We have hit the bottom BUY. BUY ,BUY!!!111

[iprivately]

Just snatched me up another 100 btc at $4.80

predict you will sell those back at about 4.50 in an hour or so

I'll let you know.

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[Cluster2k]

I never expected the price to plummet so rapidly so soon.  Eventually yes, as there's very little to do with bitcoin apart from speculate.  But even this activity leaves me aghast.

I haven't been a doomer but have posted many negative opinions about bitcoin as a warning that it was a highly speculative, high risk investment.  Some people argued with that.  I hope they haven't been too burned by the 50% price slashing within a week.

Proclaiming that "now" is a good time to buy is very dangerous.  I suggest no one follow this advice.  No one knows when it's the right time to buy.  Just imagine all the early adopters out there, seeing their dreams of cashing in bitcoins to buy houses dashed.  Right now they'd be lucky to buy a car.  Do you think they'll stick around when their hoard of bitcoins is barely enough to buy a laptop?  What about all the merchants who traded in bitcoins and have seen just how bad an idea that was.  They won't be sticking around either.

[Dargo]

I don't have access to good charting software for bitcoin, so I can't speak for the particular trendline the OP has drawn, but IMO trendlines in general are a very useful analytical tool for trading. People who trash technical analysis usually don't understand it, or how to use it as a tool for trading.

Yeah but how many people trade on log charts using trend lines?

Not very many that I've seen in my experience.

Agreed. A trend line on a linear chart is much more significant. The best reason to buy today IMO is that we are seeing high volume panic selling.

[smoothie]

I don't have access to good charting software for bitcoin, so I can't speak for the particular trendline the OP has drawn, but IMO trendlines in general are a very useful analytical tool for trading. People who trash technical analysis usually don't understand it, or how to use it as a tool for trading.

Yeah but how many people trade on log charts using trend lines?

Not very many that I've seen in my experience.

Agreed. A trend line on a linear chart is much more significant. The best reason to buy today IMO is that we are seeing high volume panic selling.

Patience = Profit

[bitcon]

I never expected the price to plummet so rapidly so soon.  Eventually yes, as there's very little to do with bitcoin apart from speculate.  But even this activity leaves me aghast.

I haven't been a doomer but have posted many negative opinions about bitcoin as a warning that it was a highly speculative, high risk investment.  Some people argued with that.  I hope they haven't been too burned by the 50% price slashing within a week.

Proclaiming that "now" is a good time to buy is very dangerous.  I suggest no one follow this advice.  No one knows when it's the right time to buy.  Just imagine all the early adopters out there, seeing their dreams of cashing in bitcoins to buy houses dashed.  Right now they'd be lucky to buy a car.  Do you think they'll stick around when their hoard of bitcoins is barely enough to buy a laptop?  What about all the merchants who traded in bitcoins and have seen just how bad an idea that was.  They won't be sticking around either.

yea i'm regretting selling my $2000 TV for 200 bitcoins a few weeks back, because now i'm stuck with bitcoins that will only bring me half of that.

[greyhawk]

I never expected the price to plummet so rapidly so soon.  Eventually yes, as there's very little to do with bitcoin apart from speculate.  But even this activity leaves me aghast.

I haven't been a doomer but have posted many negative opinions about bitcoin as a warning that it was a highly speculative, high risk investment.  Some people argued with that.  I hope they haven't been too burned by the 50% price slashing within a week.

Proclaiming that "now" is a good time to buy is very dangerous.  I suggest no one follow this advice.  No one knows when it's the right time to buy.  Just imagine all the early adopters out there, seeing their dreams of cashing in bitcoins to buy houses dashed.  Right now they'd be lucky to buy a car.  Do you think they'll stick around when their hoard of bitcoins is barely enough to buy a laptop?  What about all the merchants who traded in bitcoins and have seen just how bad an idea that was.  They won't be sticking around either.

yea i'm regretting selling my $2000 TV for 200 bitcoins a few weeks back, because now i'm stuck with bitcoins that will only bring me half of that.

What would you need a TV for when you can watch mtgoxlive?

[Cluster2k]

yea i'm regretting selling my $2000 TV for 200 bitcoins a few weeks back, because now i'm stuck with bitcoins that will only bring me half of that.

I once posted a PCI 16x to 1x adapter for sale on these forums for 1.2btc to cover costs.  Now I'd need to advertise it for 4.8btc.  Receiving bitcoins and then running to MtGox to cash them out ASAP isn't the type of image we'd want for bitcoins.

[bitcon]

I never expected the price to plummet so rapidly so soon.  Eventually yes, as there's very little to do with bitcoin apart from speculate.  But even this activity leaves me aghast.

I haven't been a doomer but have posted many negative opinions about bitcoin as a warning that it was a highly speculative, high risk investment.  Some people argued with that.  I hope they haven't been too burned by the 50% price slashing within a week.

Proclaiming that "now" is a good time to buy is very dangerous.  I suggest no one follow this advice.  No one knows when it's the right time to buy.  Just imagine all the early adopters out there, seeing their dreams of cashing in bitcoins to buy houses dashed.  Right now they'd be lucky to buy a car.  Do you think they'll stick around when their hoard of bitcoins is barely enough to buy a laptop?  What about all the merchants who traded in bitcoins and have seen just how bad an idea that was.  They won't be sticking around either.

yea i'm regretting selling my $2000 TV for 200 bitcoins a few weeks back, because now i'm stuck with bitcoins that will only bring me half of that.

What would you need a TV for when you can watch mtgoxlive?

i watch tradehill live. 

[RyNinDaCleM]

I never expected the price to plummet so rapidly so soon.  Eventually yes, as there's very little to do with bitcoin apart from speculate.  But even this activity leaves me aghast.

I haven't been a doomer but have posted many negative opinions about bitcoin as a warning that it was a highly speculative, high risk investment.  Some people argued with that.  I hope they haven't been too burned by the 50% price slashing within a week.

Proclaiming that "now" is a good time to buy is very dangerous.  I suggest no one follow this advice.  No one knows when it's the right time to buy.  Just imagine all the early adopters out there, seeing their dreams of cashing in bitcoins to buy houses dashed.  Right now they'd be lucky to buy a car.  Do you think they'll stick around when their hoard of bitcoins is barely enough to buy a laptop?  What about all the merchants who traded in bitcoins and have seen just how bad an idea that was.  They won't be sticking around either.

yea i'm regretting selling my $2000 TV for 200 bitcoins a few weeks back, because now i'm stuck with bitcoins that will only bring me half of that.

What would you need a TV for when you can watch mtgoxlive?

+1 

[Minsc]

Yes we have.  Now is the time to buy!

[bulanula]

I never expected the price to plummet so rapidly so soon.  Eventually yes, as there's very little to do with bitcoin apart from speculate.  But even this activity leaves me aghast.

I haven't been a doomer but have posted many negative opinions about bitcoin as a warning that it was a highly speculative, high risk investment.  Some people argued with that.  I hope they haven't been too burned by the 50% price slashing within a week.

Proclaiming that "now" is a good time to buy is very dangerous.  I suggest no one follow this advice.  No one knows when it's the right time to buy.  Just imagine all the early adopters out there, seeing their dreams of cashing in bitcoins to buy houses dashed.  Right now they'd be lucky to buy a car.  Do you think they'll stick around when their hoard of bitcoins is barely enough to buy a laptop?  What about all the merchants who traded in bitcoins and have seen just how bad an idea that was.  They won't be sticking around either.

yea i'm regretting selling my $2000 TV for 200 bitcoins a few weeks back, because now i'm stuck with bitcoins that will only bring me half of that.

What would you need a TV for when you can watch mtgoxlive?

EPIC quote man !

[ElectricMucus]

Yes we have.  Now is the time to buy!

necrobump much?

[dancupid]

A log graph only makes sense if Bitcoin is growing exponentially. Typically technology trends do, so it could have value - but if bitcoin isn't growing exponentially (long term)  then it has little value.
If bitcoin really does represent the future of currency, then the log graph is the way to view prices. It depends how much faith you have in the long term future of bitcoin.

[FreeMoney]

A log graph only makes sense if Bitcoin is growing exponentially. Typically technology trends do, so it could have value - but if bitcoin isn't growing exponentially (long term)  then it has little value.
If bitcoin really does represent the future of currency, then the log graph is the way to view prices. It depends how much faith you have in the long term future of bitcoin.

Pretty much everything grows exponentially. A 2% bond does. There are lots of useful ways to graph things and a log graph is one.