What would make it's price go bellow $1.00?

[Rycco]

Someone breaking it's cryptography? NSA maybe? MtGox stealing all it's bitcoins?

[PinkPotatos]

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]

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]

That the BTC code got hacked, or that people lost all faith in it.

[Rycco]

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]

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]

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]

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]

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]

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]

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]

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]

jballs

http://mtgoxlive.com/orders

if 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]

jballs

http://mtgoxlive.com/orders

if 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]

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]

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.
 

[beetcoin]

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]

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.

[oakpacific]

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]

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