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Author Topic: Why is BTC in the toilet right now?  (Read 12350 times)
Tasty Champa
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August 06, 2011, 07:28:42 PM
 #41

the only bubble was when it went from 16 to 30, that was the bubble.
However, due to either vengeance or pure greed someone has a strangehold over mt gox.
This strangehold cascades out into the other exchanges simply because of everyone else arbitrating.
What we are witnessing is simply the end, unless the method and manner of which makes this possible is outlawed, and that won't happen. So, thanks for the fish! xD

omg he said it this is the end people! SELL SELL SELL  Tongue

hahah, I know, but what is really dangerous right this moment is the amount of coverage bitcoin is getting in the press from somewhat reputable sources. can't expect the person or person(s) doing it are ever going to stop.

bad thing is, anyone with enough money can use the method.

the core of the bitcoin community will not be affect by media.....its like star trek! at first it tanked and then the die hard fans brought it back to life. i foresee something similar with bitcion. what they did for star trek with special effects we will do for bitcoin with high end security.

hehehe



I hope this is TNG!
at least the Continuum took away Q's powers for a little while. xD
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adamstgBit
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August 06, 2011, 07:30:34 PM
 #42

Excluding hardware costs, what is the USD cost of electricity required to generate 1 BTC?

That's the price around which BTC will stabilize, I think. If the price is higher than that cost, miners will generate new coins and sell to push the price down. Below that cost and the miners will turn off their mining rigs. Since they are not mining at that point, they won't have new BTC to sell. Of course other sellers could continue to aggressively push the price down but at least the miners won't be the ones doing the selling.

miners want to sell high like everyone else, the last thing they want is to push the price down.
if the miner start turning of the rigs the difficultly will go down making it possible for small time miners to get back in the game.

the cost of btc will always be as high as poeple are willing to pay, and not as low as the miners are willing to sell. IMO

This is true. The only reason price has been so god damned volatile in the past is because bitcoins were being sold for X10 what it costs to actually produce them, giving people plenty of options for pricing. Once the btc cost to mine is just break even, price will not fluctuate too much. People won't be selling for less than they're worth (an individuals cost to mine them)

the price of btc has very little to do with how much it cost to make them... its all about supply and demand.  its like gold and steal... doesn't cost more to mine gold, but gold is more valuable cuz there is less of it and lots of people want it.... and "they" hold tones of gold in a safe somewhere to lower the supply.

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August 06, 2011, 07:33:58 PM
 #43

the only bubble was when it went from 16 to 30, that was the bubble.
However, due to either vengeance or pure greed someone has a strangehold over mt gox.
This strangehold cascades out into the other exchanges simply because of everyone else arbitrating.
What we are witnessing is simply the end, unless the method and manner of which makes this possible is outlawed, and that won't happen. So, thanks for the fish! xD

omg he said it this is the end people! SELL SELL SELL  Tongue

hahah, I know, but what is really dangerous right this moment is the amount of coverage bitcoin is getting in the press from somewhat reputable sources. can't expect the person or person(s) doing it are ever going to stop.

bad thing is, anyone with enough money can use the method.

the core of the bitcoin community will not be affect by media.....its like star trek! at first it tanked and then the die hard fans brought it back to life. i foresee something similar with bitcion. what they did for star trek with special effects we will do for bitcoin with high end security.

hehehe



I hope this is TNG!
at least the Continuum took away Q's powers for a little while. xD


we are bitcoin
your technological and biological products will be adapted to service us
resistance is futile


Tasty Champa
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August 06, 2011, 07:35:50 PM
 #44

I think everyone is just decided to start buying Bismuth Crystals instead.



True libertarian dream come true, buy bitsmuth crystal, take picture of Bismuth crystal, sell digital copies of picture, profit!
RogerR
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August 06, 2011, 07:38:24 PM
 #45

the only bubble was when it went from 16 to 30, that was the bubble.
However, due to either vengeance or pure greed someone has a strangehold over mt gox.
This strangehold cascades out into the other exchanges simply because of everyone else arbitrating.
What we are witnessing is simply the end, unless the method and manner of which makes this possible is outlawed, and that won't happen. So, thanks for the fish! xD

omg he said it this is the end people! SELL SELL SELL  Tongue

hahah, I know, but what is really dangerous right this moment is the amount of coverage bitcoin is getting in the press from somewhat reputable sources. can't expect the person or person(s) doing it are ever going to stop.

bad thing is, anyone with enough money can use the method.

the core of the bitcoin community will not be affect by media.....its like star trek! at first it tanked and then the die hard fans brought it back to life. i foresee something similar with bitcion. what they did for star trek with special effects we will do for bitcoin with high end security.

hehehe



I hope this is TNG!
at least the Continuum took away Q's powers for a little while. xD


we are bitcoin
your technological and biological products will be adapted to be exchanged for us
resistance is futile

FTFY
Tasty Champa
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August 06, 2011, 07:42:06 PM
 #46

the only bubble was when it went from 16 to 30, that was the bubble.
However, due to either vengeance or pure greed someone has a strangehold over mt gox.
This strangehold cascades out into the other exchanges simply because of everyone else arbitrating.
What we are witnessing is simply the end, unless the method and manner of which makes this possible is outlawed, and that won't happen. So, thanks for the fish! xD

omg he said it this is the end people! SELL SELL SELL  Tongue

hahah, I know, but what is really dangerous right this moment is the amount of coverage bitcoin is getting in the press from somewhat reputable sources. can't expect the person or person(s) doing it are ever going to stop.

bad thing is, anyone with enough money can use the method.

the core of the bitcoin community will not be affect by media.....its like star trek! at first it tanked and then the die hard fans brought it back to life. i foresee something similar with bitcion. what they did for star trek with special effects we will do for bitcoin with high end security.

hehehe



I hope this is TNG!
at least the Continuum took away Q's powers for a little while. xD


we are bitcoin
your technological and biological products will be adapted to be exchanged for us
resistance is futile

FTFY

but didn't Jane bomb their wormholes in Voyager and started a rebellion using their digital astral plane?
adamstgBit
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August 06, 2011, 07:45:10 PM
 #47

the only bubble was when it went from 16 to 30, that was the bubble.
However, due to either vengeance or pure greed someone has a strangehold over mt gox.
This strangehold cascades out into the other exchanges simply because of everyone else arbitrating.
What we are witnessing is simply the end, unless the method and manner of which makes this possible is outlawed, and that won't happen. So, thanks for the fish! xD

omg he said it this is the end people! SELL SELL SELL  Tongue

hahah, I know, but what is really dangerous right this moment is the amount of coverage bitcoin is getting in the press from somewhat reputable sources. can't expect the person or person(s) doing it are ever going to stop.

bad thing is, anyone with enough money can use the method.

the core of the bitcoin community will not be affect by media.....its like star trek! at first it tanked and then the die hard fans brought it back to life. i foresee something similar with bitcion. what they did for star trek with special effects we will do for bitcoin with high end security.

hehehe



I hope this is TNG!
at least the Continuum took away Q's powers for a little while. xD


we are bitcoin
your technological and biological products will be adapted to be exchanged for us
resistance is futile

FTFY

but didn't Jane bomb their wormholes in Voyager and started a rebellion using their digital astral plane?

that was the borg.

we are bitcoin
prepare to be bought out.
resistance is futile

bitcola
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August 06, 2011, 07:46:37 PM
 #48

So the markets tank and bitcoin tanks even more! So much for it being a safe haven from fiat money......
adamstgBit
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August 06, 2011, 07:53:44 PM
 #49

So the markets tank and bitcoin tanks even more! So much for it being a safe haven from fiat money......

quickly get out while you still can!

FXRiot
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August 06, 2011, 07:54:53 PM
 #50

So the markets tank and bitcoin tanks even more! So much for it being a safe haven from fiat money......

I would argue even if Bitcoin fell to $1 per BTC it would still be a safe haven from the doom that is the dollar.

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adamstgBit
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August 06, 2011, 07:56:44 PM
 #51

So the markets tank and bitcoin tanks even more! So much for it being a safe haven from fiat money......

I would argue even if Bitcoin fell to $1 per BTC it would still be a safe haven from the doom that is the dollar.

please watch

http://www.youtube.com/watch?v=_dmPchuXIXQ

FXRiot
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August 06, 2011, 07:58:38 PM
 #52

Indeed.  Although the 2nd half is a little creepy sounding to me.

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elements
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August 06, 2011, 09:17:19 PM
 #53

Why BTC is down the toilet (from an exchange point of view):

- Mt. Gox "hack" (this was the beginning of the downward movement and most improtant key factor to all of this) / FIRST big hit

- Mt. Gox rollback (very bad for serious investors)

- Realizing that almost no site/exchange is regulated (they more or less all could cut and run w/o any repercussions)

- Closing of EUR-Sepa transfer to/from Mt Gox / SECOND big hit

- many sites having problems / growing pains / insufficient security / insufficient customer service / insuffscient useabilty

- Trojans / Keylogger => many thefts, some of them huge

- US announcing law against virtual currencies including bitcoin (from 27th of September, if i recall correctly)

- Dwolla-Frauds / THIRD big hit

- MyBitcoin Scam & Bruce announcing to have lost 25k BTC along with many "new" merchants PLUS massive sell-offs / FOURTH big hit

- investors realizing that even though there is/was great potential for profit, bitcoin is not yet mature enough as an financial asset


BTW: I predict the prize will go sub 5.00 USD wihtin the next 72 hours (at least for a small time).



All of this has NOTHING to do with Bitcoin itself, but the problem remains: a currency is only as valuable as it is regarded by it's users:

- store of vaule
(short/mid: unless you are a miner who has free electricity or earns enough fiat otherwise that electicity is not a problem AT ALL - you have to consider fiat exchange rates since most people bought BTC with fiat; long-term: too uncertain - BTC might die completly or be replaced by a better version or somehow made illegal)

- medium of exchange (honestly, although I admire the the spark and the many, many projects in dev, ATM it's a joke)
(for dark market: too volatile, still too traceable)

- anonymity: not strong enough, too complicated to most people, too many vectors of failiure

- liquidity: non-existent for most users
(no EUR-SEPA anywhere, dwolla debacle, Paxum charges 50 USD for bankwires, for big players - not enough volume anywhere)


IF you can afford to hold you should hold and buy though, because when all of the above problems are solved the true potential will unfold itself. BUT this only works IF you can afford to loose everything you invested so far (because it very likely could also go down the drain completly) AND you earn enough fiat till BTC will be more or less stable AND widely accepted.

That's the problem ! (These conditions do not apply to most useres atm).








»A common mistake that people make when trying to design something completely foolproof was to underestimate the ingenuity of complete fools.« - Douglas Adams
Use the trusted German Bitcoin exchange: https://www.bitcoin.de/de/r/5wcwts
Tips & donations: BTC : 1MAQYNLp2VJ9wWhPYg5BnrbUGzdhGXopZw | CGB: 5bgQivyHJcSWTgvLfVW87Zj23M7mcFCVBF
defxor
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August 06, 2011, 09:27:47 PM
 #54

no EUR-SEPA anywhere

Intersango & bitmarket.eu?

elements
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August 06, 2011, 09:34:21 PM
 #55

no EUR-SEPA anywhere

Intersango & bitmarket.eu?



Intersango - too small volume

Bitmarket.eu - person-to-person (meaning delays in exchange with bank wire) and too small volume as well

(look at the prices: while the mt. gox rate goes down and down people still want to sell at 7-8 Euro: no one who invests (like in other assets) would buy for a 41-42% premium (EUR/USD=1,42); only hard-core believers who earn enough fiat and are able to "wait" it out can afford to do so - extreme minority)

»A common mistake that people make when trying to design something completely foolproof was to underestimate the ingenuity of complete fools.« - Douglas Adams
Use the trusted German Bitcoin exchange: https://www.bitcoin.de/de/r/5wcwts
Tips & donations: BTC : 1MAQYNLp2VJ9wWhPYg5BnrbUGzdhGXopZw | CGB: 5bgQivyHJcSWTgvLfVW87Zj23M7mcFCVBF
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August 06, 2011, 09:48:01 PM
 #56

- Mt. Gox "hack" (this was the beginning of the downward movement and most improtant key factor to all of this) / FIRST big hit

This is incorrect.  The price fell to $10 from the all-time high about a week before the MtGox hack and downtime.
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August 06, 2011, 09:49:42 PM
 #57

Yeah it is looking to be a major crash.

There is a good and a bad way to view this:

The bad: Hackers and thieves just fucked up the biggest possibility for real electronic money the world has ever seen,  and maybe will see for a long time?

The good: If the prices tank fast enough, all those hackers and thieves may not have sold out fast enough and barely get jack shit for all their "effort" Fuck em.

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August 06, 2011, 09:51:07 PM
 #58

Just curious... stopped paying attention for a week, and now all of a sudden we're at 8 bucks.

The markets are down across the board. Most likely people are trying to get to less risky investments and don't see the difference between a bitcoin and a buck.

Bitcoin Venture Capital
http://www.btcvc.com/

We help match early adopters with potential BTC startups.
Come by and check our list of potential startups today!
elements
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August 06, 2011, 10:21:13 PM
 #59

- Mt. Gox "hack" (this was the beginning of the downward movement and most improtant key factor to all of this) / FIRST big hit

This is incorrect.  The price fell to $10 from the all-time high about a week before the MtGox hack and downtime.

Which would not have been a problem if the subsequent "hack" and all the other desasters did not occur.

It would've been forgotten for long by now.

»A common mistake that people make when trying to design something completely foolproof was to underestimate the ingenuity of complete fools.« - Douglas Adams
Use the trusted German Bitcoin exchange: https://www.bitcoin.de/de/r/5wcwts
Tips & donations: BTC : 1MAQYNLp2VJ9wWhPYg5BnrbUGzdhGXopZw | CGB: 5bgQivyHJcSWTgvLfVW87Zj23M7mcFCVBF
hi
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August 06, 2011, 10:46:19 PM
 #60

Quote
- US announcing law against virtual currencies including bitcoin (from 27th of September, if i recall correctly)

this is why internet forums are filled with idiots.  This did not happen, you are just another clueless dumb fuk posting random anonymous thoughts that fill that
empty vacuous object called your head.

What drivel this place spews.

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