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Author Topic: Who predicts Bitcoins will drop below $10 ? Who is planning to buy, if it does?  (Read 5413 times)
bitrebel
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July 18, 2011, 05:46:27 PM
 #1

Seems to me that $10 is a very important mark for Bitcoins. If prices drop below $10, I would imagine MANY people will be in buying sprees. How many of you think it will or won't happen, and how many plan to buy if it does? I have not seen it around $12.65 for some time now. It did drop down a few days ago, but it never went below $12.50. Fortunately I had some funds in Dwolla at the time.

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July 18, 2011, 05:52:54 PM
 #2

I'll be buying it at whatever the market price is over the next year. It's worth zero or it's worth thousands, but it is not worth $12 =)  To be able to be involved with something so revolutionary for markets and freedom is deeply satisfying. I care little for the interim daily prices.
arnoldrimmer
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July 18, 2011, 05:55:21 PM
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Price is dropping ever Min ATM at 12.5596

How is the Price calculated ? has any a link that explains that?
bitrebel
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July 18, 2011, 06:00:01 PM
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Price is dropping ever Min ATM at 12.5596

How is the Price calculated ? has any a link that explains that?

It's trading volume. If someone has bitcoins to sell at the bid price, then sale goes down, and that's the current price. Not too complicated. There are asking prices and buying prices, when they match, the trade takes place and that's the current price. It's supply and demand, and not much more.

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TrainDeluxe
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July 18, 2011, 06:00:55 PM
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See my thread here for the same topic: http://forum.bitcoin.org/index.php?topic=26012.40 (Will we reach at $12?)

Here is my estimation:

Quote
...in "a week or so" there will be 50.000 coins MORE in the market. In another week there will be over 100.000 coins more!  If you estimate that 50% of those miners will slowly sell off thier coins in the hope of a quick buck, the trend will stay falling!!!


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BTConomist
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July 18, 2011, 06:19:10 PM
 #6

Not to burst anyone’s bubble or anything, may I just point out a simple fact that the bitcoin network (specifically, the block chain) is just a giant general ledger (a.k.a. a bookkeeping tool) in which bitcoins and their fractions represent credit/debit entries, and nothing more. It’s time everyone starts treating it as such. The sooner it happens, the more chances bitcoin has of becoming the de facto global currency. That's right, I said currency. So, don't run away with thinking that I don't see bitcoin's potential.

Bitcoins are earned, not traded! If you plan on hoarding BTC, you're on my target list. (And yes, it is possible to swim in BTC.)

Don't give me that Bull... I'm one of those honey eating Bears that the bees hope to never meet again... Viva la BTC!!!
BillX
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July 18, 2011, 06:23:51 PM
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the more chances bitcoin has of becoming the de facto global currency.

Cows jumping over the moon will happen before bitcoin becomes the "de facto global currency".
BTConomist
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July 18, 2011, 06:26:42 PM
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the more chances bitcoin has of becoming the de facto global currency.

Cows jumping over the moon will happen before bitcoin becomes the "de facto world currency".

Not "world currency" -- only a "global currency".
I wasn't saying that world governments would replace their currencies with bitcoin.

Bitcoins are earned, not traded! If you plan on hoarding BTC, you're on my target list. (And yes, it is possible to swim in BTC.)

Don't give me that Bull... I'm one of those honey eating Bears that the bees hope to never meet again... Viva la BTC!!!
gw4tt
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July 18, 2011, 06:29:09 PM
 #9

I will buy at $6 or lower.
BillX
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July 18, 2011, 06:33:53 PM
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the more chances bitcoin has of becoming the de facto global currency.

Cows jumping over the moon will happen before bitcoin becomes the "de facto world currency".

Not "world currency" -- only a "global currency".
I wasn't saying that world governments would replace their currencies with bitcoin.

I misquoted you and all fixed. Though I really don't see a big (if any) difference between the two words.
BillX
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July 18, 2011, 06:35:15 PM
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I will buy at $6 or lower.

Ill buy again when it does its final dead cat bounce at $0.01 or similar.
skyhigh
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July 18, 2011, 06:39:49 PM
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I'm in a sub $10 camp prediction. I won't invest directly in bitcoins at this stage, because bitcoins are not meant to be an investment. I will buy them if I will want to buy something that accepts bitcoins only and I wouldn't have minted enough myself. Sub $10 at this stage is a no brainer unless something major happens in the next couple of weeks.
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July 18, 2011, 07:10:28 PM
 #13

I sold my 12-month bitcoin mining hoard at 15.5.  If this is a deflating bitcoin bubble then prices might well return to April 2011 levels, namely around one dollar.

BTConomist
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July 18, 2011, 07:29:25 PM
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the more chances bitcoin has of becoming the de facto global currency.

Cows jumping over the moon will happen before bitcoin becomes the "de facto world currency".

Not "world currency" -- only a "global currency".
I wasn't saying that world governments would replace their currencies with bitcoin.

I misquoted you and all fixed. Though I really don't see a big (if any) difference between the two words.

Then what do you see as the main problem with bitcoin -- why can't you see it becoming the de facto global currency?

Bitcoins are earned, not traded! If you plan on hoarding BTC, you're on my target list. (And yes, it is possible to swim in BTC.)

Don't give me that Bull... I'm one of those honey eating Bears that the bees hope to never meet again... Viva la BTC!!!
TraderTimm
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July 18, 2011, 07:34:51 PM
 #15

I have no problem with people dumping their bitcoins. This selling behavior happens all the time in the 'real' markets. Right before it spikes upward, that is. The current impulse move down which started July 2nd peaking on the 5th has exhausted itself. I'm waiting for my indicators to move into positive territory before buying in again, which I believe will happen near the end of the month.

Can't sweat the wiggles, its the long term that you've got to be focused on. Unless you're scalping at Mt.Gox with a 0% fee account, then by all means, trade away Smiley


fortitudinem multis - catenum regit omnia
walidzohair
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July 18, 2011, 08:15:25 PM
 #16

my expectations are that the market is washing up the dirty mercinery miners. It will drop back to 0.01 USD soon and it will be like that for a year. before it start trading for thousand of USD per btc.
whitemist
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July 18, 2011, 08:50:43 PM
 #17

If you have been around stocks and currency trading you will know these things come in waves. Things go way way up and they peak, they then sell at that peak and the wave goes down. Right now, people are selling and it will stay like this for a month or less and then it will pick backup. People who don't understand get scared and sell and those smart kiddies wait and hold on to it and the price will spike back up. The world is not ending, bitcoin is following the norm, stop worrying.

i'll start picking backup at about 6 or 7. The only time this would all fail is if people sell and then walk away and not come back.
BTConomist
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July 18, 2011, 09:14:31 PM
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If you have been around stocks and currency trading you will know these things come in waves. Things go way way up and they peak, they then sell at that peak and the wave goes down. Right now, people are selling and it will stay like this for a month or less and then it will pick backup. People who don't understand get scared and sell and those smart kiddies wait and hold on to it and the price will spike back up. The world is not ending, bitcoin is following the norm, stop worrying.

i'll start picking backup at about 6 or 7. The only time this would all fail is if people sell and then walk away and not come back.

Apparently, you've missed my point: the bitcoin network is a state-of-the-art general ledger (one giant, digital bookkeeping notebook with 2,100,000,000,000,000 potential credit/debit rows). Bitcoins (and their fractions) are those very rows, and nothing more. So, it does not matter whether one uses 1BTC or 0.00000001BTC to move around $100 worth of value between the parties involved, a bitcoin, in and of itself, has no inherent price other than what we pay miners for processing every credit/debit entry.

Now, it's up to the bitcoin miners and users to decide how many of those credit/debit rows to make available for all transactions. The sooner everyone realizes that little fact, the faster we can put "bitcoin is a commodity" idea behind us.

Bitcoins are earned, not traded! If you plan on hoarding BTC, you're on my target list. (And yes, it is possible to swim in BTC.)

Don't give me that Bull... I'm one of those honey eating Bears that the bees hope to never meet again... Viva la BTC!!!
whitemist
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July 18, 2011, 09:25:44 PM
 #19

If you have been around stocks and currency trading you will know these things come in waves. Things go way way up and they peak, they then sell at that peak and the wave goes down. Right now, people are selling and it will stay like this for a month or less and then it will pick backup. People who don't understand get scared and sell and those smart kiddies wait and hold on to it and the price will spike back up. The world is not ending, bitcoin is following the norm, stop worrying.

i'll start picking backup at about 6 or 7. The only time this would all fail is if people sell and then walk away and not come back.

Apparently, you've missed my point: the bitcoin network is a state-of-the-art general ledger (one giant, digital bookkeeping notebook with 2,100,000,000,000,000 potential credit/debit rows). Bitcoins (and their fractions) are those very rows, and nothing more. So, it does not matter whether one uses 1BTC or 0.00000001BTC to move around $100 worth of value between the parties involved, a bitcoin, in and of itself, has no inherent price other than what we pay miners for processing every credit/debit entry.

Now, it's up to the bitcoin miners and users to decide how many of those credit/debit rows to make available for all transactions. The sooner everyone realizes that little fact, the faster we can put "bitcoin is a commodity" idea behind us.

But we won't, it's traded as such and most people here treat it as such. We are human and we like to put a value on it. I never said you were wrong, I'm just stating that there is no reason to panic or flip out over a sale.
BTConomist
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July 19, 2011, 12:25:52 AM
 #20

If you have been around stocks and currency trading you will know these things come in waves. Things go way way up and they peak, they then sell at that peak and the wave goes down. Right now, people are selling and it will stay like this for a month or less and then it will pick backup. People who don't understand get scared and sell and those smart kiddies wait and hold on to it and the price will spike back up. The world is not ending, bitcoin is following the norm, stop worrying.

i'll start picking backup at about 6 or 7. The only time this would all fail is if people sell and then walk away and not come back.

Apparently, you've missed my point: the bitcoin network is a state-of-the-art general ledger (one giant, digital bookkeeping notebook with 2,100,000,000,000,000 potential credit/debit rows). Bitcoins (and their fractions) are those very rows, and nothing more. So, it does not matter whether one uses 1BTC or 0.00000001BTC to move around $100 worth of value between the parties involved, a bitcoin, in and of itself, has no inherent price other than what we pay miners for processing every credit/debit entry.

Now, it's up to the bitcoin miners and users to decide how many of those credit/debit rows to make available for all transactions. The sooner everyone realizes that little fact, the faster we can put "bitcoin is a commodity" idea behind us.

But we won't, it's traded as such and most people here treat it as such. We are human and we like to put a value on it. I never said you were wrong, I'm just stating that there is no reason to panic or flip out over a sale.

A game is a game, right? Well, enjoy the swings then... CNN Money to the rescue!

Bitcoins are earned, not traded! If you plan on hoarding BTC, you're on my target list. (And yes, it is possible to swim in BTC.)

Don't give me that Bull... I'm one of those honey eating Bears that the bees hope to never meet again... Viva la BTC!!!
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