Well we are back to the double digits again

[Spaceman_Spiff]

Bitcoin likely can't survive another extended bear market. Those of you who want cheap coins be careful what you wish for.

So it can startup from nothing, gain global attention, but if the price drops for a long time, then it will burn to nothing, not the first time, but the second time?  
Yeah, seems likely....  

[1715544999]

1715544999

[1715544999]

1715544999

[N12]

Such lament already and yet the bear market in Bitcoin has only barely begun!

It's been a bear market for a month now. Bitcoin likely can't survive another extended bear market. Those of you who want cheap coins be careful what you wish for.

"Bitcoin is dead" - Wired, Nov 2011 (~$2)

[Rampion]

Such lament already and yet the bear market in Bitcoin has only barely begun!

It's been a bear market for a month now. Bitcoin likely can't survive another extended bear market. Those of you who want cheap coins be careful what you wish for.

"Bitcoin is dead" - Wired, Nov 2011 (~$2)

The Rise and Fall of Bitcoin

Epic read, just as epic as what I like to consider the foundational Silk Road thread (I always wondered what nick Dread Pirate Roberts uses in these forums)

[Rygon]

Just more sellers than buyers on the exchanges. Volume has been pretty low compared to earlier in the year also, so those sellers are having a disproportionate effect on prices.

Long term, I think the price was mostly speculative based on the potential of bitcoin. Because nothing signficant has happened in the past month, the exchange rate has been leaking lower to reflect the current reality. But I don't see any reason why we won't have those great services and uses for bitcoin within the next year. If you can afford to hold on for 6-12 months, the price will be right back up there.

[mgio]

Bitcoin likely can't survive another extended bear market. Those of you who want cheap coins be careful what you wish for.

So it can startup from nothing, gain global attention, but if the price drops for a long time, then it will burn to nothing, not the first time, but the second time?  
Yeah, seems likely....  

I'm not saying that bitcoin is dead. But if Bitcoin drops to <$30 again, it's going to take a lot longer to recover to >$100 (years perhaps) if it ever does.

[Rampion]

Bitcoin likely can't survive another extended bear market. Those of you who want cheap coins be careful what you wish for.

So it can startup from nothing, gain global attention, but if the price drops for a long time, then it will burn to nothing, not the first time, but the second time?  
Yeah, seems likely....  

I'm not saying that bitcoin is dead. But if Bitcoin drops to <$30 again, it's going to take a lot longer to recover to >$100 (years perhaps) if it ever does.

Why? Do you have empirical proof or analysis to share or its just a "gut feeling"?

[mgio]

Just more sellers than buyers on the exchanges. Volume has been pretty low compared to earlier in the year also, so those sellers are having a disproportionate effect on prices.

Long term, I think the price was mostly speculative based on the potential of bitcoin. Because nothing signficant has happened in the past month, the exchange rate has been leaking lower to reflect the current reality. But I don't see any reason why we won't have those great services and uses for bitcoin within the next year. If you can afford to hold on for 6-12 months, the price will be right back up there.

Yes. This.

I might seem like a bear but I still hold >1000 BTC and I have no plans to sell anytime soon.

[mgio]

Bitcoin likely can't survive another extended bear market. Those of you who want cheap coins be careful what you wish for.

So it can startup from nothing, gain global attention, but if the price drops for a long time, then it will burn to nothing, not the first time, but the second time?  
Yeah, seems likely....  

I'm not saying that bitcoin is dead. But if Bitcoin drops to <$30 again, it's going to take a lot longer to recover to >$100 (years perhaps) if it ever does.

Why? Do you have empirical proof or analysis to share or its just a "gut feeling"?

There are no empirical proofs or analyses and anything who tells you otherwise is simply bullshitting you.

There are no fundamentals for bitcoin. You can't analyze is that way!

Bitcoin right now is almost entirely speculatory That means it is only worth what people think it is worth. A drop in price is VERY BAD for bitcoin's acceptance. People wll begin to worry and pull out. And people who have lost a significant amount of money in bitcoin will turn away and near look back. That is just more potential bitcoin users that will never be on our side again. And since bitcoin was once at $266, if it goes back to $30 that will mean there will a lot of people that will have been burnt. And most of them will never come back.

What is best for bitcoin now is for more and more people to get involved and the price to rise. What is worst for bitcoin now is for people to lose faith, flee, and let the price drop. Bitcoin dropping is basically undoing all the work that has been done in the last 6 months getting us to this point.

Inflating the bubble a third time will be even harder. Bitcoin in the news won't be enough anymore. People are already tiring of hearing about bitcoin in the paper but never seeing anything real come from it.

THis isn't a simple dip either. Bitcoin has lost 10% of it's value in the past 24 hours. I know this is that unusual, but we've have a period of slow and steady decline for over a month now and pretty much nothing good happen when it comes to price.

[Rampion]

Bitcoin likely can't survive another extended bear market. Those of you who want cheap coins be careful what you wish for.

So it can startup from nothing, gain global attention, but if the price drops for a long time, then it will burn to nothing, not the first time, but the second time?  
Yeah, seems likely....  

I'm not saying that bitcoin is dead. But if Bitcoin drops to <$30 again, it's going to take a lot longer to recover to >$100 (years perhaps) if it ever does.

Why? Do you have empirical proof or analysis to share or its just a "gut feeling"?

There are no empirical proofs or analyses and anything who tells you otherwise is simply bullshitting you.

There are no fundamentals for bitcoin. You can't analyze is that way!

Bitcoin right now is almost entirely speculatory That means it is only worth what people think it is worth. A drop in price is VERY BAD for bitcoin's acceptance. People wll begin to worry and pull out. And people who have lost a significant amount of money in bitcoin will turn away and near look back. That is just more potential bitcoin users that will never be on our side again. And since bitcoin was once at $266, if it goes back to $30 that will mean there will a lot of people that will have been burnt. And most of them will never come back.

What is best for bitcoin now is for more and more people to get involved and the price to rise. What is worst for bitcoin now is for people to lose faith, flee, and let the price drop. Bitcoin dropping is basically undoing all the work that has been done in the last 6 months getting us to this point.

Inflating the bubble a third time will be even harder. Bitcoin in the news won't be enough anymore. People are already tiring of hearing about bitcoin in the paper but never seeing anything real come from it.

THis isn't a simple dip either. Bitcoin has lost 10% of it's value in the past 24 hours. I know this is that unusual, but we've have a period of slow and steady decline for over a month now and pretty much nothing good happen when it comes to price.

BS. Bitcoin already lost 1/16th of its value in 2011, and raised stronger shortly after. Bitcoin is not only a penny-stock market, a commodity prone to speculation, it's a revolutionary concept that empowers people and that has huge appeal because it solves real, day by day problems, being a trust free and decentralized system to transfer value.

Plus, it has his own exclusive applications, for example Silk Road, that couldn't exist without a Bitcoin-like crypto currency. Bitcoin is the most perfect way to transfer value without relying on a trusted third party that has been created until today. That remains, regardless of boom and bust cycles.

Bitcoin potential is not related to exchange rate swings. BTC is nw in a bear, just because it is a commodity-like asset and after a bubble you get despair and capitulation, but this is just the very beginning of this game.

People has short memory. All those that now turn their backs to BTC, will be replaced by bigger investors in the next hype cycle. Do not underestimate the need for freedom.

[xxjs]

I have some very very awesome news... Well at least I think so. But I'm keeping it under my hat until somebody exposes it or I think BTC has hit bottom and I want the price to surge.

I'm actually amazed that nobody's mentioned it, some people would know... Anyway let it ride and let them dump so I can make some $

Yes, because we live in the dark middle ages.

[xxjs]

The chances of bitcoin actually succeeding are very slim. Very few people actually use bitcoin and even fewer haven even heard of it. We need to build some momentum if it's ever going to succeed.

Cheezes. A significant fraction of the people have heard of it. Still, only a percent of a percent uses it.

[SgtSpike]

My opinion, the next boost will come when VC-funded companies start releasing the awesome products and services they have in the works now.

[BitChick]

My opinion, the next boost will come when VC-funded companies start releasing the awesome products and services they have in the works now.

What is taking them so long!!!  I am a little impatient!

[HeliKopterBen]

2$ --> 30$ --> 10$ --> 260$ --> 100$ --> $$$$ --> $$$ --> $$$$$ --> $$$$
This is Bitcoin!

FIXED:

2$ --> 30$ --> 10$ --> 260$ --> 100$ --> 90$ --> $$ --> $ --> $$

Welcome back proudhon, evolve