How low can we go?

[tymothy]

The mining juggernaut is actually running at unprecedented pace, so I doubt the plummeting ill stop soon. It seems that the price drop recently has go something to do with a new big player in the mining town.

What do you mean new big player? Even with the low profit margins and plumeting price, there are still people setting up huge mining farms?

That doesn't make any sense, rate of mining is essentially constant. Whether or not some new person comes aboard doesn't drastically affect creation rates.

[oakpacific]

All the ask walls are real, solid, reinforced-concrete ironclad which you can't get over no matter how small the number is. all the bid walls are fake and flimsy and will vanish the moment the price touches it no matter how large the number is.

[oakpacific]

The mining juggernaut is actually running at unprecedented pace, so I doubt the plummeting ill stop soon. It seems that the price drop recently has go something to do with a new big player in the mining town.

What do you mean new big player? Even with the low profit margins and plumeting price, there are still people setting up huge mining farms?

That doesn't make any sense, rate of mining is essentially constant. Whether or not some new person comes aboard doesn't drastically affect creation rates.

They could have some cheap computing power and electricity and harvesting a large potion of all the BTCs, then sell them at a very low price.

[oakpacific]

The mining juggernaut is actually running at unprecedented pace, so I doubt the plummeting ill stop soon. It seems that the price drop recently has go something to do with a new big player in the mining town.

What do you mean new big player? Even with the low profit margins and plumeting price, there are still people setting up huge mining farms?

I don't know the reason, but the network total hashing capability growed by about 20% in the last 1 week and it just growed noticeably as we talked.

[Philj]

difficulty just increased. total hash power calculations get screwed up when difficulty changes. happens every time.

[RandyMarsh]

some jerk bought all the tradehill euros  i gotta pay some bills ffs

[huayra.agera]

How I missed the 30$ mark. It's now back to like May prices.

[fastandfurious]

At this pace it gives us a money creation per year that looks like this 365 x 7200 x 12 = 31 536 000 dollars

If you add this things:

*All the issues with Mt.gox, mybitcoin, wallets lost at exchanges, dwolla etc.
*Cost of heavy investments in rigs the last 1-2 months, they want to cash in as a first phase of their investment
*Early adopters that bought in not many months ago at a couple of cents to a dollar (returns of 1000-10000+ %)
*Early adopters that have bought in heavy (50 000 bitcoins or more) and have profits of 500 000 dollars + already

That tells me that 31 million dollars is just created by the mining/inflation in the next year (that will need USD buyers), plus the chance of the early adopters selling massive amounts of bitcoins and all the other things I mentioned (that will also need USD buyers). Just look at the market depth (that seems to miss USD buyers).

12 dollars is a very high price with all the information we have right now.

Actually 10 dollars is also a very high price with all the information we have right now (last price 10,45 dollars with a low at 8,70 dollars).

[error]

I mine. I sold at $30.65. I reluctantly sold at $22. I have been extremely reluctant to sell ever since. $10 is ridiculously low in my opinion and I am quite happy to sit on my bitcoins for a while until everybody stops panicking.

[molecular]

I mine. I sold at $30.65. I reluctantly sold at $22. I have been extremely reluctant to sell ever since. $10 is ridiculously low in my opinion and I am quite happy to sit on my bitcoins for a while until everybody stops panicking.

+1

[GenTarkin]

WTF?!?! who put the massive wall up at 9$?!!? it just instantly appeared!

[wolftaur]

I mine. I sold at $30.65. I reluctantly sold at $22. I have been extremely reluctant to sell ever since. $10 is ridiculously low in my opinion and I am quite happy to sit on my bitcoins for a while until everybody stops panicking.

Same here, I'm just building up my stash... and even then I'm hoping I can spend some directly, and not just go to the exchange.

[GeniuSxBoY]

Did anyone read the second post on the first page of this thread?

[molecular]

Did anyone read the second post on the first page of this thread?

When a bunch of people each predict something randomly, the chance of someone being right is high

[Piper67]

Did anyone read the second post on the first page of this thread?

When a bunch of people each predict something randomly, the chance of someone being right is high

Hah... so very true! Give typewriters to 10,000 monkeys...

[Stevenrm87]

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

lololol this guys stillllllll here