Crash to $0.5 imminent. All bets are off.

[mobodick]

There, i said it.
 

[1714995752]

1714995752

[1714995752]

1714995752

[1714995752]

1714995752

[gewure]

this hurts my 35 BTC 

but now i don't sell for sure, anyway to late.

somewhere someone has pushed a shiiiitload of BTC into the market..

[BadBear]

this hurts my 35 BTC 

but now i don't sell for sure, anyway to late.

somewhere someone has pushed a shiiiitload of BTC into the market..

There's 7200 new ones every day so yeah...there's a lot coming in and not enough interest for them. 

[Jack of Diamonds]

this hurts my 35 BTC  

but now i don't sell for sure, anyway to late.

somewhere someone has pushed a shiiiitload of BTC into the market..

Holding onto a depreciating asset just to feed your ego makes no sense.
People make bad decisions and mistakes all the time.

A winner can see when he made a bad decision & stop his assets from depreciating even further.

[Nesetalis]

yes, sell, let me have your bitcoins for the price of dirt

[worldinacoin]

Well, I will be buying in as much as I can if it really goes to 0.5

[Technomage]

A winner can see when he made a bad decision & stop his assets from depreciating even further.
It's not "too late", if you sell at $2.8 you will thank yourself when it bottoms at $0.28.

This is very true, I made a complete exit at around $4 which was a good move. Basically next day (today) there was a massive drop so it was good timing.

Now the problem is at what point to buy back, because I do believe that Bitcoin will recover in the long term. The thing is at dollar parity the maximum value of all Bitcoins is $7.5 million, which to me simply can't be "too much". And there is another point which is the fact that actually only around 1 million Bitcoins are actively traded in the exchanges, and less than 50% are traded at all. I don't remember the sources for these calculations right now but anyway.

Fact is that at dollar parity the actual worth of the economy is somewhere between 1 million and 4 million dollars, depending on how you calculate it. I think it would be significantly undervalued at that point. Calling $0.5 is in my opinion ridiculous, that will only happen if something drastic happens to Bitcoin itself.

Bitcoin is functioning and doing well, fundamentally, and odds are it will continue to function. A drop to $2 is something, but a drop below $1.5 and $1 is something else entirely. We're talking about very critical levels here. The $ amount needed to sustain a certain price level drops radically the lower we go.

The bottom is true demand and I say that the real demand is at least between the 1 and 4 million dollars in total which it would have to be at dollar parity to sustain that price level. My call is that somewhere between $1.5 and $2.5 is the critical level which will be sustained and this level will rise in the next 12 months when the real usage of Bitcoins increases.

[gewure]

this hurts my 35 BTC 

but now i don't sell for sure, anyway to late.

somewhere someone has pushed a shiiiitload of BTC into the market..

Loss reduction is what smart people are good at.

Holding onto a depreciating asset just to feed your ego makes no sense.
People make bad decisions and mistakes all the time.

A winner can see when he made a bad decision & stop his assets from depreciating even further.
It's not "too late", if you sell at $2.8 you will thank yourself when it bottoms at $0.28.

doo, i have 35 BTC. lol. not 35000.

[proudhon]

yes, sell, let me have your bitcoins for the price of dirt

Funny, people said that about $13, $10, $8, $6, $5...you get the point.

[Nesetalis]

and it never stopped being true.

[mobodick]

yes, sell, let me have your bitcoins for the price of dirt

actually:
http://www.google.com/search?q=bag+soil&hl=en&hs=Roo&channel=np&prmd=imvns&source=univ&tbm=shop&tbo=u&sa=X&ei=3zWcTpmtO8Sk-gbXwMG5BQ&ved=0CDcQrQQ

1 bag of dirt > BC
 

[Nesetalis]

soil != dirt, sorry

[mobodick]

soil != dirt, sorry

the internets disagree:
dirt [dɜːt]
n
1. any unclean substance, such as mud, dust, excrement, etc.; filth
2. loose earth; soil
3. (Engineering / Civil Engineering)
a.  packed earth, gravel, cinders, etc., used to make a racetrack
b.  (as modifier) a dirt track
4. (Mining & Quarrying) Mining the gravel or soil from which minerals are extracted
5. a person or thing regarded as worthless
6. obscene or indecent speech or writing
7. Slang gossip; scandalous information
8. moral corruption
do (someone) dirt Slang to do something vicious to (someone)
dish the dirt Informal to spread malicious gossip
eat dirt Slang to accept insult without complaining
treat someone like dirt to have no respect or consideration for someone
[from Old Norse drit excrement; related to Middle Dutch drēte]

Double !!
 

[Fiyasko]

this hurts my 35 BTC 

but now i don't sell for sure, anyway to late.

somewhere someone has pushed a shiiiitload of BTC into the market..

Loss reduction is what smart people are good at.

Holding onto a depreciating asset just to feed your ego makes no sense.
People make bad decisions and mistakes all the time.

A winner can see when he made a bad decision & stop his assets from depreciating even further.
It's not "too late", if you sell at $2.8 you will thank yourself when it bottoms at $0.28.

+1

"Dirt is matter in the wrong place."

+1 But it's totally in the correct position if i put it there (Potting soil, motocrosstrack, Mud wrestling, etc)

[pennytrader]

I was an idoit when I bought back 30 BTC at $4 for a bounce play. Now I become a bagholder myself

[mobodick]

"Dirt is matter in the wrong place."

Actually, that is how the whole 'bag-o-soil' bussiness started.

[worldinacoin]

I actually found bitcoin at $4 cheap ,but now it seems we can get even cheaper

[gewure]

if i would not be a poor poor student, i would have bought another 35BTC today. but had no funds to do so

[Vandroiy]

Funny, people said that about $13, $10, $8, $6, $5...you get the point.

"Haha, people said Bitcoin goes into a bubble at $0.5, $1, $4, $9, $14, $20, I'll merrily ignore warnings at $30"

I'm not saying I'm certain it won't drop further, but people on this forum really need to learn that old saying: a trend is a trend until it stops.

If we see $0.5, i can buy 20k BTC for 10k USD... that's hardcore. A factor 64 on the peak. I am aware the price was inflated even before, but given the publicity Bitcoin had in the meantime, we don't know what a Bitcoin is worth now. In any case, dropping back to an insanely low value seems unreasonable.

[Nesetalis]

i suspect the actual "worth" is less than 1$ USD.
But honestly, long term growth should eventually catch up to where the bubble once reached. this low price of adoption makes it very cheap to buy in though, enough people notice, and the price is going to climb (it takes a few days for the money to reach the markets usually anyhow!)

[Shinobi]

You forget that we have a ways to go before reaching the 21M minting cap. There is nothing but hyperinflation below that point, unless some super serious money comes into the market - which won't.

[Nesetalis]

no, not hyperinflation... the end of the year it drops down to about 3500~ coins per day.. a while after that, 1750~... if there are more people buying than are produced, suddenly you got deflation, as we saw when silk road was published all over the web. Then new people stopped coming, and guess what? the trend toward inflation continued.
This here looks like panic sells... selling your money while its worthless? BRILLIANT!

[Mageant]

If it drops to $0.5 I will scrape together every bit of $ I have through selling stuff and borrowing and will be able to buy *thousands* of Bitcoins easily!  That would actually be pretty cool, since I missed out on early adopter prices.  I think that many other people like me could do so too, so probably it wouldn't go that low. Every geek could afford to buy significant amounts of bitcoins then.

[netrin]

You forget that we have a ways to go before reaching the 21M minting cap. There is nothing but hyperinflation below that point, unless some super serious money comes into the market - which won't.

We have actually experienced hyperinflation (Cagan, 1956) the past month even if you throw out the two days with the highest and lowest prices. However, the depreciation can not be attributed to monetary inflation. The bitcoin supply increases 0.1% daily, while we've experienced 1.5% daily depreciation since June. The effect of monetary inflation (mining supply) is orders of magnitude less than fluctuations in demand and volatility.

In other words, we'd need to be mining fifteen times as many coins before supply were a significant factor in exchange price. We'd need to generate a block every 45 seconds or 750 coins per block.

[the founder]

this hurts my 35 BTC 

but now i don't sell for sure, anyway to late.

somewhere someone has pushed a shiiiitload of BTC into the market..

There's 7200 new ones every day so yeah...there's a lot coming in and not enough interest for them. 

You're not allowed to say that...  you are supposed to say that what Satoshi built was perfect and has no error...  even if we print faster than Zimbabwe used to.

 

[netrin]

Why do you enjoy spreading bullshit? Bitcoins are not produced at a higher rate than ANY national fiat currency that experienced hyperinflation by orders of magnitude!

[Torque]

Funny.  I still can't get over the fact that 99% of the posters on these old threads are still on bitcointalk, but no longer bother to post in the Speculation subforum.

So what does that tell us?  

_{(And before you say the obvious "Well, because they're rich now!", no.  Just NO.  95% of them are not in the slightest, they pissed most of it all away years ago.  If they were bitcoin rich, they wouldn't bother logging in to bitcointalk at all.)}

[fonsie]

You forget that we have a ways to go before reaching the 21M minting cap. There is nothing but hyperinflation below that point, unless some super serious money comes into the market - which won't.

priceless 

[r0ach]

_{(And before you say the obvious "Well, because they're rich now!", no.  Just NO.  95% of them are not in the slightest, they pissed most of it all away years ago.  If they were bitcoin rich, they wouldn't bother logging in to bitcointalk at all.)}

Yep, that part is true.  One of my friends had something like 1600 and sold them all for $2 each.

[TheNewAnon135246]

_{(And before you say the obvious "Well, because they're rich now!", no.  Just NO.  95% of them are not in the slightest, they pissed most of it all away years ago.  If they were bitcoin rich, they wouldn't bother logging in to bitcointalk at all.)}

Yep, that part is true.  One of my friends had something like 1600 and sold them all for $2 each.

Haha I bet you give him a hard time over that every now and then .

[DjPxH]

You forget that we have a ways to go before reaching the 21M minting cap. There is nothing but hyperinflation below that point, unless some super serious money comes into the market - which won't.

priceless 

Are you the same fonsie that's spelled 'fonzie'? The one who is a newly converted bull and used to be a perma-bear? Things are starting to become a bit confusion around here!

[rocks]

If it drops to $0.5 I will scrape together every bit of $ I have through selling stuff and borrowing and will be able to buy *thousands* of Bitcoins easily!  That would actually be pretty cool, since I missed out on early adopter prices.  I think that many other people like me could do so too, so probably it wouldn't go that low. Every geek could afford to buy significant amounts of bitcoins then.

Love this, $4 BTC considered as missing out on the early adopter phases and $0.50 BTC as the go all in price.

Just remember, we have several more magnitudes of order to go in adoption. In 2020 $500 BTC will be considered unfair early adopter prices.

[bassclef]

_{(And before you say the obvious "Well, because they're rich now!", no.  Just NO.  95% of them are not in the slightest, they pissed most of it all away years ago.  If they were bitcoin rich, they wouldn't bother logging in to bitcointalk at all.)}

Yep, that part is true.  One of my friends had something like 1600 and sold them all for $2 each.

Haha I bet you give him a hard time over that every now and then .

Considering he'd be a millionaire with that amount today, probably not a great idea to rub it in.

[Mageant]

Funny.  I still can't get over the fact that 99% of the posters on these old threads are still on bitcointalk, but no longer bother to post in the Speculation subforum.

So what does that tell us?  

_{(And before you say the obvious "Well, because they're rich now!", no.  Just NO.  95% of them are not in the slightest, they pissed most of it all away years ago.  If they were bitcoin rich, they wouldn't bother logging in to bitcointalk at all.)}

I'm still here and still have a significant portion of my Bitcoins.

[giveBTCpls]

Fuck sakes. This really fucks with my mind big time. Seeing all these old posts it's like a double edged sword. In a way, I feel extremely depressed about the fact I wasn't lucky enough to be on a position to be aware of Bitcoin and invest slash mine these when it was worth peanuts. At the same time, I feel like maybe in 10 years I can laugh at the posts that said 10K per BTC is impossible while BTC is about to hit 11K 

[Wandererfromthenorth]

Fuck sakes. This really fucks with my mind big time. Seeing all these old posts it's like a double edged sword. In a way, I feel extremely depressed about the fact I wasn't lucky enough to be on a position to be aware of Bitcoin and invest slash mine these when it was worth peanuts. At the same time, I feel like maybe in 10 years I can laugh at the posts that said 10K per BTC is impossible while BTC is about to hit 11K 

BTC is still in very very early stages so it is possible.

[giveBTCpls]

Fuck sakes. This really fucks with my mind big time. Seeing all these old posts it's like a double edged sword. In a way, I feel extremely depressed about the fact I wasn't lucky enough to be on a position to be aware of Bitcoin and invest slash mine these when it was worth peanuts. At the same time, I feel like maybe in 10 years I can laugh at the posts that said 10K per BTC is impossible while BTC is about to hit 11K 

BTC is still in very very early stages so it is possible.

I hope so, I hope i can visit this thread 10 years from now in tears of joy :') I will be 35 by then but if im rich that will make up for being old. Oh fuck, please 10K please 10k 

[ArticMine]

There, i said it.
 

This was a mere 13 days after my first BTC purchase at a price of 5.38 CAD. According to this advice I should have panicked and sold, instead I held. 

[zakalwe]

I follow btc since 2011 bubble but I bought some in September 2012 at 10.20$

Then I switched to LTC at .012$

The only way for both btc and LTC is up. No matter fluctuation in short time, if you watch the picture in middle time (1-3 years) it will go up and up. How high? Difficult to say. But this is why I'm sure about it:

- mining difficulty grows fast, it's more and more expensive to mine them both;
- international crisis (defaults, wars, banks crisis....sigh, reading my words makes me feel bad, but this is the world we're living in)
- wider adoption


Being used for fast and cheap medium of exchange and as a value store makes them the best choice as an investment.

Oh, I'm an hodler.

Except for those I used to buy two cars, one house (in Berlin, not here in Italy) 6 ASICS (Titan, I still have to receive them. I know, don't tell me nothing. But I did it because I was curious), and found a start up as incubator and crowd funding portal (which I hope will be online in October)

[piramida]

I will be 35 by then but if im rich that will make up for being old.

Old? Oh shut the fuck up you can't yet appreciate even 10% of what life has to offer 35 is not old, it is the end of preparation and beginning of life

As for the topic, this threads make me sad as I, together with other silly posters here, thought "just let it hit sub-$1 prices I'll be so buying all then" instead, of course, of buying all at $3 or $5 or even at "damn overpriced no way this price is going to hold" $17

[spazzdla]

You tricky necromancers..

[criptix]

this old threads are like psychological warfare... makes me wanna buy alot more btc 

[worldinacoin]

this old threads are like psychological warfare... makes me wanna buy alot more btc 

Yeap really regretted not keeping more of Bitcoin at 50 cents to 5 dollar range