New paradigm - the bubble that never pop?

[piramida]

If it doesn't stabilize around $70, it's gonna crash hard.

if it goes to 70, there will be no bitcoin anymore. but it won't.

Bullshit, the price could go to a cent and Bitcoin would be doing fine.
70 isn't even that far away, it's just the base of this bubble.

I know who's the real weak hand...

I am holding the coins bought in June 2011 during a peak. You?

And no, your statement shows you amazingly still don't understand anything about bitcoin. If the price goes to 1cent, it is done. You might use it in your basement, sure, but the plans for worldwide acceptance would be over.

[Rampion]

LOL, this quarrel between you two just reminded me the below 2011 conversation, when price was $11:

My best bet the price of bitcoins will stay the same as it is now for a longer period, possibly till transaction fees become more relevant than mining.

Well then you didn't quite read the above thread ElectricMucus Demand will not stay at the same level, and transaction fees have little to nothing to do with it.

Good call ElectricMucus

[piramida]

LOL, this quarrel between you two just reminded me the below 2011 conversation, when price was $11:

My best bet the price of bitcoins will stay the same as it is now for a longer period, possibly till transaction fees become more relevant than mining.

Well then you didn't quite read the above thread ElectricMucus Demand will not stay at the same level, and transaction fees have little to nothing to do with it.

Good call ElectricMucus

Wow nice dig, I don't even remember that. To be fair, we do have some transaction fees now. But they are like 5% of mining still, so not more relevant, no

[Rampion]

5%? More like 0.5%. Block reward is still orders of magnitude more relevant than fees - and that's not bound to change in the short time.

[Odalv]

If it doesn't stabilize around $70, it's gonna crash hard.

if it goes to 70, there will be no bitcoin anymore. but it won't.

Bullshit, the price could go to a cent and Bitcoin would be doing fine.
70 isn't even that far away, it's just the base of this bubble.

I know who's the real weak hand...

Mucus if you invested $100 USD when you registered then you are millionare today.

[dg2010]

That's a shitty thing to think about. Back in 2011 I was mostly buying and spending coins, I didn't even think about saving until earlier this year.

[MatTheCat]

That's a shitty thing to think about. Back in 2011 I was mostly buying and spending coins, I didn't even think about saving until earlier this year.

LOL me too.

Told all my mates I was gonna invest 500 quid, just to support this 'really cool initiative', bought em, then spent em all, bought more, but spent them as well etc etc.

Then I told my mates I was gonna invest 1000 GBP in December 2012, but I was gonna wait till the price came down a bit. See, cos Bitcoin's value was 'obviously' determined by demand for Silk Road purchases, after the festive season, it was gonna slump, see, and then I was gonna pay just $8 for my coin instead of $12! Pure genius!

I never started investing large amounts of capital until well into the November 2013 run up, which perhaps explains why I have no tolerance of the 'buy and hold no matter what crowd' that dominate this forum....easily said if you bought in at $20.

[humanitee]

That's a shitty thing to think about. Back in 2011 I was mostly buying and spending coins, I didn't even think about saving until earlier this year.

LOL me too.

Told all my mates I was gonna invest 500 quid, just to support this 'really cool initiative', bought em, then spent em all, bought more, but spent them as well etc etc.

Then I told my mates I was gonna invest 1000 GBP in December 2012, but I was gonna wait till the price came down a bit. See, cos Bitcoin's value was 'obviously' determined by demand for Silk Road purchases, after the festive season, it was gonna slump, see, and then I was gonna pay just $8 for my coin instead of $12! Pure genius!

I never started investing large amounts of capital until well into the November 2013 run up, which perhaps explains why I have no tolerance of the 'buy and hold no matter what crowd' that dominate this forum....easily said if you bought in at $20.

Anybody NOT in your position would be fine just holding. The newest batch of noobs have to get burned to learn their lesson. I don't blame them or you for selling. The people from April who bought and held have been rewarded, as have the people from every other bubble. That's why buy and hold is so popular.

Invest -> Cash out your initial after a doubling or more -> Give little fucks afterwards = path of happiness

[Rampion]

If it doesn't stabilize around $70, it's gonna crash hard.

if it goes to 70, there will be no bitcoin anymore. but it won't.

Bullshit, the price could go to a cent and Bitcoin would be doing fine.
70 isn't even that far away, it's just the base of this bubble.

I know who's the real weak hand...

Mucus if you invested $100 USD when you registered then you are millionare today.

He turned bear too soon. Like 4 days after registering. In 2011 he was already too worried about the "excessive" amount of BTC the early adopters were holding.

Ouch. I guess he is more into alts. I feel your pain, Mucus.

[Odalv]

If it doesn't stabilize around $70, it's gonna crash hard.

if it goes to 70, there will be no bitcoin anymore. but it won't.

Bullshit, the price could go to a cent and Bitcoin would be doing fine.
70 isn't even that far away, it's just the base of this bubble.

I know who's the real weak hand...

Mucus if you invested $100 USD when you registered then you are millionare today.

He turned bear too soon. Like 4 days after registering. In 2011 he was already too worried about the "excessive" amount of BTC the early adopters were holding.

Ouch. I guess he is more into alts. I feel your pain, Mucus.

Mucus, we are all still early adopters. There are 7,000,000,000 people ... and if only 1% of them will use it then bitcoin price will go 100 times higher.

[ElectricMucus]

Mucus, we are all still early adopters. There are 7,000,000,000 people ... and if only 1% of them will use it then bitcoin price will go 100 times higher.

Here is the thing, we aren't adopters at all, just speculators. The people who actually use Bitcoins for something else are just a handful of people.
Next, the gini coefficient of Bitcoin is higher than in any country, and it shows no sign of coming down. To the contrary, it went up even further. Oh and countries with a high gini coefficient usually have a bad economy or high corruption. (Third world countries.)

[ElectricMucus]

The consensus is that the gini coefficient should be not too low and not too high to archive economic growth. Look it up there is a estimation of the gini coefficient done by zoutong when he still was an active member of this community, the results are very discouraging. It was above 80% and rising, not even accounting for people with multiple wallets.

[Wilhelm]

Mucus, we are all still early adopters. There are 7,000,000,000 people ... and if only 1% of them will use it then bitcoin price will go 100 times higher.

Here is the thing, we aren't adopters at all, just speculators. The people who actually use Bitcoins for something else are just a handful of people.
Next, the gini coefficient of Bitcoin is higher than in any country, and it shows no sign of coming down. To the contrary, it went up even further. Oh and countries with a high gini coefficient usually have a bad economy or high corruption. (Third world countries.)

Lucky for me my country fades away in the background. And America is a third world country

[ElectricMucus]

Haven't you been paying attention? Both low and high gini coefficients are bad for the economy. A low gini coefficient may be ethically favourable, but it doesn't provide as much as an incentive for innovation. This is the case with the most of central Europe. A high gini coefficient deprives the economy of income (insufficient spending)
If Bitcoin were a country on this map it would be pitch black. The closest ones are countries like south Africa with Bitcoin off the Chart.