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Author Topic: Falling Price To save Bitcoin  (Read 4047 times)
bonker
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September 04, 2011, 02:24:37 PM
 #1

A major challenge to Bitcoin as a valid currency is the hoarding by greedy investors. The only way to stop this
is to allow a constantly falling Bitcoin price from it's bubble peak.

So dump your coins sooner rather than later, cuz they going D-O-W-N

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evoorhees
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September 04, 2011, 05:24:09 PM
 #2

good lord  Roll Eyes
Jonathan Ryan Owens
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September 04, 2011, 06:37:30 PM
 #3

A major challenge to Bitcoin as a valid currency is the hoarding by greedy investors. The only way to stop this
is to allow a constantly falling Bitcoin price from it's bubble peak.

So dump your coins sooner rather than later, cuz they going D-O-W-N

You mean the ~15% that is currently held by very few players? The owners that could scalp everyone at a moments notice? I agree. Once Bitcoin hits 3-4 they'll start panic selling, and the next chapter will start.


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September 04, 2011, 06:43:54 PM
 #4

You mean the ~15% that is currently held by very few players? The owners that could scalp everyone at a moments notice? I agree. Once Bitcoin hits 3-4 they'll start panic selling, and the next chapter will start.
Only 15%? I’d expect Satoshi alone to hold more than that of the currently available coins (~7.2 mills).
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September 04, 2011, 06:46:23 PM
 #5

MtGox likely has more than 2 million. (most of that might be reserve, though).
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September 04, 2011, 08:20:39 PM
 #6

MtGox likely has more than 2 million. (most of that might be reserve, though).

Most of it is not owned by them at all. Being an exchange they keep large amounts of all involved currencies for the customers Wink
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September 04, 2011, 11:46:25 PM
 #7

MtGox likely has more than 2 million. (most of that might be reserve, though).

Most of it is not owned by them at all. Being an exchange they keep large amounts of all involved currencies for the customers Wink
If they decided to sell it all, few people would even bother to withdraw Smiley.
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September 06, 2011, 10:32:43 AM
 #8

MtGox likely has more than 2 million. (most of that might be reserve, though).

Most of it is not owned by them at all. Being an exchange they keep large amounts of all involved currencies for the customers Wink
If they decided to sell it all, few people would even bother to withdraw Smiley.

You would need someone to actually buy this many, you can't just dump 7 million coins at once, the market isn't that deep.
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September 06, 2011, 12:00:36 PM
 #9

"I'm sure we will hit 30 or 100 soon". That's what people kept telling me in the scene 1 month ago. Suddenly everyone panics. LoL. There will be a retest of the highs though, I want believe that.

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September 07, 2011, 12:57:18 AM
 #10

MtGox likely has more than 2 million. (most of that might be reserve, though).

Most of it is not owned by them at all. Being an exchange they keep large amounts of all involved currencies for the customers Wink
If they decided to sell it all, few people would even bother to withdraw Smiley.

You would need someone to actually buy this many, you can't just dump 7 million coins at once, the market isn't that deep.
Dump 10000 coins a day, in half a year they'd have completed the dumping and the price would have crashed.
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September 07, 2011, 09:40:51 AM
 #11

Priced at 1 or 2 or 5 EUR will not save the bitcoin.
Let me try to make this as simple as possible and paint you a simple picture.

Lets say you mine for sand and no one in the world uses this sand. Is your sand worth something?
NO, it is not!
You can say: "Oh, but I used a big and really expensive excavator for digging! Wasted assloads of diesel fuel etc"
So what?! It makes your sand no more useful and it adds no _value_ to it because cost IS NOT value.

Lets say now, you drop the price of your freshly mined sand to 10 but your sand is still useless. It has no real use in the real world.
Now you panic and drop the price to 1. Can this sand be now be used in the real world? Nothing has changed so answer is NO.
 
As you can see, lowering the price of something, that has no use, will not create value to it.

What makes this whole story even more absurd is this, that you keep mining. Buying bigger and bigger excavators and wasting more and more resources. Your sand is still useless.

What to do? How to fix this problem?

Only way you can add to your sand is by figuring out a way it can be used for something useful. Something that real world needs and can actually use. I started a new thread for this:   https://bitcointalk.org/index.php?topic=42027.0


While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
istar
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September 07, 2011, 10:45:42 AM
 #12

Priced at 1 or 2 or 5 EUR will not save the bitcoin.
Let me try to make this as simple as possible and paint you a simple picture.

Lets say you mine for sand and no one in the world uses this sand. Is your sand worth something?
NO, it is not!
You can say: "Oh, but I used a big and really expensive excavator for digging! Wasted assloads of diesel fuel etc"
So what?! It makes your sand no more useful and it adds no _value_ to it because cost IS NOT value.

Lets say now, you drop the price of your freshly mined sand to 10 but your sand is still useless. It has no real use in the real world.
Now you panic and drop the price to 1. Can this sand be now be used in the real world? Nothing has changed so answer is NO.
 
As you can see, lowering the price of something, that has no use, will not create value to it.

What makes this whole story even more absurd is this, that you keep mining. Buying bigger and bigger excavators and wasting more and more resources. Your sand is still useless.

What to do? How to fix this problem?

Only way you can add to your sand is by figuring out a way it can be used for something useful. Something that real world needs and can actually use. I started a new thread for this:   https://bitcointalk.org/index.php?topic=42027.0


You are comparing apples and oranges.

Everyone can get sand, there is no limit to the amount.
Fact is, nice sand is valuable since a beach with it attracts tourists.

And you are also saying you dont know what you can use Bitcoins for?
So instant worldwide anonymous transactions with record low fee. Is not useful to a lot of people?
Or knowing that noone can print more money than a set limit is not useful.

There are also over the counter payment solutions on their way.







Bitcoins - Because we should not pay to use our money
johnyj
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September 07, 2011, 08:18:17 PM
 #13

Priced at 1 or 2 or 5 EUR will not save the bitcoin.
Let me try to make this as simple as possible and paint you a simple picture.

Lets say you mine for sand and no one in the world uses this sand. Is your sand worth something?
NO, it is not!
You can say: "Oh, but I used a big and really expensive excavator for digging! Wasted assloads of diesel fuel etc"
So what?! It makes your sand no more useful and it adds no _value_ to it because cost IS NOT value.

Lets say now, you drop the price of your freshly mined sand to 10 but your sand is still useless. It has no real use in the real world.
Now you panic and drop the price to 1. Can this sand be now be used in the real world? Nothing has changed so answer is NO.
 
As you can see, lowering the price of something, that has no use, will not create value to it.

What makes this whole story even more absurd is this, that you keep mining. Buying bigger and bigger excavators and wasting more and more resources. Your sand is still useless.

What to do? How to fix this problem?

Only way you can add to your sand is by figuring out a way it can be used for something useful. Something that real world needs and can actually use. I started a new thread for this:   https://bitcointalk.org/index.php?topic=42027.0


Good observation, price is decided by demand, so if the demand is purely caused by speculation of rising price, the falling price will kill the demand

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September 07, 2011, 08:36:14 PM
 #14

Priced at 1 or 2 or 5 EUR will not save the bitcoin.
Let me try to make this as simple as possible and paint you a simple picture.

Lets say you mine for sand and no one in the world uses this sand. Is your sand worth something?
NO, it is not!
You can say: "Oh, but I used a big and really expensive excavator for digging! Wasted assloads of diesel fuel etc"
So what?! It makes your sand no more useful and it adds no _value_ to it because cost IS NOT value.

Lets say now, you drop the price of your freshly mined sand to 10 but your sand is still useless. It has no real use in the real world.
Now you panic and drop the price to 1. Can this sand be now be used in the real world? Nothing has changed so answer is NO.
 
As you can see, lowering the price of something, that has no use, will not create value to it.

What makes this whole story even more absurd is this, that you keep mining. Buying bigger and bigger excavators and wasting more and more resources. Your sand is still useless.

What to do? How to fix this problem?

Only way you can add to your sand is by figuring out a way it can be used for something useful. Something that real world needs and can actually use. I started a new thread for this:   https://bitcointalk.org/index.php?topic=42027.0


Good observation, price is decided by demand, so if the demand is purely caused by speculation of rising price, the falling price will kill the demand

Oh well, here we go.
Did both of you blink, while reading "Lets say you mine for sand and no one in the world uses this sand."
This whole sand mining story was just a simplified example. It has NOTHING, let me repeat that one more time (do not blink!) NOTHING to with real a world.

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
bitcon
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September 08, 2011, 05:55:26 PM
 #15

i was looking for some good sand for the backyard. i'll buy some off you using bitcoins.  you'll have the funds immediately.


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