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bittersweet
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July 05, 2011, 12:39:33 PM
Last edit: July 05, 2011, 03:51:15 PM by bittersweet |
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The Mt Gox disaster may have been the mortal blow to bitcoin with regard to confidence.
The bad publicity can be deadly for a new currency.
If so, we know to blame the stupid stupid people behind Mt Gox, and their stupid security, and stupid greedy financial audit of stupidity.
If one security fail of a business related to Bitcoins and a few bad articles could destroy whole currency, it would mean the currency was flawed from the start. In that case the only one you could blame is you and your stupidity to invest in intrinsically flawed currency (I'm not saying it's the case with Bitcoins, but it may be the case with you if you really believe "MTGox disaster" can kill Bitcoins ). Also anyone who thinks price will only grow exponentially because more and more people would hash numbers and difficulty would go up, is simply dumb. Even now some people seem to believe that... |
My Bitcoin address: 1DjTsAYP3xR4ymcTUKNuFa5aHt42q2VgSg
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wareen
Millionaire
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Activity: 910
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Revolutionizing Brokerage of Personal Data
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July 05, 2011, 01:28:03 PM |
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2) With the current price it means we need about $100 000 daily new money inserted into the bicoin economy to stabilize the price - without new people investing in bitcoin this will not happen
I keep reading this simplistic calculation but it cannot be justified! You are implicitly assuming that - every mined coin is sold instantly
- every miner is willing to sell at any price
- every newly mined coin is bought with "new" USD (ie. not earned by selling BTC)
No new money is strictly needed to stabilize the price - just think of a scenario where the trade volume at the exchanges is very low, then the price could be "stabilized" with very few trades (hence new money). Even the trade volume of the exchanges does not give a good indication of the actual new money influx because there are a lot of short term speculants and daytraders. It is very hard to say how much new money is put into the Bitcoin economy but the 50*6*24*price calculation is really not very credible. |
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NO_SLAVE
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Activity: 56
Merit: 0
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July 05, 2011, 02:00:05 PM |
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Why do you insist it is going to 30?
because you believe it is?
That sounds like religion to me, and heaven forbid you have any of that!
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Alex Beckenham
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July 05, 2011, 02:21:41 PM |
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A couple of people I've bought from have just 'needed the cash'... it's not because they think $15 is a good price.
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Mabsark
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July 05, 2011, 02:25:20 PM |
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To buy games from the Steam sales obviously.  |
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mizike29
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July 05, 2011, 03:01:00 PM |
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Because if you dont sell at 15 you will be sitting at 12 by the end of the day, sucks to take a loss, but the US dollars you got for those bitcoins, guess what, there still worth the same amount, today, tomorrow etc lol. I hope bitcoin picks back up, I love the concept and I am sitting on 50 more of them now.
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airdata
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July 05, 2011, 03:08:18 PM |
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Because if you dont sell at 15 you will be sitting at 12 by the end of the day, sucks to take a loss, but the US dollars you got for those bitcoins, guess what, there still worth the same amount, today, tomorrow etc lol. I hope bitcoin picks back up, I love the concept and I am sitting on 50 more of them now.
Were you being serious when you said that? If the USD isn't losing value, the only reason is that it's being propped up so as not to burn in a fiery crash. Left unchecked, the dollar would collapse much faster than it already is. |
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Rob P.
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July 05, 2011, 03:28:21 PM |
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Because if you dont sell at 15 you will be sitting at 12 by the end of the day, sucks to take a loss, but the US dollars you got for those bitcoins, guess what, there still worth the same amount, today, tomorrow etc lol. I hope bitcoin picks back up, I love the concept and I am sitting on 50 more of them now.
Uh, yes, they're "worth" a dollar still. But a Bitcoin is still worth a Bitcoin too. The real question is, tomorrow, can you buy as much with that US Dollar as you could today? They just upped the price of Diet Pepsi in our vending machine today, so clearly, today I cannot buy as much Diet Pepsi as I could yesterday. But my dollar is still worth a dollar! So confusing.... |
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airdata
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July 05, 2011, 03:32:57 PM |
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lulz.... vending machines are a rip off.
goto the store and buy some 99c 2 litre bottles of pepsi instead.
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error
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July 05, 2011, 05:48:40 PM |
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lulz.... vending machines are a rip off.
goto the store and buy some 99c 2 litre bottles of pepsi instead.
They're only 99 cents every other week. Most of the time they're almost $2! |
3KzNGwzRZ6SimWuFAgh4TnXzHpruHMZmV8
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tonto
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July 05, 2011, 06:14:37 PM |
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6) The recent technical failures (and the user interface of TradeHill is a failure too) - decreased my faith in the skills of people running the show
No one is "running the show". You could start up your own Exchange and set your own rates/values/etc if you have enough capital to buy/sell |
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JohnDoe
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July 05, 2011, 07:21:24 PM |
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Because they have no idea the amount of bitcoin-related awesomeness being rolled out over the next few weeks?
What is this bitcoin-related awesomeness you speak of? |
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bitbot
Member
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Activity: 70
Merit: 10
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July 05, 2011, 09:36:27 PM |
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hope everyone bought at 12 and is sellling now
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zby
Legendary
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Activity: 1592
Merit: 1001
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December 24, 2011, 11:36:33 AM |
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I'm just trying to understand the mentality.
You see - now that it is really going to rebound to 30 I can buy 4 times as much BTC for the USD I got from selling at 15. |
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BitcoinPorn
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December 24, 2011, 11:42:26 AM |
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I can't tell if this is going to confuse people in a good way or a bad when when they see this thread and think it is current.
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kokjo
Legendary
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Activity: 1050
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You are WRONG!
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December 24, 2011, 11:47:38 AM |
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OMG where can i sell at 15? mtgox around 4.
plz tell me!
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"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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norulezapply
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December 24, 2011, 05:22:31 PM |
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OMG where can i sell at 15? mtgox around 4.
plz tell me!
I'll buy at 15. All I require from you sir is your bank account details and sort code.....  |
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kokjo
Legendary
Offline
Activity: 1050
Merit: 1000
You are WRONG!
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December 24, 2011, 06:18:19 PM |
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OMG where can i sell at 15? mtgox around 4.
plz tell me!
I'll buy at 15. All I require from you sir is your bank account details and sort code..... deal  |
"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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TYPEcoin
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April 25, 2018, 11:35:38 AM |
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Yes, sometimes I have to sell small amount of bitcoin to get cash just because nobody acccepts cryptocurriencies in my town.
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