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Author Topic: Is this The Great Bitcoin Crash?  (Read 4482 times)
The Script
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August 06, 2011, 02:36:27 AM
 #21

Same old, same old.  Read and learn some before panicking about bitcoin crashing.  Or perhaps just look at charts of bitcoin history.
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kiba
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August 06, 2011, 02:57:05 AM
 #22

ME GOING TO BUY!  Grin

indio007
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August 06, 2011, 03:04:34 AM
 #23

I have no doubt someone is gaming bitcoin. Look at the 10 dollar wall. There is no intention to sell that many coins. Someone has been setting up a wall trying to squeeze the price down for 3 weeks. Evertime we get close to the wall a huge lower sell order comes in to push it back down.
laydum
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August 06, 2011, 03:44:32 AM
 #24

Everybody start buying and nobody start selling go go go!!. Problem fixed.

JCbit
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August 06, 2011, 10:46:39 PM
 #25

words like crash on this forum
does not do good to increase buyer confidence.

counterproductive; esp since theres like 5 posts like that.
a good percentage of bit coin holders probably have accounts here.
stop causing a frenzy.

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August 07, 2011, 07:17:05 AM
 #26

My random new conspiracy theory for the day:

That guy's CIA visit a few weeks ago resulted in them deciding they want to shut bitcoins down. Since they couldn't close any central servers, they would attack the market and watch people leave of their own accord. Their investment would have to be small to push the price down to nothing ($1m would be nothing, I imagine), make it less than the cost of electricity, and watch people's own fear weaken the system. All they need are some people who know how to manipulate markets (and they're all smart people, right?).


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August 07, 2011, 07:23:20 AM
 #27

My random new conspiracy theory for the day:

That guy's CIA visit a few weeks ago resulted in them deciding they want to shut bitcoins down. Since they couldn't close any central servers, they would attack the market and watch people leave of their own accord. Their investment would have to be small to push the price down to nothing ($1m would be nothing, I imagine), make it less than the cost of electricity, and watch people's own fear weaken the system. All they need are some people who know how to manipulate markets (and they're all smart people, right?).

Doesn't make sense but ok. I mean seriously, the CIA? >.<
miscreanity
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August 07, 2011, 08:03:33 AM
 #28

... they would attack the market and watch people leave of their own accord. Their investment would have to be small to push the price down to nothing ($1m would be nothing, I imagine), make it less than the cost of electricity, and watch people's own fear weaken the system.

Possible? Yes.

Viable? Initially.

In order to suppress the price, the pressure must be applied continuously. With this the case, money would flow from USD to BTC. Since BTCs cannot be destroyed, buyers could pick them up at $0.01 until all currently existing ~7 million have been bought at a total market value of ~USD$70,000.

As the number of Bitcoins continue to rise, if the value were to continue being suppressed, the total market value could be kept at ~USD$210,000.

However, consider the issues currently facing the US and its currency. Debasement raises the cost of suppression.

Also, there is a maximum amount of BTCs that can be bought. They have to be subsequently mined. Unless the US is going to set up a mining farm to maintain control of all the BTCs generated, sellers will be unlikely to settle for $0.01/BTC. If the lowest price accepted per Bitcoin were to be $1,000 and a block of 50 were being sold, that's $50,000 that the US gov't would have to part with. Taking into consideration the likelihood that people will wise up to this game, the price may very well escalate much higher.

Imagine the minimum asking price at $100,000/BTC or greater. Is the US gov't going to blow $5mm every 10 minutes on this, or will that money wind up in the pockets of cronies and other criminals as they raid the treasury while the nation burns?

If you really want to take this for a spin, let's assume all 8 digits of expansion have been utilized. That comes to about 700 trillion Satoshis. If each one were to sell for $0.01, the grand total would be USD$7 TRILLION! If you buy in now at $0.01 and the suppression continues to the final conclusion, your end asset would be 100 million Bitcoins or $1,000,000 in fairly worthless USD.

In conclusion, if politicians and bankers were to truly be so stupid, I would be first in line to accept what amounts to free money. Hey, this is effectively what they're doing with the banks, only with them it's debt instead of Satoshis.
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