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Author Topic: Cheap Coins  (Read 2241 times)
Nightowlace (OP)
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June 15, 2013, 02:25:24 PM
 #1

So I hear "cheap coins" thrown around here a lot and I'd like to know what is a cheap coin?
If you are using Bitcoin as a currency the price of items reflects the value of BTC so therefore if a Bitcoin was $1,000,000 items your purchasing regularly would then cost Satoshis. So cheap coins doesn't apply right?
If you are using BTC as a store of value you wouldn't want cheap coins because that shows volatility and you would rather see long term growth and wide adoption. So again cheap coins wouldn't apply here?
If you are a new comer to BTC and one day you see $100 coins and the next day you see $50 coins well that would just scare you away. So do you want cheap coins here?

I would venture to say that most of the people on this forum are not day trading 100s even 1000s of coins to where a 20-30% fluctuating market would result in making thousands of dollars in a matter of hours. If you are this person I can clearly see your logic behind wanting this kind of volatility.

For everyone else, what's a cheap coin and why do you want them?

Me personally I would like to see a stable Bitcoin around $50 with a slow gradual growth. It is a solid price to where miners can still make back their investment. It allows "noobs" to comfortably enter the market because the mentality of buying partial Bitcoins isn't there yet. It is also a great price to grow the economy of Bitcoin.
lucas.sev
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June 15, 2013, 02:39:38 PM
 #2

So I hear "cheap coins" thrown around here a lot and I'd like to know what is a cheap coin?
If you are using Bitcoin as a currency the price of items reflects the value of BTC so therefore if a Bitcoin was $1,000,000 items your purchasing regularly would then cost Satoshis. So cheap coins doesn't apply right?
If you are using BTC as a store of value you wouldn't want cheap coins because that shows volatility and you would rather see long term growth and wide adoption. So again cheap coins wouldn't apply here?
If you are a new comer to BTC and one day you see $100 coins and the next day you see $50 coins well that would just scare you away. So do you want cheap coins here?

I would venture to say that most of the people on this forum are not day trading 100s even 1000s of coins to where a 20-30% fluctuating market would result in making thousands of dollars in a matter of hours. If you are this person I can clearly see your logic behind wanting this kind of volatility.

For everyone else, what's a cheap coin and why do you want them?

Me personally I would like to see a stable Bitcoin around $50 with a slow gradual growth. It is a solid price to where miners can still make back their investment. It allows "noobs" to comfortably enter the market because the mentality of buying partial Bitcoins isn't there yet. It is also a great price to grow the economy of Bitcoin.

By cheap coin people mean "end of the bubble, back to real normal"
Jozzaboy
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June 15, 2013, 02:45:00 PM
 #3

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

BTC: 16whd9eNR8WY9nVhUUevNYMbQB2eS1jtYF
I also accept precious metals, no paper money please.
Nightowlace (OP)
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June 15, 2013, 02:49:10 PM
 #4

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

I think we are there with the exception of some big players still playing their hand against the weak minded investors. Don't you?
RyNinDaCleM
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June 15, 2013, 02:51:31 PM
 #5

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

I think we are there with the exception of some big players still playing their hand against the weak minded investors. Don't you?

We have not seen capitulation yet!

Jozzaboy
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June 15, 2013, 03:04:53 PM
 #6

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

I think we are there with the exception of some big players still playing their hand against the weak minded investors. Don't you?

We have not seen capitulation yet!

Is it possible... that we won't?

BTC: 16whd9eNR8WY9nVhUUevNYMbQB2eS1jtYF
I also accept precious metals, no paper money please.
dnaleor
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June 15, 2013, 03:08:47 PM
 #7

we should stop metioning "Bitcoin" in the media and instead using "x-bit" as currency:
XBT is the semi-official abbreviation of bitcoin (check xe.com)

and to solve the problem of buying fractional bitcoins, we should use 1 BTC = 1000000 XBT
=> 1 XBT = 100 sat.
Every normal currency has 100 cents, penny's etc

So if we use 1 x-bit that equals 100 satoshi's, we will have solved this problem Smiley

people will be happy to buy 100 x-bit at 0.01 USD Wink
lucas.sev
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June 15, 2013, 03:24:34 PM
 #8

we should stop metioning "Bitcoin" in the media and instead using "x-bit" as currency:
XBT is the semi-official abbreviation of bitcoin (check xe.com)

and to solve the problem of buying fractional bitcoins, we should use 1 BTC = 1000000 XBT
=> 1 XBT = 100 sat.
Every normal currency has 100 cents, penny's etc

So if we use 1 x-bit that equals 100 satoshi's, we will have solved this problem Smiley

people will be happy to buy 100 x-bit at 0.01 USD Wink

maybe thats because of mt.goX?
Nightowlace (OP)
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June 15, 2013, 04:47:17 PM
 #9

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

I think we are there with the exception of some big players still playing their hand against the weak minded investors. Don't you?

We have not seen capitulation yet!

Is it possible... that we won't?

^^
Frozenlock
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June 15, 2013, 05:09:15 PM
 #10

we should stop metioning "Bitcoin" in the media and instead using "x-bit" as currency:
XBT is the semi-official abbreviation of bitcoin (check xe.com)

BTC is the semi-official abbreviation of Bitcoin. Check everywhere else.

and to solve the problem of buying fractional bitcoins, we should use 1 BTC = 1000000 XBT

No, we should use the metric system.
1 BTC = 1000 mBTC
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June 15, 2013, 05:17:42 PM
 #11


No, we should use the metric system.
1 BTC = 1000 mBTC

When in doubt, always use the metric system!
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June 15, 2013, 05:19:03 PM
 #12

we should stop metioning "Bitcoin" in the media and instead using "x-bit" as currency:
XBT is the semi-official abbreviation of bitcoin (check xe.com)

We should at first find an appropriate abbreviation in the corresponding threads. While I like XBT, I think a statements like "I bought xxx for 10000000 XBT" is almost as bad as "I bought xxx for 0.0023 BTC".


OP is correct. I don't want cheap coins, because I want to see Bitcoin rising. Nevertheless, it's all relative. Compared to earlier this year and last year and before, 100 isn't cheap but damn expensive. Right now I'd say "95 is pretty cheap, 70 is crazy cheap and I'd ship in all I could mobilize, 50?! Fuck, this is almost the end!", but as the price will change, the perception about cheap coins will do so, too.

What people always want though, is buying in "just a bit lower than right now". Wink

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June 15, 2013, 05:19:34 PM
 #13

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

I think we are there with the exception of some big players still playing their hand against the weak minded investors. Don't you?

We have not seen capitulation yet!

Yawn. This is getting old, fast. Things do not need to get worse in order to better. Anything can (and will) happen.

Bitcoin BEAR
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June 15, 2013, 06:36:01 PM
Last edit: June 16, 2013, 12:48:24 PM by Bitcoin BEAR
 #14

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

I think we are there with the exception of some big players still playing their hand against the weak minded investors. Don't you?

We have not seen capitulation yet!

Yawn...

I agree! All the talk about the floor being $150, $120, $110,...etc. It is tiring following you  Tongue
There is no floor! That rug you are standing on, has just empty space below it. Don't walk too heavily!
RyNinDaCleM
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June 15, 2013, 06:37:29 PM
 #15

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

I think we are there with the exception of some big players still playing their hand against the weak minded investors. Don't you?

We have not seen capitulation yet!

Yawn. This is getting old, fast. Things do not need to get worse in order to better. Anything can (and will) happen.

Hey, I was just pointing out a fact. Yes, anything CAN happen, but that doesn't change the fact that capitulation hasn't happened yet  Roll Eyes

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June 15, 2013, 09:23:26 PM
 #16

Cheap coins pretty much always is a statement to be proud of ones bullishness, and since we all now the price of Bitcoins is going up, uP, UP that means any price lower than the previous one are cheap coins.

Actually if somebody ever says cheap coins in a non-sarcastic manner he shouldn't be taken serious by anybody outside the Bitcoin Cult.
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June 15, 2013, 09:24:32 PM
 #17

Actually if somebody ever says cheap coins in a non-sarcastic manner he shouldn't be taken serious by anybody outside the Bitcoin Cult.

Cheap coins! Wink
Nightowlace (OP)
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June 16, 2013, 01:24:44 AM
 #18

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

I think we are there with the exception of some big players still playing their hand against the weak minded investors. Don't you?

We have not seen capitulation yet!

Yawn. This is getting old, fast. Things do not need to get worse in order to better. Anything can (and will) happen.

I agree things don't have to get worse before they get better, however I also believe stability is key. They constant 20-30% fluctuation scares potential newcomers. I think a steady bitcoin with a slow gradual increase would be nice.
It would be nice to get rid of all the day trading all together. I can't wait for the day that the BTC economy is flourishing to where people are finding new and better ways to earn/make BTC without having to trade it.
chriswilmer
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June 16, 2013, 01:27:11 AM
 #19

I think people want to see capitulation from the end of our exponential growth over the last 5 months. It is uneasy times to invest heavily in Bitcoin when the value may very well half over the next week if the market decides so.

I think we are there with the exception of some big players still playing their hand against the weak minded investors. Don't you?

We have not seen capitulation yet!

Yawn. This is getting old, fast. Things do not need to get worse in order to better. Anything can (and will) happen.

This!
damnek
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June 16, 2013, 09:21:54 AM
 #20

It would be nice to get rid of all the day trading all together. I can't wait for the day that the BTC economy is flourishing to where people are finding new and better ways to earn/make BTC without having to trade it.

This statement is ridiculous. The opposite is true, bitcoin needs liquidity, which is provided by traders.
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