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Author Topic: Down, down, down, down, down  (Read 7160 times)
NoWhammies (OP)
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February 13, 2014, 10:35:23 PM
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So I remember people saying that Bitcoins will be worth $40,000 per Bitcoin in 2014 ... HA! Looks more like they will be worth $40
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NoWhammies (OP)
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February 13, 2014, 10:43:52 PM
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Actually this brings up an issue. What happens when mining becomes pointless? No mining, no blockchain verification.
Solarstorm75
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February 13, 2014, 11:00:28 PM
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Actually this brings up an issue. What happens when mining becomes pointless? No mining, no blockchain verification.

Difficulty will be lowered, if hashrate drops.
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February 13, 2014, 11:13:20 PM
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It seems that people will never quite be able to wrap their heads around the fact that BTC is very volatile. Perhaps that is the reason itself why that is the case.
web-project
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February 13, 2014, 11:55:43 PM
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I can't believe that the bitcoin went from £500 to £278 in two weeks.
bananaControl
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February 14, 2014, 12:38:55 AM
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I can't believe that the bitcoin went from £500 to £278 in two weeks.

Gox is irrelevant.
BitChick
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February 14, 2014, 12:50:09 AM
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So I remember people saying that Bitcoins will be worth $40,000 per Bitcoin in 2014 ... HA! Looks more like they will be worth $40

It is only February.  Roll Eyes

Check back December 31st.

1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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February 14, 2014, 03:21:10 AM
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Sentiment on these forums certainly has the feeling of "capitulation" these days. If you know what this means... buying opportunity.
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February 14, 2014, 07:36:23 AM
 #9

We had a bubble driven by the use of Bitcoin to get around China's exchange controls. That's over.

The problems at Mt. Gox inflated the price when nobody could get dollars out, and deflated the price when nobody could get Bitcoins out. While nobody who reads these forums has taken Gox prices seriously for months, there were a lot of suckers people that did.

Remember, the price was around $100/BTC for most of 2013.
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February 14, 2014, 01:54:45 PM
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I think that it should go back up.

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February 14, 2014, 06:20:20 PM
 #11

Actually this brings up an issue. What happens when mining becomes pointless? No mining, no blockchain verification.

I'm thinking that you need some education on the subject of mining and its economics in general, but be more specific - how are you defining "pointless"?
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February 14, 2014, 06:49:55 PM
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I think that will be 40k until december 2014 Smiley
Its About Sharing
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February 14, 2014, 07:58:13 PM
 #13

So I remember people saying that Bitcoins will be worth $40,000 per Bitcoin in 2014 ... HA! Looks more like they will be worth $40

Up around 10% since you posted and

Think of all the people laughing at you that bought in below current prices. Seriously what point are you making?

And you are making this out to be all about profit, what about the other 6 billion people? Stop being so selfish
and try to wrap your little mind around what this really is...

Then, get back to us.

BTC = Black Swan.
BTC = Antifragile - "Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Robust is not the opposite of fragile.
NoWhammies (OP)
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February 16, 2014, 07:23:51 AM
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Actually this brings up an issue. What happens when mining becomes pointless? No mining, no blockchain verification.

I'm thinking that you need some education on the subject of mining and its economics in general, but be more specific - how are you defining "pointless"?

What I mean by "pointless" is that when you LOOSE money by mining.

So I remember people saying that Bitcoins will be worth $40,000 per Bitcoin in 2014 ... HA! Looks more like they will be worth $40

Up around 10% since you posted and

Think of all the people laughing at you that bought in below current prices. Seriously what point are you making?

And you are making this out to be all about profit, what about the other 6 billion people? Stop being so selfish
and try to wrap your little mind around what this really is...

Then, get back to us.

Hate much?
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February 16, 2014, 02:00:14 PM
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You'll probably buy back in when we get back to around  $1100 cause it will be obvious the all time high will be smashed again soon
Revolution
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February 16, 2014, 02:04:33 PM
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It seems that people will never quite be able to wrap their heads around the fact that BTC is very volatile. Perhaps that is the reason itself why that is the case.

So true. Every time price crashes loads of new waves of buyers come in.

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February 16, 2014, 02:08:22 PM
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What I mean by "pointless" is that when you LOOSE money by mining.


I hate it when my money gets LOOSE.. I try to round it up quickly so I don't LOSE it.  Grin
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February 16, 2014, 04:52:05 PM
 #18

What I mean by "pointless" is that when you LOOSE money by mining.

If mining wasn't profitable for me I'd stop mining (which would reduce the hashrate a tiny amount). If enough miners felt the same then...

Difficulty will be lowered, if hashrate drops.

(This is hypothetical, since I'm no longer a miner - I've stopped twice: once when it was no longer practical to mine with my CPU, and a second time when it was no longer profitable to mine with a GPU.)

This space intentionally left blank.
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February 16, 2014, 06:34:50 PM
 #19

What I mean by "pointless" is that when you LOOSE money by mining.

If mining wasn't profitable for me I'd stop mining (which would reduce the hashrate a tiny amount). If enough miners felt the same then...

Difficulty will be lowered, if hashrate drops.

(This is hypothetical, since I'm no longer a miner - I've stopped twice: once when it was no longer practical to mine with my CPU, and a second time when it was no longer profitable to mine with a GPU.)

ASICs aside, new models of GPUs (videocards) should somehow fix the matters in the long run (since they are not tied with bitcoin, and their performance should increase no matter what). So it should all come to a balance somewhere in the future...

Paashaas
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February 16, 2014, 07:08:26 PM
 #20

So I remember people saying that Bitcoins will be worth $40,000 per Bitcoin in 2014 ... HA! Looks more like they will be worth $40

$40k per coin is BS and the $40 per coin is also BS. You lower yourself like them with there BS post, you dont understand youre own writing what that contains.

Happy troll day.
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