Bitcoin Forum
April 28, 2017, 04:41:50 AM *
News: If the forum does not load normally for you, please send me a traceroute.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: A Great Thing Happened Today  (Read 2475 times)
wobber
Legendary
*
Offline Offline

Activity: 1050


View Profile
October 17, 2011, 05:22:50 PM
 #1

Today, 17th October 2011 Bitcoin went to a $2.20 per unit low. Lowest point so far. Lower than the average price needed to produce a coin. On the way down, almost all of the speculators sold. I know lots of people lost money and I'm sorry for them. Some made profit, but nothing to blame.  Now there is a real change, and people will start to use bitcoin as a currency and buy things otherwise not available easily or anonymously.

Rally? Dunno, don't care. I do care about shopping for Christmas with some coins.

EDIT: Oh, and try to differentiate us from bitcoin. Bitcoin is still a success, has a great price and now major flaws were discovered. It was just speculators (in all their forms: traders, miners, hoarder) got screwd. Including I. Never sold a coin until $6. And generated some with CPU...

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1493354510
Hero Member
*
Offline Offline

Posts: 1493354510

View Profile Personal Message (Offline)

Ignore
1493354510
Reply with quote  #2

1493354510
Report to moderator
1493354510
Hero Member
*
Offline Offline

Posts: 1493354510

View Profile Personal Message (Offline)

Ignore
1493354510
Reply with quote  #2

1493354510
Report to moderator
1493354510
Hero Member
*
Offline Offline

Posts: 1493354510

View Profile Personal Message (Offline)

Ignore
1493354510
Reply with quote  #2

1493354510
Report to moderator
Rassah
Legendary
*
Offline Offline

Activity: 1680


Director of Bitcoin100


View Profile
October 17, 2011, 05:26:09 PM
 #2

Why would they, if they only see it going down? Why risk buying the currency to buy something else, if what they buy is expected to lose value in a day?

wobber
Legendary
*
Offline Offline

Activity: 1050


View Profile
October 17, 2011, 05:28:11 PM
 #3

Why would they, if they only see it going down? Why risk buying the currency to buy something else, if what they buy is expected to lose value in a day?

You are right, but value cannot simply drop forever. If it goes to 0.5 many people will buy. And it's up to $1 again. If it goes to $1.5, fewer than "many" will buy, but still the price can stabilize or rise to 1.7. Anyway, we need stability after this decline.

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
jwzguy
Hero Member
*****
Offline Offline

Activity: 868



View Profile
October 17, 2011, 05:30:51 PM
 #4

Today, 17th October 2011 Bitcoin went to a $2.20 per unit low. Lowest point so far. Lower than the average price needed to produce a coin. On the way down, almost all of the speculators sold. I know lots of people lost money and I'm sorry for them. Some made profit, but nothing to blame.  Now there is a real change, and people will start to use bitcoin as a currency and buy things otherwise not available easily or anonymously.

Rally? Dunno, don't care. I do care about shopping for Christmas with some coins.

EDIT: Oh, and try to differentiate us from bitcoin. Bitcoin is still a success, has a great price and now no major flaws were discovered. It was just speculators (in all their forms: traders, miners, hoarder) got screwd. Including I. Never sold a coin until $6. And generated some with CPU...

You need to check your facts, bitcoins were trading for less than 2.2 for quite a long time.

Excatly...Bitcoins traded for under 2.2 for the majority of the time.

And what's the "average" cost to produce a coin?

19wXnWTeGuraN9g5UsMAi119sWzDCQcr7S
Bitcoin Logo shirts!
BitMagic
Member
**
Offline Offline

Activity: 98


View Profile
October 17, 2011, 05:31:32 PM
 #5

You are right, but value cannot simply drop forever. If it goes to 0.5 many people will buy. And it's up to $1 again. If it goes to $1.5, fewer than "many" will buy, but still the price can stabilize or rise to 1.7. Anyway, we need stability after this decline.

Yes, it can. Volume can drop to the point that MtGox decides the cost of running the exchange outweighs the money they make, and they close up shop. I promise you nobody will be around to dance with your BTC without MtGox.

Please give me your money, because I am a shameless libertarian elite who deserves your money more than you do: 9Hkao8U82WWDp6SQGn4k7ad9gT1LWeL5s3
kokjo
Legendary
*
Offline Offline

Activity: 1050

You are WRONG!


View Profile
October 17, 2011, 05:33:20 PM
 #6

Today, 17th October 2011 Bitcoin went to a $2.20 per unit low. Lowest point so far.

WHAT? oh please! N00b!

"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
Rassah
Legendary
*
Offline Offline

Activity: 1680


Director of Bitcoin100


View Profile
October 17, 2011, 05:35:16 PM
 #7

You are right, but value cannot simply drop forever. If it goes to 0.5 many people will buy.

You mean, like, speculators and hoarders?

wobber
Legendary
*
Offline Offline

Activity: 1050


View Profile
October 17, 2011, 05:36:19 PM
 #8

LOWEST POINT SO FAR SINCE 32. I'm not a moron that thinks bitcoin traded first for $10.

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
wobber
Legendary
*
Offline Offline

Activity: 1050


View Profile
October 17, 2011, 05:37:27 PM
 #9

You are right, but value cannot simply drop forever. If it goes to 0.5 many people will buy.

You mean, like, speculators and hoarders?

Could be. But if they saw this decline, won't do big moves. Big moves will do people that want to move funds. Easily, securely and maybe anonymously.

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
kokjo
Legendary
*
Offline Offline

Activity: 1050

You are WRONG!


View Profile
October 17, 2011, 05:39:24 PM
 #10

LOWEST POINT SO FAR SINCE 32. I'm not a moron that thinks bitcoin traded first for $10.
yes you are. sorry mate!

"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
BitMagic
Member
**
Offline Offline

Activity: 98


View Profile
October 17, 2011, 05:39:41 PM
 #11

There are other exchanges. You think they will all close? People will still be able to trade bitcoins outside the exchanges, it just is a bit more difficult.

It's not "just a bit more difficult," it's magnitudes more difficult. And enormously more risky, considering you need to trust people with complete anonymity.

Don't expect the past diehards to keep things rolling. I've watched many of them bolt.

You and everyone else need to stop pretending like BTC was anything other than one more internet meme.

Please give me your money, because I am a shameless libertarian elite who deserves your money more than you do: 9Hkao8U82WWDp6SQGn4k7ad9gT1LWeL5s3
Rassah
Legendary
*
Offline Offline

Activity: 1680


Director of Bitcoin100


View Profile
October 17, 2011, 05:48:22 PM
 #12

You and everyone else need to stop pretending like BTC was anything other than one more internet meme.

How can you tell? I mean, how could people tell that email, HTTP, and online retail like Amazon weren't just internet memes? (All claims put forth at the time) What makes the bitcoin protocol different?

RodeoX
Legendary
*
Offline Offline

Activity: 2254


The revolution will be monetized!


View Profile
October 17, 2011, 05:57:11 PM
 #13

Just a reminder that the price of bitcoin is irrelevant if you are using them instead of hoarding them.

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

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
kokjo
Legendary
*
Offline Offline

Activity: 1050

You are WRONG!


View Profile
October 17, 2011, 05:57:26 PM
 #14

You are right, but value cannot simply drop forever. If it goes to 0.5 many people will buy. And it's up to $1 again. If it goes to $1.5, fewer than "many" will buy, but still the price can stabilize or rise to 1.7. Anyway, we need stability after this decline.

Yes, it can. Volume can drop to the point that MtGox decides the cost of running the exchange outweighs the money they make, and they close up shop. I promise you nobody will be around to dance with your BTC without MtGox.
mtgox started when bitcoin was worth 0.07 do you really think that they would quit a 2, 1 or 0.25?

they still have a bigger volume, then when they started.
they will not quit, as long they have a big usd volume.

"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
Shinobi
Full Member
***
Offline Offline

Activity: 196


View Profile
October 17, 2011, 06:00:03 PM
 #15

The complete failure of its adoption more than 6 months after front-page articles have been written about it. Bitcoin, in its execution, is not of the same utility that the Internet was. The last 6 months have made this clear. I don't doubt that cryptocurrency will become widespread, but I highly doubt Bitcoin will be the iteration that gets it there. This was a nice proof-of-concept, and useful in showing the hurdles that the next iteration will need to overcome, but nothing more.

_______
Thinking of using a cheap, yet reliable VPN? Go with PrivateInternetAccess. Not a referral link. Just a satisfied customer!
whothefuckareyou
Jr. Member
*
Offline Offline

Activity: 45


View Profile
October 17, 2011, 06:08:01 PM
 #16

Just a reminder that the price of bitcoin is irrelevant if you are using them instead of hoarding them.

Exactly !!
Shinobi
Full Member
***
Offline Offline

Activity: 196


View Profile
October 17, 2011, 06:14:26 PM
 #17

But theres nothing of note to use them on besides drugs, and a smattering of overpriced goods.

_______
Thinking of using a cheap, yet reliable VPN? Go with PrivateInternetAccess. Not a referral link. Just a satisfied customer!
Stephen Gornick
Legendary
*
Offline Offline

Activity: 2142



View Profile
October 17, 2011, 06:14:45 PM
 #18

On the way down, almost all of the speculators sold.

These must be speculators who had their money at the exchanges, because had they held funds in their own wallets the BitcoinDays Destroyed metric would increase.  Instead it has been showing further accumulation over the past month.

When those coins that haven't moved since June start to move, then you can make your claim that there is selling.   But for now there seem to be a lot of iron stomachs out there.
 - http://banana.mine.nu/daysdest.html
 - http://abe.john-edwin-tobey.org/chain/Bitcoin?count=2016
 - http://en.bitcoin.it/wiki/Bitcoin_Days_Destroyed

Rassah
Legendary
*
Offline Offline

Activity: 1680


Director of Bitcoin100


View Profile
October 17, 2011, 06:15:13 PM
 #19

Just a reminder that the price of bitcoin is irrelevant if you are using them instead of hoarding them.

Everybody hoads them, except for merchants who sell them as soon as they get them. And even they just sell it to another person who will hoard them.  If you buy 5 BTC for your wallet with the intention of using them to buy something tomorrow, you are hoarding them, and would likely avoid doing this out of fear they will drop 10% overnight.

OgNasty
Donator
Legendary
*
Offline Offline

Activity: 2170


Follow @NastyMining


View Profile WWW
October 17, 2011, 06:17:08 PM
 #20

Just a reminder that the price of A STABLE bitcoin is irrelevant if you are using them instead of hoarding them.

Fixed that for you.

BITSLER                 ▄███
               ▄████▀
             ▄████▀
           ▄████▀  ▄██▄
         ▄████▀    ▀████▄
       ▄████▀        ▀████▄
     ▄████▀            ▀████▄
   ▄████▀                ▀████▄
 ▄████▀ ▄████▄      ▄████▄ ▀████▄
█████   ██████      ██████   █████
 ▀████▄ ▀████▀      ▀████▀ ▄████▀
   ▀████▄                ▄████▀
     ▀████▄            ▄████▀
       ▀████▄        ▄████▀
         ▀████▄    ▄████▀
           ▀████▄▄████▀
             ▀██████▀
               ▀▀▀▀
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄            
▄▄▄▄▀▀▀▀    ▄▄█▄▄ ▀▀▄         
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄      
█  ▀▄▄  ▀█▀▀ ▄      ▀████   ▀▀▄   
█ █▄  ▀▄   ▀████       ▀▀ ▄██▄ ▀▀▄
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
█  ▀▀       ▀▄▄ ▀████      ▄▄▄▀▀▀  █
█            ▄ ▀▄    ▄▄▄▀▀▀   ▄▄  █
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
█ ▄▄   ███   ▀██  █           ▀▀  █ 
█ ███  ▀██       █        ▄▄      █ 
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀  
▀▄            █        ▀▀      █  
▀▀▄   ███▄  █   ▄▄          █   
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀    
▀▀▄   █   ▀▀▄▄▄▀▀▀         
▄▄▄▄▄▄▄▄▄▄▄█▄▄▀▀▀▀              
              ▄▄▄██████▄▄▄
          ▄▄████████████████▄▄
        ▄██████▀▀▀▀▀▀▀▀▀▀██████▄
▄     ▄█████▀             ▀█████▄
██▄▄ █████▀                ▀█████
 ████████            ▄██      █████
  ████████▄         ███▀       ████▄
  █████████▀▀     ▄███▀        █████
   █▀▀▀          █████         █████
     ▄▄▄         ████          █████
   █████          ▀▀           ████▀
    █████                     █████
     █████▄                 ▄█████
      ▀█████▄             ▄█████▀
        ▀██████▄▄▄▄▄▄▄▄▄▄██████▀
          ▀▀████████████████▀▀
              ▀▀▀██████▀▀▀
            ▄▄▄███████▄▄▄
         ▄█▀▀▀ ▄▄▄▄▄▄▄ ▀▀▀█▄
       █▀▀ ▄█████████████▄ ▀▀█
     █▀▀ ███████████████████ ▀▀█
    █▀ ███████████████████████ ▀█
   █▀ ███████████████▀▀ ███████ ▀█
 ▄█▀ ██████████████▀      ▀█████ ▀█▄
███ ███████████▀▀            ▀▀██ ███
███ ███████▀▀                     ███
███ ▀▀▀▀                          ███
▀██▄                             ▄██▀
  ▀█▄                            ▀▀
    █▄       █▄▄▄▄▄▄▄▄▄█
     █▄      ▀█████████▀
      ▀█▄      ▀▀▀▀▀▀▀
        ▀▀█▄▄  ▄▄▄
            ▀▀█████
[]
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!