|
Rycco (OP)
|
 |
November 28, 2013, 11:48:49 PM |
|
Someone breaking it's cryptography? NSA maybe? MtGox stealing all it's bitcoins?
|
|
|
|
|
|
|
|
|
|
|
|
|
You get merit points when someone likes your post enough to give you some. And for every 2 merit points you receive, you can send 1 merit point to someone else!
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
PinkPotatos
Full Member
 Offline
Activity: 126
Merit: 100
Girls dont crypto?
|
|
November 28, 2013, 11:56:27 PM |
|
Someone breaking it's cryptography? NSA maybe? MtGox stealing all it's bitcoins?
How about someone with over 200k BTC dumping their entire holdings. There is a wallet with over 1 million btc in it right now. If that moved you would see mass chaos. |
|
|
|
Iccarus13
Newbie
Offline
Activity: 10
Merit: 0
|
|
November 28, 2013, 11:57:00 PM |
|
Why would someone do that? It's like burning the money from people waiting in line to spent it at you're store. And since the US government has the btc of dread Pirate Roberts and thus spending it on their own debts, it doesn't seem logical
|
|
|
|
|
Baldershymn
Newbie
Offline
Activity: 10
Merit: 0
|
|
November 28, 2013, 11:58:18 PM |
|
That the BTC code got hacked, or that people lost all faith in it.
|
|
|
|
|
|
Rycco (OP)
|
|
November 28, 2013, 11:58:49 PM |
|
Guys, I'm not telling that this is gonna happen! We're just here to discuss what would cause that. LOL
I'm in favor of bitcoin and I want to keep it forever!
|
|
|
|
Shneebly
Newbie
Offline
Activity: 25
Merit: 0
|
|
November 29, 2013, 12:49:34 AM
Last edit: December 06, 2013, 08:45:21 AM by Shneebly |
|
Hmmm... it would currently take a market sell order of 2.3 million Bitcoin to drive the price below $1,000 on Gox. Since selling "at market" millions of dollars of anything is moronic, I doubt even the "million bitcoin" individual/group converting into fiat would cause that amount of chaos...
Edit: @aylwood My mistake. I meant 2.3 million in Bitcoin which was accurate at the time posted.
|
|
|
|
|
|
Light
|
|
November 29, 2013, 12:57:41 AM |
|
Someone breaking it's cryptography? NSA maybe? MtGox stealing all it's bitcoins?
All of those would definitely cause a dip in the prices, but I doubt it to the extent that it falls to below $1 . Bitcoin's value originates from basically supply and demand, despite the fact that some proponents claim it has "intrinsic value". It's value comes from the fact people are willing to buy it at a certain price, so I feel it'll only fall to that value when 99% of the community ditches it. As to the reason why people ditch it that's anyone's guess. |
|
|
|
|
PinkPotatos
Full Member
Offline
Activity: 126
Merit: 100
Girls dont crypto?
|
|
November 29, 2013, 02:22:20 AM |
|
Hmmm... it would currently take a market sell order of 2.3 million Bitcoin to drive the price below $1,000 on Gox. Since selling "at market" millions of dollars of anything is moronic, I doubt even the "million bitcoin" individual/group converting into fiat would cause that amount of chaos...
Then you are delusional. If someone dumped 15% of the entire mint, Bitcoin would be pennies. |
|
|
|
PinkPotatos
Full Member
Offline
Activity: 126
Merit: 100
Girls dont crypto?
|
|
November 29, 2013, 02:27:07 AM |
|
Someone breaking it's cryptography? NSA maybe? MtGox stealing all it's bitcoins?
All of those would definitely cause a dip in the prices, but I doubt it to the extent that it falls to below $1 . Bitcoin's value originates from basically supply and demand, despite the fact that some proponents claim it has "intrinsic value". It's value comes from the fact people are willing to buy it at a certain price, so I feel it'll only fall to that value when 99% of the community ditches it. As to the reason why people ditch it that's anyone's guess. LOL Bitcoin is like 90% speculation and it wouldnt take anywhere near 99% of the current adopters to ditch it for it to become trendy to dump. |
|
|
|
aylwood
Newbie
Offline
Activity: 12
Merit: 0
|
|
November 29, 2013, 02:57:41 AM |
|
Hmmm... it would currently take a market sell order of 2.3 million Bitcoin to drive the price below $1,000 on Gox you've got that wrong i'm afraid. it's currently around BTC4000 |
|
|
|
|
|
jballs
|
|
November 29, 2013, 04:16:36 AM |
|
Hmmm... it would currently take a market sell order of 2.3 million Bitcoin to drive the price below $1,000 on Gox you've got that wrong i'm afraid. it's currently around BTC4000 sorry for noob Q but can you/someone link to resting bids? tia |
|
|
|
|
Light
|
|
November 29, 2013, 04:39:14 AM |
|
LOL Bitcoin is like 90% speculation and it wouldnt take anywhere near 99% of the current adopters to ditch it for it to become trendy to dump.
Well put it this way, BTC was around $1 per BTC when I first joined and since then the community has expanded greatly from the number of people ready to accept BTC as payment to the number of forum users and so I would say the community has grown a hundredfold at least since then. |
|
|
|
|
aylwood
Newbie
Offline
Activity: 12
Merit: 0
|
|
November 29, 2013, 04:54:41 AM |
|
jballs http://mtgoxlive.com/ordersif you hover over the stack line at the price of interest, it tells you how many BTC/$ are needed to buy/sell to reach this price... |
|
|
|
|
|
fred1111
|
|
November 29, 2013, 08:00:58 AM |
|
jballs http://mtgoxlive.com/ordersif you hover over the stack line at the price of interest, it tells you how many BTC/$ are needed to buy/sell to reach this price... This doesn't take into account the other exchanges. Also true for how many BTC needed to be bought to go northwards. |
|
|
|
|
|
beetcoin
|
|
November 29, 2013, 08:29:37 AM |
|
this sounds out there, but a solar flare/EMP shockwave would ruin everything.. no electricity available and then bitcoin would be really doomed. if all hard drives are wiped, then the blockchains vanish.
|
|
|
|
|
|
techstorm2
|
|
November 29, 2013, 09:00:22 AM |
|
Someone breaking it's cryptography? NSA maybe? MtGox stealing all it's bitcoins?
All of those would definitely cause a dip in the prices, but I doubt it to the extent that it falls to below $1 . Bitcoin's value originates from basically supply and demand, despite the fact that some proponents claim it has "intrinsic value". It's value comes from the fact people are willing to buy it at a certain price, so I feel it'll only fall to that value when 99% of the community ditches it. As to the reason why people ditch it that's anyone's guess. Agree, if a massive sell happened and the price dropped to say $500, youd have a massive amount of buyers at that level, dont think it would ever get as low as $1, or if it did id be buying 1000s.  |
Dime 7Q3cZtyJemmE8pJsrYgX24mHnkqZX6M6hP
BTC 18vbvovBeM5ZTZqR5ZWAy75EXE7qTNipuo
Mooncoin 2QgyivUMa7Zun6oPdxeE1yry1aNp5hqrDb
LTC Lg3UYGCAe3Tb146PiMqeGNLR7bnjdM447d
Doge DPd1XejW8TabJu5gfjyKnuQYQ9Vzw1anXN
|
|
|
|
beetcoin
|
|
November 29, 2013, 09:04:45 AM |
|
Someone breaking it's cryptography? NSA maybe? MtGox stealing all it's bitcoins?
All of those would definitely cause a dip in the prices, but I doubt it to the extent that it falls to below $1 . Bitcoin's value originates from basically supply and demand, despite the fact that some proponents claim it has "intrinsic value". It's value comes from the fact people are willing to buy it at a certain price, so I feel it'll only fall to that value when 99% of the community ditches it. As to the reason why people ditch it that's anyone's guess. Agree, if a massive sell happened and the price dropped to say $500, youd have a massive amount of buyers at that level, dont think it would ever get as low as $1, or if it did id be buying 1000s. if it drops to $1, there would be a reason.. so you don't really know. what you'd do. |
|
|
|
|
|
SuperHakka
|
|
November 29, 2013, 10:52:05 AM |
|
But it only take one sale at market of 102,000 (or two market order at 50k, etc. etc.) BTC to bring the price down to $50 on Mt Gox.
|
'First they ignore you. Then they laugh at you. Then they attack you. Then you win.' - Mohandas Gandhi
"Whenever I'm about to do something, I think, 'Would an idiot do this?' and if he would, I do not do that thing." - Dwight Schrute
|
|
|
|
oakpacific
|
|
November 29, 2013, 10:55:05 AM |
|
LOL at all the noobs who were not even around this April. FYI 2 million BTCs were dumped in a matter of 4 days, and the lowest point the price reached was.....$50, nowhere near $1 yet.
|
|
|
|
johnyj
Legendary
Offline
Activity: 1988
Merit: 1012
Beyond Imagination
|
|
November 29, 2013, 11:44:23 AM |
|
If all the gold on earth were dumped on the market, the price will also go below $1 for a while, but any rational people will take the chance to buy as much as they can, if you dump something with limited supply for something with unlimited supply, the price will not drop too much
The real interesting thing happens next year when FED start to tighten the money supply
|
|
|
|
|
