Bitcoin Prices Crashing Now!

[mechs]

the elitist with deep pocket will not be making any money either from mining as the Fiat/BTC ratio drops. 

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[firefop]

John Doe and his GPUs can not make a profit anymore. Only John Trump and his larger investment can.
Bitcoins were only valid when anyone could make a profit, albeit small, and drive its economy.
Right not, it's elitist. As in, bad.
John Doe has left the building.

poppycock.

the average joe will be more interested in mining with a lower entry point via single chip asic miners.

Everyone else can buy bitcoin from miners.

Miners can and will make money if they manage their investments well. I for instance, shut my gpu farm down 6 weeks ago (not because it was unprofitable) but because I miner sense tingled and told me to resale them rather than switch to an alt coin. That was lucky (as it turned out). But and this is the fun part - most of the smart miners were still working off plans that had a slower increase in hash rate... and a btc price of 10 or 20 bucks. (and the current high prices have let us continue mining long past our expectations).

Just because every joe can't 'make his puter make bitcoin' doesn't mean people still won't want bitcoin. So no - I don't care in the least that joey had to turn off his gpu and stops stealing electricity from his parents and can't buy pot on SR. This is business... and having most miners be businessmen is going to be a good thing for bitcoin in general.

[Tonko]

John Doe and his GPUs can not make a profit anymore. Only John Trump and his larger investment can.
Bitcoins were only valid when anyone could make a profit, albeit small, and drive its economy.
Right not, it's elitist. As in, bad.
John Doe has left the building.

Fed is printing trillions of fiat and is eminently elitist, yet even the poorest of the poor don't refuse using that fiat on account of their righteous disgust for elites.
Why? Because they need it. As it stands, people don't really need BTC. Reddit subscription and such won't cut it.

Using Bitcoin clients is clumsy and slow, ripe with errors and complications of maintaining/securing the wallet. Not for a computer geek, but for the average person definitely. There are hackers preying on you everywhere, as if walking through the street in ghetto and waving a few $100 bills.

[CKJ411]

John Doe and his GPUs can not make a profit anymore. Only John Trump and his larger investment can.
Bitcoins were only valid when anyone could make a profit, albeit small, and drive its economy.
Right not, it's elitist. As in, bad.
John Doe has left the building.

Fed is printing trillions of fiat and is eminently elitist, yet even the poorest of the poor don't refuse using that fiat on account of their righteous disgust for elites.
Why? Because they need it. As it stands, people don't really need BTC. Reddit subscription and such won't cut it.

Using Bitcoin clients is clumsy and slow, ripe with errors and complications of maintaining/securing the wallet. Not for a computer geek, but for the average person definitely. There are hackers preying on you everywhere, as if walking through the street in ghetto and waving a few $100 bills.

The poor can't buy bread with BTC. Tell a person they're virtually unable to eat without a specific currency and certainly they will take it regardless of moral and reliability calms.

[tokeweed]

The price has gone from $91 to $76 in thelast 24 hours, with a large acceleration of this drop in the past couple hours.  Looks like a massive dump with panic selling in illiquid market.  Volumes way up too in last couple hours.  Any news I am missing?!

that's the thing. no more news. no more attention.

the hype is gone. that's what bitcoin had going for it when it reached 200+. do you honestly think a bitcoin is really worth that much?  i cant even get a hooker for btc.

[kurious]

i cant even get a hooker for btc.

Interesting.

This is one of the most insightful comments I have seen on this forum for some time.

As someone interested in economics, I think the establishment of a measure for the adoption level of a digital currency would be useful, and I think 'The Hooker Point' is perfect for it.

If we take an average city of (say) 100,000 inhabitants we can deem it to have reached this point when it is possible within the city's limits to find a locally available defined sexual service directly from a provider (without a 3rd party exchange involved) with a given currency in a (controlled) 24 hour period.

So a country can be defined by how many Hooker Point cities it has, or what proportion of its qualifying cities have reached the Hooker Point (for BTC).

Comparisons can be made over time and against other countries.

Since currencies go back to pre-literate times and prostitution is the oldest profession, it is a measure likely to remain current for the foreseeable future.


Further comment:
1. Market prices fall when more people want to sell than buy, and prices rise for the opposite reason.

2. People's choice as to whether they wish to be a buyer or seller is affected by their needs (entering or leaving a market due to the need to buy or sell what the market trades) or for reasons of sentiment (optimism or pessimism about the market price).

3. Although economics supposedly deals in rational situations in the market place, it is a fact that markets and sentiments are not necessarily rational.  A herd instinct, or copying instinct means that people often buy because people are buying - or sell because people are selling.

4. At present BTC has little practical utility (see 'Hooker Point' above).   Therefore, the market for it is much more heavily influenced by sentiment than other markets.  Since most people do not need to pay their rent or buy food with it, its value is almost entirely based on sentiment.

The only conclusion a rational person can reach in the light of the above is that any price predictions for BTC are very likely to be completely and utterly useless.

[barfor]

So much non-sense. Seriously go do some basic trading on an exchange with 1 btc (or even 1 ltc) and get some basic buy/sell understanding of the market. Really it will open your eyes and mind to price movements. Not to mention there are these crazy things called computers that make trades automatically. 

[ScaryHash]

My GPUs are still working just fine and making a profit.

The sky will fall, eventually. But I doubt it will be today or even this year.

Price fluctuations come and go, just like cheap hookers.

Live long and prosper.

[jmaccoin]

John Doe and his GPUs can not make a profit anymore. Only John Trump and his larger investment can.
Bitcoins were only valid when anyone could make a profit, albeit small, and drive its economy.
Right not, it's elitist. As in, bad.
John Doe has left the building.

What is to stop people from making a profit now? Shouldn't all the old gpu miners just reinvest their profits from the pre ASIC days? What is to stop somebody new to bitcoins from buying an ASIC to start mining?

I don't understand the argument that asics are centralizing. Unless you mean short term, but that is short term.

[jamesc760]

Old GPU miners either have left the building or are leaving in droves, heading to a greener pasture in LTC or other cryptocurrencies. Most of us have already sold all or most of the bitcoins mined. BTC is now for the ASIC owners and, if you are not an ASIC owner, suckers.

[mechs]

I think we have a lot of bitter gpu miners who are erroneously blaming the BTC price fall on ASICs, when in fact it is completely unrelated.  The hype is gone and speculator are leaving.  Will not reinflate until adoption increases.

[rograz]

It's not like this bubble scenario has happened before or anything, more than once 

[Ente]

i cant even get a hooker for btc.

Interesting.

This is one of the most insightful comments I have seen on this forum for some time.

As someone interested in economics, I think the establishment of a measure for the adoption level of a digital currency would be useful, and I think 'The Hooker Point' is perfect for it.

If we take an average city of (say) 100,000 inhabitants we can deem it to have reached this point when it is possible within the city's limits to find a locally available defined sexual service directly from a provider (without a 3rd party exchange involved) with a given currency in a (controlled) 24 hour period.

So a country can be defined by how many Hooker Point cities it has, or what proportion of its qualifying cities have reached the Hooker Point (for BTC).

Comparisons can be made over time and against other countries.

Since currencies go back to pre-literate times and prostitution is the oldest profession, it is a measure likely to remain current for the foreseeable future.


Further comment:
1. Market prices fall when more people want to sell than buy, and prices rise for the opposite reason.

2. People's choice as to whether they wish to be a buyer or seller is affected by their needs (entering or leaving a market due to the need to buy or sell what the market trades) or for reasons of sentiment (optimism or pessimism about the market price).

3. Although economics supposedly deals in rational situations in the market place, it is a fact that markets and sentiments are not necessarily rational.  A herd instinct, or copying instinct means that people often buy because people are buying - or sell because people are selling.

4. At present BTC has little practical utility (see 'Hooker Point' above).   Therefore, the market for it is much more heavily influenced by sentiment than other markets.  Since most people do not need to pay their rent or buy food with it, its value is almost entirely based on sentiment.

The only conclusion a rational person can reach in the light of the above is that any price predictions for BTC are very likely to be completely and utterly useless.

I love it! :-)

Ente

[newguy05]

hitting double bottom, major support around 60-65.  buying 100

out at ~78, +$1100

[zebedee]

FED is going to tighten, the institutional traders get less quota to operate on bitcoin trading, means USD outflow

And there are two facts:

1. The number of people who have accumulated enough coins are increasing
2. The bitcoin price now is at a level that it can support some serious spending, 10 bitcoin can buy you a travel package

After someone  have acquired hundreds and thousands of bitcoin, they might consider spend 5-10 coins to buy something, since this will not affect their total holding but still provide some usage

The problem is that currently there are still not a lot you can buy with bitcoin. In most of the cases you can only sell it and spend fiat, if there are lots of merchat accept bitcoin, for those people who want to spend the coins, they could just spend them, there will be no sell presure on the exchange

Agreed

Lol, logic 101.  If you pass your BTC to a third party, he can just sell them instead.

Perhaps you also didn't notice that when bitcoin was at $10 there wasn't much you could spend them on then either.  Yet they went to $266.

[mechs]

Seems to have stabalized in the 70s - will it hold through though?

[jamesc760]

We hit the bottom last weekend at US$65 a coin. Weekend is fast approaching and it will be interesting if the price goes down or holds steady or even goes up by Monday next week. For the record, price held steady at $75, give or take, this whole week.

[mechs]

Nice pop today with Bernanke saying will be continuing QE - acting like gold now.

[AceCoin]

shhhhhhh... now is goin' up... almost 10 euro from yesterday...  

[clearcrystal]

Up again