BTC will go down to 20

[Quantum_Negatum]

It's funny to see people still thinking it's Cyprus that caused the bubble, lol.

Agreed.

It probably skyrocketed on its own after a few months (Dec - Feb) of daily, mini-pumps/dumps. Over a long enough period, small pumps and dumps can look like a genuine trend upward.  New speculators saw this, wanted to make a quick buck, assumed it would continue indefinitely and drove the price through the roof.

Same thing happening with most of alt-coins right now.  

[xavier]

Agreed, bit coin is on its way down. There is no question, we're going down to $50, $40, $30, $20, even $10. The only people buying are those who think we're back in March and the price is going to $150 or $200 again. Please, give me a break. To Anyone still holding BTC , sell now whilst these crazy people are still existing and willing to buy your coins, because I can guarantee they are not going to be around here much longer.

[giantdragon]

Agreed, bit coin is on its way down. There is no question, we're going down to $50, $40, $30, $20, even $10. The only people buying are those who think we're back in March and the price is going to $150 or $200 again. Please, give me a break. To Anyone still holding BTC , sell now whilst these crazy people are still existing and willing to buy your coins, because I can guarantee they are not going to be around here much longer.

Say this to miners who invested thousands of USD into ASICs and have to give away generated coins so cheaply in own loss!
Personally, I will never sell my coins below $50!

[Frozenlock]

Well, for those who don't want to trade, buy and hold is a proven strategy with Bitcoin.  

[sangaman]

Even if you want to call this an Elliott Wave, I don't think you can say that stage 4 on your graph really exists. That was a tiny bump in the road, it's a real stretch to call that a wave. If anything, April 10th marked the end of wave 3 and we're in wave 4 now.

Of course, I think this is all nonsense with essentially zero predictive power. It's not hard to go back and make graphs fit patterns, though.

[Qoheleth]

That's fine. This was pretty obviously a bubble for a while, and what goes up, must come down.

Despite my recent disillusionment with certain charismatic turbobulls, what's rubbed off on me is a sort of idea of where this thing might be going, if it doesn't fall apart. Putting aside for the moment the USD/BTC price - because really, nobody can predict that - I can think of all these useful things I'd be able to do with bitcoins, given just a little more technology.

I'd like to do those useful things, so I'd like to buy more bitcoins to do them with. Simple as that.

Of course, the fluctuation of the price makes that hard. If I don't know what the national currency cost of 1BTC will be in a week, or a month, it's hard to say whether now's a good time to buy or not. I supposed that's what brainless algorithms like dollar-cost averaging are for.

My gut certainly won't like it, but my gut's twice the financial imbecile that I am, so it can take its butterflies and sit on 'em.

[Pruden]

Damn, OP, go read tea leaves, you'll make more sense.

I can think of all these useful things I'd be able to do with bitcoins, given just a little more technology.

I'd like to do those useful things, so I'd like to buy more bitcoins to do them with. Simple as that.

Just curious, what kind of things?

[BitSmile]

Damn, OP, go read tea leaves, you'll make more sense.

I can think of all these useful things I'd be able to do with bitcoins, given just a little more technology.

I'd like to do those useful things, so I'd like to buy more bitcoins to do them with. Simple as that.

Just curious, what kind of things?

Private islands

[freedomno1]

Well I'm not following the Elliot wave I'm following the parabolic bubble from when it crashed from 200

[freethink2013]

I'd worry if it hit 20 then that would be the end BUT I'd probably still weigh in quite heavily. Preferably it'll hit 50-65 and I'll buy. I think the 'real' price is 150 though. I have no worries that we'll hit 150 probably 3 times in the next 3 months.

[Qoheleth]

I can think of all these useful things I'd be able to do with bitcoins, given just a little more technology.

I'd like to do those useful things, so I'd like to buy more bitcoins to do them with. Simple as that.

Just curious, what kind of things?

The blockchain is a decentralized, atomic ledger and timestamp server. The ledger is unitless - it's denominated in BTC, but that's really just the default.

If we want to be prosaic and stick with the area of finance, consider that after redefining some of the unitless balances from being "Satoshis" to being "[insert description here]", the ledger can suddenly support every security and asset under the sun. Even using Satoshis for this isn't necessarily required under certain circumstances; if I want to give out coupons for a free loaf of bread at my bakery (and am OK with those coupons being indivisible), I can print them as 0-quantity outputs by paying a BTC-denominated transaction fee, and they can circulate freely on the blockchain until cashed in or destroyed.

Alternatively, if we wander away from the financial world for a moment, you can use the blockchain to mathematically prove that, for instance, you knew a particular secret at a particular time (this can be the basis for anonymous guessing games that don't have to rely on trusting the operator to not be playing Sid Hoffman Sid Frenchman). You can use it (via sacrificing some cash to pay for the UTXOs) to preserve small pieces of information indefinitely and indelibly. This is all stuff I thought of in the past five minutes; as a tool, blockchains open up some incredible opportunities, and we're only now exploring them, and the biggest, best-distributed, and most secure blockchain in existence is the Satoshi blockchain, whose operators only accept payment in BTC-denominated transaction fees.

That's why, no matter what happens to the price, BTC (which serve the double purpose of transaction fee tokens and unitless ledger balances) will be useful as long as miners keep mining.

Private islands

Visions of sugarplums. I'd enjoy Pietilä's mythical $300k/BTC as much as the next guy, but today I'm discussing a bitcoin's intrinsic value.

[freedomno1]

Don't think it will go all the way down to 20 if it did though I would be interested in reading the news feeds to see why before making my call Either way I think were treading near the bottom already but waits a few days to confirm the market knows best after all

[Adrian-x]

Agreed, bit coin is on its way down. There is no question, we're going down to $50, $40, $30, $20, even $10. The only people buying are those who think we're back in March and the price is going to $150 or $200 again. Please, give me a break. To Anyone still holding BTC , sell now whilst these crazy people are still existing and willing to buy your coins, because I can guarantee they are not going to be around here much longer.

"it is only going down to $20" if you are a noob.  

In reality if you had been into Bitcoin 4 month ago at the beginning of 2013, you would be existed about it being up of $20.

And from there it's going up again, and will probably go up exponentially until it fulfills its niche, or it turns out to be a Ponzi (that is a metaphorical Ponzi, for those who don't like the term.)

Bitcoin isn't a stock. Don't trade it, if you believe the idea has merit, know there will be a finite number of coins, you can only win by holding and only trading out for more than you paid.

If you are a day trader go ahead and play the game, if you bought in to a get rich quick idea, by all means sell out at a loss. But if you what to know what you are invested in read this: www.bitcoin.org/bitcoin.pdf and if you see merit, don't trade out for less than you paid.

Also some advice to noods, don't invest your Bitcoin's, it may get boring around here for a year or so, but my experience is when people get board they start investing in actual Ponzi schemes, some so well disguised they look like legitimate companies, don't do it. Just save, with a finite currency you don't need to invest, to maintain the value. (invest Fiat, your time, but save your BTC.)

[dogie]

Don't worry guys I got this - I've confirmed it will be 20 soon.

[freethink2013]

Don't worry guys I got this - I've confirmed it will be 20 soon.

post of the day!

[uMMcQxCWELNzkt]

[old_engineer]

It's actually pretty simple. <snip>

I stopped reading right there.  People that know how to write are more likely to be right, as well as being more persuasive.

[samurai1200]

Bitcoin isn't a stock. Don't trade it, if you believe the idea has merit, know there will be a finite number of coins, you can only win by holding and only trading out for more than you paid.

I watched Bitcoin for a long time before taking any action (check my registration date here). I decided finally that I wanted to use BTC as a currency and store of value and bought in for 85 through 120 USD. I now find myself day trading because it's the only option I have to try and retain value of my store (with respect to myself) besides praying that the price goes up.

And that's messed up. That's not a currency, it's an attempt at using a stock as a store of value.

The above doesnt really reflect the totality of how I feel about the Bitcoin project, but its a gimpse.

[bitleif]

Bitcoin isn't a stock. Don't trade it [...]

That doesn't make any sense. People trade all other currencies, those aren't stocks either?

[Frozenlock]

In fact the currencies market is far larger than any stocks market...