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Author Topic: At what pricepoint is bitcoin dead?  (Read 26250 times)
plastic.elastic
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October 18, 2011, 05:03:26 AM
 #101

I understood one thing it may be needed for when back in June I saw someone use it to send $10.5mil worth overseas, with money fully transfering within 30 minutes, and paid only about $15 to do it.

I'm curious if that person overseas is now holding $1.05 worth of BTC? If so, I'd ask for that $15 fee back.


I wouldn't know. (Did you mean $1.25mil worth?). I hope they liquidated it over time.

Sorry but i have to call bullshiet. It sounds like a bitcoiners wet dream.

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mizike29
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October 18, 2011, 09:34:21 PM
 #102

Yeah I call BUll shit tooo, if you have that kind of money your not going to mess with bitcoins to send it, makes no damn sense.  I still stand with the issue that what do you really need bitcoin for except for silk road, and maybe if you want to be anonymous.  Sending money for fees, ok maybe you can save some cash but not really because bitcoins are not worth the same daily so its a pretty big risk to save a couple bucks.  Bank to bank transfers, even paypal isnt that bad for most transactions.  There are many low price money transfer options that you wouldnt need to use bitcoin for that.  Really I only see it as being kind of cool, nerdy, fun in the beginning but pretty pointless unless it becomes stable and real companies start accepting it, then possibly it would make sense.  But I just dont see it recovering to become main stream at this point.

Oh and to answer the question, sending cash through the mail, pretty damn cheap and safe, with tracking.  Cash for gold, cash for old phones, people do it all the time, even a moneygram or similar you can send what you want anonomyous, you dont have to use real information, thats what I mean by cash can be pretty anonomous as well, or however u spell that damn word lol.

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October 18, 2011, 09:38:17 PM
 #103

It was just under 500,000 BTC at the time. No big deal.

mizike29
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October 18, 2011, 11:25:14 PM
 #104

Shit, Bitcoin is dead, down to 2.3 dollars, jesus, what a waste of a cool system.

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October 18, 2011, 11:30:52 PM
 #105

Shit, Bitcoin is dead, down to 2.3 dollars, jesus, what a waste of a cool system.

Funny, the farther the price goes down, the more excited I get.
And I just purchased a whole bunch.
And my optimism in Bitcoin has never been brighter.
The price needed to come down to be sustainable.
I have another order at $2
A much bigger order at $1.5
And all my bitcoin investing money goes in at $1.00

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October 19, 2011, 12:25:43 AM
 #106

Shit, Bitcoin is dead, down to 2.3 dollars, jesus, what a waste of a cool system.

Funny, the farther the price goes down, the more excited I get.
And I just purchased a whole bunch.
And my optimism in Bitcoin has never been brighter.
The price needed to come down to be sustainable.
I have another order at $2
A much bigger order at $1.5
And all my bitcoin investing money goes in at $1.00

I don't know why but I get excited by this too.  The excitement is not unlike when Bitcoin went over $8/BTC and, unbelievably, kept climbing!

I question the logic of using the price points of $2/BTC, $1.5/BTC, and $1/BTC though.  I expect many people will have bids at these round rates.  Consequently it might be wise to use $2.01/BTC, $1.51/BTC, and $1.01/BTC (paying a tiny bit more to be at the front of the queue).

Best of luck to those of you that believe Bitcoin has a future and are willing to start buying coins.  I highly doubt we'll make it down to early adopter money (I bought most of my coins at $0.02-$0.04 and I still don't really feel like an early adopter).
plastic.elastic
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October 19, 2011, 12:38:25 AM
 #107

It was just under 500,000 BTC at the time. No big deal.

No bid deal ? tell me how they converted all those BTCs into USD....

Stop fcking bullshiet already,

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finway
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October 19, 2011, 12:42:58 AM
 #108

I dont' think you have that luck to see it dies.

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October 19, 2011, 12:45:52 AM
 #109


No bid deal ? tell me how they converted all those BTCs into USD....


Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
plastic.elastic
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October 19, 2011, 12:49:08 AM
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No bid deal ? tell me how they converted all those BTCs into USD....



magic my ass.

Keep dreaming.

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October 19, 2011, 12:58:39 AM
 #111


magic my ass.

You might want to ask Bruce Wagner.
I really don't know much about it.


Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 19, 2011, 04:57:39 AM
 #112

Shit, Bitcoin is dead, down to 2.3 dollars, jesus, what a waste of a cool system.

Funny, the farther the price goes down, the more excited I get.
And I just purchased a whole bunch.
And my optimism in Bitcoin has never been brighter.
The price needed to come down to be sustainable.
I have another order at $2
A much bigger order at $1.5
And all my bitcoin investing money goes in at $1.00



In what sense is $2/BTC "sustainable?"  At that price, the total value of the entire Bitcoin money supply will never be greater than US$42 million, hardly enough to even be worth wiping the bottom of a typical hedge fund manager or bank CEO.  In other words, totally insignificant relative to the world money supply of traditional currencies, which is in the tens of TRILLIONS of dollars.  If it remains at a price in the single digits, BTC will never be anything but a novelty/toy, with zero global impact to speak of.  The price needs to grow by 1,000x, 10,000x or more before it will really start to be a significant force in the world.  Otherwise it will have been just a flash in the pan, nothing but an obscure hobby/entertainment that briefly caught some press attention. 

Yeah, it'll be sustainable, just like collecting any other random little niche commodity like HO-scale model trains is sustainable. 

Sorry, if the Bitcoin community isn't trying to live up to its potential to change the world, then it's not worth my time.

If all the sovereign non-cryptocurrencies will eventually collapse from hyperinflation, you can't afford *not* to invest in Bitcoin...  See my blog at http://minetopics.blogspot.com/ .

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ShadowOfHarbringer
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October 19, 2011, 08:48:04 AM
 #113

I actually can't wait until BTC gets back to $1.00, so I can buy even more at cheaper prices.

But somehow i feel that it will start rising too early, and again i will be left with not enough bitcoins....


MaxSan
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October 19, 2011, 01:30:37 PM
 #114

Be nice to have a couple thousand.. I dont have le money though.

mizike29
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October 19, 2011, 09:28:54 PM
 #115

Bitcoins at 2 bux are just not worth it.  Why would you need it or buy it at 2 bux a coin?  TO do what buy something you can get for dollars?  Like one poster above said and I have said before, single digits bitcoins are dead and no use to real economy.  At single digits its a nerdy, cool system that you can play with, collect, buy some things online with it, do some trading maybe, but mining is shot too expensive to mine with electricity and difficulty, and unlike what some people say, you need miners to create bitcoins so you cant ignore the cost of creating a bitcoin in this equation of if bitcoin makes sense or is dead.  We need big businesses to accept bitcoin, more stability and a higher stable price at 10 bux or more for bitcoin to have some real type of future and effect in the world.   Its almost hit 2 bux a bitcoin, that price is a dead price.

mizerydearia
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October 19, 2011, 09:40:38 PM
 #116

I think you really have a serious misconception about a currency. Money is not supposed to earn you money all by itself.

Imagine if generating (or printing) us dollars were profitable.  If that were true, then us dollars would be printed quite rapidl....oh wait

Also, validating/mining will continue and it will still be quite profitable, but primarily for those who are located in areas where cost of electricity is very minimal or free.
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October 19, 2011, 10:04:05 PM
 #117

Bitcoins at 2 bux are just not worth it.  Why would you need it or buy it at 2 bux a coin? 

Um, how is ten BTC at $2 a coin any different than two BTC at $10 a coin?

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October 19, 2011, 11:37:34 PM
 #118

Bitcoins at 2 bux are just not worth it.  Why would you need it or buy it at 2 bux a coin? 

Um, how is ten BTC at $2 a coin any different than two BTC at $10 a coin?

Likewise how is mining BTC @ $2USD and 300K difficulty any different than mining BTC @ $10USD and 1.5 mil difficulty?
bitcoinminer
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October 19, 2011, 11:58:50 PM
 #119

Bitcoins at 2 bux are just not worth it.  Why would you need it or buy it at 2 bux a coin? 

Um, how is ten BTC at $2 a coin any different than two BTC at $10 a coin?

The same way buying 1 gallon of gas at $4.50 is at buying 1 gallon of gas at $45.00 is not the same.

If you, like mine, mine 0.5 BTC a day, $1 a day versus $5 a day makes a difference.

If BTC STAYED at $2, fine, but when every day you sign on its continuing to depreciate (in other words, runaway inflation, which is what it was touted as preventing) aside from mining or trading or ponzi schemes or buying or losing, it becomes a question of "I can buy a loaf of bread for 1 BTC today, and next week, I need 2 BTC to buy that same loaf of bread".

I know everybody here doesn't like to hear it, but when it takes the same amount of effort to acquire BTC, but they become worth less and less, that is called inflation.

It's not about the price being $2 or $200 a bitcoin, it's about it being STABLE, which it isn't.

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
plastic.elastic
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October 20, 2011, 12:05:44 AM
 #120

Bitcoins at 2 bux are just not worth it.  Why would you need it or buy it at 2 bux a coin? 

Um, how is ten BTC at $2 a coin any different than two BTC at $10 a coin?

The same way buying 1 gallon of gas at $4.50 is at buying 1 gallon of gas at $45.00 is not the same.

If you, like mine, mine 0.5 BTC a day, $1 a day versus $5 a day makes a difference.

If BTC STAYED at $2, fine, but when every day you sign on its continuing to depreciate (in other words, runaway inflation, which is what it was touted as preventing) aside from mining or trading or ponzi schemes or buying or losing, it becomes a question of "I can buy a loaf of bread for 1 BTC today, and next week, I need 2 BTC to buy that same loaf of bread".

I know everybody here doesn't like to hear it, but when it takes the same amount of effort to acquire BTC, but they become worth less and less, that is called inflation.

It's not about the price being $2 or $200 a bitcoin, it's about it being STABLE, which it isn't.

You're an idiot

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