Bitcoin Forum
December 07, 2016, 10:23:33 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: The Great Bitcoin Collapse of 10/17/11  (Read 3289 times)
tacotime
Legendary
*
Offline Offline

Activity: 1484



View Profile
October 17, 2011, 03:31:27 PM
 #1

Well, it was a while coming and I think it's a while to go.

Putting my bets on $2 lows and $2.80 to $3.00 later this evening.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
1481149413
Hero Member
*
Offline Offline

Posts: 1481149413

View Profile Personal Message (Offline)

Ignore
1481149413
Reply with quote  #2

1481149413
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481149413
Hero Member
*
Offline Offline

Posts: 1481149413

View Profile Personal Message (Offline)

Ignore
1481149413
Reply with quote  #2

1481149413
Report to moderator
1481149413
Hero Member
*
Offline Offline

Posts: 1481149413

View Profile Personal Message (Offline)

Ignore
1481149413
Reply with quote  #2

1481149413
Report to moderator
stryker
Full Member
***
Offline Offline

Activity: 232


View Profile
October 17, 2011, 03:36:40 PM
 #2

there have been a lot of sells today, there is a thread in the economics section about it
tacotime
Legendary
*
Offline Offline

Activity: 1484



View Profile
October 17, 2011, 03:37:58 PM
 #3

It's just people cutting their losses on their bitcoin investments, most likely.  These are more the rule than the exception lately.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
proudhon
Legendary
*
Offline Offline

Activity: 1148



View Profile
October 17, 2011, 03:39:14 PM
 #4

In the coming years it will be said that bitcoin came and went in 2011.  There is simply no realistic chance of bitcoin recovering at this point.  I'm not just talking about the price.  I'm talking about people being interested in it.  It's a fascinating project, but most people don't want put money into it when there's a very good chance a large percentage of the value they invest will evaporate.  Sure, if they're active traders they can do ok, but most people don't have the desire or time to sit around and manage their bitcoin investment or a bot.  I'll say it again.  Bitcoin is done.  We have well funded speculators and Bruce Wagner to thank for it.
tacotime
Legendary
*
Offline Offline

Activity: 1484



View Profile
October 17, 2011, 03:44:02 PM
 #5

In the coming years it will be said that bitcoin came and went in 2011.  There is simply no realistic chance of bitcoin recovering at this point.  I'm not just talking about the price.  I'm talking about people being interested in it.  It's a fascinating project, but most people don't want put money into it when there's a very good chance a large percentage of the value they invest will evaporate.  Sure, if they're active traders they can do ok, but most people don't have the desire or time to sit around and manage their bitcoin investment or a bot.  I'll say it again.  Bitcoin is done.  We have well funded speculators and Bruce Wagner to thank for it.

Bruce Wagner is done.  Bitcoin is inflating at a rate approximate to some South American countries but not Zimbabwe, and, well, all those countries still exist.

Now we may welcome a new, more productive era of speculators and software engineers to fuel the adoption of digital currencies (bitcoin or not) and promote their usage.  If altchain currencies are any indication, people are still interested and perfectly willing to make or lose money on this.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
anu
Legendary
*
Offline Offline

Activity: 938


P2P Everything


View Profile WWW
October 17, 2011, 03:49:58 PM
 #6

In the coming years it will be said that bitcoin came and went in 2011.  There is simply no realistic chance of bitcoin recovering at this point.  I'm not just talking about the price.  I'm talking about people being interested in it.  It's a fascinating project, but most people don't want put money into it when there's a very good chance a large percentage of the value they invest will evaporate.  Sure, if they're active traders they can do ok, but most people don't have the desire or time to sit around and manage their bitcoin investment or a bot.  I'll say it again.  Bitcoin is done.  We have well funded speculators and Bruce Wagner to thank for it.

Bruce Wagner is done.  Bitcoin is inflating at a rate approximate to some South American countries but not Zimbabwe, and, well, all those countries still exist.

Now we may welcome a new, more productive era of speculators and software engineers to fuel the adoption of digital currencies (bitcoin or not) and promote their usage.  If altchain currencies are any indication, people are still interested and perfectly willing to make or lose money on this.

#2
I'd also like the price go lower before I buy.

Zero Reserve - A distributed Bitcoin Exchange

Install - Getting Started - BitcoinTalk Thread - Github Source
brandondayton
Jr. Member
*
Offline Offline

Activity: 41


View Profile WWW
October 17, 2011, 04:21:30 PM
 #7

Predicting Bitcoin is vanishing is like predicting the internet would be gone because subscriptions to AOL went down in April of '97

The big mistake here is looking only at the speculative value of Bitcoin. Independent of speculation, Bitcoin has a value inherent in its technology that will only increase over time. The only thing that will make the value of Bitcoin vanish will be a competing technology that does was Bitcoin does, but does it better.

Anything less than that is at worst a speculative blip, and at best a really good time to buy.





johnj
Full Member
***
Offline Offline

Activity: 154


View Profile
October 17, 2011, 04:23:35 PM
 #8

Anything less than that is at worst a speculative blip, and at best a really good time to buy.

Or the third option:  BTC goes down so low, that a new,better chain is launched, and BTC never rises again.

Bitcoin isn't what has value - it's the blockchain concept that has value.  Which of course Bitcoin is tied to.  But right now people who invest in BTC aren't investing IN BTC, they're investing in the decentralized blockchain concept.  BTC is a blockchain with X variables at Y levels.  It's yet to be seen (and isn't looking well from where I'm sitting) if those variables in place make for a good, reliable currency.

Or at least that's how I see it.

1AeW7QK59HvEJwiyMztFH1ubWPSLLKx5ym
TradeHill Referral TH-R120549
proudhon
Legendary
*
Offline Offline

Activity: 1148



View Profile
October 17, 2011, 04:29:33 PM
 #9

I'm beginning to understand that bitcoin's being successful is true in the same way lots of religious claims are true in that there are no practical conditions under which it cannot be successful.  Bitcoin price goes up, successful.  Price goes down, successful, good time to buy.  Nodes go up, successful.  Nodes go down, successful.  Hash rate up, successful.  Hash rate down, successful.  This is, apparently, the most resilient project to failure that's ever been created.
mobodick
Hero Member
*****
Offline Offline

Activity: 826



View Profile
October 17, 2011, 04:29:37 PM
 #10

.... a really good time to buy.

buy? BUY? BUUUUUUUUUUUYYYYYYYYYYYYYYY!!!!!!!
worldinacoin
Hero Member
*****
Offline Offline

Activity: 658



View Profile WWW
October 17, 2011, 04:31:15 PM
 #11

It may be a good thing, anything that does not kill you makes you strong.  The selling will wipe out the bears allowing those with more holding powers to stay on.
anu
Legendary
*
Offline Offline

Activity: 938


P2P Everything


View Profile WWW
October 17, 2011, 04:32:06 PM
 #12


Bitcoin isn't what has value - it's the blockchain concept that has value. 

Bitcoin is the original and it has brand recognition. A different block chain is a cheap knock off. Even if you change the rules.

Zero Reserve - A distributed Bitcoin Exchange

Install - Getting Started - BitcoinTalk Thread - Github Source
proudhon
Legendary
*
Offline Offline

Activity: 1148



View Profile
October 17, 2011, 04:32:58 PM
 #13


Bitcoin isn't what has value - it's the blockchain concept that has value. 

Bitcoin is the original and it has brand recognition. A different block chain is a cheap knock off. Even if you change the rules.

Oh, it has brand recognition alright.
gewure
Sr. Member
****
Offline Offline

Activity: 364


[#][#][#]


View Profile
October 17, 2011, 04:34:11 PM
 #14

In the coming years it will be said that bitcoin came and went in 2011.  There is simply no realistic chance of bitcoin recovering at this point.  I'm not just talking about the price.  I'm talking about people being interested in it.  It's a fascinating project, but most people don't want put money into it when there's a very good chance a large percentage of the value they invest will evaporate.  Sure, if they're active traders they can do ok, but most people don't have the desire or time to sit around and manage their bitcoin investment or a bot.  I'll say it again.  Bitcoin is done.  We have well funded speculators and Bruce Wagner to thank for it.

you are wrong about that. there are only 21 million coins. everyone wants to have at least one, regardless of the value.

when i first heard about bitcoin, about 6 months ago, my friend told me "but i heard it alreads collapsed in worth cause of some hack or something. maybe we should buy some cause they are very cheap now?!" ..so this is rather subjetiv than objectiv.

and that was months ago! ..in fact you are thinking the big attention for bitcoins is already over, when in fact it did not even really start. it is still "underground". why?! cause everyone heard the word bitcoin, but the fewest can explain what it really is.

take 90% of the media articles about bitcoin: they spend on average feeled 70% of the article explaining what bitcoin is, cause nobody yet really knows, exept some 20.000 on this forum and the mining-geeks.

but_never_take_your_subcultures_stream_for_the_mainstream ! (and the stream here is: "glimpse of doom", "destruction" "the end is near"; while the mainstream-ppl just have heared about bitcoin and don't know anything about it's worth. it simply does not matter to them if they are yet worth 3$ and were worth 30$ before! take into account this informationasymetry!!


gewure
Sr. Member
****
Offline Offline

Activity: 364


[#][#][#]


View Profile
October 17, 2011, 04:37:45 PM
 #15


Bitcoin isn't what has value - it's the blockchain concept that has value. 

Bitcoin is the original and it has brand recognition. A different block chain is a cheap knock off. Even if you change the rules.

true - there will be no "bitcoin 2.0 - NOW FOR REAL" or something. it defitelly will be BITCOIN, nothing else.
johnj
Full Member
***
Offline Offline

Activity: 154


View Profile
October 17, 2011, 04:42:30 PM
 #16


Bitcoin isn't what has value - it's the blockchain concept that has value. 

Bitcoin is the original and it has brand recognition. A different block chain is a cheap knock off. Even if you change the rules.

Tell that to Myspace.

1AeW7QK59HvEJwiyMztFH1ubWPSLLKx5ym
TradeHill Referral TH-R120549
proudhon
Legendary
*
Offline Offline

Activity: 1148



View Profile
October 17, 2011, 04:44:06 PM
 #17

the mainstream-ppl just have heared about bitcoin and don't know anything about it's worth. it simply does not matter to them if they are yet worth 3$ and were worth 30$ before! take into account this informationasymetry!!

Right, because the "mainstrem-ppl" won't bother looking at price history, or the sentiment on the forums.
RodeoX
Legendary
*
Offline Offline

Activity: 2114


The revolution will be monetized!


View Profile
October 17, 2011, 04:46:26 PM
 #18

Ah yes. Bitcoins weekly "death".
 Roll Eyes

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin=https://bitcointalk.org/index.php?topic=1610684
nighteyes
Member
**
Offline Offline

Activity: 105


View Profile
October 17, 2011, 04:46:38 PM
 #19

It may be a good thing, anything that does not kill you makes you strong.  The selling will wipe out the bears allowing those with more holding powers to stay on.

Nope....hoarding bitcoins will never work. All that confidence game does is lower lows and lower highs.
No one should do the work for the hoarders...even at 1 cent.

Lets see what the next group of bag holders has to say...this group was amusing, and people like Immanuel Go never did see that they were the ones duped.
tacotime
Legendary
*
Offline Offline

Activity: 1484



View Profile
October 17, 2011, 04:51:48 PM
 #20

There are plenty of people who trade galangals or soybeans and don't even know what they look like.  Your understanding of something has little to do with the public demand for it.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!