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dmiceman (OP)
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March 14, 2013, 05:34:29 AM |
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We all know what current bitcoin price is artificial. But even a MtGox can't maintain it for a long. Don't know if bitcoin can touch $50 in next several days, but following crash is inevitable.
Because the real value of bitcoin have not changed in the last two years since bubble begun to grow (come on, even a drug-dealers still not use bitcoins), we are going to the same basic level about 0.8$. So, the question is where exactly it will stop to remain still?
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randrace
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Activity: 329
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LTC -> BTC -> Silver!
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March 14, 2013, 05:40:03 AM |
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Mark thread: Extremist Bears Only.
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randrace
Sr. Member
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Activity: 329
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LTC -> BTC -> Silver!
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March 14, 2013, 05:48:53 AM |
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We're talking about Litecoin, right?
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dmiceman (OP)
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March 14, 2013, 06:06:04 AM |
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Mark thread: Extremist Bears Only.
Don't get me wrong. I strongly believe in bitcoin success. In twenty or may be ten years it can reach $50 again. But with current level of volatility it cost nothing. |
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poly
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Merit: 10
Weighted companion cube
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March 14, 2013, 06:16:54 AM |
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Thread is pointless, the current price of bitcoin is as artificial as [insert commodity]'s price is.
We're not really going to see single digit btcusds again.
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dmiceman (OP)
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March 14, 2013, 06:24:01 AM |
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We're not really going to see single digit btcusds again.
We will. There are just no way to avoid that. |
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anu
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RepuX - Enterprise Blockchain Protocol
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March 14, 2013, 06:29:49 AM |
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This is ridiculous. Bitcoin price is afaik a true market price. Unlike the beloved currency of the gold bugs, i.e. gold. Which is imho the most rigged game that is.
And about crashes: Why does everyone think that gold is exempt from things like the dreaded Bitcoin crypto breaking? Gold consists of protons, neutrons and electron, just like dirt. Gold can be produced artificially in significant quantity, just not economically at current prices. It is but a small invention of economic production of gold to crush gold to nothing, once and for all.
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dmiceman (OP)
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March 14, 2013, 06:32:33 AM |
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more people adopts the coin which will drive the value up.
They can't. Nobody can use currency what jump back and forth for 30% in a week for anything useful. Or you mean just collecting BTC in wallets, not using them? But that kind of moneys come and they will gone easily. Look at this: http://en.wikipedia.org/wiki/Tulip_mania . Anyway, why I'm argue about possibility of crash at all? It will happen without your or mine permission. |
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solex
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100 satoshis -> ISO code
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March 14, 2013, 06:33:17 AM |
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Mark thread: Extremist Bears Only.
Don't get me wrong. I strongly believe in bitcoin success. In twenty or may be ten years it can reach $50 again. But with current level of volatility it cost nothing. May I translate? You were too late for the train and are hoping for a dip to $1 so that you can load up and make 50x your money in a decade (a retirement fund perhaps?). You should read proudhon's posts because it seems he was on the train and got off and is hoping for the same scenario. One day you might meet up and can sit on a verandah watching the sunset repeating the words "If only...." over and over again.... |
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dmiceman (OP)
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March 14, 2013, 06:35:33 AM |
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It is but a small invention of economic production of gold to crush gold to nothing, once and for all.
Would be good for many real industries. And dropping bitcoin price to sub-$ level would be good for growth of the real bitcoin economic. |
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dmiceman (OP)
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March 14, 2013, 06:37:56 AM |
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May I translate?
Looks like you have registered in 2013, right? Sorry, but then you simple don't know what it is all about. |
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anu
Legendary
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RepuX - Enterprise Blockchain Protocol
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March 14, 2013, 06:51:24 AM |
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And dropping bitcoin price to sub-$ level would be good for growth of the real bitcoin economic.
No it isn't. I explored the use of Bitcoin with a friend just this morning. The biggest problem for her is that the market is not liquid enough to absorb something like $1M without hickup. |
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MonadTran
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March 14, 2013, 06:52:16 AM |
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It will happen without your or mine permission.
My coins are not going to sell themselves without my permission. |
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dmiceman (OP)
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March 14, 2013, 06:56:59 AM |
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The biggest problem for her is that the market is not liquid enough to absorb something like $1M without hickup.
It should be step by step, little by little, not in a way it is going right now. Yes, it will take many years to get useful liquidity for bitcoin, but there is no other way. |
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anu
Legendary
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RepuX - Enterprise Blockchain Protocol
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March 14, 2013, 07:03:35 AM |
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The biggest problem for her is that the market is not liquid enough to absorb something like $1M without hickup.
It should be step by step, little by little, not in a way it is going right now. Yes, it will take many years to get useful liquidity for bitcoin, but there is no other way. It may be faster: While using Bitcoin for payment seems not practical for amounts > 100K right now, it can be used to secure payments by using SCRIPT. So the actual payment is done with Fiat, but ones saves the escrow. |
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dmiceman (OP)
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March 14, 2013, 07:09:31 AM |
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it can be used to secure payments by using SCRIPT. So the actual payment is done with Fiat, but ones saves the escrow.
Way too complicated for practical use. |
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solex
Legendary
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Merit: 1002
100 satoshis -> ISO code
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March 14, 2013, 07:11:58 AM
Last edit: March 14, 2013, 07:23:48 AM by solex |
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No it isn't. I explored the use of Bitcoin with a friend just this morning. The biggest problem for her is that the market is not liquid enough to absorb something like $1M without hickup.
This week was an interesting test of that. $2M $3M was cashed out during the worst technical hitch for years, and the market just shrugged it off... http://bitcoincharts.com/charts/mtgoxUSD#rg5zig30-minztgSzm1g10zm2g25zv |
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notme
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March 14, 2013, 07:13:17 AM |
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Mark thread: Extremist Bears Only.
Don't get me wrong. I strongly believe in bitcoin success. In twenty or may be ten years it can reach $50 again. But with current level of volatility it cost nothing. I will buy as many BTC for $3 as you can possibly sell me. Send me a pm. This should be a great deal since it that is twice the maximum they could possibly be worth. |
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anu
Legendary
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Merit: 1001
RepuX - Enterprise Blockchain Protocol
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March 14, 2013, 07:13:33 AM |
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it can be used to secure payments by using SCRIPT. So the actual payment is done with Fiat, but ones saves the escrow.
Way too complicated for practical use. Multi-Sign is a typical use case for SCRIPT. Seems trivial to me. But the idea to combine that with actual fiat payments occurred to me just this morning. So maybe you are right. Have to explore.... |
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Luno
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March 14, 2013, 07:14:09 AM |
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1. Trying to predict if the price goes up or down from here is impossible!
2. Trying to estimate a worst case bottom level is equally impossible!
3. Not tormenting yourself with 1 and 2 all the time, is completely impossible.
Find the Zen of trading: exclude all emotions and desires about the price and keep some BTC and cash all the time so you can buy or sell some when the price has moved and never before it has moved based on beliefs and desires.
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