opportunists, it might just be schadenfreude

[scrooge74]

That's a strawman.  I never said that nothing bad happens in the regular FX market.  However, I at least know that my broker is giving me correct information, my money will still be there tomorrow, and that the  market is too large to be manipulated by any one person/entity.

That's why they (the central banks) have central authority to set interest rates (to manipulate a big market in an elegant way).

Money still there tomorrow    That is funny, dont you remember Lehman brothers? Friday all peachy, Monday total meltdown

http://www.newser.com/story/37459/lehman-crash-triggers-global-market-tumble.html

Brokers manipulate information it has being done many times over

[Bit_Happy]

Bitcoins are only getting started.

Welcome to the forums. 
Yes, BTC is just a baby, lots of growth to do soon.

[Goldenmaw]

I wonder how low it'll bottom out at?  I've been a miner until now, but at this rate ...

The trading pool is so easily manipulated that I can't help wonder if a crash is the goal of an individual who intends to buy out immense quantities of bitcoins at minimal prices.

[Cluster2k]

The trading pool is so easily manipulated that I can't help wonder if a crash is the goal of an individual who intends to buy out immense quantities of bitcoins at minimal prices.

Why does everyone assume the falling price is due to manipulation, or that someone will now jump in and buy up massive quantities of BTC?  What if the falling price reflects economics: you can't do anything with BTC (apart from a few very minor retailers, and web hosting companies, yawn).  If I was running a retail shop there's no way I'd ever take BTC.  I don't fancy getting $100 of value today for a sale and have it plummet to $40 within 4 days.

[Babylon]

The trading pool is so easily manipulated that I can't help wonder if a crash is the goal of an individual who intends to buy out immense quantities of bitcoins at minimal prices.

Why does everyone assume the falling price is due to manipulation, or that someone will now jump in and buy up massive quantities of BTC?  What if the falling price reflects economics: you can't do anything with BTC (apart from a few very minor retailers, and web hosting companies, yawn).  If I was running a retail shop there's no way I'd ever take BTC.  I don't fancy getting $100 of value today for a sale and have it plummet to $40 within 4 days.

This is an anomalous decline.  Bitcoin has generally increased in value, sometimes slowly sometimes quickly, declines have generally been followed by increases fairly soon.

There was definitely a bubble which popped, but I expect prices to start back up again fairly soon, if, perhaps, at a slightly slower rate.

[Jalum]

Oh hey look $11. 

[d.james]

but u didn't sell me any @ 12 , your loss!

[chungenhung]

down to $10 now. wow.
So those that bought the bitcoins to run up the price to $30+ is selling it back now for $10??
Usually you should buy low and sell high, not buy high sell low.

[kuba_10]

Unfortunately, there are still lots of idiot investors, lol
When I was 16 I bought some USD while they were high to wait a bit till they rise even more. Since I lost 30% of investment, I had my lesson. Seems not everyone does.

[d.james]

went up to 15 at one point and down to 13.69 as i post

[dserrano5]

Unfortunately, there are still lots of idiot investors, lol
When I was 16 I bought some USD while they were high to wait a bit till they rise even more. Since I lost 30% of investment, I had my lesson. Seems not everyone does.

That's because not everyone has ever lost 30% or more. That's just part of the process. I lost 50% after the dot com bubble.

[Jack of Diamonds]

The trading pool is so easily manipulated that I can't help wonder if a crash is the goal of an individual who intends to buy out immense quantities of bitcoins at minimal prices.

Why does everyone assume the falling price is due to manipulation, or that someone will now jump in and buy up massive quantities of BTC?  What if the falling price reflects economics: you can't do anything with BTC (apart from a few very minor retailers, and web hosting companies, yawn).  If I was running a retail shop there's no way I'd ever take BTC.  I don't fancy getting $100 of value today for a sale and have it plummet to $40 within 4 days.

I for one bought in mass at $11.9 just some hours ago.

Not saying whether I sell them all at the current price or save them in BTC wallet, I'm saying it's profitable.
The lower it drops in the very-short-term the more profit there is to be made.

[Rodyland]

Up to $17.  I'm just annoyed that I had no cash in my mtgox account to buy at 10. 

[Grant]

Up to $17.  I'm just annoyed that I had no cash in my mtgox account to buy at 10. 

$14 is the new $10

[ron]

By maintaining this as a community of bitcoin devotees who understand this is more than a get-rich-quick scheme, we will grow more steadily and on a firmer foundation.

preach on brother

[Babylon]

Darn you Jalum.  I was waiting for $7 to buy back in and missed the low at $10.5

(well, to buy 30 dollars worth of bitcoin actually, so no huge loss)