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Author Topic: do you really think it's over?  (Read 3059 times)
mistersaturn
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June 11, 2011, 10:59:56 PM
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I mean, seriously? You may call it a bubble, a ponzi-scheme or whatever but if you think the "hype" is over, well only god can help you. I'm from Germany and judging by the few active users in the german bitcoin forum and by asking my friends bitcoin just STARTED to become popular in germany, thats millions of people just waiting to be part of the hype.

I wont advise anyone to buy or sell, and maybe i am even in the wrong forum here cuz i'm not a big bagholder or anything, just a regular miner @ 1.5 gigahashes in a pool, always selling when i have my coins. But at the moment, heck i won't sell. Prices WILL go up. even if bitcoin like dissappeares into insignificance and get's practically worthless, everybody would stop mining cuz hey, who would waste electricity for something worthless, right? but that would cause the difficulty to go down so much, that you could mine again profitably, or do you just think all the sites and pools would be taken down and whole project bitcoin would come to an end. just share your thoughts and oppinions.
greetings from germany.
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jasonk
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June 11, 2011, 11:05:56 PM
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I think @ $32 the price was unreasonably high.  The same thing I observed when I first joined.  A week later prices went from $3 to about $8 or $9.  Then they dropped down to $5 and slowly increased to the $8-9 range.  Then within a week we had a huge increase from $9 to about $20.  I think right now the price per coin is too low, and that it should be ~$20 at least.

There are some factors such as Dwolla transactions being delayed for several days, so some buyers and sellers could not cash in / out.  That may have slowed down trading.  Looking right now there is really high volume... 120k BTC.  Usually high volume drives the price up.

I think and hope early in the week prices will go back a little...

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neptop
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June 11, 2011, 11:08:10 PM
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Don't worry and don't panic. Don't listen to people crying BUY or SELL and just think on your own. No, really do it! Why would it crash and why wouldn't it? Did you forget something? No? Okay, then you know what to do.

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datguywhowanders
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June 11, 2011, 11:21:46 PM
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Don't worry and don't panic. Don't listen to people crying BUY or SELL and just think on your own. No, really do it! Why would it crash and why wouldn't it? Did you forget something? No? Okay, then you know what to do.

+1

I like your post just because you encourage people to actually think. Don't listen purely to what one person or source says. Take in all the factors that you can find, and then, you make a logical decision based on your own circumstances.

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onesalt
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June 11, 2011, 11:29:56 PM
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Bitcoin is over, This whole thing essentially proves to retailers that bitcoin can never be stable enough for them to reliably turn a profit from selling things with it. Unlike a dollar, or pound, or yen, it's value fluctuates far too wildly for it to be considered anyway near stable enough for real transactions.
Edward50
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June 11, 2011, 11:37:57 PM
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Bitcoin is over, This whole thing essentially proves to retailers that bitcoin can never be stable enough for them to reliably turn a profit from selling things with it. Unlike a dollar, or pound, or yen, it's value fluctuates far too wildly for it to be considered anyway near stable enough for real transactions.

I am starting to agree, right now there are too many new coins being mined, and on top of that, you have too many people with thousands of coins which any of them could dump their coins.

What surprised me is that mt. gox, has a limit where you can only sell $1000 dollars a day. If this is true, this would explain partly why the price rose so high, sellers were not able to unload fast enough. This should be short lived as new exchanges come to the market.

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Mboy
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June 11, 2011, 11:46:41 PM
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What surprised me is that mt. gox, has a limit where you can only sell $1000 dollars a day. If this is true, this would explain partly why the price rose so high, sellers were not able to unload fast enough. This should be short lived as new exchanges come to the market.

You can sell as much bitcoins as you like, but you can withdraw only $1000 per day to your bank account as far as I understood.
dserrano5
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June 11, 2011, 11:48:06 PM
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What surprised me is that mt. gox, has a limit where you can only sell $1000 dollars a day. If this is true, this would explain partly why the price rose so high, sellers were not able to unload fast enough.

AFAIK MtGox doesn't let you *withdraw* more than $1000 a day, not sell.

If the limit was on selling, the big downwards movement of today would have to be explained somehow. There were single sell operations of 1000 or 2000 bitcoins (I don't remember at what price but it's irrelevant, it would have been a minimum of $13k).

BinaryMage
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June 11, 2011, 11:49:22 PM
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Bitcoin is over, This whole thing essentially proves to retailers that bitcoin can never be stable enough for them to reliably turn a profit from selling things with it. Unlike a dollar, or pound, or yen, it's value fluctuates far too wildly for it to be considered anyway near stable enough for real transactions.

I don't think so. All currencies have drastic value changes, and Bitcoin is particularly susceptible in its early years. If Bitcoin succeeds, it will become more steady in price, and eventually retailers will begin to accept it because it will be more reliable than any country-backed currency, Don't despair!

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Oldminer
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June 11, 2011, 11:54:14 PM
 #10

Bitcoin is seriously under-valued atm IMO.

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Bit_Happy
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June 12, 2011, 12:00:45 AM
 #11

Bitcoin is over, This whole thing essentially proves to retailers that bitcoin can never be stable enough for them to reliably turn a profit from selling things with it. Unlike a dollar, or pound, or yen, it's value fluctuates far too wildly for it to be considered anyway near stable enough for real transactions.

I call BS.
Many smart retailers would be glad to sell products for BTC today, so they get a pile of coins now before the price rises again.
If there is any chance that you are not a scumbag troll trying to harm the project, then please consider some merchants are not afraid of price movements.

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Jalum
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June 12, 2011, 12:03:56 AM
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I call BS.
Many smart retailers would be glad to sell products for BTC today, so they get a pile of coins now before the price rises again.
If there is any chance that you are not a scumbag troll trying to harm the project, then please consider some merchants are not afraid of price movements.

Yes, merchants LOVE the idea of having to change the price of their merchandise every 10 minutes because of massive parabolic price fluctuations.  Nothing is better than having to renegotiate with a customer over how the intial payment they sent now won't even cover the shipping to send the item out.
BinaryMage
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June 12, 2011, 12:13:26 AM
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Yes, merchants LOVE the idea of having to change the price of their merchandise every 10 minutes because of massive parabolic price fluctuations.  Nothing is better than having to renegotiate with a customer over how the intial payment they sent now won't even cover the shipping to send the item out.

Bitcoin will stabilize. And this happens with any currency; it's why all the airlines are bankrupt.

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onesalt
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June 12, 2011, 12:30:30 AM
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Yes, merchants LOVE the idea of having to change the price of their merchandise every 10 minutes because of massive parabolic price fluctuations.  Nothing is better than having to renegotiate with a customer over how the intial payment they sent now won't even cover the shipping to send the item out.

Bitcoin will stabilize. And this happens with any currency; it's why all the airlines are bankrupt.

No, airlines are bankrupt due to the belief that a finite resource (oil) will stay a low price forever despite the increase in it's consumption and the depletion of it's reserves, coupled with an increase in "low price" fares which don't even turn a profit.
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