Bitcoin just dropped to 1$!!!!

[lophie]

Calm down calm down. It did not happen but this is not some kind of bad joke.

I just woke up and grabbed my galaxy tab. Looked at the BTC price widget and it was at 1$!. So I obviously freaked out and jumped the computer to see what was happening. Turned out I was a bit sleep blinded and didnt notice the 51$!

So I was thinking. If this actually happened. How would most of us react? Some would sell. Some would buy. Some would commit suicide  .

I am interested in the rationale that we have, to suggest the actions that we would do if such an event ever happen. I thought a thread to discuss that would make each one of us see things in a different way as we read each others rationales.

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For me I would be just interested in what happened and I would buy like crazy! Because I spent the time since the MT.Gox crash learning about what Bitcoin is all about and not just blindly mine them. Thus I grew to appreciate it and believe in it. It is here to stay!

-Lophie               

[bbit]

Calm down calm down. It did not happen but this is not some kind of bad joke.

I just woke up and grabbed my galaxy tab. Looked at the BTC price widget and it was at 1$!. So I obviously freaked out and jumped the computer to see what was happening. Turned out I was a bit sleep blinded and didnt notice the 51$!

So I was thinking. If this actually happened. How would most of us react? Some would sell. Some would buy. Some would commit suicide  .

I am interested in the rationale that we have, to suggest the actions that we would do if such an event ever happen. I thought a thread to discuss that would make each one of us see things in a different way as we read each others rationales.

----------------------------------------------------------------------------------------------

For me I would be just interested in what happened and I would buy like crazy! Because I spent the time since the MT.Gox crash learning about what Bitcoin is all about and not just blindly mine them. Thus I grew to appreciate it and believe in it. It is here to stay!

-Lophie               

splash water on your face it helps.

[Kluge]

Nothing fundamentally changes. Bitcoin doesn't suddenly become less useful because it's worth $1 instead of $51. All which matters is WHY the price would change so dramatically. If nothing fundamentally changed, it will correct, and there's not much in the way of suggesting Bitcoin's becoming less useful than more useful.

(as a BTC debtor, though - I'd be thrilled!)

[BitPirate]

If it was $1, there would be a buying frenzy and the price would be there for all of a nano-second.

It's for this reason that it can't really drop so low so fast.

[BTCINVESTOR]

Nothing fundamentally changes. Bitcoin doesn't suddenly become less useful because it's worth $1 instead of $51. All which matters is WHY the price would change so dramatically. If nothing fundamentally changed, it will correct, and there's not much in the way of suggesting Bitcoin's becoming less useful than more useful.

(as a BTC debtor, though - I'd be thrilled!)

I hope it happens. I will be doing nothing but buying.

[maxmint]

Nothing fundamentally changes. Bitcoin doesn't suddenly become less useful because it's worth $1 instead of $51. All which matters is WHY the price would change so dramatically. If nothing fundamentally changed, it will correct, and there's not much in the way of suggesting Bitcoin's becoming less useful than more useful.

(as a BTC debtor, though - I'd be thrilled!)

I hope it happens. I will be doing nothing but buying.

And so would everybody else. There's limit orders for hundreds of thousands of bitcoins in this low range, so price would jump back immediately. I don't think we will see anything like $1 anytime again.

[bitfreak!]

It has already happened before... just look to the past to learn what happened.