Bitcoin Forum
December 04, 2016, 04:39:00 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: The price of the bitcoin  (Read 711 times)
XRcode
Full Member
***
Offline Offline

Activity: 135


View Profile
July 01, 2011, 05:15:55 AM
 #1

Since I have started mining a few weeks ago, I have noticed the prices are pretty rocky, although reasonable... they were higher before.
Every time the difficulty increases, we mine a smaller amount of coins, for the same electricity costs.
It is taking a heavier and heavier hardware and electricity investments to mine a steady flow of coins.
I think we should all think about just how valuable our coins are and stop selling them for 15$ and prices like that.
Really, I think we shouldn't be selling any BTC for anything less then 20-25$.. and the price of the BTC should go up when it gets more expensive for us to mine.
I think Bitcoins can do very well, but they need to keep climbing in value in order to scale to a large enough economy size.

There is nothing wrong with the amount of Bitcoins that will be created, for once we have a clear understanding of how much of a certain currency their is.
I could imagine bitcoins being worth 10 million dollars each one day, but since you can break a bitcoin in to ten million peices... maybe a .00000001 of a bitcoin could buy us a pop one day.  Smiley

I think that it basically comes down to how we value the currency amongst ourselves... If you take the dollar, we have what? trilions and trillions of those?
When you look at it that way, it makes sense to value a bitcoin at more like 1000, or 10000$

Lets help it get there! Cheesy
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Slab Squathrust
Full Member
***
Offline Offline

Activity: 171


View Profile
July 01, 2011, 05:26:06 AM
 #2

Welcome to the free market, and good luck forming your cartel.  Game theory would predict that it is impossible to get all miners to collude on the price. Also, I would avoid getting trapped in the sunk costs fallacy.  People keep adding hardware in hopes of generating more coins even as the difficulty increases.  Its a good way to throw away a lot of money.  It just becomes a race to the bottom.  You have to analyze when mining becomes unprofitable for you.  Some corporations take a loss in expectation of future profits.  If you fell comfortable with the risk, then do this.  If not then you should stop mining until it becomes profitable again. 
DiamondPlus
Member
**
Offline Offline

Activity: 66


View Profile
July 01, 2011, 05:29:30 AM
 #3

I sold around 280 Bitcoins at 30$ per,

Re bought another 600 at 13$

Things are going well.
XRcode
Full Member
***
Offline Offline

Activity: 135


View Profile
July 01, 2011, 05:58:42 AM
 #4

Yes I agree, I think that bitcoin will be a great thing for us but we need to get alot more places accepting it.
I am doing something to help inform the locals in my area about it, and I of course will be offering services in bitcoin.

Mining for me is just something I can do with all my extra hardware, I haven't invested anything in mining yet although I have been considering expanding my mining operation.
Basically what I want to see is bitcoin accepted everywhere.... Well there are alot of people in there world, in order for the 21 million coins that will be made over time to be enough for all of us, they need to be of sufficient value that having very few ( or even less then one ) could be of use.

I think it will get there eventually if we all continue on not just mining bitcoins, but spreading the word to people that dont know about it and trying to get more places accepting it as payment
JoelKatz
Legendary
*
Offline Offline

Activity: 1386


Democracy is vulnerable to a 51% attack.


View Profile WWW
July 01, 2011, 07:49:21 AM
 #5

I think we should all think about just how valuable our coins are and stop selling them for 15$ and prices like that.
Really, I think we shouldn't be selling any BTC for anything less then 20-25$.. and the price of the BTC should go up when it gets more expensive for us to mine.
That won't work. If people stop selling bitcoins for their fair market value, people won't be able to get bitcoins and so won't use them to buy stuff. This will prevent the bitcoin economy from growing, which is what bitcoins need more than anything. What is needed is a higher trading volume. Any attempt to lower the volume will create the illusion of value -- bitcoins may appear to go up a bit in price but will drop catastrophically as soon as anyone tries to sell any significant number of them.

I am an employee of Ripple.
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
mystery2048
Member
**
Offline Offline

Activity: 70


View Profile
July 01, 2011, 09:27:36 AM
 #6

Wrong... if people cant buy bitcoins for their "fair" market price... they will simply find a better way to get them, such as working for them, begging, or mining the things their damned selves... This will reduce demand, forcing the prices down or people wont be able to sell them at all except to the few extremely gullible...

Important: https://bitcointalk.org/index.php?topic=92424.0;all

Donations: 1HWMQv2VYviAgpy6NWNvVg9JhKm4zcMGS5
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!