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Author Topic: How low can we go?  (Read 3617 times)
The_JMiner
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August 03, 2011, 12:23:30 AM
 #1

Estimate on how low can we go?!

I want to be an optimist and say no lower than 11.50$

[EDIT] Think miners will start jumping ship!?

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GeniuSxBoY
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August 03, 2011, 12:24:27 AM
 #2

$8
kiwiasian
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August 03, 2011, 01:56:10 AM
 #3

Better not freaking go any lower

Why don't people push the price up?? My goodness

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August 03, 2011, 02:04:21 AM
 #4

the market depth and order book don't show any solid landing point.

so who knows.
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August 03, 2011, 02:13:59 AM
 #5

Better not freaking go any lower

Why don't people push the price up?? My goodness
Why would they? They will continue to put their orders in, and if miners continue to sell at outrageously low prices, traders will continue to buy. If all the miners secretly got together tomorrow and halted selling for 2 weeks the price would double. However this is a small market, and when you have thousands of people trying to make back thousands of dollars in equipment things will get ugly fast. The market is being flooded by cheap coins because of the new miners that have come into the game. Anyone who bought in with equipment should seriously consider holding on to their coins for at-least a couple of months, cause selling now doesn't help anyone including themselves...

I think the biggest problem is that you have a bunch of finance people literally praying on a bunch of nerds (I include myself thank you). They know how to manipulate this small market, and seriously work us to their advantage. The money that we trade on a daily basis is JOKE money to these people. You think your $10,000 is hot stuff? These people have millions... And they can easily manipulate us into making stupid decisions and giving up our Bitcoins for prices that are simply unacceptable! Just because your fiat reality has you under the ropes doesn't mean your Bitcoin reality needs to look the same way...

We are a community of IT professionals, and IT people are known for knowing "everything". It's time for everyone to start picking up some day trading books, and learn how trading markets work. I don't mean that in any detrimental way, but the facts are true. These *firms* are running huge games on us, and everyone seems to be following them like lost puppy's...

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August 03, 2011, 03:22:26 AM
 #6

Better not freaking go any lower

Why don't people push the price up?? My goodness

Many traders don't care whether the price goes up or down.  They only care that the price moves, and that they can skim a little bit from every movement.

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August 03, 2011, 03:25:46 AM
 #7

Why would they? They will continue to put their orders in, and if miners continue to sell at outrageously low prices, traders will continue to buy. If all the miners secretly got together tomorrow and halted selling for 2 weeks the price would double. However this is a small market, and when you have thousands of people trying to make back thousands of dollars in equipment things will get ugly fast. The market is being flooded by cheap coins because of the new miners that have come into the game. Anyone who bought in with equipment should seriously consider holding on to their coins for at-least a couple of months, cause selling now doesn't help anyone including themselves...

I think the biggest problem is that you have a bunch of finance people literally praying on a bunch of nerds (I include myself thank you). They know how to manipulate this small market, and seriously work us to their advantage. The money that we trade on a daily basis is JOKE money to these people. You think your $10,000 is hot stuff? These people have millions... And they can easily manipulate us into making stupid decisions and giving up our Bitcoins for prices that are simply unacceptable! Just because your fiat reality has you under the ropes doesn't mean your Bitcoin reality needs to look the same way...

We are a community of IT professionals, and IT people are known for knowing "everything". It's time for everyone to start picking up some day trading books, and learn how trading markets work. I don't mean that in any detrimental way, but the facts are true. These *firms* are running huge games on us, and everyone seems to be following them like lost puppy's...
cool story bro  Cheesy

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August 03, 2011, 03:29:39 AM
 #8

Why would they? They will continue to put their orders in, and if miners continue to sell at outrageously low prices, traders will continue to buy. If all the miners secretly got together tomorrow and halted selling for 2 weeks the price would double. However this is a small market, and when you have thousands of people trying to make back thousands of dollars in equipment things will get ugly fast. The market is being flooded by cheap coins because of the new miners that have come into the game. Anyone who bought in with equipment should seriously consider holding on to their coins for at-least a couple of months, cause selling now doesn't help anyone including themselves...

I think the biggest problem is that you have a bunch of finance people literally praying on a bunch of nerds (I include myself thank you). They know how to manipulate this small market, and seriously work us to their advantage. The money that we trade on a daily basis is JOKE money to these people. You think your $10,000 is hot stuff? These people have millions... And they can easily manipulate us into making stupid decisions and giving up our Bitcoins for prices that are simply unacceptable! Just because your fiat reality has you under the ropes doesn't mean your Bitcoin reality needs to look the same way...

We are a community of IT professionals, and IT people are known for knowing "everything". It's time for everyone to start picking up some day trading books, and learn how trading markets work. I don't mean that in any detrimental way, but the facts are true. These *firms* are running huge games on us, and everyone seems to be following them like lost puppy's...
cool story bro  Cheesy
Anyone telling anybody anything less is LYING.

If you're a miner STOP SELLING YOUR COINS, they are more valuable than you think. Hold them or if you need to buy stuff buy it in Bitcoins. There is literally enough stores now where you can find almost anything you need in BITCOINS https://en.bitcoin.it/wiki/Trade.

Keep the money in the Bitcoin economy till at-least prices stabilize.

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August 03, 2011, 03:35:24 AM
 #9

I'm also focusing on getting a better paying job so I can buy more soon. I want to try to get about 1000 bitcoins as at the moment I only have about 67.

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August 03, 2011, 03:42:17 AM
 #10

Why would they? They will continue to put their orders in, and if miners continue to sell at outrageously low prices, traders will continue to buy. If all the miners secretly got together tomorrow and halted selling for 2 weeks the price would double. However this is a small market, and when you have thousands of people trying to make back thousands of dollars in equipment things will get ugly fast. The market is being flooded by cheap coins because of the new miners that have come into the game. Anyone who bought in with equipment should seriously consider holding on to their coins for at-least a couple of months, cause selling now doesn't help anyone including themselves...

I think the biggest problem is that you have a bunch of finance people literally praying on a bunch of nerds (I include myself thank you). They know how to manipulate this small market, and seriously work us to their advantage. The money that we trade on a daily basis is JOKE money to these people. You think your $10,000 is hot stuff? These people have millions... And they can easily manipulate us into making stupid decisions and giving up our Bitcoins for prices that are simply unacceptable! Just because your fiat reality has you under the ropes doesn't mean your Bitcoin reality needs to look the same way...

We are a community of IT professionals, and IT people are known for knowing "everything". It's time for everyone to start picking up some day trading books, and learn how trading markets work. I don't mean that in any detrimental way, but the facts are true. These *firms* are running huge games on us, and everyone seems to be following them like lost puppy's...
cool story bro  Cheesy
Anyone telling anybody anything less is LYING.

If you're a miner STOP SELLING YOUR COINS, they are more valuable than you think. Hold them or if you need to buy stuff buy it in Bitcoins. There is literally enough stores now where you can find almost anything you need in BITCOINS https://en.bitcoin.it/wiki/Trade.

Keep the money in the Bitcoin economy till at-least prices stabilize.

You actually spoke directly to me. This post was VERY useful. I have been selling at outrageous prices out of fear AND ease. If the price was 14.60 per btc I would sell at 14.55 because it sold instantly. So me being part of the problem I'm not selling anymore. I'll sit on them.  But with that being said, WHEN do I pull the trigger? How many coins are too many at one time? Do it in blocks on different days or at once. Early in the AM or in the afternoon? Which price range should I shoot for? These are all questions I don't have answers to.
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August 03, 2011, 05:42:29 AM
 #11

Estimate on how low can we go?!
There's always a bottom at 0.
Edward50
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August 03, 2011, 05:52:30 AM
 #12

Bitcoins should never have went as high as they did, right now the price is way high for what you are buying.

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.
grod
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August 03, 2011, 06:33:16 AM
 #13

Pretty much what he said.  A few weeks ago there was no question of mine vs buy -- we all rushed out to add 3/4 of today's mining capacity over about 6 weeks.

Now that the question of mine vs buy exists and doesn't really have a clear answer you may have fundamentals shaping up for a real bottom.  A bit of capitulation (note: this isn't it) and we should be good to go.

$6/btc and 2.5 million difficulty should do it.  Oh, and the lower this goes the less money it takes to feed this "beast".  At $6/btc that's only 43,200 a day if 100% of all mined coins get sold.  In reality it's much less because only a relatively small % of miners will sell coins for much less than power costs to mine them.
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August 03, 2011, 06:54:21 AM
 #14

Estimate on how low can we go?!

I want to be an optimist and say no lower than 11.50$

[EDIT] Think miners will start jumping ship!?

Well, I managed to buy a bunch at $10.00 today... so who knows. I've been expecting them to hit the $10 mark for 3 weeks now to be honest.

Would you rather talk Altcoins? - https://cryptocointalk.com/
fastandfurious
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August 03, 2011, 07:00:41 AM
 #15

Estimate on how low can we go?!

I want to be an optimist and say no lower than 11.50$

[EDIT] Think miners will start jumping ship!?

Well, I managed to buy a bunch at $10.00 today... so who knows. I've been expecting them to hit the $10 mark for 3 weeks now to be honest.

Where did you buy them at 10 dollars?
lowlevel
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August 03, 2011, 07:03:40 AM
 #16

cavirtex.com of course.  Always seems to be a bit lower than the other exchanges, since its a smaller exchange with weak buy demand. So in otherwords if you can buy there, its a deal usually. Cool

Would you rather talk Altcoins? - https://cryptocointalk.com/
fastandfurious
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August 03, 2011, 07:05:56 AM
 #17

cavirtex.com of course.  Always seems to be a bit lower than the other exchanges, since its a smaller exchange with weak buy demand. So in otherwords if you can buy there, its a deal usually. Cool

Have you tried to withdraw them as well (with confirmation)? Maybe he is selling you nothing for 10 dollars. Smiley
lowlevel
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August 03, 2011, 07:10:54 AM
 #18

cavirtex.com of course.  Always seems to be a bit lower than the other exchanges, since its a smaller exchange with weak buy demand. So in otherwords if you can buy there, its a deal usually. Cool

Have you tried to withdraw them as well (with confirmation)? Maybe he is selling you nothing for 10 dollars. Smiley

I have not had any problems with withdrawal of either bitcoins or cash from cavirtex.
I trust them with my.. well, handful of coins.  Smiley

Would you rather talk Altcoins? - https://cryptocointalk.com/
joulesbeef
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August 03, 2011, 07:15:10 AM
 #19

Sometimes opportunity has to knock really loud for people to hear.

Times may look bleak for people heavy in coin but they sure are looking bright for people who want to acquire them.

I blame the current drop on a string of really bad news, long term things can even be bright for the heavy holders.


Opportunity is knocking, how loud has he got to get before you answer the door and buy some coin?

mooo for rent
pennytrader
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August 03, 2011, 07:23:38 AM
 #20

Better not freaking go any lower

Why don't people push the price up?? My goodness
Why would they? They will continue to put their orders in, and if miners continue to sell at outrageously low prices, traders will continue to buy. If all the miners secretly got together tomorrow and halted selling for 2 weeks the price would double. However this is a small market, and when you have thousands of people trying to make back thousands of dollars in equipment things will get ugly fast. The market is being flooded by cheap coins because of the new miners that have come into the game. Anyone who bought in with equipment should seriously consider holding on to their coins for at-least a couple of months, cause selling now doesn't help anyone including themselves...

I think the biggest problem is that you have a bunch of finance people literally praying on a bunch of nerds (I include myself thank you). They know how to manipulate this small market, and seriously work us to their advantage. The money that we trade on a daily basis is JOKE money to these people. You think your $10,000 is hot stuff? These people have millions... And they can easily manipulate us into making stupid decisions and giving up our Bitcoins for prices that are simply unacceptable! Just because your fiat reality has you under the ropes doesn't mean your Bitcoin reality needs to look the same way...

We are a community of IT professionals, and IT people are known for knowing "everything". It's time for everyone to start picking up some day trading books, and learn how trading markets work. I don't mean that in any detrimental way, but the facts are true. These *firms* are running huge games on us, and everyone seems to be following them like lost puppy's...

I've been mining for 2 months and I sold the first batch I mined at $13.66 and the remaining at around $13 2 days ago (well, I'm still mining and consider downsizing). I sold out of fear that it would drop more. What you said is reasonable. But my question is if the trend is down, should we sell the coins and possibly buy them back later? I know selling will only cause more downward pressure but at the same time, people do have to pay the utility and their expensive mining rigs I guess.

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