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Author Topic: Major buying opportunity?  (Read 3711 times)
im3w1l
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September 05, 2011, 06:55:17 PM
 #1

For all the people whining about how easy it is to be an early adopter. These low valuations might be your chance to be an early adopter!
Buy now, or forever stop whining
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Blitz­
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September 05, 2011, 06:59:42 PM
 #2

Think this media hype is going to happen again? Haha. Grin

Also, the same price has been reached only recently in May 2011. This is not "low".

PS: The people I would refer to as "early adopters" actually mined their batches of coins with a CPU.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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September 05, 2011, 07:11:29 PM
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Looks like buyers are in their starting positions, it hasnt looked this good in a long time. We might se a rally.

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September 05, 2011, 07:11:50 PM
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$7/btc is *NOT* early adopter.

An early adopter is someone with an opportunity to buy a significant percentage of the outstanding pie at a low cost with a corresponding low probability of payout.  CPU mining with existing hardware in 2009 is early adopter.   Spending millions of dollars a year later to get a similar piece of the pie is early mainstream at best, and has a non-zero chance of being late adopter/bagholder at worst.

I could deal with 10c/btc as being early adopter.  $7?  Not so much.

im3w1l
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September 05, 2011, 07:12:59 PM
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So you only like risk in hindsight, when the outcome was good...
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September 05, 2011, 07:13:51 PM
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Looks like buyers are in their starting positions, it hasnt looked this good in a long time. We might se a rally.


Major bullish sentiment while pricing declines.  You can view that as good, I'm staying on the sidelines.
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September 05, 2011, 07:15:53 PM
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Looks like buyers are in their starting positions, it hasnt looked this good in a long time. We might se a rally.
Yes, the depth has always worked as a good indicator recently when it was 2:1 for the buying side, and yet Bitcoin declined from 10$.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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September 05, 2011, 07:16:42 PM
 #8

So you only like risk in hindsight, when the outcome was good...
No, I like good risk/reward ratios, and I thought it was good at 1.00-0.5, so I bought at the time, but right now it sucks imo.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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September 05, 2011, 07:17:48 PM
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expect lots of these threads and posts as some people get there buy orders filled or just buy back in and hope it doesn't decline further.
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September 05, 2011, 07:18:40 PM
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It's going down.
grod
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September 05, 2011, 07:18:46 PM
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So you only like risk in hindsight, when the outcome was good...

No, I'm saying the risk higher today, with the reward many orders of magnitude lower.  Nothing against people who made bitcoin what it is today getting a larger piece of the pie, I'm just saying it's come too far too fast.

Are you honestly going to compare mining with hardware you already own to investing hundreds of thousands/millions of dollars for the same piece of the pie?  Heck, I'd have done the first at least part time if I had heard about bitcoin in 2009, it would have been 0 risk investment for a 0 return on a lark.  I was doing distributed computing back then for no expectation of payout.  There is absolutey NO way I'm investing real funds into bitcoin at current price levels.
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September 05, 2011, 07:21:57 PM
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So you only like risk in hindsight, when the outcome was good...

No, I'm saying the risk higher today, with the reward many orders of magnitude lower.  Nothing against people who made bitcoin what it is today getting a larger piece of the pie, I'm just saying it's come too far too fast.

Are you honestly going to compare mining with hardware you already own to investing hundreds of thousands/millions of dollars for the same piece of the pie?  Heck, I'd have done the first at least part time if I had heard about bitcoin in 2009, it would have been 0 risk investment for a 0 return on a lark.  I was doing distributed computing back then for no expectation of payout.  There is absolutey NO way I'm investing real funds into bitcoin at current price levels.


You can do pretty much the same thing with i0coin right now if you want. Would be pretty easy and low risk to acquire 20K plus coins. You'd only invest 10 - 15 btc, or about $0.005 per coin.
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September 05, 2011, 07:29:08 PM
 #13

Do not expect major buying on a labor day holiday when all of the banks are closed and Dwolla is not sending money to people's accounts.

Even if it was a regular Monday, the money does not go in until 5PM EDT.

You have another day to wait for the week's trading to begin.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
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September 05, 2011, 07:30:28 PM
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So you only like risk in hindsight, when the outcome was good...

No, I'm saying the risk higher today, with the reward many orders of magnitude lower.  Nothing against people who made bitcoin what it is today getting a larger piece of the pie, I'm just saying it's come too far too fast.

Are you honestly going to compare mining with hardware you already own to investing hundreds of thousands/millions of dollars for the same piece of the pie?  Heck, I'd have done the first at least part time if I had heard about bitcoin in 2009, it would have been 0 risk investment for a 0 return on a lark.  I was doing distributed computing back then for no expectation of payout.  There is absolutey NO way I'm investing real funds into bitcoin at current price levels.


You can do pretty much the same thing with i0coin right now if you want. Would be pretty easy and low risk to acquire 20K plus coins. You'd only invest 10 - 15 btc, or about $0.005 per coin.

I have been doing just that with alternate block chains, actually, by investing GPU power.  Also, how viable would it be to mine even 10 BTC with a CPU part time?  Don't answer that, we all know.  Even iocoin is at least an order of magnitude more expensive today than bitcoin for "early adopters."
im3w1l
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September 05, 2011, 07:31:39 PM
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I heard about bitcoin during the summer of 2010. I mined for a few hours, got 0 coins. Got 5 cents from the faucet though Smiley Didn't bother to do anymore mining since it was a waste of electricity and would wear my hardware out. I'm not bitter though
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September 05, 2011, 07:33:39 PM
 #16

I do laugh at everyone who is whining about early adopters, it's absolutely silly. Bitcoin was nothing and there was a large possibility that it would become nothing but those people got interested, mined some and then profited. Good for them.

It's quite obvious that now when a large amount of people know about Bitcoin and the value has already jumped very significantly that you can't be an early adopter anymore. The profit levels were bound to stabilize to normal levels as is the case with any venture in a market system, this exact same thing has happened with everything and Bitcoin is in this way NOT special at all.

As far as the price goes we're definitely reaching the low numbers if it goes down a little bit more. My estimate of a low price right now is around $5-$6 and I plan to buy back in before the big players have their chance because when they commit the price is going to go up and fast.

I'm not speculating on what is a good time to buy Bitcoins specifically but we're very close to the perfect time for buying Bitcoins. My estimate is that we're now close to the point when the massive $32 bubble has finally retraced enough. We need to go lower for people to start committing again but if that happens it's a true "liftoff" situation.

Of course the price won't reach $30+ or something like that unless we get increased interest for Bitcoin. I'm positive that will happen eventually as well but it's pointless to speculate when, it'll happen when it happens. But the players currently involved can easily cause an upward trend to $15+. So buying back when it's "low" might be smart, because the turning point is really close, just needs to get a bit lower for people to accept it's low and then they buy back.

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September 05, 2011, 07:49:05 PM
 #17

It's probably going down to about 5 soon.

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pennytrader
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September 05, 2011, 08:50:51 PM
 #18

To me, this is not early adopters' cost. The price of the coin has to drop to sub penny in order to qualify that.

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grod
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September 05, 2011, 08:54:49 PM
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I do laugh at everyone who is whining about early adopters, it's absolutely silly. Bitcoin was nothing and there was a large possibility that it would become nothing but those people got interested, mined some and then profited. Good for them.

You misread my points as a whine.  I'm also about people who put effort into spreading awareness and building bitcoin infrastructure being rewarded for their effort.

The OP claims $7/btc is an opportunity to join the real early adopters (whose marginal cost was pennies/BTC).  I'm simply pointing out that's at least two orders of magnitude from being the case.
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September 05, 2011, 08:57:42 PM
 #20

I think many of you fail to realize that there is no reason the price should be where it is now or higher. You can not change the fact that there are still many more coins being mined everyday than potential buyers of those coins. There is no reason to own or use bitcoins other than to speculate.

Really the price is super high right now for what bitcoins are.

I think it is such a gamble to think bitcoins will go higher with all the new bitcions being created everyday.

this is my opinion.

Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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