URGENT, Bitcoin is on the verge of collapse !!!

[devphp]

I believe Bitcoin will be bouncing around this $500-600 price range for the next 3 months of summer. 3600 new bitcoins are generated each day, and with the new difficulty, which keeps growing, miners dump a lot of bitcoins to cover costs AND most important - not a lot of new fiat money is entering the market to buy all this supply of bitcoins.

What can make a lot of new fiat money enter this market - that is the question? Adoption by merchants is great and all, but people need to be scared for their money in the banks to want to be their own banks as Bitcoin gives them an opportunity to be. They aren't scared yet. Many will be scared only when it's already too late, as history shows us.

Oh, and summer is a slow season in all markets, people go to the beach, you know.

[dreamspark]

Everybody be like "bitcoin's doomed! Bail the fuck out! Save yourselves!" and I'm just over here like, "wow, there goes that bitcoin...collapsing up again! Silly bitcoin!"  

I know right, and its got this amazing habit of doing it again and again and again lol

[inca]

I believe Bitcoin will be bouncing around this $500-600 price range for the next 3 months of summer. 3600 new bitcoins are generated each day, and with the new difficulty, which keeps growing, miners dump a lot of bitcoins to cover costs AND most important - not a lot of new fiat money is entering the market to buy all this supply of bitcoins.

What can make a lot of new fiat money enter this market - that is the question? Adoption by merchants is great and all, but people need to be scared for their money in the banks to want to be their own banks as Bitcoin gives them an opportunity to be. They aren't scared yet. Many will be scared only when it's already too late, as history shows us.

Oh, and summer is a slow season in all markets, people go to the beach, you know.

Probably no more than 50,000 people are holding more than ten coins a piece and you can't see where the money can come from?

This has happened before and it will happen again.

[devphp]

Probably no more than 50,000 people are holding more than ten coins a piece and you can't see where the money can come from?

Exactly! Not many people care for crypto currencies. Why would they? I think they will start caring more when they feel it's not safe to keep their money in the banks. Probably will be too late to care by that time as they won't be able to withdraw their money.

[stompix]

I believe Bitcoin will be bouncing around this $500-600 price range for the next 3 months of summer. 3600 new bitcoins are generated each day, and with the new difficulty, which keeps growing, miners dump a lot of bitcoins to cover costs AND most important - not a lot of new fiat money is entering the market to buy all this supply of bitcoins.

What can make a lot of new fiat money enter this market - that is the question? Adoption by merchants is great and all, but people need to be scared for their money in the banks to want to be their own banks as Bitcoin gives them an opportunity to be. They aren't scared yet. Many will be scared only when it's already too late, as history shows us.

Oh, and summer is a slow season in all markets, people go to the beach, you know.

Probably no more than 50,000 people are holding more than ten coins a piece and you can't see where the money can come from?

This has happened before and it will happen again.

10 - 100   98146   3.29% (3.79%)   3,522,334 BTC   2,184,944,600 USD   27.45% (94.71%)
100 - 1,000   13148   0.44% (0.49%)   2,987,612 BTC   1,853,250,288 USD   23.28% (67.26%)
1,000 - 10,000   1426   0.05% (0.05%)   3,134,333 BTC   1,944,263,441 USD   24.42% (43.98%)
10,000 - 100,000   95   0% (0%)   2,185,074 BTC   1,355,426,948 USD   17.03% (19.56%)
100,000 - 1,000,000   2   0% (0%)   324,839 BTC   201,501,376 USD   2.53% (2.53%)

There are around 110k addresses holding more than 10 coins.
And only 200l holding between 1-10, so there is more than enough room to grow.

[devphp]

You guys remember last year Bitcoin started growing in March when problems with the banks in Cyprus surfaced. This will repeat at some point in the future. Until then, not much growth in the crypto currencies, mostly the same money rushing from one coin to another, changing hands, some bitcoins exchanged for alts and back to bitcoin, not much new fiat.

[inca]

You guys remember last year Bitcoin started growing in March when problems with the banks in Cyprus surfaced. This will repeat at some point in the future. Until then, not much growth in the crypto currencies, mostly the same money rushing from one coin to another, changing hands, some bitcoins exchanged for alts and back to bitcoin, not much new fiat.

devphp what are saying has merit. But i think expecting a transition from fiat to crypto brought about by a financial crash is a long shot. All we need is continued adoption by word of mouth and use of internet. Have you seen the chart of online bitcoin wallets, it is very steep growth! I dont think it is a big stretch to say user adoption will at least go up 5x in the next couple of years, this should launch the price up many multiples higher hopefully.

[devphp]

devphp what are saying has merit. But i think expecting a transition from fiat to crypto brought about by a financial crash is a long shot. All we need is continued adoption by word of mouth and use of internet. Have you seen the chart of online bitcoin wallets, it is very steep growth! I dont think it is a big stretch to say user adoption will at least go up 5x in the next couple of years, this should launch the price up many multiples higher hopefully.

The number of bitcoin addresses in use and online wallets is not valid metrics, everyone is aware of that, as one person can use multiple addresses and wallets.

The biggest reason why people will rush into cryptos is if they are scared for their money in the banks, I repeat that and stand my case. Bitcoin and other cryptos would be a safety haven in that case. Until that happens, expect a period of doldrums - the price may not fall a lot, but will not rise a lot either. But when people finally do get scared, the price will skyrocket.

[stompix]

You guys remember last year Bitcoin started growing in March when problems with the banks in Cyprus surfaced. This will repeat at some point in the future. Until then, not much growth in the crypto currencies, mostly the same money rushing from one coin to another, changing hands, some bitcoins exchanged for alts and back to bitcoin, not much new fiat.

devphp what are saying has merit. But i think expecting a transition from fiat to crypto brought about by a financial crash is a long shot. All we need is continued adoption by word of mouth and use of internet. Have you seen the chart of online bitcoin wallets, it is very steep growth! I dont think it is a big stretch to say user adoption will at least go up 5x in the next couple of years, this should launch the price up many multiples higher hopefully.

http://bitinfocharts.com/comparison/transactions-btc.html

Hoarding and use are two different things and they don't translate in adoption. And the number of transactions isn't going up at all.
It's on the same level as one year ago.

[inca]

Hoarding and use are two different things and they don't translate in adoption. And the number of transactions isn't going up at all.
It's on the same level as one year ago.

The transactions chart that you linked doesn't tell the whole story.  Take Coinbase, for example, any transaction between Coinbase users (a merchant and his client with both Coinbase accounts) will not show on the Bitcoin Blockchain - they are off-blockchain transactions.   Not sure if Bitpay doesn't do the same thing - to be verified.  

 

Precisely. Massively rising web wallet numbers is unsurprisingly massively bullish on price as it generates lots of buying pressure on the exchanges and continues coin distribution.

Igorr, I sure hope you closed your short. Might be time to kill this thread matey.

[BurtW]

(each 1st in month new chart with lines)

Can't wait to see it.  Today is the day!

[inca]

(each 1st in month new chart with lines)

Can't wait to see it.  Today is the day!

Yes. Seems like we are moving back from the verge rather quickly.

[igorr]

(each 1st in month new chart with lines)

Can't wait to see it.  Today is the day!

Today is 1st Jun 2014 and time for new chart,
seems blue zone is broken, but its just beginning, (not yet)

Willy bot working hard to rise up the bitcoin price, and trying to adapt us to the new level price,
but this will be short term, and after that coming final fall and bitcoin the end.
Bistamp or or any other exchange will be shutdown.
(mining factor will be below 1 cents per GH at 24hr)

View Screen Capture

[gentlemand]

Uh huh.

[molecular]

damn, I thought this thread was locked... why was it greyed out 2 minutes ago?

[Ohh Pewee]

(each 1st in month new chart with lines)

Can't wait to see it.  Today is the day!

Today is 1st Jun 2014 and time for new chart,
seems blue zone is broken, but its just beginning, (not yet)

Willy bot working hard to rise up the bitcoin price, and trying to adapt us to the new level price,
but this will be short term, and after that coming final fall and bitcoin the end.
Bistamp or or any other exchange will be shutdown.
(mining factor will be below 1 cents per GH at 24hr)

http://img834.imageshack.us/img834/7126/vtmsd.jpgView Screen Capture

Does your tinfoil hat make your head hot?

[Wilhelm]

When the F@$&!!! will people realise the Igorr chart is based on trendlines that a 3year old could do better *sigh*

[igorr]

When the F@$&!!! will people realise the Igorr chart is based on trendlines that a 3year old could do better *sigh*

Check price, fall $60 usd for only 6 minute

[devphp]

igorr, which crypto currency will not die?

[igorr]

igorr, which crypto currency will not die?

each will die, or back exchange only crypto for crypto, and money for money.