Price has flatlined at $120

[David Rabahy]

Have you ever given a tip to someone?  I take a glass blowing class; I tip my instructor.  I tipped with 200 mBTC.

Have you ever given a monetary gift to someone?  My nephew turned 21 the other day; I gave him a monetary gift for his birthday.  The gift I gave him was 200 mBTC.

Every Bitcoin proponent ought to give tips and gifts of BTCs.

When more people bring more money into Bitcoin then the exchange rate will rise; simple supply and demand.

[BitcoinAshley]

Have you ever given a tip to someone?  I take a glass blowing class; I tip my instructor.  I tipped with 200 mBTC.
Have you ever given a monetary gift to someone?  My nephew turned 21 the other day; I gave him a monetary gift for his birthday.  The gift I gave him was 200 mBTC.
Every Bitcoin proponent ought to give tips and gifts of BTCs.
When more people bring more money into Bitcoin then the exchange rate will rise; simple supply and demand.

Indeed. Look at this situation:
Your cell phone bill is in Bob's name. Bob has a multi-line plan with 3 people and you being on it means he saves $X per month (say, $20.)
You: Hey Bob, I have a proposal. You are free not to accept it. But if you do not accept it, I will switch to a pre-paid phone/plan and you will lose the $20/month advantage that you get from having me on your multi-line plan.
Bob: What's the proposal?
You: Well, I'll simply pay my cell phone bill each month in an alternative currency called "Bitcoins," at the current exchange rate. I will provide instructions on how to easily convert these into fiat money if you wish, and I can also point you towards places and things to spend them on.

Bob might call your bluff. He could say "screw you, I'll find another person to take your place." Or he might bite. If he bites, a few things will happen. You'll be needing an additional $40-$80 worth of BTC each month, that is if you don't have a monstrous hoard, but dishoarding is also beneficial to a money that is scarce. And Bob might just sell immediately, but he also might be curious and save some, or he might try to buy stuff with it if you point him towards sites that sell goods/services he normally purchases anyways with fiat money. No matter what happens, you have at least exposed another person to BTC.

This might seem WAY off-topic, but hey, we are talking about how to increase awareness/use of Bitcoin and therefore bring price up past $120

[XXthetimeisnowXX]

Have you ever given a tip to someone?  I take a glass blowing class; I tip my instructor.  I tipped with 200 mBTC.
Have you ever given a monetary gift to someone?  My nephew turned 21 the other day; I gave him a monetary gift for his birthday.  The gift I gave him was 200 mBTC.
Every Bitcoin proponent ought to give tips and gifts of BTCs.
When more people bring more money into Bitcoin then the exchange rate will rise; simple supply and demand.

Indeed. Look at this situation:
Your cell phone bill is in Bob's name. Bob has a multi-line plan with 3 people and you being on it means he saves $X per month (say, $20.)
You: Hey Bob, I have a proposal. You are free not to accept it. But if you do not accept it, I will switch to a pre-paid phone/plan and you will lose the $20/month advantage that you get from having me on your multi-line plan.
Bob: What's the proposal?
You: Well, I'll simply pay my cell phone bill each month in an alternative currency called "Bitcoins," at the current exchange rate. I will provide instructions on how to easily convert these into fiat money if you wish, and I can also point you towards places and things to spend them on.

Bob might call your bluff. He could say "screw you, I'll find another person to take your place." Or he might bite. If he bites, a few things will happen. You'll be needing an additional $40-$80 worth of BTC each month, that is if you don't have a monstrous hoard, but dishoarding is also beneficial to a money that is scarce. And Bob might just sell immediately, but he also might be curious and save some, or he might try to buy stuff with it if you point him towards sites that sell goods/services he normally purchases anyways with fiat money. No matter what happens, you have at least exposed another person to BTC.

This might seem WAY off-topic, but hey, we are talking about how to increase awareness/use of Bitcoin and therefore bring price up past $120

exactly, I try to....not in a pushy way but try to tell people that i will pay in bitcoins or that my dads shop should except bitcoins or my therapist should except bitcoins. be a leader in this currency and you will be paid dividends if it goes up. or cash out and you dont pay taxes. either way its a win win .

[bonker]

Not really surprising - massive influx of interest and buyers, price skyrockets, lots of people sell to cash in, brief panic selling before the new investment floor is reached, then people buy hoping to cash in on the next price explosion.  Now everyone is holding out - hoarding - waiting for the next rise.

I think people will get bored and eventually sell.  A lot of coin hoarders have no idea how to use a coin for anything other than trading/speculation.  When they sell, I'd expect the price to drop.  BTC will be steady at $65 this time next year, I'm calling it.

You forgot the Greek "crisis" pushing BTC skyward. The next inevitable crisis will come and BTC will catapult upwards again.

[prophetx]

right now there is not a lot of new money flowing in yet as some of the VC investments have been made that will change over the next 3-6 months as they start making results.

also a lot of money is flowing to cost of ASICs - I'm pretty sure those Chinese factories aren't paying their workers in BTC, yet.  and you have opportunities happening in the IPO market which are making people money within the internal economy of BTC.

hard to say, but if i were a betting man, and i am, i would say bet on btc being quiet a bit higher than the last high next spring.

[jdbtracker]

It'll be at 1000 next year. it's not a matter of how many crashes we have, it's a matter of fact that the idea of a unstoppable exchange system is already gone world wide.

They  have been pumping a lot of misinformation about the system, but they just tanked the only thing holding Bitcoin from going wild. MtGox.

Information is power, but the people who know what this is in power, knew this all along, they've forgotten the people who are already in the system and can see what is being done.

It is finished, phase 2 has begun.

The more they fight the more they create and make apparent to everyone the fascist regime that they are living under, code will be the only way to fight back.

Programs with democracy coded into them, with Constitutions and rights, made into code that is unbreakable, open, incorruptable, that is neutral, maybe they don't see it now, but that's a lot of human ingenuity that they are unleashing against themselves.

for every human being we align to our cause that is 1 petaflop of general computing power, if they have 1000 people working against this, means they are outmatched a million to one.  First Exaflop computer ever made in history, that has to count for something.

[Miz4r]

This! We need this ---> http://youtu.be/dlPs10GSJjQ?t=2h35m50s

P.S. I don't buy into to everything in these movies, but think this end piece about rejecting fiat is great.

Aren't we doing this already, but in a digital way?

[XXthetimeisnowXX]

price went up two bucks time to cash out nowww!!! 

[Xian01]

What is wrong with flatlining near $120 for a while ? That's a good thing IMO.

[smoothie]

What is wrong with flatlining near $120 for a while ? That's a good thing IMO.

Okay help us flat line it at $120. We are at $124 we need you to sell all your bitcoins okay?  

[jdbtracker]

I move 5000 bitcoins be inserted into the economy, for the revolution brothers! Coin that Change!

[naphto]

Where is the volatility? What's up? has BTC reached the mature  and stable status of the Swiss Franc? Where's the chop? My bots are bored!!

Why anyone would ever want to buy bitcoins now?


1) If it's for buying something online (legal)
=> stupid, it would be less expensive to buy directly with fiat (avoiding bitcoins

2) If it's for buying something online (illegal)
=> Yes, that's possible, but only a small market.

3) If you want to make money.
=> You need to find someone to buy it higher, which is unlikely without any use to bitcoin.

[runam0k]

Quoted. Will get back to this post in a year from now.

If I'm right, I'll quote myself!

Okay sell all your BTC, delete your forum account and then return if it is $65.

No point posting on this forum right with that call lol

That makes no sense. Just because I think the price will go down as people lose interest doesn't mean I should stop trading/using bitcoin.  It just means that I'm not hoarding it.  I'm interested in its utility and particularly its development as a currency, not a commodity.

Let's face it, there are a lot of bitcoin hoarders here praying for big returns.  Quite apart from being a bad thing for bitcoin, I honestly think the gold rush is over.  The massive returns and a big market cap made the mainstream and financial press(!) - the game is up.  The price settled at $120 because (a) people cashed out at $260 (because it was far too good an opportunity to miss - bitcoin is simply not worth that) and (b) people are now hoarding (and many probably bought back in) at $120 hoping for another spike.  When that spike doesn't happen, people will lose interest and let go.

If thats the case, I'll buy it off you for $70 right now. You'll be making a great profit.

Maybe if my only plan was to hoard bitcoins.  It isn't.  The bitcoins I have will be bought, sold, traded or used countless times within the next 12 months.  I'll either have more bitcoins (because the price went down) or fewer (because I don't buy back in).

He is a "junior member" with 64 posts. I don't think he realizes that there are dozens of calls like this from 2010, '11, '12 that are pulled back up from time to time and laughed at. Last year around this time, people were predicting $14 BTC in early 2013.

Fair comment.  That said, there are dozens of calls predicting $1,000+ bitcoins which have not proved true.  Which is sillier?

[bonker]

Where is the volatility? What's up? has BTC reached the mature  and stable status of the Swiss Franc? Where's the chop? My bots are bored!!

Why anyone would ever want to buy bitcoins now?


1) If it's for buying something online (legal)
=> stupid, it would be less expensive to buy directly with fiat (avoiding bitcoins

2) If it's for buying something online (illegal)
=> Yes, that's possible, but only a small market.

3) If you want to make money.
=> You need to find someone to buy it higher, which is unlikely without any use to bitcoin.

4) International trade: buying overseas junk using BTC is opaque and saves exchange fees. That market alone could push BTC past $1k. Its just the masses are too slow, lazy and stupid to jump on it.

[David Rabahy]

I introduce Bitcoin to folks; I get reactions.  Last night the reaction was, "If I can't get points using it then I'm not interested."  Once triggered there was no talking to the guy.  Ignore and move on?

[Zangelbert Bingledack]

Once people understand Bitcoin they will want to own some for its teleportable&hide-able store-of-value functionality, especially wealthy people. Medium of exchange is just icing on the top. So, ultimately, are gains. Hiding and teleporting and securing your assets against inflation is very valuable for ultra-rich people, and at least marginally valuable for nearly everyone.

[Zangelbert Bingledack]

I introduce Bitcoin to folks; I get reactions.  Last night the reaction was, "If I can't get points using it then I'm not interested."  Once triggered there was no talking to the guy.  Ignore and move on?

Always ignore and move on, there are many low-hanging fruit. No reason to waste time with people who are hard sells when there are so many easy sells. Plus you never get a second chance to make a first impression. Same principle applies with finding mates.

[ThatDGuy]

4) International trade: buying overseas junk using BTC is opaque and saves exchange fees. That market alone could push BTC past $1k. Its just the masses are too slow, lazy and stupid to jump on it.

It's almost obscene how easy it is.  This aspect didn't click for me until my first actual transaction.

[empoweoqwj]

I introduce Bitcoin to folks; I get reactions.  Last night the reaction was, "If I can't get points using it then I'm not interested."  Once triggered there was no talking to the guy.  Ignore and move on?

Funny, that was one reason I got into bitcoins, I saw the huge potential upside (cash not points). Banks here were paying 3% annual. But of course points are certain, bitcoin value increase isn't. Many people are totally risk averse. Ignore and move on.

[mvidetto]

The user base needs to increase for there to be an increase in price.  This last increase in price was from all of the press surrounding BTC.  If the user base of BTC doubles it would be natural for the price to nearly double an so on and so forth.