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Author Topic: Is this The Great Bitcoin Crash?  (Read 4480 times)
bonker
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August 03, 2011, 04:47:04 PM
 #1

Prices have dropped nearly 10% today, that's pretty big, but is it a crash?

I guess mining is about to become unprofitable so shit should stabilise as all the miners turn off their
pointless rigs?







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Babylon
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August 03, 2011, 05:22:17 PM
 #2

Prices have dropped nearly 10% today, that's pretty big, but is it a crash?

I guess mining is about to become unprofitable so shit should stabilise as all the miners turn off their
pointless rigs?








Miners turning off their rigs will not slow down the amount of bitcoins being produced.  It will just make mining easier for those left in the game.  Miner's holding coins instead of selling immediately would push prices up.

tacotime
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August 03, 2011, 05:31:45 PM
 #3

Is this the great DJI crash?  I doubt it

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Hunterbunter
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August 03, 2011, 05:43:07 PM
 #4

Kind of, imo.

There's just no one buying any more. BTC are just not worth $10/coin as an anonymous trade tool, so they'll go back to their mean of like $4 or something, all will despair, and it'll get back to business building from scratch. It'll take about a year to shake off the resentment from speculators, which is probably a good thing giving time for the currency to sort out a few more of its issues.
bonker
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August 03, 2011, 07:32:02 PM
 #5

Kind of, imo.

There's just no one buying any more. BTC are just not worth $10/coin as an anonymous trade tool, so they'll go back to their mean of like $4 or something, all will despair, and it'll get back to business building from scratch. It'll take about a year to shake off the resentment from speculators, which is probably a good thing giving time for the currency to sort out a few more of its issues.

$4 is starting to look likely, MtGox ask has just dipped below $10 already, holy shit!

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compro01
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August 03, 2011, 07:41:19 PM
 #6

$4 is starting to look likely, MtGox ask has just dipped below $10 already, holy shit!

and tradehill is now below $9.
achillez
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August 03, 2011, 09:11:08 PM
 #7

... sigh $50 in electricity wasted for my 5 bitcoins ...
Bind
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August 03, 2011, 09:17:11 PM
 #8

It is not a crash.

It's the free market correcting itself.


"... He is no fool who parts with that which he cannot keep, when he is sure to be recompensed with that which he cannot lose ..."

"... history disseminated to the masses is written by those who win battles and wars and murder their heroes ..."


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MatthewLM
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August 03, 2011, 09:31:09 PM
 #9

The crash from 30 already happened. I think people are getting bored with bitcoin, maybe they expected the "bitcoin economy" to rise in no time at all. Too little patience. Maybe after some time speculators got scared about the risks.

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Neptune
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August 03, 2011, 09:40:37 PM
 #10

It is not a crash.

It's the free market correcting itself.



Dude you are definately doing something wrong!!! 
bonker
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August 03, 2011, 10:46:54 PM
 #11

It is not a crash.

It's the free market correcting itself.

Thanks for that, it makes poverty much easier to live with.

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buttons252
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August 03, 2011, 10:53:35 PM
 #12

im really bummed i didnt get into BTC sooner, so far I only have about $12 worth of electric and $200 worth of video cards as my investment.  though i dont regret the videocards at all, now i can do crossfire and make my games look and run better.   I do plan to continue mining, winter is right around the corner and i need all the heat i can get here in the north
ManOfKnight
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August 03, 2011, 10:56:02 PM
 #13

Personally I believe bitcoins were raised in price too quickly because of the press.  I would like to see them in the single digits for a while, it would make them more stable.  For some reason when a person sees them drop from 10 to 8...it is harder than watching them drop from 8 to 6, even though percentage-wise the 8 to 6 was a larger drop.  Bitcoins are still new and if they are to survive they must grow steadily and slowly, instead of in bursts.

Striking it rich in Bitcoin is no longer an option...I do it for fun.
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compro01
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August 04, 2011, 02:04:28 PM
 #14

and we're back up to 11 now.
bonker
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August 04, 2011, 02:12:03 PM
 #15

and we're back up to 11 now.

Bull run!!


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compro01
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August 04, 2011, 02:28:32 PM
 #16

and we're back up to 11 now.

Bull run!!



or a dead cat bounce.
walidzohair
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August 04, 2011, 03:13:58 PM
 #17

The word among the horde in UK that bitcoin will vanish by the end of august. I dunno how they got that idea and where from .. but with these prices it sounds just about right!
Piper67
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August 04, 2011, 03:25:21 PM
 #18

The word among the horde in UK that bitcoin will vanish by the end of august. I dunno how they got that idea and where from .. but with these prices it sounds just about right!

Hey, Walid, if you keep posting the same sentence in lots and lots of different threads, maybe it will turn out to be true...

Magical thinking, the last refuge of a small mind, really.  Grin
amincd
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August 04, 2011, 04:31:05 PM
 #19

This should be in speculation.
walidzohair
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August 04, 2011, 09:12:35 PM
 #20

The word among the horde in UK that bitcoin will vanish by the end of august. I dunno how they got that idea and where from .. but with these prices it sounds just about right!

Hey, Walid, if you keep posting the same sentence in lots and lots of different threads, maybe it will turn out to be true...

Magical thinking, the last refuge of a small mind, really.  Grin

maybe it is! Cheesy

anyways miners have bills to pay. price tanking is bad for business!
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