drop in btc value

[bitcool]

How much do you want for them, how many, and where are you at?  The last one I bought brand new cost me just over $600.  I bought it from Provantage.com, drop shipped.

on Provantage.com those cheaper 5970s (under $650) are marked as "special order" which may take 3~4 weeks to deliver.

if you are interested, I have 4 XFX that have only been used for a few weeks, 695 BTC/each, roughly $625 equivalent per mtgox. US shipping included.  Hey it may only cost you $69.5 if a BTC drops to 0.1USD according to some analysis

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[ribuck]

... or if a mildly wealthy retiree who was fascinated by the technology started telling his mildly wealthy buddies ...

This reminds me of a few months ago when the total value of the generated bitcoins first passed $1 million. Some guy commented that even his uncle's house was worth more than $1 million.

The total value is now $5 million. I guess that guy's uncle's house might even be worth $5 million. It just shows how tiny the whole bitcoin economy is, relative to its potential. It has a long way to go yet.

I think the biggest boost to Bitcoin's value will come when inflation starts to skyrocket and the "man in the street" gets scared for his financial future.

[no to the gold cult]

I think the biggest boost to Bitcoin's value will come when inflation starts to skyrocket and the "man in the street" gets scared for his financial future.

I disagree. A lot fewer people will invest in an untried novel new technology when they're worried about making that months critical payments.

[kiba]

It seem that the market prices are not following each other for a while now.

[bitcool]

I disagree. A lot fewer people will invest in an untried novel new technology when they're worried about making that months critical payments.

people may get scared but they are not stupid. what causes the inflation, and what is a better store of value, they will seek out.
if bitcoin can prove itself by then, that will be an opportunity for a critical transition.

[bitcool]

For the longer term, I think the network hash rate, difficulty, btc exchange rate should all move in tandem.
http://bitcoin.sipa.be/speed-lin.png
unless I see a significant drop of interest in bitcoin, which should be reflected on the hash rate, current value drop feels artificial.

[Anonymous]

I commented to my partner that I was considering selling our house for bitcoins. I can tell you bitcoin is very wife unfriendly at the moment . 

[mpkomara]

There was a point in Autumn 2010 where CPU miners realized that it was too difficult (read: expensive) to generate bitcoins.  I stopped in September. Our alternative was to unclick Generate Coins and go to MtGox to buy them with USD or start selling goods for Bitcoins.  This was an important boost to BTC value relative to the dollar.  A fraudster at MtGox and a slashdot mention later, and bitcoins were trading .40.

I mention this history because certain GPU miners will soon start realizing that it will be too difficult to generate bitcoins.  And if these miners still want bitcoins, then they will have to go to the marketplace and try to buy them or earn them.  This will lead to a boost in BTC value, just as when the CPU miners stopped their machines last year.  Only GPU miners with the most efficient machines in the coldest parts of the world sucking energy from Danish windmills will be left generating bitcoins for a profit.

[ribuck]

GPU miners will soon start realizing that it will be too difficult to generate bitcoins.  And if these miners still want bitcoins, then they will have to go to the marketplace and try to buy them or earn them.  This will lead to a boost in BTC value...

...which will make it more profitable to generate bitcoins again, so round and round we go.

[ribuck]

I can tell you bitcoin is very wife unfriendly at the moment . 

Hahaha!

I did manage to persuade my wife that we should buy some bitcoins as an investment, but I'm sure she wouldn't consider selling the house (or even the car) for bitcoins.

[Anonymous]

I can tell you bitcoin is very wife unfriendly at the moment . 

Hahaha!

I did manage to persuade my wife that we should buy some bitcoins as an investment, but I'm sure she wouldn't consider selling the house (or even the car) for bitcoins.

Did you bribe her with chocolate ?

[ribuck]

Did you bribe her with chocolate ?

She's un-bribeable. And I'm the chocolate addict in this house anyway.

Even if I had offered to make sure I got pink bitcoins, that wouldn't have swung the deal.

[marcus_of_augustus]

Funny thread drift but has a kernel of relevancy here, female acceptance of bitcoins will be essential.

Many females hold the purse strings and they were the first adopters en masse to on-line shopping and e-commerce; clothes, shoes, books, food, etc. In fact, it is well known that females make the majority of decisions for purchases and household spending.

Some wise guy once said,
"You want to know why women are more powerful than men? They got half the money and all the pussy."

!Crude but element of truth.

We need to get that pink bitcoin logo doing the rounds more.

[no to the gold cult]

Funny thread drift but has a kernel of relevancy here, female acceptance of bitcoins will be essential.

Many females hold the purse strings and they were the first adopters en masse to on-line shopping and e-commerce; clothes, shoes, books, food, etc. In fact, it is well known that females make the majority of decisions for purchases and household spending.

Some wise guy once said,
"You want to know why women are more powerful than men? They got half the money and all the pussy."

!Crude but element of truth.

We need to get that pink bitcoin logo doing the rounds more.

I think the whole 'pink bitcoin' thing is entirely unecessary and in fact patronising. It's important to make bitcoin accessable to women, I think a good start is to stop talking about them like we're something out of the series Mad Men. As geeks it can be hard to figure out how to talk to non-geeks. Women tend to be non-geeks, that's really all there is to it.

Well, that and the fact that women tend to be more socially orientated. More emphasis on "social depth" or "social context" might be helpful, don't ask me how to do that as I'm barely not-autistic as it is, but I understand the principal (in theory) of relating to people and being interested in them.

[marcus_of_augustus]

I think the whole 'pink bitcoin' thing is entirely unecessary and in fact patronising.

Okay, so pink bitcoins are patronising, my bad ... gold is good then eh? Has always had a special attraction for the fairer sex.

[BioMike]

WOW! Someone sold a shitload of btc on BC! LRUSD and LREUR are down to 0.1 and 0.02.

[jgarzik]

WOW! Someone sold a shitload of btc on BC! LRUSD and LREUR are down to 0.1 and 0.02.

Gotta wonder why they were willing to dump BTC, no matter what the price, huh?

[mico]

Someone's idea on this forum that they are trying to manipulate the market - drop the value buy selling with this low value and then buy cheap bitcoins.

[davout]

Someone's idea on this forum that they are trying to manipulate the market - drop the value buy selling with this low value and then buy cheap bitcoins.

Probably

[bitcool]

The rate has been stabilized between 0.91 and 0.94 for quite some time now.

I think bitcoin had been promoted and now it's enjoying presidential ESF treatment
http://en.wikipedia.org/wiki/Exchange_Stabilization_Fund