Price down to 1.25 - How low will it go?

[Peter Lambert]

So the psychological barrier has been breached.

I've been following another price, EUR/mBTC, closely and expect it to follow suit in the near future (currently at 12.21). I'm not sure if it will be as big news as this one, though.

And this is why I do not think there is as much to the whole "psychological barrier" argument as people believe there is. While the USD is hitting a nice round number like 10 mB, the EUR is at a non-round 12.2 mB. Each local currency will have their own points of round numbers, and so the market will just ignore silly things like numbers.

Even though people make a big deal about the price going under 10, or when the price of an ounce of silver was 1000 mB, or when a gram of gold was 1000 mB, I do not think those points are so notable for the overall market. What will be notable is when the monetary base of bitcoins is the same as the monetary base of silver, or gold.

Looking back, we have come a long way from when somebody paid 10000000 mB for two pizzas. Now those two pizzas would be about 200 mB or so.

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[Peter Lambert]

Now the price has continued sinking down to 4.25, it does not show any signs of slowing down.

[nimda]

Now the price has continued sinking down to 4.25, it does not show any signs of slowing down.

Units???

[rpietila]

Now the price has continued sinking down to 4.25, it does not show any signs of slowing down.

Units???

We are quoting the price of 1 USD (or anything else) in milliBitcoins (mBTC = BTC0.001). For this change of viewpoint, we are able to turn everything upside down, and that is fun.

**//**

I am afraid the fall will continue until we get uncomfortably close to 1. When we start to approach it, say, at 1.5-1.3 or so, there will be increased buying pressure that will rock the boat. I think 1 will not be breached, technically that would be a bold prediction. I think that the parity will continue to offer support until this autumn, at least. (I am rather disappointed that 10 did not offer any support at all )

As nothing seems to stop the fall, that is exactly what I will predict to happen: the fall will turn jittery and a sucker rally will commence from the level between 1.3-1.5. That will go all the way to 2.5-3, followed by a plateau which will provide a good exit point for many wealthy individuals and organisations, and a buyback point for those that successfully exited a while ago, since many of the goods they are willing to acquire are still priced in US dollars and have become surprisingly affordable due to the crash in the exchange rate.

[Amitabh S]

Im guessing it will fall to < 1mBTC this month

[Peter Lambert]

Now the price has continued sinking down to 4.25, it does not show any signs of slowing down.

Units???

I thought the units for this thread were clearly layed out in the first post.

 I think that the parity will continue to offer support until this autumn, at least.

You can still get a cheeseburger at McDonald's for one, so I don't think the price can go all the way to zero unless something big changes.

[rpietila]

Perhaps it will go to 2, like BTCUSD did

You think it will reverse when we hit 2, or will it just keep going down?

Prophetic.

I think the probability for a sucker rally increases as we cross 2.

[oakpacific]

I heard that some large sellers and shorters are entering the market, over the last year the mining output of USD has significantly increased, needless to say the banksters who borrow their customers' money on speculation of a rapid USD price fall.

[Peter Lambert]

Looks like the price is stabilizing at about 8.1 or so. I predict this is like a repeat of last summer, we will have generally stable price for a while, perhaps with a gentle rise and fall, and in a few months the price will start moving down again.

[rpietila]

I heard that some large sellers and shorters are entering the market, over the last year the mining output of USD has significantly increased, needless to say the banksters who borrow their customers' money on speculation of a rapid USD price fall.

 

If you expect the "rally" to be like 2011, remember that it is 30x fast forward now. The top was 5 days instead of 5 months, and we will smash the ATL about May 2nd 

[rpietila]

It is crashing  We are almost at 5, and as a large holder of USD this troubles me.

[Xer0]

what did you just smoke?

[dserrano5]

what did you just smoke?

Read OP. Don't miss the fine print, please.

[Xer0]

what did you just smoke?

Read OP. Don't miss the fine print, please.

tz.

i tought about that, but calculated 0.005 and so dropped the idea. so its m* ... lol

[Peter Lambert]

Depends on where you look. MtGox went down to 5.1 but Bitstamp is still up over 5.8. But either way, the price is definitely going down. We may have a new low soon; if you look at something like a weekly average for the price, we are already down below what it was back in April (the low of about 3.8 was touched only briefly before the price jumped back to 20 on the way to settling at about 7 for the past couple months).

It doesn't help the exchange rate that the printers just got the green light to flood the market for the next four months without any limit. The American representatives just gave a blank check to the banksters, that move will come back to bite them and the people they represent, and the price dropping is just one of the many effects we will see. Now would be a good time to sell if you are holding any significant quantities.

[Peter Lambert]

Looks like the price is stabilizing at about 8.1 or so. I predict this is like a repeat of last summer, we will have generally stable price for a while, perhaps with a gentle rise and fall, and in a few months the price will start moving down again.

Hey, that looks like it worked out pretty much as I predicted

[fattypig]

I don't understand what are you guys trying to say, other alt coin?

[Zebra]

I don't understand what are you guys trying to say, other alt coin?

Maybe you missed the third line in the OP.

[Peter Lambert]

I don't understand what are you guys trying to say, other alt coin?

I guess you could call USD an alt coin, but I don't think it even deserves that level of respect.

[nobbynobbynoob]

I don't understand what are you guys trying to say, other alt coin?

I guess you could call USD an alt coin, but I don't think it even deserves that level of respect.

LMAO! Yes, even the likes of ADT, BUK or TIX, say, have more real value than Plunder Woman's greenbacks.