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Author Topic: At what pricepoint is bitcoin dead?  (Read 25768 times)
mizike29
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October 10, 2011, 03:34:38 AM
 #21

Seems to me bitcoin is dead where its been hanging at for weeks, 4 to 5 bux a bitcoin is not helping anyone.  To expensive to create them with the cards and electricity cost, selling, trading too risky for way to low of profit, the only way bitcoin gets back to where it needs to be seems to be if some company starts accepting them, newegg, amazon something like that or when all the bitcoins have been made, then maybe the value would rise.  It is a toy at this price point, needs to be 10 to 15 a bitcoin to actually pay for itself, pay for anything make it work.  1 buck sucks, 4 bux sucks, kinda dead and stuck for past month, not looking good.

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October 10, 2011, 03:38:54 AM
 #22

Seems to me bitcoin is dead where its been hanging at for weeks, 4 to 5 bux a bitcoin is not helping anyone.  To expensive to create them with the cards and electricity cost, selling, trading too risky for way to low of profit, the only way bitcoin gets back to where it needs to be seems to be if some company starts accepting them, newegg, amazon something like that or when all the bitcoins have been made, then maybe the value would rise.  It is a toy at this price point, needs to be 10 to 15 a bitcoin to actually pay for itself, pay for anything make it work.  1 buck sucks, 4 bux sucks, kinda dead and stuck for past month, not looking good.

True that !
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October 10, 2011, 06:38:23 AM
 #23

Seems to me bitcoin is dead where its been hanging at for weeks, 4 to 5 bux a bitcoin is not helping anyone.  To expensive to create them with the cards and electricity cost, selling, trading too risky for way to low of profit, the only way bitcoin gets back to where it needs to be seems to be if some company starts accepting them, newegg, amazon something like that or when all the bitcoins have been made, then maybe the value would rise.  It is a toy at this price point, needs to be 10 to 15 a bitcoin to actually pay for itself, pay for anything make it work.  1 buck sucks, 4 bux sucks, kinda dead and stuck for past month, not looking good.

So are these altruists finding 5 an hour going to stop now?

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October 10, 2011, 06:55:20 AM
 #24

0.0001 then i will abandon bitcoin Tongue

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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October 10, 2011, 08:03:39 AM
 #25

I also don't like these low prices. Not because of the price itself, but because a small variation in price has a huge impact in someone's wallet. And the price has been moving a lot lately, mostly down...
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October 10, 2011, 08:12:50 AM
 #26

0.0001 then i will abandon bitcoin Tongue

You will abandon it to me. I'll be buying every coin for my collection. How sweet would a full set be?

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wareen
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October 10, 2011, 08:29:04 AM
 #27

0.0001 then i will abandon bitcoin Tongue

You will abandon it to me. I'll be buying every coin for my collection. How sweet would a full set be?

Not so fast - I'm bidding twice that! Smiley
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October 10, 2011, 08:30:56 AM
 #28

0.0001 then i will abandon bitcoin Tongue

You will abandon it to me. I'll be buying every coin for my collection. How sweet would a full set be?

fine fine, but its never going down there Smiley and even if it does, i may not sell i would only have 0.0036 USD for it, i would just stop caring for it.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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October 10, 2011, 12:29:00 PM
 #29

Imagine what you could do if bitcoin did go to $0.0001 ...you could buy all the bitcoins in existence for less than $1000.  You could then peg the price of bitcoin at around $1 ...selling for $1.05 and buying for $0.95.  People would then know the price of bitcoin wouldn't fall below $0.95 (assuming they trust you to maintain the peg).  They also know you will be selling more as the price rises above $1.05.  Bitcoin would be used to facilitate private p2p transactions as it was intended and the coins would slowly return to circulation and you would make a fortune.  This of course is why it would be next to impossible for someone to corner the market on all bitcoins like this.

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October 10, 2011, 01:13:46 PM
 #30

I gave some bitcoins for a birth recently. The CD will hopefully not get lost and yes, I have a copy in my backup but the point is if she knows about bitcoin when she turns 18, she will definitely know what to do with it. If not, well then be it. Same with my savings in Bitcoins. I would not sell at 1 what I bought at 9 as I did not put all my savings in like other dudes so I'm not forced to cut my losses.

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October 10, 2011, 01:57:35 PM
 #31

Seems to me bitcoin is dead where its been hanging at for weeks, 4 to 5 bux a bitcoin is not helping anyone.  To expensive to create them with the cards and electricity cost, selling, trading too risky for way to low of profit, the only way bitcoin gets back to where it needs to be seems to be if some company starts accepting them, newegg, amazon something like that or when all the bitcoins have been made, then maybe the value would rise.  It is a toy at this price point, needs to be 10 to 15 a bitcoin to actually pay for itself, pay for anything make it work.  1 buck sucks, 4 bux sucks, kinda dead and stuck for past month, not looking good.

True that !

What the hell dudes? Bitcoin is not here for miners to make money. Miner profits have an indirect effect on network security and stability, that's the extent of its importance. And there enough people who will continue to hash for the sake of the network, so hashing power will never be zero.

Also, Bitcoin is a toy because it doesn't "pay for itself"? It's the other way around, it's a toy as long as you see it as a mining game. Try using it for a change.

Anyway, the pricepoint it is dead is obviously $0. In other words, when a fatal vulnerability is discovered.
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October 10, 2011, 03:16:28 PM
 #32

If bitcoin dies then I will buy as much of it as I can and do all of the mining with my GPU at work for free.

I will then start selling once all 21 million are mined.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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October 10, 2011, 05:41:25 PM
 #33

$0.00

/thread
2112
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October 10, 2011, 06:06:17 PM
 #34

I will then start selling once all 21 million are mined.
That would be sometime late in year 2140.

https://en.bitcoin.it/wiki/Controlled_Currency_Supply

So more like: My great^N-grand-children will start selling it.

Please comment, critique, criticize or ridicule BIP 2112: https://bitcointalk.org/index.php?topic=54382.0
Long-term mining prognosis: https://bitcointalk.org/index.php?topic=91101.0
evoorhees
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October 10, 2011, 06:44:26 PM
 #35

Imagine what you could do if bitcoin did go to $0.0001 ...you could buy all the bitcoins in existence for less than $1000.  You could then peg the price of bitcoin at around $1 ...selling for $1.05 and buying for $0.95.  People would then know the price of bitcoin wouldn't fall below $0.95 (assuming they trust you to maintain the peg).  They also know you will be selling more as the price rises above $1.05.  Bitcoin would be used to facilitate private p2p transactions as it was intended and the coins would slowly return to circulation and you would make a fortune.  This of course is why it would be next to impossible for someone to corner the market on all bitcoins like this.

Brilliant point Steve.
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October 10, 2011, 06:56:52 PM
 #36

If a small-ish group of people can buy the daily supply with a smallish amount of money, I would say that the system is in it's death throes.  1000 people spending $10/day could do so at 7200/day and a price of $1.40-ish.  So, I would say that we are uncomfortably close at this point and that interest would likely drain away.  Judging from the network activity, that seems to be occurring.

But it seems to me that it is also possible that rather than death, we could have some sort of a 'mothball' situation where current value holders put enough effort in to keep the system basically going.  If/when an obvious and significant need for such a solution appears, it could be that the existing Bitcoin solution is more viable than alternate newer solutions or variants of the Bitcoin solution.

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October 10, 2011, 07:08:30 PM
 #37

I will then start selling once all 21 million are mined.
That would be sometime late in year 2140.

https://en.bitcoin.it/wiki/Controlled_Currency_Supply

So more like: My great^N-grand-children will start selling it.


Technically there will never be 21 million bitcoins in existence... just slightly below that amount.  By 2033 there should be around 99.2% of all bitcoins that are going to be mined in circulation.
evoorhees
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October 10, 2011, 07:17:46 PM
 #38

If a small-ish group of people can buy the daily supply with a smallish amount of money, I would say that the system is in it's death throes. 


According to your logic, Bitcoin was dead 2 years ago.

But let's examine something. If the price went back to $1, Bitcoin would be just like it was when it was previously $1, except for the following:
- many new exchanges
- many new merchant solutions
- many new vendors
- stronger hashrate
- stronger brand recognition
- longer lifetime (more reasonable to trust)
- stronger client software
- no displacement by multiple competing chains
- etc.

If Bitcoin was viable when it was previously $1 WITHOUT all those subsequent improvements, it'd be reasonable to think it's viable at $1 WITH all those improvements.
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October 10, 2011, 07:33:23 PM
 #39

Technically there will never be 21 million bitcoins in existence... just slightly below that amount.  By 2033 there should be around 99.2% of all bitcoins that are going to be mined in circulation.
How about we gentlemanly split it in the middle: sometime beteween 2100 and 2104 the number of
mined coins will reach 20,999,999.000,000,00 ? The last coin will never be mined to completion.

Please comment, critique, criticize or ridicule BIP 2112: https://bitcointalk.org/index.php?topic=54382.0
Long-term mining prognosis: https://bitcointalk.org/index.php?topic=91101.0
tvbcof
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October 10, 2011, 07:38:10 PM
 #40

If a small-ish group of people can buy the daily supply with a smallish amount of money, I would say that the system is in it's death throes. 


According to your logic, Bitcoin was dead 2 years ago.

But let's examine something. If the price went back to $1, Bitcoin would be just like it was when it was previously $1, except for the following:
- many new exchanges
- many new merchant solutions
- many new vendors
- stronger hashrate
- stronger brand recognition
- longer lifetime (more reasonable to trust)
- stronger client software
- no displacement by multiple competing chains
- etc.

If Bitcoin was viable when it was previously $1 WITHOUT all those subsequent improvements, it'd be reasonable to think it's viable at $1 WITH all those improvements.

The enumeration of improvements is exactly why I consider the solution to be dying.  It is a bad omen to me that even with all of those things you've outlined, the whole systems capital creation can still be purchased for a small outlay.

This surprises me.  I would not have expected it to come to this, and am deep in the red on my current BTC bet due to where I started accumulating (durring the Mt Gox down-time.)  But as always, I did not put enough money in that I could not afford to lose with a chuckle.  Indeed, I outlined a certain amount that I expected to put in and still have a fair amount of power dry and am still buying on dips.

BTC may or may not pay off for me in the end (years from now.)  In the mean time, if I want to support efforts which happen to be out of favor with governments/financial institutions, Bitcoin is useful.  I can buy some Bitcoin for USD and get it to the target within minutes and thus not lose value in spite of the rather unhappy longer term trend of USD/BTC value.  It is, of course, up to them to transfer it back to their chosen currency.


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