I believe the price has nowhere to go but down and here's why I think so.

[phoenix1]

You're right - my aunt was telling me how houses used to cost around £3000 where she lived. These days the same ones are worth around £500,000.

I hope you told your aunt to mortgage her house and buy BTC. What could possibly go wrong 

No - I've told her to just wait until the price of Bitcoin goes back down to 1 cent.

Shouldn't be long now.

Lol 

[1714851598]

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[ElectricMucus]

By the same token that your weak-minded friend was impressed that "a bitcoin" is "worth more than the dollar", we have idiots on CNBC saying things like "it's crazy that people are actually willing to pay $100 for just one of these bitcoin things". WTF!! Why can't people understand divisibility and percentages?

Don't be part of the problem!

Actually its more like why pay 100 Dollars for something that someone payed 1 Cent for three years ago?

Or worse why pay someone 100 Dollars for something that they bought for 1 Cent three years ago?
Of course that does only makes sense if you think there is someone who will pay you 10,000 Dollars in another three years.

Don't you be part of the problem.

You're right - my aunt was telling me how houses used to cost around £3000 where she lived. These days the same ones are worth around £500,000.

I'll wait till houses go back down to £3000 before I buy again.

Thanks for the tip.

Are you seriously comparing inflation over decades resulting in 16 fold increase to the 3 years of Bitcoin evangelism resulting in a 1000 fold increase?

[Peter Lambert]

We're out of suckers.

We don't need suckers, just people who understand the benefits of using bitcoins.

By the same token that your weak-minded friend was impressed that "a bitcoin" is "worth more than the dollar", we have idiots on CNBC saying things like "it's crazy that people are actually willing to pay $100 for just one of these bitcoin things". WTF!! Why can't people understand divisibility and percentages?

Don't be part of the problem!

Actually its more like why pay 100 Dollars for something that someone payed 1 Cent for three years ago?

Or worse why pay someone 100 Dollars for something that they bought for 1 Cent three years ago?
Of course that does only makes sense if you think there is someone who will pay you 10,000 Dollars in another three years.

Don't you be part of the problem.

It doesn't matter what things cost in the past, just what they will cost in the future. Past performance does not gurantee future results.

[ElectricMucus]

We're out of suckers.

We don't need suckers, just people who understand the benefits of using bitcoins.

Those benefits are actually different than the Bitcoin gospel claims. And it has nothing to do with owning them, investing in them or anything by that matter.

[crumbs]

It doesn't matter what things cost in the past, just what they will cost in the future. Past performance does not gurantee future results.

Then why all the talk about Bitcoin's past performance?  No one is arguing that investing in Bitcoin turned out well for people in the past.  As you correctly pointed out, that doesn't begin to begin to imply that investing in Bitcoin is smart *now*.

[Peter Lambert]

It doesn't matter what things cost in the past, just what they will cost in the future. Past performance does not gurantee future results.

Then why all the talk about Bitcoin's past performance?  No one is arguing that investing in Bitcoin turned out well for people in the past.  As you correctly pointed out, that doesn't begin to begin to imply that investing in Bitcoin is smart *now*.

If you make an estimate of what the future price of bitcoin will be, then it might still make sense to buy bitcoins. Saying "They went up 10x every year in the past" is not a valid argument. Saying "They will be about the current price later" makes them a valid savings instrument, saying "They will grow another 10x because of such and such reasoning" makes them a valid investment instrument.

[ElectricMucus]

Here is a reason for you of why it won't happen:
In order to reach those levels it would require so much money that the only people who could bring it there are those who controlbenefit from the monetary system in the first place.
For Bitcoin the Winklevoss are the end of the road. Any more wealthy than that and they would stand more to lose than they can win.

[crumbs]

It doesn't matter what things cost in the past, just what they will cost in the future. Past performance does not gurantee future results.

Then why all the talk about Bitcoin's past performance?  No one is arguing that investing in Bitcoin turned out well for people in the past.  As you correctly pointed out, that doesn't begin to begin to imply that investing in Bitcoin is smart *now*.

If you make an estimate of what the future price of bitcoin will be, then it might still make sense to buy bitcoins. Saying "They went up 10x every year in the past" is not a valid argument. Saying "They will be about the current price later" makes them a valid savings instrument, saying "They will grow another 10x because of such and such reasoning" makes them a valid investment instrument.

Oh, in that case i agree.  If you posit that the price will remain the same as fiat_of_choice, then Bitcoin is just as good as that fiat from investor's perspective, and if a sound case could be made for Bitcoin value rising relative fiat_of_choice, it is a valid investment instrument.  Both pretty much by definition.  I think i misinterpreted what you were trying to say.

[Tzupy]

I see a buildup of buy orders as I write this, but the price is kind of stationary yet.
There is one guy with a 1,000 BTC buy order, he places it then withdraws it, with no chance to really buy.
Now he firmly placed it at 91.8 where he should be able to buy.
At this moment, a 10k dump would drive the price down to 88. Juicy target...
PS. this is on MtGox.
PS2. I am not interested in long term, I know that we are on the deflating side of a bubble.
But on short term, price can still go up, if someone really wants to buy now (for reasons I don't understand).

[Peter Lambert]

I see a buildup up buy orders as I write this, but the price is kind of stationary yet.
There is one guy with a 1,000 BTC buy order, he places it then withdraws it, with no chance to really buy.
Now he firmly placed it at 91.8 where he should be able to buy.
At this moment, a 10k dump would drive the price down to 88. Juicy target...

which exchange are you looking at? Does this type of analysis have any meaning for longer term price movements?

[smscotten]

I meet random people almost everyday and most of them have no idea what Bitcoin is.

Hm. Okay. It might have to do with the fact I live in the Silicon Valley, then. Almost everyone here knows what Bitcoin is

Might have something to do with the Bitcoin billboard on 880.

[NeedChangeNow]

99.9% of my entourage and random street people don't know what is Bitcoin. We are far from mainstream.

Have you literally walked down the street and asked random people if they knew what Bitcoin was and kept a tally?

I meet random people almost everyday and most of them have no idea what Bitcoin is.

Exactly. I ask every new person I meet if they've heard of bitcoin and so far, globally, there have only been TWO that heard of it before I told them... These two people had only heard of it and that's it. Beyond hearing of it, they knew nothing about it. This comes from someone who meets a lot of intelligent people from around the world on a regular basis.  

Although bitcoin has definitely risen in popularity, it is FAR from mainstream.

[BitPirate]

Here is a reason for you of why it won't happen:
In order to reach those levels it would require so much money that the only people who could bring it there are those who controlbenefit from the monetary system in the first place.
For Bitcoin the Winklevoss are the end of the road. Any more wealthy than that and they would stand more to lose than they can win.

This is utter tosh, even for you Mucus. Bitcoin success and traditional investment wealth are not mutually exclusive.

Failure of the traditional monetary system may spur success of Bitcoin, but the corollary is not true.

[BitChick]

Out of the around 40 people I brought Bitcoin up to, only two people had seen something about it in the news, and I've only convinced one person to invest in Bitcoins. I brought it up in a community college class this week and not one person new what Bitcoin was. I explained what it was, they looked at me like I was crazy and it was awkward... So nowhere near what I'd call mainstream.

I told my sister one BTC could perhaps be worth $10,000 or more and she was suddenly interested.    I think it is how we introduce it. Of course, I told her that they could be worth nothing someday too but that it was really a great think to gamble on.  The odds are that it could really take off.  I have had the awkward looks too. I really do not tell many people about BTC because of that.

Of course there will be people that think we are crazy but they will be the same ones that are telling everyone to buy them when they are over $1000 each. 

[XXthetimeisnowXX]

By the same token that your weak-minded friend was impressed that "a bitcoin" is "worth more than the dollar", we have idiots on CNBC saying things like "it's crazy that people are actually willing to pay $100 for just one of these bitcoin things". WTF!! Why can't people understand divisibility and percentages?

Don't be part of the problem!

Actually its more like why pay 100 Dollars for something that someone payed 1 Cent for three years ago?

Or worse why pay someone 100 Dollars for something that they bought for 1 Cent three years ago?
Of course that does only makes sense if you think there is someone who will pay you 10,000 Dollars in another three years.

Don't you be part of the problem.

You're right - my aunt was telling me how houses used to cost around £3000 where she lived. These days the same ones are worth around £500,000.

I'll wait till houses go back down to £3000 before I buy again.

Thanks for the tip.

bahahahahaha omg yes!!!! +1 +1 +1 +1 you know my dad bought a loaf of bread if the 50s for a quarter and so i think i will just starve to death till it goes down in value. I will not get ripped off!!!!!

oh man you guys don't be part of the problem.
 fools!!!!

[XXthetimeisnowXX]

are you guys being part of the problem. (nose in the air) im better than all of you and you are all part of the problem. if everyone would just see it MY way then everyone else would not be crazy.

hey you are you being part of the problem? no? good!!! cuz that would not be good!!! now I just need a badge and an official sounding name. lol

[pwi]

99.9% of my entourage and random street people don't know what is Bitcoin. We are far from mainstream.

Have you literally walked down the street and asked random people if they knew what Bitcoin was and kept a tally?

I have. We are far from mainstream. Despite all the cute ways to describe Bitcoin, the concept remains lost on most. Bitcoin has a great deal of potential; but outside of speculation, specialty marketplaces, and techy/nerdy/hardcore libertarians, Bitcoin is far from mainstream. My techie friends employed at places like Citrix, Microsoft, et al are relatively unfamiliar with Bitcoin. Your average would be user gets only the information espoused by the search engines - often related to black market trade. This turns many would be users off.

[superduh]

EM is the official daily King Troll

[ArticMine]

We are very far from mainstream, so far it is not even funny. Here is a simple calculation. Take the world M1 money supply approximately 20 Trillion in 2013 USD. Now take the percentage of GNU/Linux users on the desktop 1.28%. 1.28% of 20 Trillion is 256 Billion or 22379 USD per BTC. We have a very long way to go in order to reach the market penetration of GNU/Linux on the desktop.

Now realistically GNU/Linux on the desktop is itself very far from a mainstream operating system.

[XXthetimeisnowXX]

EM is the official daily King Troll

for some reason i can not read any of his posts....hum........ wonder why that is???







simple solution