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Author Topic: Price seems stable now...  (Read 7138 times)
KnuttyD
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June 17, 2011, 05:50:39 AM
 #41

$16 and falling on MtGox as I write this.  The 'island of stability' around $19 to $20 didn't last too long.  Those 25k stolen BTCs being unloaded today after being laundered over the last couple of days?  Dead Cat Bounce has had its run? ($30 -> $10 -> $20 -> sub $10 if that's the case).  Interesting times.
Like any economy, it will have its ups and downs; we seem to be experiencing a nice little downtrend. I wouldn't worry too much about it.

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Edward50
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June 17, 2011, 05:51:43 AM
 #42

Yes It is very interesting times, I can't help  but keep checking the price of the bitcoin. I must admit, part of me wants it to go lower because I missed the boat on this one.

With the current drop into the $15 range, and nobody seems to want to pick it back up to $20. I think most people will not even take the risk at buying it at these lower prices with the hope it will bounce back up to its $20 dollar support.

Someone must have kept it inflated at the $20 dollar level. I have no idea why someone has done that and spent all the money keeping it at that level. I knew that would not hold as nobody has that deep pockets.

A fair and stable price level would be around $8.00.

I am surprised the forum is pretty silent about this latest price drop. This signals many things coming to and end especially the mining. This whole thing may lose much interest soon.


Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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June 17, 2011, 05:53:35 AM
 #43

Yes It is very interesting times, I can't help  but keep checking the price of the bitcoin. I must admit, part of me wants it to go lower because I missed the boat on this one.

With the current drop into the $15 range, and nobody seems to want to pick it back up to $20. I think most people will not even take the risk at buying it at these lower prices with the hope it will bounce back up to its $20 dollar support.

Someone must have kept it inflated at the $20 dollar level. I have no idea why someone has done that and spent all the money keeping it at that level. I knew that would not hold as nobody has that deep pockets.

A fair and stable price level would be around $8.00.

I am surprised the forum is pretty silent about this latest price drop. This signals many things coming to and end especially the mining. This whole thing may lose much interest soon.



It ran up from $1 to $30 really quickly.  a price drop back down to $15 or even $8 is not going to cause a loss of interest.


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June 17, 2011, 06:00:00 AM
 #44

It ran up from $1 to $30 really quickly.  a price drop back down to $15 or even $8 is not going to cause a loss of interest.


The reason why it will cause loss of interest is that mining is not profitable anymore. I think this is a big part of the whole bitcoin craze. It will still have some interest, but it will lose alot.

Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
Babylon
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June 17, 2011, 06:00:46 AM
 #45

It ran up from $1 to $30 really quickly.  a price drop back down to $15 or even $8 is not going to cause a loss of interest.


The reason why it will cause loss of interest is that mining is not profitable anymore. I think this is a big part of the whole bitcoin craze. It will still have some interest, but it will lose alot.


That's self correcting.  If a lot of miners get out difficulty drops, which makes mining more profitable.

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June 17, 2011, 06:02:02 AM
 #46

It ran up from $1 to $30 really quickly.  a price drop back down to $15 or even $8 is not going to cause a loss of interest.


The reason why it will cause loss of interest is that mining is not profitable anymore. I think this is a big part of the whole bitcoin craze. It will still have some interest, but it will lose alot.



Bitcoins are mined at the same rate regardless of difficulty.
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June 17, 2011, 07:34:05 AM
 #47

It ran up from $1 to $30 really quickly.  a price drop back down to $15 or even $8 is not going to cause a loss of interest.


The reason why it will cause loss of interest is that mining is not profitable anymore. I think this is a big part of the whole bitcoin craze. It will still have some interest, but it will lose alot.



Bitcoins are mined at the same rate regardless of difficulty.

This seems wrong. If that were true then what would be the point of having "difficulty" at all? I thought difficulty affected how long it took to solve a block?
vuce
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June 17, 2011, 07:36:19 AM
 #48

It ran up from $1 to $30 really quickly.  a price drop back down to $15 or even $8 is not going to cause a loss of interest.


The reason why it will cause loss of interest is that mining is not profitable anymore. I think this is a big part of the whole bitcoin craze. It will still have some interest, but it will lose alot.



Bitcoins are mined at the same rate regardless of difficulty.

This seems wrong. If that were true then what would be the point of having "difficulty" at all? I thought difficulty affected how long it took to solve a block?
exactly, but to keep the rate constant with increasing hashing power.
Gregers
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June 17, 2011, 08:08:52 AM
 #49

I think the important thing is that the individual difficulty will increase as long as the number of new coins is a constant. The more people who mine, the more people the coins will have to be divided between. It's like winning the lottery, except more and more people will pick the winning numbers. In the end, no one is going to bother entering since the ticket price will be that much higher compared to the prize you get *if* you happen to win that day.
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June 17, 2011, 09:08:36 AM
 #50

It ran up from $1 to $30 really quickly.  a price drop back down to $15 or even $8 is not going to cause a loss of interest.


The reason why it will cause loss of interest is that mining is not profitable anymore. I think this is a big part of the whole bitcoin craze. It will still have some interest, but it will lose alot.



Bitcoins are mined at the same rate regardless of difficulty.

This seems wrong. If that were true then what would be the point of having "difficulty" at all? I thought difficulty affected how long it took to solve a block?

It affects how long it will take given a certain hashpower (of -say- a single miner). It keeps how long it will take for the combined hashpower of all miners at a constant level (50 BTC in 10 minutes)

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neptop
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June 17, 2011, 09:57:12 AM
 #51

Yay, cheap coins again! Smiley

Seriously, just think about where it has been a while ago.

I think one of the reasons for this "correction" (a correction for now, I don't think it will be that low in a few days/weeks/months) is that it became important to people using it as a currency (or commodity or whatever you call it) to have a stable value. No offense, but I guess it's harder to grasp for some Americans because the USD still is some kind of reference currency (currently! even though it MIGHT be just a matter of time until this changes), but there are markets for currencies. No, I don't mean places to trade them, but reasons for trading them (foreign currency loans to name an example). On a market new goods (currencies/commodities in this case) have be valued. That's why some people call it a crash or a price explosion, while other call it a correction.

All markets are a lot about fear, but we have seen that. When someone talks about a crash or a crisis in real life it's exactly the same. It might be reasonable to sell shares of a small company, which maybe won't survive as long as the share still have some value, but it's completely stupid for people to sell for example Google shares when the price is lower then it should be given the fact that they will survive and start growing again. It actually is the best time to buy. Hmm, but you just have to look at some kind of stock market chart and scale it to something like five years.

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Jack of Diamonds
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June 17, 2011, 01:08:06 PM
 #52

I can comfortably pump out 2 mil ghash from my flat without worrying about any kind of air ventilation or power supply, any bigger and this becomes an issue increasing the costs and reducing the profit.

You can pump out more than the entire hashing power of bitcoin in your flat without any ventilation or power supply?

Ok.

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June 17, 2011, 01:21:04 PM
 #53

It ran up from $1 to $30 really quickly.  a price drop back down to $15 or even $8 is not going to cause a loss of interest.


The reason why it will cause loss of interest is that mining is not profitable anymore. I think this is a big part of the whole bitcoin craze. It will still have some interest, but it will lose alot.



Bitcoins are mined at the same rate regardless of difficulty.

This seems wrong. If that were true then what would be the point of having "difficulty" at all? I thought difficulty affected how long it took to solve a block?

It affects how long it will take given a certain hashpower (of -say- a single miner). It keeps how long it will take for the combined hashpower of all miners at a constant level (50 BTC in 10 minutes)


OK that makes sense. that previous statement was misleading because he said they are "mined at the same rate". That poster should have said "the hashing rate stays the same".
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