Actually btc is going down because...

[molecular]

Bitcoins are not going back up.

Thanks for the information, I didn't know that.

[1713894085]

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[critmass]

Well, so you are saying that the market, while having a strong community can just vanish out of thin air for no reason? We are all still sitting here, and so are the big guys with large fortunes of BTC. How can all of that money just disappear?

An item is only valuable for trading purposes if someone else is willing to accept it in exchange for something else.  You could have a million bitcoins, and if no one wants them, they are worthless, period.

[Minsc]

Well, so you are saying that the market, while having a strong community can just vanish out of thin air for no reason? We are all still sitting here, and so are the big guys with large fortunes of BTC. How can all of that money just disappear?

An item is only valuable for trading purposes if someone else is willing to accept it in exchange for something else.  You could have a million bitcoins, and if no one wants them, they are worthless, period.

I want to be able to buy 1000 bitcoins with a few dollars.  Then I'd buy a million and all those people who scoffed at bitcoins I'd offer to send the coins to them.  Problem is at 6.75, it is so overpriced so it's not worth buying.

[molecular]

I want to be able to buy 1000 bitcoins with a few dollars.  Then I'd buy a million and all those people who scoffed at bitcoins I'd offer to send the coins to them.  Problem is at 6.75, it is so overpriced so it's not worth buying.

You want to buy below market value? Everyone would want that. Not going to happen.

Do you know how many people would buy in big at 1$? Many. Something really bad has to happen or maybe a really long time at 50 BTC mining incentive has to pass for that to happen. We only have roughly 1.5 years left with 50 BTC incentive, keep that in mind when saying "overpriced"... the market value includes future expectations.

[osmosis]

If the same number of people on facebook (700 million) end up holding $25 worth of bitcoins each, the market cap would be $17.5 billion. That pegs bitcoins at $1750 per bitcoin if 10mil bitcoins were in circulation.

[Surawit]

If the same number of people on facebook (700 million) end up holding $25 worth of bitcoins each, the market cap would be $17.5 billion. That pegs bitcoins at $1750 per bitcoin if 10mil bitcoins were in circulation.

Yes, and if my aunt had a pair of bollocks she'd be my uncle. Do you really see a future in which bitcoins are as ubiquitous as facebook?

[osmosis]

If the same number of people on facebook (700 million) end up holding $25 worth of bitcoins each, the market cap would be $17.5 billion. That pegs bitcoins at $1750 per bitcoin if 10mil bitcoins were in circulation.

Yes, and if my aunt had a pair of bollocks she'd be my uncle. Do you really see a future in which bitcoins are as ubiquitous as facebook?

I think bitcoins are MUCH cooler then facebook.

[gw4tt]

If the same number of people on facebook (700 million) end up holding $25 worth of bitcoins each, the market cap would be $17.5 billion. That pegs bitcoins at $1750 per bitcoin if 10mil bitcoins were in circulation.

Yes, and if my aunt had a pair of bollocks she'd be my uncle. Do you really see a future in which bitcoins are as ubiquitous as facebook?

I think bitcoins are MUCH cooler then facebook.

So far not everyone thinks that otherwise prices would be much higher than $7, but I have to agree because facebook is crap.

[osmosis]

If the same number of people on facebook (700 million) end up holding $25 worth of bitcoins each, the market cap would be $17.5 billion. That pegs bitcoins at $1750 per bitcoin if 10mil bitcoins were in circulation.

Yes, and if my aunt had a pair of bollocks she'd be my uncle. Do you really see a future in which bitcoins are as ubiquitous as facebook?

I think bitcoins are MUCH cooler then facebook.

So far not everyone thinks that otherwise prices would be much higher than $7, but I have to agree because facebook is crap.

The masses tend to like it when the price is going up, and hate it when the price is going down.

[Jixtreme]

I think bitcoins are MUCH cooler then facebook.

So far not everyone thinks that otherwise prices would be much higher than $7, but I have to agree because facebook is crap.

hahaha

You also have to realize that the majority of Facebook users have no idea what fiat money is... and why it should be avoided like the plague.

Every time I start thinking about the implications of a currency that government can't forcibly tax, I get shivers. Could we actually be headed toward an era where people VOLUNTARILY contribute to the government? ...The way "freedom" is supposed to be?? I mean, sure, it would be preceded by a short, terrible era of government collapse, but I'll gladly endure that for the true freedom that awaits on the other side... and yes, I will voluntarily contribute.

-Jix

[The_Duke]

You also have to realize that the majority of Facebook users have no idea what fiat money is... and why it should be avoided like the plague.

And ironically, many more facebook users are converting much more fiat money into virtual facebook credits every day already than bitcoin users will ever convert into bitcoins. So those ignorant facebookusers are already doing a better job at the "avoing like the plague" than you are...

[Jixtreme]

And ironically, many more facebook users are converting much more fiat money into virtual facebook credits every day already than bitcoin users will ever convert into bitcoins. So those ignorant facebookusers are already doing a better job at the "avoing like the plague" than you are...

Haha, you make a decent point about FB Credits. I'm not sure if I would call that a "currency" more than a voucher system. You can't convert credits back into USD.

As for them doing a better job at dumping fiat money, what can I say? Maybe there should be a Stupid Virtual Trinket store where you can only use Bitcoins. Someone needs to come up with a Farmville-type game where you can only buy more tractor fuel (or equivalent) with Bitcoin... I think you may've started something, The_Duke...

[The_Duke]

As for them doing a better job at dumping fiat money, what can I say? Maybe there should be a Stupid Virtual Trinket store where you can only use Bitcoins. Someone needs to come up with a Farmville-type game where you can only buy more tractor fuel (or equivalent) with Bitcoin...

Isn't that game called MtGox?

[Jixtreme]

Isn't that game called MtGox?

What are you waiting for? E-mail the fine folks at MtGox, suggest they create a Facebook portal, and start accepting FB Credits...

Let's see where this goes...

[netrin]

It's just pure economics.. nothing more.  nothing less.

You calculate the current price per coin divided by the generation rate, then assume that no one has projected expectations, all miners immediately sell 100% of their production. Can you tell me at what rate, historically miners sold as a function of market volume, difficulty, or some other variables? Oh, you can't?

Pure economics. I'm glad you don't run a financial institution. Oh, you do, do you? Well, isn't that cute.

EDIT: I just read the first paragraph on your site. Do you use bitcoins? Surely you realize that your front page blatantly misrepresents the technology.

[smoothie]

BTC is down because of: http://www.youtube.com/watch?v=OjV3wdXDHDk&feature=player_embedded

[byronbb]

...the DOW is tanking.

[TECSHARE]

BTC is down because of: http://www.youtube.com/watch?v=OjV3wdXDHDk&feature=player_embedded

HAHAHAHA

[plogank]

I think everyone should tough it out, so to speak, and buy buy buy.

I agree, hang in there, buy buy buy....