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Author Topic: CRASH!  (Read 23177 times)
gentakin
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July 05, 2011, 05:52:56 PM
 #121

Not many miners will let there coins go for less than it cost them to create.
If they do then why bother at all ?

You should keep in mind that miners are not the only guys selling bitcoins, but maybe some speculators/early adopters with lots of coins decide to sell their coins as well. And remember there are miners with access to "free" (paid by others) electricity. That could easily push the bitcoin exchange rate below electricity costs.

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tymothy
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July 05, 2011, 05:53:27 PM
 #122

I believe bitcoins will ladder all the way down to about $4 or roughly the amount electricity used to create 1BTC.
I think this will take only a few days now no more 5
which imo is not a bad thing.
Typical monterey price correction. bitcoin charts tells you all you need to know.
Not many miners will let there coins go for less than it cost them to create.
If they do then why bother at all ?
The price was driven on pure speculation.


The price of bitcoins:

[ ] Have gone up significantly
[X ] Have gone down significantly
[ ] Have not fluctuated significantly

And I believe the price:

[X ] will continue this behavior
[ ] will not continue this behavior

And therefore one should:

[ ] BUY BUY BUY BUY!!!
[X] SELL SELL SELL!!!
[ ] HOLD HOLD HOLD!!!
[ ] DO THE HOOOOKEY POKEY!!!

I base this opinion on:

[X ] mathemagic
[ ] statistics
[X] correlations between price and a thing which may or may not be causally related to price
[ ] graphs
[X] extrapolations
[X ] current events
[ ] historical events
[X] my incredible insight
[ ] the fact that a pattern like this has occurred before and therefore will occur again
[ ] insider knowledge that a large trade is about to take place
[ ] the fact that I have seen and predicted things correctly before
[ ] Oracle at Delphi
[ ] Magic 8 Ball
7iain7
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July 05, 2011, 05:58:00 PM
 #123


[/quote]

You should keep in mind that miners are not the only guys selling bitcoins, but maybe some speculators/early adopters with lots of coins decide to sell their coins as well. And remember there are miners with access to "free" (paid by others) electricity. That could easily push the bitcoin exchange rate below electricity costs.
[/quote]
very good point.
7iain7
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July 05, 2011, 05:59:34 PM
 #124

@ tymothy
you do like the copy & paste function don't you ?
Because you keep pasting the same thing in other treads too.
bitclown
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July 05, 2011, 06:13:33 PM
 #125

I believe bitcoins will ladder all the way down to about $4 or roughly the amount electricity used to create 1BTC.
I think this will take only a few days now no more 5
which imo is not a bad thing.
I don't know if it's such a good thing. Now the cheap coins are trickling back to the hoarders again.
Piper67
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July 05, 2011, 06:20:58 PM
 #126

People are buying and selling on two markets without any penalty. Even if they profit a penny.

 This is one of the biggest problems, a very bad move - imo

Agreed 100%. Not only should Mt. Gox reinstate the trading fees, but they and the other exchanges should raise them to 1%. Without fees, anybody that owns 2000 btc and two accounts on Mt. Gox can do whatever he or she wants with this market.
gw4tt
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July 05, 2011, 06:25:53 PM
 #127

I believe bitcoins will ladder all the way down to about $4 or roughly the amount electricity used to create 1BTC.
I think this will take only a few days now no more 5
which imo is not a bad thing.
Typical monterey price correction. bitcoin charts tells you all you need to know.
Not many miners will let there coins go for less than it cost them to create.
If they do then why bother at all ?
The price was driven on pure speculation.

If it goes that low you will see a lot of people turn their miners off. There are a lot of people active right now that pay more for electricity, so they will be gone. I would also turn my miners off at $4 per btc, since it equals electric, and there's a bit more to running miners. At that price it's not worth it.

This could cause some problems with the network though, difficulty being stuck where it is for quite awhile before an adjustment.
TiagoTiago
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July 05, 2011, 06:33:45 PM
 #128

What if someone launches an exchange with no fees that can compete with 'Gox? Will people be crying for people to abandon ship like how it happened when certain pools were close to or above the mystical 50% mark?

(I dont always get new reply notifications, pls send a pm when you think it has happened)

Wanna gimme some BTC for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX Smiley

The more you believe in Bitcoin, and the more you show you do to other people, the faster the real value will soar!

Do you like mmmBananas?!
SlipperySlope
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July 05, 2011, 06:49:14 PM
 #129

The original post was helpful to me. It drew my attention to the weak price behavior at Mt Gox.  I moved my hoarded bitcoins from 12 months of mining over to Mt Gox and sold them in various small lots at about $15.5.  When BTCGuild gets past today's DDoS attack, I'll sell off my recently earned coins too.

It really is more relaxing to be sitting on the sidelines with cash at the exchange watching this downdraft.  As I write this post, Mt Gox has been dropping at the rate of $0.11 per hour for over a day within a channel on the price chart - just broke past $12 to $11.89.

[update] the channel has just been broken on the downside with a quick move down to $11.
dannickherpderp
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July 05, 2011, 06:51:06 PM
 #130

Well this is fun.  I learn about bitcoin at 10.50, I get convinced at 12.  I start transferring money at 17, I miss it when it hits 32, I buy it when it hit 21, and it continues to collapse from there.

I think I may have missed the big bubble.  Oh well, I guess I'll hold in good faith.
7iain7
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July 05, 2011, 07:02:22 PM
 #131

i think you might even see this hit the bottom in next the 24hrs.
muyoso
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July 05, 2011, 07:09:15 PM
 #132

http://www.youtube.com/watch?v=5gqT6En2O78

About to break through 11.  FREEEE FAAAAALLLIN

I drink it up!
TonyHoyle
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July 05, 2011, 07:15:17 PM
 #133

Well this is fun.  I learn about bitcoin at 10.50, I get convinced at 12.  I start transferring money at 17, I miss it when it hits 32, I buy it when it hit 21, and it continues to collapse from there.

I think I may have missed the big bubble.  Oh well, I guess I'll hold in good faith.

I learned about it at 5, sold a few whilst mining was good at 5ish, realized it kept going up, so stopped selling.. missed the peak as I was at work, and now can't sell as I'd make a loss on the mining rig...

At the rate it's falling it'll be back to 5 tomorrow.  It was fun whilst it lasted I guess (never invest what you can't afford to lose..)

chuckypalumbo
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July 05, 2011, 07:15:26 PM
 #134

Nobody called this today, it's in freefall at the moment with a huge order of almost 10,000 coins up around the $10 mark.

If you're looking to sign up for an exchange try Bitcoin7 or Tradehill, referral codes are listed below. Sign up for Tradehill and get 10% off of every trade you ever make.

https://www.bitcoin7.com/?ref=6383

http://www.tradehill.com/?r=TH-R15532
muyoso
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July 05, 2011, 07:17:08 PM
 #135

Nobody called this today, it's in freefall at the moment with a huge order of almost 10,000 coins up around the $10 mark.

Which will disappear as soon as it approaches 10.

I drink it up!
7iain7
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July 05, 2011, 07:18:59 PM
 #136

purely speculation, but maybe about $5 or $6 will be bottom ?
then buy ?
7iain7
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July 05, 2011, 07:19:33 PM
 #137

We're not at the danger stage yet, but we are at danger of getting there.
im3w1l
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July 05, 2011, 07:21:32 PM
 #138

Learned about it last summer. Did some hobby mining (~10h) but didn't get any BTC. People said it barely paid for electricity. Come back this summer at about ~20. Miss 32 peak waiting for deposit. Cash reaches account at about 20 but this time going down. Made a nice profit taking short term positions. Still some money in coins, but still overall+.
Feelsokpony

EDIT: Tradehill seems to be recovering.
airdata
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July 05, 2011, 07:23:47 PM
 #139

OMFG THE SKY IS FALLING

HIDE YO KIDS 
HIDE YO WIFE
AND HIDE YOUR HUSBAND
CAUSE THEY RAPIN EVRYBODY OUT HERE!
DamienBlack
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July 05, 2011, 07:24:23 PM
 #140

Nobody called this today, it's in freefall at the moment with a huge order of almost 10,000 coins up around the $10 mark.

Actually, the 10.8 was predictable using google trends, and I called it late last night.

http://forum.bitcoin.org/index.php?topic=26046.0

Make sure you look at the second page where chodpaba has an excellent statistical analysis. Using his numbers, the latest google trends data gives a price of $10.8

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