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Author Topic: Bitcoin should crash  (Read 2350 times)
aop
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June 11, 2011, 07:02:13 PM
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Currently there's no real economy built around Bitcoin. Bitcoin value is purely based on speculation and it has become a ponzi scheme. New investors pay the profits of miners and early adopters. If new investors stopped investing in Bitcoin the price in $ would drop like a stone. "Worth" of all existing Bitcoins got up to $200M before this price drop occured.

Now ask yourself how can Bitcoins be worth $200M when there's maybe couple a million $ worth of stuff that you can actually buy using Bitcoin? Why do people invest in Bitcoin? To actually use them or to get rich quick?

$10 Bitcoin is still a massive bubble, it should crash to around $1 or less to be on solid ground. This would drive most of the speculators out and stabilize the currency a bit.

Maybe Phoenix would rise from the ashes.
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kiba
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June 11, 2011, 07:06:11 PM
 #2

Vitalik Buterin said the opposite.

Since you also said bitcoin is a bubble, here's the comic.

Jack of Diamonds
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June 11, 2011, 07:09:28 PM
 #3

Currently there's no real economy built around Bitcoin. Bitcoin value is purely based on speculation and it has become a ponzi scheme. New investors pay the profits of miners and early adopters. If new investors stopped investing in Bitcoin the price in $ would drop like a stone. "Worth" of all existing Bitcoins got up to $200M before this price drop occured.

Now ask yourself how can Bitcoins be worth $200M when there's maybe couple a million $ worth of stuff that you can actually buy using Bitcoin? Why do people invest in Bitcoin? To actually use them or to get rich quick?

$10 Bitcoin is still a massive bubble, it should crash to around $1 or less to be on solid ground. This would drive most of the speculators out and stabilize the currency a bit.

Maybe Phoenix would rise from the ashes.

If BTC price goes down to $1 there will be nobody left to mine at current difficulty levels.

Since difficulty takes 2016 blocks to adjust and mining would consume more electricity than there is reward to be gained, the network would become unsecured fast.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
bcpokey
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June 11, 2011, 07:09:52 PM
 #4

I wish these forums had a screening algorithm like

If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy")
Then reject.post

kiba
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June 11, 2011, 07:11:53 PM
 #5

I wish these forums had a screening algorithm like

If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy")
Then reject.post



But it gives me opportunity to promote my articles.  Cool

Basiley
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June 11, 2011, 07:15:05 PM
 #6

wrong. you probably had spell-checking fail. not "crash", but "crush". bitcoin should crash, kill and destroy !!
kill/rape/torture people, apart, blow construction, demolish/burn building, destroy humanity !
oh wait !
Justsomeforumuser
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June 11, 2011, 07:22:43 PM
 #7

I like how he said "has BECOME a ponzi scheme".

>implying it was at some point not just a transfer of money from some to others, based solely on "belief"

Ho-Hum.
Reiku
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June 11, 2011, 07:46:05 PM
 #8

I wish these forums had a screening algorithm like

If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy")
Then reject.post


Needs a higher amount. Cheesy
Also expand it to starting new threads, would clean things up a bit.
Keep your heads down and continue feeding on the bad side the media only posts little sheep.
aop
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June 11, 2011, 07:58:17 PM
 #9

I wish these forums had a screening algorithm like

If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy")
Then reject.post


Needs a higher amount. Cheesy
Also expand it to starting new threads, would clean things up a bit.
Keep your heads down and continue feeding on the bad side the media only posts little sheep.
Good luck trying to keep the ponzi going. If Bitcoin manages to rise back up to $30 soon I'll buy some HD5770/58xx cards to build a mining rig and cash in.
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