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Author Topic: Bitcoin will never reach $20 again  (Read 36948 times)
billyjoeallen
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July 15, 2011, 09:29:18 PM
 #81

Criticize bitcoin: troll

Speculate in the wrong way: troll

Opinion against the status quo? You bet that's a troll

 Roll Eyes Roll Eyes Roll Eyes you guys. If you really think it's a troll DON'T FUCKING POST and let it fall off the page.

What, and lose the entertainment? You are like free cable, Clown.

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muyoso
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July 15, 2011, 10:23:05 PM
 #82

I have to ask.  Why do some people get no fees at Mt.Gox while others get .3% fees?  What is their justification for this?  Seems unfair as shit, especially because I am in the .3% camp.

I drink it up!
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July 15, 2011, 11:53:35 PM
 #83



You forget that the future prices may reflect a reason for mining at a loss at the current time. Not all markets remain static and thus they fluctuate. I suspect you will see a fluctuation in the price of namecoins to one bitcoin.

Don't be too sure that anyone is giving away processing power. Those who mine namecoins are holding them for a reason. Same with bitcoin.

Also keep in mind...that early on in bitcoin the pioneers who mined not ALWAYS mined at a profit. They saw the big picture and not just 4 feet in front of their faces.

No, the people mining namecoins simply can't do math.  If they had mined bitcoins instead and bought namecoins one of two things will have happened: they'd have wound up with MORE namecoins (30-40% more) or the price of namecoins would have reached difficulty parity with BTC.  I suspect a combination of the two.  Oh, and more people would be mining NMC because of that price parity, so NMC isn't stuck in 1-2 transaction an hour hell for over a month.

Early bitcoin pioneers didn't have the option to mine "bonuscoins" which easily converted to the exact same bitcoins but with 30-40% more output.  If they had you can bet the clever ones would have mined those instead.

You seem to confuse "going long namecoins" with "mining namecoins."  The second is a way to accomplish the first, but with a massive penalty.



Your perspective is still focused on the short term. Did bitcoins value go from $0.00001 to $32 in less than a month? No. So you're comment about it been on a downward trend for a month isn't any different than bitcoins not gaining in market value for more than a month.

You keep saying things like "massive penalty" when you can't forecast the price of bitcoins nor namecoins for that matter. For all we know bitcoins could take a shit-dive to $7 for a month then in the meantime give namecoins a month's worth of high times.

Like I said also, Satoshi and the pioneers did take losses in the beginning prior to the recent run up in price in the last 9 months. So how is it a surprise that early adopters of namecoin are taking a loss in the short-term same as Satoshi?

Obviously you're more like a day trader. Make your $1 spend it and then in 6 months realize if you saved that $1 you would have had $1000.

Come back and talk to me in 6 months and we'll see who was short-sighted on the matter.

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CurbsideProphet
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July 16, 2011, 12:04:58 AM
 #84

I have to ask.  Why do some people get no fees at Mt.Gox while others get .3% fees?  What is their justification for this?  Seems unfair as shit, especially because I am in the .3% camp.

Compensation for those who had money and/or Bitcoins tied up at MtGox during the hack and subsequent shutdown.

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July 16, 2011, 02:03:27 AM
 #85

I have to ask.  Why do some people get no fees at Mt.Gox while others get .3% fees?  What is their justification for this?  Seems unfair as shit, especially because I am in the .3% camp.

Compensation for those who had money and/or Bitcoins tied up at MtGox during the hack and subsequent shutdown.

Nope, I have .3% fees, and I had both USD -and- BTC over there at the time.

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
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July 16, 2011, 02:24:42 AM
 #86

I have to ask.  Why do some people get no fees at Mt.Gox while others get .3% fees?  What is their justification for this?  Seems unfair as shit, especially because I am in the .3% camp.

Compensation for those who had money and/or Bitcoins tied up at MtGox during the hack and subsequent shutdown.

Nope, I have .3% fees, and I had both USD -and- BTC over there at the time.

I would let them know.  Maybe you were overlooked.

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July 16, 2011, 04:19:20 AM
 #87

You had to have open orders that were actually executed during the crackhack in order to qualify.
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July 31, 2011, 02:33:13 PM
 #88

So far my prediction has held.  It's pretty much been holding in the $13 range for some time and buying support remains weak.

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

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July 31, 2011, 03:21:02 PM
 #89

So far my prediction has held.  It's pretty much been holding in the $13 range for some time and buying support remains weak.

i will make an as equally bold prediction:  BTC will never go down to $6 again.
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July 31, 2011, 03:23:28 PM
 #90

So far my prediction has held.  It's pretty much been holding in the $13 range for some time and buying support remains weak.
Seriously that post is a troll.

The title of the topic is (in case it gets changed sometime)
"Bitcoin will never reach $20 again"

So what if after 3 weeks it hasn't reached $20?

That's a very small percentage of the time between now and "never"

The only possibility of "never" being proven true is if "The Bitcoin" fails before it "ever" reaches $20

For someone who says they know economics, your mathematics and logic skills seem to be rather lacking even in your original thread name ...

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July 31, 2011, 05:37:47 PM
 #91

So far my prediction has held.  It's pretty much been holding in the $13 range for some time and buying support remains weak.
Seriously that post is a troll.

The title of the topic is (in case it gets changed sometime)
"Bitcoin will never reach $20 again"

So what if after 3 weeks it hasn't reached $20?

That's a very small percentage of the time between now and "never"

The only possibility of "never" being proven true is if "The Bitcoin" fails before it "ever" reaches $20

For someone who says they know economics, your mathematics and logic skills seem to be rather lacking even in your original thread name ...

Semantics....eventually everyone realizes how completely unfeasible $20 is. 

And to the poster who thinks it will never reach $6, I invite you to start a thread so we don't forget your prediction.

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

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July 31, 2011, 06:24:06 PM
 #92

bitcoins were being sold for over a million USD per one at MtGox today so this thread failed.

i am satoshi
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July 31, 2011, 06:37:35 PM
 #93

bitcoins were being sold for over a million USD per one at MtGox today so this thread failed.

+1

for the same reason the snills said BTC went to zero, yes we can say BTC went to >1M USD!

you lose.
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July 31, 2011, 10:07:59 PM
 #94

bitcoins were being sold for over a million USD per one at MtGox today so this thread failed.

Idiot.  That's a glitch, not a market price.

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

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July 31, 2011, 11:21:33 PM
 #95

What surprises me about the bitcoin price is how well it is holding around $13 dollars. I guess most bitcoin holders are rich tech savy people, who would rather sit with their coins to their death rather than sell them.

This is probably the reason why the price has not fallen. I can see this going on for a while, and bitcoin holders have already tasted the $20+ dollar range. Most are insane and blind enough in the idea to think each bitcoin is worth a small country. And shit, if I actually owned even 1 bitcoin, maybe I would be insane and blind also. Who does not want to be filthy rich.

Scaracity and hoarding is the only tool that bitcoin bulls have.

Most people interested in buying know that the bitcoin is not worth even worth $13 dollars a coin. They will be much more careful with their dollars.

So the price will be up to the horders not giving in and selling too cheaply. It will not be up to people actually needing or demanding bitcoin for any useful purpose.

I say in the end the price will be lower because every day there are still thousands of bitcoins being produced. With each passing day it will be a test on how long can you hold out when it becomes more obvious that the price is not going any higher.

 

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July 31, 2011, 11:39:54 PM
 #96

Scaracity and hoarding is the only tool that bitcoin bulls have.

I hear a similar story regarding De Beers and Diamonds.
Apparently it's working ok for them.


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July 31, 2011, 11:45:24 PM
 #97

Scaracity and hoarding is the only tool that bitcoin bulls have.

I hear a similar story regarding De Beers and Diamonds.
Apparently it's working ok for them.



Yes, it seems to also be working to some extent with bitcoin.

However, when you compare De Beers with  Bitcoin, De Beers is much more controlled by far less people.
Bitcoins are owned by many people so collusion should not be so high.
 
Again, I still think that there are a few market players in bitcoin artifically holding up the price and causing the scarcity. I would bet that a few people are responsible for buying most of the bitcoins that are going on the market.

Will these few players be able to hold up the price of buying the marjority of future bitcoins for the months to come... I do not know if they would take the gamble with that kind of money.


Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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July 31, 2011, 11:58:52 PM
 #98


Again, I still think that there are a few market players in bitcoin artifically holding up the price and causing the scarcity. I would bet that a few people are responsible for buying most of the bitcoins that are going on the market.


What does it mean to "artificially hold up the price and cause scarcity?" Why are my decisions as a market participant "artificial?" I reckon it's because you don't agree with my valuation of the value of a Bitcoin. I think it would be equally silly to say that YOU are "artificially lowering the price" by not buying more coins.

You think Bitcoins aren't worth $13. I think they're worth vastly more. Neither of our opinions are "artificial." I am not causing scarcity, and you are not causing over-supply.

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August 03, 2011, 10:53:24 PM
 #99

$20 is looking less and less likely.  Pretty soon I will be preparing the crow for you guys to eat.

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

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August 04, 2011, 01:38:49 AM
 #100

I don't necessarily agree with your statements.

If Bitcoin returns and doesn't crash for good...it could easily hit 20 again.  The problem with bitcoin is people invested too quickly and the price went up too quickly.  Right now it needs to be in the single digits to survive.  Losses will come to those that invested high...but as long as speculators don't invest too heavily and bring the price up too quickly it will be easier to believe in the bitcoin.  The big problem is how high it went and how fast it got there.  We are talking THOUSANDS of percentage points in a year.

Striking it rich in Bitcoin is no longer an option...I do it for fun.
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