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

[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! 

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[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