Major buying opportunity?

[oOoOo]

Bitcoin was nothing and there was a large possibility that it would become nothing but those people got interested, mined some and then profited.

This is just as true today as it was back then. Does this mean we are all early adopters?
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[grod]

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.

It's a reasonable gamble.  The number of bitcoins generated a day is irrelevant "long term", the only relevant part is the cost to run the network (about $1000/hour today) compared to the revenue.  The current customer base is about 18,000 people which is roundoff error when talking world population and revenue is also $0.

So the question becomes: are we increasing our customer base as well as present and expected future revenue?  If so, the whole enchilada (21M coins) increases in value.  If not, then the opposite is true.

[Minsc]

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

And how the difficulty is, even if lots of people quit mining, the difficulty will adjust so we keep getting the same number of coins mined so there's no end to it until it drops below what it's profitable for miners to sell at.

[grod]

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

And how the difficulty is, even if lots of people quit mining, the difficulty will adjust so we keep getting the same number of coins mined so there's no end to it until it drops below what it's profitable for miners to sell at.

Namecoin miners have shown that they're willing to mine with a negative 40% return (as opposed to mining bitcoin and buying namecoin).  Also, an FPGA miner you can buy today has a 90%+ gross margin at a BTC price of $3.   So I'm not sure your point is valid.  I believe the bottom will be determined completely by traders and not by the cost to produce BTC.

[proudhon]

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.

This.

[RyNinDaCleM]

Panic sell going on!

[airdata]

Huge problem..


People wanting to buy in most cases can't get money into mtgox and you cant find enough people willing to take other payment methods like paypal.

This is a huge problem w\ the bitcoin market.  The pricing on mtgox is based on demand.  However, that's not an actual demand figure.  There are plenty of people w\ no money in MT Gox to buy coins with even if they wanted to.  And the process of adding funds is 5-6 days or more depending.

So, that's a huge issue that needs to be worked out.  If Mt Gox were a big corporation, they'd give people credit.  But bitcoin attracts so many dirty low lifes that things like that are only a dream. 

[Cluster2k]

This is a huge problem w\ the bitcoin market.  The pricing on mtgox is based on demand.  However, that's not an actual demand figure.  There are plenty of people w\ no money in MT Gox to buy coins with even if they wanted to.  And the process of adding funds is 5-6 days or more depending.

People having been watching the price of bitcoins fall for weeks now.  If they truly believed in it they would have added funds to MtGox long ago.  The 'it's the weekend, people can't add funds' excuse pops up almost every single weekend.  Even when it's not the weekend, or public holiday.  Most of the world doesn't have a public holiday on Monday, and it's already well into Tuesday here and bitcoins are still plummeting.

So, that's a huge issue that needs to be worked out.  If Mt Gox were a big corporation, they'd give people credit.  But bitcoin attracts so many dirty low lifes that things like that are only a dream. 

People doing 'dirty' things with bitcoins (money laundering, illicit drug purchasing) are some of bitcoin's best users.

[S3052]

Panic sell going on!

this is no panic selling (yet), but there is a likelihood that we will see the panic soon

[DiaperedDynamo]

Looks like buyers are in their starting positions, it hasnt looked this good in a long time. We might se a rally.
http://i52.tinypic.com/24eq9dz.gif

Major bullish sentiment while pricing declines.  You can view that as good, I'm staying on the sidelines.

Lot of those bid walls are fake. Historically, when a wall on GOX is hit, it evaporates.

[ArsenShnurkov]

we will see the panic soon

Ok, we will read this as "Leading bitcoin analyst proclaims panic on the markets"

[Minsc]

I think it's a good time to buy right now.  I doubt it will be this cheap again!

[Bigpiggy01]

I think it's a good time to buy right now.  I doubt it will be this cheap again!

I'm in on this as well

[Mousepotato]

It's fun reading these old threads

[anu]

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

Price reflects expectation, not present status. and $21 Million for all bitcoins in existence is a bargain. Some crappy companies go for Billions.

Quite some battle going on at $3. Let's see who wins.

[BadBear]

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

Price reflects expectation, not present status. and $21 Million for all bitcoins in existence is a bargain. Some crappy companies go for Billions.

Quite some battle going on at $3. Let's see who wins.

I don't think you understand how exchanges or commodities work. 

[anu]

I don't think you understand how exchanges or commodities work. 

In my naive understanding, they work differently, because the Bitcoin market is so tiny that any old dentist around the corner can mess with it while that same dentist can't influence real commodity markets in the slightest. Bitcoin is currently 20 Million - the price for an average school building. Gold is.... no idea, 4000 billion?

If I am wrong, please enlighten me.

[BadBear]

I was referring to the fact that you can't just buy all btc for whatever the current price is, theres only so many being sold and once those are bought...the price goes up. So no, you can't just "buy them all up 21 million".   

[anu]

I was referring to the fact that you can't just buy all btc for whatever the current price is, theres only so many being sold and once those are bought...the price goes up. So no, you can't just "buy them all up 21 million".   

Right you are 

Seriously - I believe this number is called "market cap". And it gives a good idea about that this market is still waiting for real investors because everyone in here is just a kid playing with pocket money.

[cypherdoc]

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

you are just way to rationale.