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

[notme]

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 wear have had a t-shirt with the Bitcoin BTC on it (actually says "BTC or GTFO") .  I have been asked at least a couple dozen times "what is that?" and only had one person recognize it.  At least 50:1 if not more.  Not scientific but if you think Bitcoin is mainstream well you obviously have already made up your mind so facts don't really matter.  Bitcoin may be many thing and it may go down or it may even crash and burn but the idea that it is already mainstream is just silly.

if everyone in America purchased one bitcoin we would all be rich rich rich.

Can't and won't happen   300M > 21M

YES.  This is true. Everyone in America Can't have one BTC, hence why the price has nowhere to go but UP.    (of course there may be bumps in the road on the journey upwards.)

Can happen.  They can't all have one at once, but every American could purchase one bitcoin.  Money can circulate.

[BitPirate]

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?

There was actually a survey a month or so ago. I think it was on Wired.... Do a search. The conclusion was that the majority do not know about Bitcoin. And that's just in the US.

[vokain]

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?

There was actually a survey a month or so ago. I think it was on Wired.... Do a search. The conclusion was that the majority do not know about Bitcoin. And that's just in the US.

and we're purportedly the country with the greatest number of Bitcoin users, and I think Finland is by capita

[Anenome5]

Unless if western democracy collapses as we know it

I can only assume you haven't been paying attention We are in the death-throes / birth-pangs now. Look at Europe. Look at the '08 crash. Crises will begin to hit with increasing frequency until what stability remains fails. The dollar losing reserve currency status will happen at one point and be the likely coup de grace, and China will probably engineer it.

When the dollar crashes you know what will happen? People will flee into hard assets, just like the people in  Argentina are doing now.

And one of the most desirable hard assets at that point will be bitcoin.

Ever bought a house for one or a few bitcoin? There's a good chance you'll be able to do so within your lifetime if the US face fiscal crisis of dollar-crashing magnitude.

[Coinseeker]

Unless if western democracy collapses as we know it

I can only assume you haven't been paying attention We are in the death-throes / birth-pangs now. Look at Europe. Look at the '08 crash. Crises will begin to hit with increasing frequency until what stability remains fails. The dollar losing reserve currency status will happen at one point and be the likely coup de grace, and China will probably engineer it.

When the dollar crashes you know what will happen? People will flee into hard assets, just like the people in  Argentina are doing now.

And one of the most desirable hard assets at that point will be bitcoin.

Ever bought a house for one or a few bitcoin? There's a good chance you'll be able to do so within your lifetime if the US face fiscal crisis of dollar-crashing magnitude.

Absolutely delusional.  Please...exit all blogs, back away from the computer and go outside and get some sun.  

[Melbustus]

...
when i told them about it they were very impressed with how it was worth more than the dollar. one guy said ya when its more then the value of the USD ...

It's NOT worth more than the dollar. Total value of all dollars is many orders of magnitude greater than total value of all bitcoins (hopefully we'll close the gap).

People need to get it through their heads that "1 Bitcoin" is just an arbitrary grouping of 100,000,000 satoshis, or said another way, a name for the arbitrarily selected 0.000004762% of all bitcoin-money that will exist. If it'd been selected that the phrase "1 bitcoin" meant 100,000 satoshis in the initial codebase, then one dollar would buy 9 "full bitcoins" right now, but the total value of all bitcoins would be the same. It's JUST a naming convention.

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!

[Wagner2014]

...
when i told them about it they were very impressed with how it was worth more than the dollar. one guy said ya when its more then the value of the USD ...

It's NOT worth more than the dollar. Total value of all dollars is many orders of magnitude greater than total value of all bitcoins (hopefully we'll close the gap).

People need to get it through their heads that "1 Bitcoin" is just an arbitrary grouping of 100,000,000 satoshis, or said another way, a name for the arbitrarily selected 0.000004762% of all bitcoin-money that will exist. If it'd been selected that the phrase "1 bitcoin" meant 100,000 satoshis in the initial codebase, then one dollar would buy 9 "full bitcoins" right now, but the total value of all bitcoins would be the same. It's JUST a naming convention.

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!

[Anenome5]

Unless if western democracy collapses as we know it

I can only assume you haven't been paying attention We are in the death-throes / birth-pangs now. Look at Europe. Look at the '08 crash. Crises will begin to hit with increasing frequency until what stability remains fails. The dollar losing reserve currency status will happen at one point and be the likely coup de grace, and China will probably engineer it.

When the dollar crashes you know what will happen? People will flee into hard assets, just like the people in  Argentina are doing now.

And one of the most desirable hard assets at that point will be bitcoin.

Ever bought a house for one or a few bitcoin? There's a good chance you'll be able to do so within your lifetime if the US face fiscal crisis of dollar-crashing magnitude.

Absolutely delusional.  Please...exit all blogs, back away from the computer and go outside and get some sun.  

This is what a car-crash looks like when it's on the scale of an economy and political system the size of the US, it takes years, precipitates as various unforeseen crises. And what always results in the final crash is when the leadership in charge at the time of the crash seeks to alleviate a problem with a fix that either makes the problem worse (ie: the don't understand what caused the problem in the first place) or makes one of the other existing problems worse, resulting in systemic crisis and ultimately crash.

You look at someone like Bernanke and he's at least partially aware of the game. Even still he's inflating to all hell under political pressure and due to his Keynesian beliefs, without realizing that it is fiscal pumping that creates the very bubbles he's trying to avoid the down-sides of.

There is no avoiding the down-sides, only pushing them out further in time until they are unavoidable. The market is addicted to easy money, and when that policy ends, as it must, things will get very, very ugly.

QE cannot become the new normal, as some are saying it will be. QE99? It's a dream, peeps.

[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.

[Melbustus]

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 again... You do KNOW you're wrong or that your points are irrelevant, right? Just in it for the argument? If so, that's cool. We should all be able to defend our points in detail and you do help people with that.

BUT - I feel like I shouldn't have to say the following:
What someone paid for an asset previously doesn't matter. Do you begrudge early Google employees who were issued stock when the company's valuation was in the low millions? Now that Google is 20,000x bigger, does the fact that someone, at some point in the past, paid a tiny fraction of current valuation impact the value that the buyer/holder is getting currently in any way? No. This is basic stuff and you know it.

[mnyonpa]

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!

Thank you, sir!

Also, here go LTC supporters with their “Look! LTC has more coins! How cool is that!”

[highcoin]

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.

[Coinseeker]

Unless if western democracy collapses as we know it

I can only assume you haven't been paying attention We are in the death-throes / birth-pangs now. Look at Europe. Look at the '08 crash. Crises will begin to hit with increasing frequency until what stability remains fails. The dollar losing reserve currency status will happen at one point and be the likely coup de grace, and China will probably engineer it.

When the dollar crashes you know what will happen? People will flee into hard assets, just like the people in  Argentina are doing now.

And one of the most desirable hard assets at that point will be bitcoin.

Ever bought a house for one or a few bitcoin? There's a good chance you'll be able to do so within your lifetime if the US face fiscal crisis of dollar-crashing magnitude.

Absolutely delusional.  Please...exit all blogs, back away from the computer and go outside and get some sun.  

This is what a car-crash looks like when it's on the scale of an economy and political system the size of the US, it takes years, precipitates as various unforeseen crises. And what always results in the final crash is when the leadership in charge at the time of the crash seeks to alleviate a problem with a fix that either makes the problem worse (ie: the don't understand what caused the problem in the first place) or makes one of the other existing problems worse, resulting in systemic crisis and ultimately crash.

You look at someone like Bernanke and he's at least partially aware of the game. Even still he's inflating to all hell under political pressure and due to his Keynesian beliefs, without realizing that it is fiscal pumping that creates the very bubbles he's trying to avoid the down-sides of.

There is no avoiding the down-sides, only pushing them out further in time until they are unavoidable. The market is addicted to easy money, and when that policy ends, as it must, things will get very, very ugly.

QE cannot become the new normal, as some are saying it will be. QE99? It's a dream, peeps.

I see you failed to take my advice.   

[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 again... You do KNOW you're wrong or that your points are irrelevant, right? Just in it for the argument? If so, that's cool. We should all be able to defend our points in detail and you do help people with that.

BUT - I feel like I shouldn't have to say the following:
What someone paid for an asset previously doesn't matter. Do you begrudge early Google employees who were issued stock when the company's valuation was in the low millions? Now that Google is 20,000x bigger, does the fact that someone, at some point in the past, paid a tiny fraction of current valuation impact the value that the buyer/holder is getting currently in any way? No. This is basic stuff and you know it.

Except GOOG did rise 700% not 1,000,000%. Is that your defense?
Because isn't not even wrong, it doesn't even make sense. You better get used to the argument, because it will be there till the end. If that does make you angry go push that orange button!

[Tzupy]

During the last month, every time the volume was so low, the price trend was slowly downwards, ending with a significant drop.
Maybe this time it will be different, but I doubt that. So I placed my buy order at 80.xx and am waiting.

[solex]

During the last month, every time the volume was so low, the price trend was slowly downwards, ending with a significant drop.
Maybe this time it will be different, but I doubt that. So I placed my buy order at 80.xx and am waiting.

Did you remember to buy when it was 70 a couple of weeks ago?

[Inedible]

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.

[Spider]

Of course it will go down. When all I see is people talking about buying Bitcoins, selling Bitcoins, getting rich...it'll only drain energy from this project. One should seek for ideas to use it the way it was designed for.

[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 

[Inedible]

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.