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Author Topic: Price halved, miners leaving, is there a future for a market?  (Read 2944 times)
mobodick
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October 01, 2011, 08:00:51 AM
 #1

So, what do you think?
With such a drop in price, small economy, market manipulation and decreasing interest from miners, does bitcoin still have a future?
Will it survive for much longer and is there still any good reason to invest?
Opinions on the future of Bitcoin speculation.
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322i0n
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October 01, 2011, 08:15:08 AM
 #2

the people who are leaving, failing or giving up are those who are short sighted seeking instant rewards from get rich quick atitude. the community will be much better off without them.

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d.james
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October 01, 2011, 08:17:12 AM
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yes

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SuperTramp
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October 01, 2011, 08:49:06 AM
 #4

the people who are leaving, failing or giving up are those who are short sighted seeking instant rewards from get rich quick atitude. the community will be much better off without them.

+1


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bitcoinTrader
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October 01, 2011, 08:54:03 AM
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the people who are leaving, failing or giving up are those who are short sighted seeking instant rewards from get rich quick atitude. the community will be much better off without them.
+2

payb.tc
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October 01, 2011, 09:06:01 AM
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of all those things i think the most significant one is seemingly fewer miners... however i don't think those ex-miners are leaving bitcoins, just quitting mining.
worldinacoin
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October 01, 2011, 10:50:12 AM
 #7

Is price halved?  Who has valued bitcoin at $10?  For me I find that the prices recently has been stable and is good for miners.  Of course higher prices for bitcoins would be appreciated.
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October 01, 2011, 11:33:20 AM
 #8

Miners are still mining. Dev are still deving. People are still profiting. This is still early adopter stage of a new paradigm shift.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
worldinacoin
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October 01, 2011, 11:36:03 AM
 #9

I would feel that bitcoin is more of a disruptive technology at work which may change how money will be used in the future.

Miners are still mining. Dev are still deving. People are still profiting. This is still early adopter stage of a new paradigm shift.
Jack of Diamonds
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October 01, 2011, 11:39:48 AM
 #10

I'm mining, just not now. Electricity costs must be paid every month.

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worldinacoin
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October 01, 2011, 12:12:48 PM
 #11

It depends on each circumstances, for me electricity etc are pre paid for the building so whatever I used I still pay the same fees, that's why bitcoins are a bonus.  If you are in a country where electricity costs are at a premium, mining may not be for you.  But still that does not discourage one from using bitcoins.
walidzohair
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October 01, 2011, 12:20:55 PM
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I'm mining, just not now. Electricity costs must be paid every month.

not to mention the lost investments that will never be recovered!
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October 01, 2011, 07:53:55 PM
 #13

The market cap of bitcoin was (and still is) tiny. A huge bubble was easily formed earlier this summer, and a lot of people panicked when the inevitable correction came. I think we oversold after the bubble burst. Keep in mind that many bitcoin owners, and probably miners especially, know little to nothing about markets, which only exacerbated the bubble inflation and subsequent overcorrection. The longer the market stays stable, the more confidence investors will gain back, and the more they'll start buying.
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October 01, 2011, 11:55:12 PM
 #14

Hash rate is going up this weekend...  With rises in hash rate comes rises in price

Bull it up guys

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October 03, 2011, 03:00:28 AM
 #15


Bitcoin, last 3 months.

As I keep pointing out, much to the annoyance of the more delusional enthusiasts, Bitcoin has dropped $4 per month for 3 months now. The 30-day moving average is close to a straight line. There are never more than 3 "up" days in a row.

When Bitcoin hits $3, it will be down 90%, which is effectively dead.

Get your cash out of Mt. Gox. They might not have enough at the end.
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October 03, 2011, 03:30:14 AM
 #16


Bitcoin, last 3 months.

As I keep pointing out, much to the annoyance of the more delusional enthusiasts, Bitcoin has dropped $4 per month for 3 months now. The 30-day moving average is close to a straight line. There are never more than 3 "up" days in a row.

When Bitcoin hits $3, it will be down 90%, which is effectively dead.

Get your cash out of Mt. Gox. They might not have enough at the end.

Get ready for $1 bitcoins at the end of this month.
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October 03, 2011, 03:45:48 AM
 #17

Get ready for $1 bitcoins at the end of this month.

If that happens, I will instantly buy 10,000 BTC, and I won't be the only one.

grod
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October 03, 2011, 04:28:09 AM
 #18

'Dead' like Bank of America right?

You think BoA would be around if it wasn't for a government bailout?  I'm not sure good old Uncle Sam is going to pop out of the woodwork to save bitcoin.  Has Satoshi's been contributing enough to various campaign funds?

In all seriousness I don't think we need to wheel out the plague cart until $1.25 or so.  And that's assuming no widespread FPGA adoption.   Assuming FPGAs we can do much, much lower before the corpse stops twitching.  Thanksgiving and xmas/newyears seem to line up with around the time we would be testing those lows.



grod
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October 03, 2011, 05:00:43 AM
 #19

I'll agree 90% is completely arbitrary and meaningless.  Doubly so when not associated with a timeframe.

IMO bitcoin has more similarities to a publicly traded security than a commodity or government backed currency.  There are capital expenditures, operations, investors and ongoing sales of stock to finance operations.  Far closer to a precious metals mining company than the precious metal itself.
Gerken
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October 03, 2011, 06:19:38 AM
 #20

Get ready for $1 bitcoins at the end of this month.

If that happens, I will instantly buy 10,000 BTC, and I won't be the only one.

Yeah I'm sure people will, there are a lot of suckers out there. 

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