bitcoin - game over

[BitPirate]

it is not game over, but it is not time to buy or hold. based on all the fundamentals, bitcoin is worth  A LOT LESS than 94x the dollar. Until oil(or major commodity) is sold for bitcoin, this is a speculative price that has no basis in reality.

I also think a bitcoin can be worth 0 dollars and still not be game over.

1 bitcoin can be worth 1 barrel of oil.

I agree that now is "wait and see" time, but I disagree with your comment on the price.

If BTC is used *anything like* a reserve currency, or used for buying oil, it's price would need to be several *orders of magnitude* larger than it is currently -- we're talking millions of USD per BTC.

90M barrels of oil are used daily, $100 per barrel

that's 9 trillion dollars of money flow per day.

There are only ~12M BTC in existence. I'll let you do the maths....


It would take significantly less than "using BTC to trade for a major commodity" to support a value of over $100.

[wopwop]

it is not game over, but it is not time to buy or hold. based on all the fundamentals, bitcoin is worth  A LOT LESS than 94x the dollar. Until oil(or major commodity) is sold for bitcoin, this is a speculative price that has no basis in reality.

I also think a bitcoin can be worth 0 dollars and still not be game over.

1 bitcoin can be worth 1 barrel of oil.

I agree that now is "wait and see" time, but I disagree with your comment on the price.

If BTC is used *anything like* a reserve currency, or used for buying oil, it's price would need to be several *orders of magnitude* larger than it is currently -- we're talking millions of USD per BTC.

90M barrels of oil are used daily, $100 per barrel

that's 9 trillion dollars of money flow per day.

There are only ~12M BTC in existence. I'll let you do the maths....


It would take significantly less than "using BTC to trade for a major commodity" to support a value of over $100.

wait and get slaughtered you saying?

[hl5460]

it was at 87 a few weeks ago and bounced back to 130.  I'm sure you said it was "game over" then too.  If you say that every time it drops, you will be right eventually but wrong every other time of course.

+1 As I said before, firm believers shall ignore the price fluctuation and pity those who have not been blessed.

[Raoul Duke]

it is not game over, but it is not time to buy or hold. based on all the fundamentals, bitcoin is worth  A LOT LESS than 94x the dollar. Until oil(or major commodity) is sold for bitcoin, this is a speculative price that has no basis in reality.

I also think a bitcoin can be worth 0 dollars and still not be game over.

1 bitcoin can be worth 1 barrel of oil.

I agree that now is "wait and see" time, but I disagree with your comment on the price.

If BTC is used *anything like* a reserve currency, or used for buying oil, it's price would need to be several *orders of magnitude* larger than it is currently -- we're talking millions of USD per BTC.

90M barrels of oil are used daily, $100 per barrel

that's 9 trillion dollars of money flow per day.

There are only ~12M BTC in existence. I'll let you do the maths....


It would take significantly less than "using BTC to trade for a major commodity" to support a value of over $100.

wait and get slaughtered you saying?

slaughtered, you say? Using your price tag, my bitcoins are still worth 100x more then when I got them.
<insert Nelson HA-HA pic here>

[wopwop]

it is not game over, but it is not time to buy or hold. based on all the fundamentals, bitcoin is worth  A LOT LESS than 94x the dollar. Until oil(or major commodity) is sold for bitcoin, this is a speculative price that has no basis in reality.

I also think a bitcoin can be worth 0 dollars and still not be game over.

1 bitcoin can be worth 1 barrel of oil.

I agree that now is "wait and see" time, but I disagree with your comment on the price.

If BTC is used *anything like* a reserve currency, or used for buying oil, it's price would need to be several *orders of magnitude* larger than it is currently -- we're talking millions of USD per BTC.

90M barrels of oil are used daily, $100 per barrel

that's 9 trillion dollars of money flow per day.

There are only ~12M BTC in existence. I'll let you do the maths....


It would take significantly less than "using BTC to trade for a major commodity" to support a value of over $100.

wait and get slaughtered you saying?

slaughtered, you say? My bitcoins are still worth 100x more then when I got them. <insert Nelson HA-HA pic here>

good for you,

bad for everyone else

[wopwop]

it was at 87 a few weeks ago and bounced back to 130.  I'm sure you said it was "game over" then too.  If you say that every time it drops, you will be right eventually but wrong every other time of course.

+1 As I said before, firm believers shall ignore the price fluctuation and pity those who have not been blessed.

amen

[anu]

value dropping like a rock....

Oh my, how many times have I read that BS. Just a few months back, $20 was unsustainable.

Unless something really bad is happening, such as a ban on the possession of Bitcoin, even a prolonged bear market seems highly unlikely, because unlike OP, too many people expect that the price development from 2010 to now will continue, which means that in less than 3 years from now, we'll see 4-digits. This is not 2011. And this is certainly not game over.

[N12]

This is not 2011.

No, it's not 2011.

It's worse.

[ktttn]

It's been very quite recently as far as it concerns the bitcoin.
After the big headlines in the news papers, the buzz is over.
I don't see many people are trading bitcoin for goods. Most people are just holding their coins so the volumes are low.
I have a feeling it is dieing slowly and quietly.

Correct me if I am wrong.

Me: Bitcoin is cool!
95% of my facebook friends: What's Bitcoin?

What big headlines? The media has no idea.

[nawazish1]

It's been very quite recently as far as it concerns the bitcoin.
After the big headlines in the news papers, the buzz is over.
I don't see many people are trading bitcoin for goods. Most people are just holding their coins so the volumes are low.
I have a feeling it is dieing slowly and quietly.

Correct me if I am wrong.

Me: Bitcoin is cool!
95% of my facebook friends: What's Bitcoin?

What big headlines? The media has no idea.

I live in Pakistan and here
Me: Bitcoin is the future
99.9% of Pakistan what is this.

[Le Happy Merchant]

Game over. 3 year old crypto-currency selling for 93 times that of the dollar issued by the worlds largest economy. Run for the hills.

Just one drop of perspective ruins an entire bowl of gloom and doom.

[countryfree]

It's like a diamond which has many facets. The price of bitcoin is only one facet. We must also consider the number of people owning bitcoins, the number of transactions they do, the number of businesses accepting bitcoin, the number of companies developing applications for bitcoin... There are many indicators telling that bitcoin is growing.

[CtrlAltBernanke420]

It's been very quite recently as far as it concerns the bitcoin.
After the big headlines in the news papers, the buzz is over.
I don't see many people are trading bitcoin for goods. Most people are just holding their coins so the volumes are low.
I have a feeling it is dieing slowly and quietly.

Correct me if I am wrong.

Me: Bitcoin is cool!
95% of my facebook friends: What's Bitcoin?

What big headlines? The media has no idea.

Quite a few people I meet have heard of them, so far im reaching 1/2-1/4 people. I walked into the bar last night, an older lady says, hey its Bitcoin,

I also do not think bitcoin is dead, but I think there will be cheeper prices to snatch up more for less.

Again, I am very doubtful of bitcoin, but I am completely aware of, this has all happened before have no worries. That bitcoin has grown to a level that is unprecedented, The future is bright, it will eventually make proper headlines. Consultants should get ready to be taking calls from businesses in the somewhat near future.

As one, I have major concerns affecting adoption and I do expect the learn that what we see today is a basic early version of bitcoin. I also wonder if the specific cryptocoin I own is also going the be the one worth anything in the future.

[iPaulito]

$55 to $60 is a perfect price to buy with bitcoin and $1,5 is a perfect price for litecoin.
If you trust into cryptocurrencies I do not think price will go lower than that unless cryptocurrencies die.
But you should trust no one 

[uMMcQxCWELNzkt]

Bitcoin is not dead lol, just as the bandwagon starts rolling down the hill more people will jump on when it gets to the bottom and climbs back to the top. Remember that FIAT is a time bomb waiting to happen and once it starts to implode in peoples faces the deserters will come crawling back through the woodwork trying to recoup their losses.  

[Gabi]

So bitcoin is dead? kk, i'll delete my wallet.dat!!!! 

[Pierre]

So bitcoin is dead? kk, i'll delete my wallet.dat!!!! 

Send it to me for recycling!

[marcetin]

Everyday I ask people around me that are involved in Bitcoin story:

Do you believe in changes or you just want to make profit fast?

Bitcoin price was rised just because of greed of the people not because it was widely accepted in moment from stores or any kind of services that could sustain real value of currency.
Good part is that this btc price rise make many services and stores start acception of it.

So if you lose one life it is not mean game over, or even if you lose all your lives put another coin in machine and start new game!

Bitcoin is not about getting rich is about changing world!!!

War is in progress right now, so one losed battle does not mean we need to surrender!!!

[Ashkelon]

if you believe the game is up. Sell. I'll be happy to buy

[lophie]

Bitcoin will boooooom very soon after that especially after OpenTransaction, Zerocoin and the anticipated max_block_size changes blossoms.