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[BitcoinEXpress]

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[Are-you-a-wizard?]

Any thoughts?

No thoughts, just pain.

[jackjack]

Lol you really think bitcoin will drop to $1?
Ah Ah!

[jackjack]

Why $1 in that case, why not $0.01? Or even 0
Maybe -2!!

[SmokeAndMirrors]

BTC was bound to drop below $10. Assuming it would keep its price while it was so high was ridiculous. However, expecting it to drop below $1 is ridiculous as well. If it did, it would be due to a hacker dumping coins.

[error]

BTC was bound to drop below $10. Assuming it would keep its price while it was so high was ridiculous. However, expecting it to drop below $1 is ridiculous as well. If it did, it would be due to a hacker dumping coins.

It took a hacker dumping coins to cause it to drop below $10.

[prof7bit]

$8 was the price I predicted a while ago when it still was around $16. All called me crazy and said I could not apply methods of technical chart analysis and chart patterns to something like Bitcoin because TA is generally hocus-pocus (then I must consequently be a magician) and Bitcoin prices behave different than anything previously known to mankind. Now it seems they were wrong and I was right. As expected (by me).
</toldyouso>
 

[Anonymous]

BTC was bound to drop below $10. Assuming it would keep its price while it was so high was ridiculous. However, expecting it to drop below $1 is ridiculous as well. If it did, it would be due to a hacker dumping coins.

It took a hacker dumping coins to cause it to drop below $10.

There is no evidence of this over the more likely people cashing out out of fear.

[Are-you-a-wizard?]

BTC was bound to drop below $10. Assuming it would keep its price while it was so high was ridiculous. However, expecting it to drop below $1 is ridiculous as well. If it did, it would be due to a hacker dumping coins.

It took a hacker dumping coins to cause it to drop below $10.

There is no evidence of this over the more likely people cashing out out of fear.

Yep.

[kgo]

BTC was bound to drop below $10. Assuming it would keep its price while it was so high was ridiculous. However, expecting it to drop below $1 is ridiculous as well. If it did, it would be due to a hacker dumping coins.

I don't think it'll go down to $1, but is was trading at that as little as 4 months ago, so I don't think it's totally ridiculous to think it could go that low again.

[Enochian]

For serious long term Bitcoiner, this is good. I hope it falls below a $1.00 and stays there for 30 days...thin out the field and get some cheap GPU's.

Nah.  Not $1.00.  90 Cents.  The optimal alternative currency value.

People acquiring bitcoins to exchange them for stuff don't care what the dollar value is, as long as it doesn't change while they're holding the coins.

So obviously this drop is due to speculators cashing out, and lack of new demand created by frequent publicity in places like Slashdot.

Absent clever promotion, this is probably the beginning of the long slow decline.

[airdata]

With the current difficulty, if price hits and stays around $1 there's going to be a mass exodus of miners.

I'm considering quitting now.  Mining is slow, just got a $600 electric bill and bitcoin prices are lower than when i started mining, and yet difficulty is 10 times as much.  So it takes 10 times mmore to mine now than when I started and prices are lower...

I know I'm not alone since other people have more expensive electricity than me.

[Smalleyster]

I think any prediction is purely a guess.

My guess at the drop is that the thieves are cashing out and the little boys are panicking in their wake.

[spruce]

Long term Bitcoiners care less what the price is, $30.00 or $1.00 per BTC makes no difference.

Dunno about you, but I would rather buy more at $1 than $30 though.

[JoelKatz]

With the current difficulty, if price hits and stays around $1 there's going to be a mass exodus of miners.

Good, then difficulty will drop and there will be a mass influx of miners.

[lemonginger]

With the current difficulty, if price hits and stays around $1 there's going to be a mass exodus of miners.

Good, then difficulty will drop and there will be a mass influx of miners.

Ah, negative feedback loops, what would we do without you?

[klamathonsite]

experts my ass

[fcmatt]

Isn't the volume high enough to basically throw out the whole stolen bitcoin theory is dropping the price at this point?

[markm]

How much of the huge early-adopter bitcoin-fortunes has been converted to fiat by now?

Have they been converting to fiat in large amounts at all?

I had hoped their plan had been to convert so much to fiat that they would from then on have huge reserves of fiat with which to keep bitcoin prices from ever falling below 1/21000000 of the reserves per coin.

But maybe they have not moved into fiat at all?

Or they have, but are not using that fiat as reserves to stabilise bitcoin?

Or they have, but are investing the fiat in various regulatory moves and licensing of legal banking institutions or purchases of legally licensed banks and such to uphold bitcoin's "legitimacy" more than worrying about its per unit exchange rate?

If it does go down to a dollar that would be awesome if I can actually buy it instead of finding at that point no one on #bitcoin-otc is fool enough to sell at such insanely low price...

-MarkM-

[Smalleyster]

Isn't the volume high enough to basically throw out the whole stolen bitcoin theory is dropping the price at this point?

Once a flood starts all the sheep tend to follow. Let's see how many wolves are left.