Does anyone think the price is unsustainable? Only bears please and seriousness.

[GigaCoin]

I've been studying the charts and I actually now agree that this is likely a bubble, a huge slow growing short-term bubble. Doesn't mean we won't see $10,000XBT i still believe we are heading there but on the short-term we may have a 60% correction from bubble peak. At this stage a 60% correction may only mean a price between $600-$900 after which we stabilize there for a while until the next bull run.

Either way i don't think we'll ever see below $500 again.

[1715196262]

1715196262

[waveaddict]

I don't think that some conspiracy is required to crash the price. Just demand and supply, at a certain price level we'll see a lot more supply.

And this is not a 5-5-5 EW, we are way beyond that. We already had 148$, 233$, 378$ (rebound to 395$), 900$ and now we probably are
close to the top of a humongous wave B, due to about 12M$ (on Gox) more than at the top 900$ crash.
The EW theory turned out to be just a particular case, it needs to be rewritten.

Try putting it in the context of a motive extension and things will make sense again. Also you might want to readjust where the impulse begins at. Good Luck!

http://www.elliottwave.net/educational/basictenets/basics2.htm

[AndrewWilliams]

Price rise or go down, day traders are making money either way 

[Open4lies]

Price rise or go down, day traders are making money either way 

Not all day traders and even the successfull ones not everytime.

[CoinCube]

Bitcoin is the perfect asset bubble

1) Take a truly revolutionary idea (cryptocurrency)
2) Apply it to a pyramid scheme https://bitcointalk.org/index.php?topic=341594.0
3) Tell people they will be rich but only if the "have strong hands" and never sell
4) Threaten people that all their cash will be worthless in the future ie they will lose most of their wealth if they don't invest.
5) Sell gradually to all the "strong hands" until the game is up and bitcoin dies at the hands of a better designed rival that is not based on a pyramid

[Ibian]

5) Sell gradually to all the "strong hands" until the game is up and bitcoin dies at the hands of a better designed rival that is not based on a pyramid

This is the interesting bit. How does your "better designed rival" look?

[CoinCube]

I honestly don't know. I am a bitcoin bear I own 0 coins.
The only reason I am in this forum is because I don't want to
miss it when someone smarter then me invents it.

I advise keeping a very close eye on every altcoin that comes out. One of them is likely to be at bitcoin killer. Until such a coin is released bitcoin will probably keep trending up because the narrative is so compelling it disguises the fact that it is in essence a giant pyramid scheme.

[Xenoph0bia]

4) Threaten people that all their cash will be worthless in the future ie they will lose most of their wealth if they don't invest.

This is true, if you hold more cash than you need, this cash simply loose value over time.
Buy gold or land instead if you dont believe in Bitcoin  

[CoinCube]

4) Threaten people that all their cash will be worthless in the future ie they will lose most of their wealth if they don't invest.

This is true, if you hold more cash than you need, this cash simply loose value over time.
Buy gold or land instead if you dont believe in Bitcoin  

Yes but bitcoin threatens much more then just cash. The Bull argument is that bitcoin is going to be the world currency essentially transferring all the worlds wealth to a few early bitcoin investors.

To someone (even someone with hard assets like gold) this is a threat. Invest in bitcoin or be much poorer in the future.

[Coinseeker]

4) Threaten people that all their cash will be worthless in the future ie they will lose most of their wealth if they don't invest.

This is true, if you hold more cash than you need, this cash simply loose value over time.
Buy gold or land instead if you dont believe in Bitcoin  

Yes but bitcoin threatens much more then just cash. The Bull argument is that bitcoin is going to be the world currency essentially transferring all the worlds wealth to a few early bitcoin investors.

To someone (even someone with hard assets like gold) this is a threat. Invest in bitcoin or be much poorer in the future.

People who think that are delusional and in most cases, only speak such ridiculous statements to drive people to buy.  There will always be several world currencies, even if they all became crypto-currencies (doubtful in our lifetime) there still would be hundreds of different currencies to service an ever growing world population.

Is the price sustainable?  Sure it is. $1000 is actually low for what Bitcoin really can be worth.  I'd expect to see many corrections and even crashes along the way but Bitcoin has proven very resilient and as long as there is no "super flaw" in the code or something found (not a tech guy) Bitcoin will be at least one of many major currencies players in the future and could possibly reach $1m or more.  

[CMMPro]

I honestly don't know. I am a bitcoin bear I own 0 coins.
The only reason I am in this forum is because I don't want to
miss it when someone smarter then me invents it.

I advise keeping a very close eye on every altcoin that comes out. One of them is likely to be at bitcoin killer. Until such a coin is released bitcoin will probably keep trending up because the narrative is so compelling it disguises the fact that it is in essence a giant pyramid scheme.

You realize how difficult it would be to be a "bitcoin killer"...I'm guessing not.
Any beneficial characteristic that an alt coin has can be added to bitcoin easily.

If it is so "revolutionary and/or beneficial' adding it to the protocol and getting the miners to adopt it would be a piece of cake.

The bitcoin protocol is not written in stone and can be changed by the dev's as fast as they can code...getting the acceptance of that fork is only as easy as everyone understanding why the change is important or beneficial.

It is a "living" protocol and can evolve instead of being obsoleted....it also has the advantage of being the first and the one with the largest global support network.

[Ibian]

pyramid scheme

We have been over this. No. It does not fit the definition.

[CoinCube]

4) Threaten people that all their cash will be worthless in the future ie they will lose most of their wealth if they don't invest.

This is true, if you hold more cash than you need, this cash simply loose value over time.
Buy gold or land instead if you dont believe in Bitcoin  

Yes but bitcoin threatens much more then just cash. The Bull argument is that bitcoin is going to be the world currency essentially transferring all the worlds wealth to a few early bitcoin investors.

To someone (even someone with hard assets like gold) this is a threat. Invest in bitcoin or be much poorer in the future.

People who think that are delusional and in most cases, only speak such ridiculous statements to drive people to buy.  There will always be several world currencies, even if they all became crypto-currencies (doubtful in our lifetime) there still would be hundreds of different currencies to service an ever growing world population.

Is the price sustainable?  Sure it is. $1000 is actually low for what Bitcoin really can be worth.  I'd expect to see many corrections and even crashes along the way but Bitcoin has proven very resilient and as long as there is no "super flaw" in the code or something found (not a tech guy) Bitcoin will be at least one of many major players in the future.

I agree that those people are delusional but that delusion is what is driving
the current price. Is there underlying real value sure mainly due to the ASIC miners which secure
transmissions. How much is that worth? Maybe a lot maybe nothing at all if something better comes along.

[Coinseeker]

4) Threaten people that all their cash will be worthless in the future ie they will lose most of their wealth if they don't invest.

This is true, if you hold more cash than you need, this cash simply loose value over time.
Buy gold or land instead if you dont believe in Bitcoin  

Yes but bitcoin threatens much more then just cash. The Bull argument is that bitcoin is going to be the world currency essentially transferring all the worlds wealth to a few early bitcoin investors.

To someone (even someone with hard assets like gold) this is a threat. Invest in bitcoin or be much poorer in the future.

People who think that are delusional and in most cases, only speak such ridiculous statements to drive people to buy.  There will always be several world currencies, even if they all became crypto-currencies (doubtful in our lifetime) there still would be hundreds of different currencies to service an ever growing world population.

Is the price sustainable?  Sure it is. $1000 is actually low for what Bitcoin really can be worth.  I'd expect to see many corrections and even crashes along the way but Bitcoin has proven very resilient and as long as there is no "super flaw" in the code or something found (not a tech guy) Bitcoin will be at least one of many major players in the future.

I agree that those people are delusional but that delusion is what is driving
the current price. Is there underlying real value sure mainly due to the ASIC miners which secure
transmissions. How much is that worth? Maybe a lot maybe nothing at all if something better comes along.

I bet on Bitcoin to make money.  When I think of the future of our global monetary system, I think Ripple.  IMO, it is superior to Bitcoin (or any blockchain currency) in every way but that's me. Time will tell...the good new is, we are witnessing first hand, the change of global currency.  That in and of itself is worth the price of admission.

[CoinCube]

pyramid scheme

We have been over this. No. It does not fit the definition.

A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme.

Sounds like bitcoin to me. But opinions may differ the link in my post above goes to the huge argument about about bitcoin being a pyramid or not. Not interested in arguing the point.

[CoinCube]

I honestly don't know. I am a bitcoin bear I own 0 coins.
The only reason I am in this forum is because I don't want to
miss it when someone smarter then me invents it.

I advise keeping a very close eye on every altcoin that comes out. One of them is likely to be at bitcoin killer. Until such a coin is released bitcoin will probably keep trending up because the narrative is so compelling it disguises the fact that it is in essence a giant pyramid scheme.

You realize how difficult it would be to be a "bitcoin killer"...I'm guessing not.
Any beneficial characteristic that an alt coin has can be added to bitcoin easily.

If it is so "revolutionary and/or beneficial' adding it to the protocol and getting the miners to adopt it would be a piece of cake.

The bitcoin protocol is not written in stone and can be changed by the dev's as fast as they can code...getting the acceptance of that fork is only as easy as everyone understanding why the change is important or beneficial.

It is a "living" protocol and can evolve instead of being obsoleted....it also has the advantage of being the first and the one with the largest global support network.

I believe bitcoin is flawed enough and the changes required significant enough that bitcoin will not adapt (due to inertia and vested interests) and this will die. If bitcoin radically evolves into a model that I think is sustainable I may change my mind but I think the odds are against it.

[pera]

The only problem with all your arguments is that Bitcoin is just a protocol/specification for a crypto-currency. Bitcoin don't make any promise; actually Satoshi only wrote a paper and programmed the first implementation. Everything else is online communities: this forum, reddit, github, freenode and the trollbox. You can see a lot of people there saying any kind of bullshit, but they are not Bitcoin.
Also, even the exchanges warns you about how risky is buying btcs...

[Ibian]

pyramid scheme

We have been over this. No. It does not fit the definition.

A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme.

Sounds like bitcoin to me. But opinions may differ the link in my post above goes to the huge argument about about bitcoin being a pyramid or not. Not interested in arguing the point.

Still no. You are wrong. Bitcoin is a limited resource, which is what drives the price up. It's not a matter of opinion. It's exactly as much a pyramid scheme as gold. Which is to say, you are wrong.

[wachtwoord]

pyramid scheme

We have been over this. No. It does not fit the definition.

A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme.

Sounds like bitcoin to me. But opinions may differ the link in my post above goes to the huge argument about about bitcoin being a pyramid or not. Not interested in arguing the point.

Still no. You are wrong. Bitcoin is a limited resource, which is what drives the price up. It's not a matter of opinion. It's exactly as much a pyramid scheme as gold. Which is to say, you are wrong.

Not even the Tulip mania was a a pyramid scheme. Just a retarded investment.

[CoinCube]

The only problem with all your arguments is that Bitcoin is just a protocol/specification for a crypto-currency. Bitcoin don't make any promise; actually Satoshi only wrote a paper and programmed the first implementation. Everything else is online communities: this forum, reddit, github, freenode and the trollbox. You can see a lot of people there saying any kind of bullshit, but they are not Bitcoin.
Also, even the exchanges warns you about how risky is buying btcs...

I agree with your statements of fact which are all true. But those facts are largely irrelevant.
The OP asked if bitcoin was sustainable. I argued that it is not. What Satishi promised is not relevant.