A lot of talk about $50, but the very bottom may be lower

[wopwop]

but can't you see that bitcoin would be much better off it you all shut the fuck up and enjoy the ride?

yes let's enjoy this ride guys its so much fun yahoo

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[r3wt]

but can't you see that bitcoin would be much better off it you all shut the fuck up and enjoy the ride?

No, I don't see how anything that I can or cannot say may be better for Bitcoin. And, BTW, I don't think that an exponentially growing exchange rate is any good for Bitcoin. As I said the day before the pop:

What we are seeing is a speculative bubble, pure and simple.

That's the reality. The sooner it pops, the better for everybody.

And I still think it: before this bubble fully deflates, the better for everybody.

you're missing an operand in that statement. before the bubble deflates, the better for everybody to do what?

[Rampion]

but can't you see that bitcoin would be much better off it you all shut the fuck up and enjoy the ride?

No, I don't see how anything that I can or cannot say may be better for Bitcoin. And, BTW, I don't think that an exponentially growing exchange rate is any good for Bitcoin. As I said the day before the pop:

What we are seeing is a speculative bubble, pure and simple.

That's the reality. The sooner it pops, the better for everybody.

And I still think it: before this bubble fully deflates, the better for everybody.

you're missing an operand in that statement. before the bubble deflates, the better for everybody to do what?

Pretty obvious, isn't it?

Better for the people believing in BTC. Better for those who decide to enter the market, and do not have to buy at over-inflated prices during the top of a speculative mania driven bubble. Better for those who are building things for BTC. Better for everybody really interested in this experiment, its only worst for the get-rich-quick guys that invested what they couldn't afford to lose.

[r3wt]

but can't you see that bitcoin would be much better off it you all shut the fuck up and enjoy the ride?

No, I don't see how anything that I can or cannot say may be better for Bitcoin. And, BTW, I don't think that an exponentially growing exchange rate is any good for Bitcoin. As I said the day before the pop:

What we are seeing is a speculative bubble, pure and simple.

That's the reality. The sooner it pops, the better for everybody.

And I still think it: before this bubble fully deflates, the better for everybody.

you're missing an operand in that statement. before the bubble deflates, the better for everybody to do what?

Pretty obvious, isn't it?

Better for the people believing in BTC. Better for those who decide to enter the market, and do not have to buy at over-inflated prices during the top of a speculative mania driven bubble. Better for those who are building things for BTC. Better for everybody really interested in this experimented, its only worst for the get-rich-quick guys that invested what they couldn't afford to lose.

the only problem with that statement, is the groups you listed in bold are all the same group of people. you know exactly what i mean by this. they speculate the price low so they can buy at an extremely cheap price, then when the price is back up they convert to fiat and use it for their ventures. so i guess it does help in the long run, but its still bad for the public view of bitcoin. we gotta stop taking these shady shortcuts. otherwise its always gonna be considered a scam.

[Rampion]

Pretty obvious, isn't it?

Better for the people believing in BTC. Better for those who decide to enter the market, and do not have to buy at over-inflated prices during the top of a speculative mania driven bubble. Better for those who are building things for BTC. Better for everybody really interested in this experimented, its only worst for the get-rich-quick guys that invested what they couldn't afford to lose.

the only problem with that statement, is the groups you listed in bold are all the same group of people. you know exactly what i mean by this. they speculate the price low so they can buy at an extremely cheap price, then when the price is back up they convert to fiat and use it for their ventures. so i guess it does help in the long run, but its still bad for the public view of bitcoin. we gotta stop taking these shady shortcuts. otherwise its always gonna be considered a scam.

I don't see how "people building things for Bitcoin" (infrastructure, services, etc.) = get-quick-rich schemers

The get-rich-quick folks are speculators that want to press "buy" and then press "sell" when the price is x100 higher, and their wet dream is that will happen 3 months after they pressed "buy".

Well, they can keep dreaming. Luckily enough, Bitcoin is not a get-rich-quick scheme.

[r3wt]

Pretty obvious, isn't it?

Better for the people believing in BTC. Better for those who decide to enter the market, and do not have to buy at over-inflated prices during the top of a speculative mania driven bubble. Better for those who are building things for BTC. Better for everybody really interested in this experimented, its only worst for the get-rich-quick guys that invested what they couldn't afford to lose.

the only problem with that statement, is the groups you listed in bold are all the same group of people. you know exactly what i mean by this. they speculate the price low so they can buy at an extremely cheap price, then when the price is back up they convert to fiat and use it for their ventures. so i guess it does help in the long run, but its still bad for the public view of bitcoin. we gotta stop taking these shady shortcuts. otherwise its always gonna be considered a scam.

I don't see how "people building things for Bitcoin" (infrastructure, services, etc.) = get-quick-rich schemers

The get-rich-quick folks are speculators that want to press "buy" and then press "sell" when the price is x100 higher, and their wet dream is that will happen 3 months after they pressed "buy".

Well, they can keep dreaming. Luckily enough, Bitcoin is not a get-rich-quick scheme.

agree to disagree. i know what i see and its a speculative economy controlled by a 1% of users with greater than 75% of the currency. when they would like to decrease the prices they dump it, creating a lower floor. when they want the price high they buy it up. thats how i see it. the rest of us are just bystanders or unaware.

[oda.krell]

[...]

more speculative propaganda. the price is low because the influx of regulations that just happened to coincide with the problems at mt gox, coupled with the uncertainty of the winklevoss IPO bullshit. a few weeks from now the price will be back up and all the gullible suckers you conned into selling at the current low price will be kicking theirselves for being so naive, while you count your stacks of crisply minted usd as you cash those wire transfers from campbx.

Submitted to the Wall of Fame: Quotes of Bold Predictions thread. You can {thank, curse} me later.

[samson]

I think $20 is a fair price based on the January price range but I guess it could easily go lower.

Panic probably won't set in until $50 is broken or the bid walls on and above $50 are greatly reduced.

[Cluster2k]

The one thing everyone should keep in mind is the millions of dollars recently spent on ASICs at BFL alone, not even counting the other groups.  Over the coming months those miners will be keen to recoup their costs if they paid with US$ (many did).  The selling pressure may be too intense and entice many to get what they can for their bitcoins.  Companies creating miners today have to convert their bitcoins to money as no chip or PCB maker takes bitcoins as payment.

Right now ASIC mining is profitable even if bitcoin falls to US$2 each, which it did as recently as late 2011.  I don't think it will fall anywhere near that as the price would be far too tempting for speculators.

[Rampion]

The one thing everyone should keep in mind is the millions of dollars recently spent on ASICs at BFL alone, not even counting the other groups.  Over the coming months those miners will be keen to recoup their costs if they paid with US$ (many did).  The selling pressure may be too intense and entice many to get what they can for their bitcoins.  Companies creating miners today have to convert their bitcoins to money as no chip or PCB maker takes bitcoins as payment.

Right now ASIC mining is profitable even if bitcoin falls to US$2 each, which it did as recently as late 2011.  I don't think it will fall anywhere near that as the price would be far too tempting for speculators.

I agree that many ASIC miners that joined the "gold rush" will be eager to sell ASAP to recoup their costs, which will lead to selling pressure throughout this year.

But, I disagree on ASIC mining being profitable at US$2 each. That's way off, with the current difficulty projects an exchange rate lower than $50 will make ROI  in $ very difficult for the vast majority of miners, at least for those that are not hashing yet.

As it happened in 2011, this "gold rush" will end up with people mining at a loss and/or turning their rigs off.

[r3wt]

[...]

more speculative propaganda. the price is low because the influx of regulations that just happened to coincide with the problems at mt gox, coupled with the uncertainty of the winklevoss IPO bullshit. a few weeks from now the price will be back up and all the gullible suckers you conned into selling at the current low price will be kicking theirselves for being so naive, while you count your stacks of crisply minted usd as you cash those wire transfers from campbx.

Submitted to the Wall of Fame: Quotes of Bold Predictions thread. You can {thank, curse} me later.

ha. i needed a laugh this morning.

[ehoffman]

As it happened in 2011, this "gold rush" will end up with people mining at a loss and/or turning their rigs off.

Yup, I wonder what's the hash rate now.  The network hash rate page is no longer updating for 2 days.

I just switched off my mining equipment.  It was getting too hot with summer heat vs. what I get in return

On the bright side, it's soo much cooler and silent in my computer room  Ahh, the good old pre-Bitcoin-mining days! heh

[sarc]

resisting the urge to post a chart....

[r3wt]

resisting the urge to post a chart....

you forgot the /sarc off

[r3wt]

maybe get off your ass and get a job and quit scamming people on the internet

Says the guy who launched few crap and scam altcoins and is trading them (is there even one of them you missed?):

https://bitcointalk.org/index.php?topic=242491.0
https://bitcointalk.org/index.php?topic=250381.msg2658741#msg2658741
https://bitcointalk.org/index.php?topic=231834.msg2658651#msg2658651
https://bitcointalk.org/index.php?topic=225891.msg2658979#msg2658979

i launched one coin, and its far from a scam but nice try troll. now go fret and pout about your failing store that offers zero innovation and a bunch of 20 dollar shirts you imported from china at 21 cents apiece.

[Rampion]

maybe get off your ass and get a job and quit scamming people on the internet

Says the guy who launched few crap and scam altcoins and is trading them (is there even one of them you missed?):

https://bitcointalk.org/index.php?topic=242491.0
https://bitcointalk.org/index.php?topic=250381.msg2658741#msg2658741
https://bitcointalk.org/index.php?topic=231834.msg2658651#msg2658651
https://bitcointalk.org/index.php?topic=225891.msg2658979#msg2658979

i launched one coin, and its far from a scam but nice try troll. now go fret and pout about your failing store that offers zero innovation and a bunch of 20 dollar shirts you imported from china at 21 cents apiece.

What is the fundamental difference between your coin and other Bitcoin clones?

[bizz]

As it happened in 2011, this "gold rush" will end up with people mining at a loss and/or turning their rigs off.

aaand we'll have people dumping ASICs all over ebay

[r3wt]

maybe get off your ass and get a job and quit scamming people on the internet

Says the guy who launched few crap and scam altcoins and is trading them (is there even one of them you missed?):

https://bitcointalk.org/index.php?topic=242491.0
https://bitcointalk.org/index.php?topic=250381.msg2658741#msg2658741
https://bitcointalk.org/index.php?topic=231834.msg2658651#msg2658651
https://bitcointalk.org/index.php?topic=225891.msg2658979#msg2658979

i launched one coin, and its far from a scam but nice try troll. now go fret and pout about your failing store that offers zero innovation and a bunch of 20 dollar shirts you imported from china at 21 cents apiece.

What is the fundamental difference between your coin and other Bitcoin clones?

there is two: no subsidy halving. extreme low rate of production, only 10 coins per block

1.5 minute block targets 2400 block retarget. no matter how high or how low the network hashrate is, performance isn't adversely affected.

additionally the calls for the block height have been reworked. it calls the blockheight in reverse order. the result is the fastest loading and syncing client created to date.

don't believe me try it out.

http://nano.coinbit.pw

[samson]

What is the fundamental difference between your coin and other Bitcoin clones?

What's the fundamental difference between any of the alt coins and Bitcoin ?

[r3wt]

What is the fundamental difference between your coin and other Bitcoin clones?

What's the fundamental difference between any of the alt coins and Bitcoin ?

well alot of them offer faster confirmations at the expense of security, although my coin does not.