Bitcoin will one day rise again like the phoenix

[Minsc]

It is very close to the bottom!  What we need to figure out is where the bottom price is.

[BadBear]

Not quite, still a ways to go.

[cbeast]

Traditional investments fail when the corporation is closed. Bitcoin will close when the last botminer and pool stops running. Not likely. Bitcoin is an idea that is too big to fail. Enjoy the second chance at becoming an early adopter.

[anu]

Traditional investments fail when the corporation is closed. Bitcoin will close when the last botminer and pool stops running. Not likely. Bitcoin is an idea that is too big to fail. Enjoy the second chance at becoming an early adopter.

+1

[Technomage]

I think the bottom is likely going to be at $1.x, but it might be that it already hit the bottom. We'll see. Regardless, the downtrend is the active scenario until we don't have a new low for a month.

But I do agree with the OP, this is nothing new for Bitcoin. The currency and the economy behind it are still taking their baby steps. We will see x amount of months of a very low and more stable price, I think, and then after we get real developments in the economy, a new uptrend will form.

But without real developments it won't. There are not nearly enough people willing to drive it up based only on hype, not anymore.

[fivebells]

I have not made any financial commitments to it, yet, but I believe the bottom will be well below $1/BTC.  The huge crash we've seen over the past couple of days, though, I doubt that's going to be typical of the ride down.  There will be more bouncing along and dropping, just as there has been for the past few weeks.

[fivebells]

Sorry, Matthew, I care about the price because I don't want to waste my money.  Having money is important to me.  I know I'm eccentric in this regard.

[Technomage]

Why do you guys care so much about the price? Bitcoin will live or die regardless of the price.

I worry somewhat because I do invest in Bitcoin. Nothing I can't afford to lose but still. But I'm doing other stuff as well, in fact I'm soon starting a company offering services related to Bitcoins. As far as the company is concerned a low and stable price is much better than a price that's continously declining. The decline has to stop, that's more important than at what point it stops.

The only thing I'm really worried about, regarding very low prices, is a non-secure hash rate. A price of below $1 could prove to be catastrophic for Bitcoin's technical security because with low hash rates the block chain becomes much easier to attack. This is why I really hope, as a supporter of Bitcoin, that the price doesn't go too low.

[Minsc]

The only thing I'm really worried about, regarding very low prices, is a non-secure hash rate. A price of below $1 could prove to be catastrophic for Bitcoin's technical security because with low hash rates the block chain becomes much easier to attack. This is why I really hope, as a supporter of Bitcoin, that the price doesn't go too low.

Is this certain?  I asked in the technical forum once and while I don't understand any of it, it sounded like it didn't matter and the hash rate would have the same security.

[herzmeister]

I don't care so much either about a low price per se as it's true Bitcoin should rather be used as a currency than a pure speculative target, but the problem is that low prices will make Bitcoin stand out less against other cryptocurrencies => 21 million limit my ass.

[adamstgBit]

today is the day Bitcoin will one day rise again like the phoenix
its happening now!

[RyNinDaCleM]

today is the day Bitcoin will one day rise again like the phoenix
its happening now!

ZOMG!!! Buybuybuy!!11!!!!!1!!!!11

[Are-you-a-wizard?]

I will pay you $100 to take my HDD which holds my wallet.dat with 1 BTC on it because they are going to be ruled illegal soon and I don't want to get fucked over.

[memvola]

Traditional investments fail when the corporation is closed. Bitcoin will close when the last botminer and pool stops running. Not likely. Bitcoin is an idea that is too big to fail. Enjoy the second chance at becoming an early adopter.

I think the best outcome of this will be that there won't be an "early adopter" argument again for a long time. My immediate friends who complained about it a few months ago are now waiting for the exchange rate to rise again to start buying. This at least proves that the argument was invalid all along. Yeah, I will be catching the "falling knife". Though it's best to earn coins instead of buying them as always.

[ElectricMucus]

The second chance early adopter argument is bogus as long as the majority of miners aren't squeezed out and everybody thinks at the start of a new ralley that it is just another dead cat bounce.

I think the sign we are looking for are declining hashrates & rising prices at the same time.

Btw: Minsc why you suddenly have gone bullish? 2 weeks ago you posted tulip bubble graphs and now this???

[Minsc]

Btw: Minsc why you suddenly have gone bullish? 2 weeks ago you posted tulip bubble graphs and now this???

It's stopped stagnating and gotten very low.

But I wouldn't buy until it gets to $1.

[anu]

Btw: Minsc why you suddenly have gone bullish? 2 weeks ago you posted tulip bubble graphs and now this???

The price isn't stagnating.  Yes it's crashing, but when it finally hits bottom, it means it's a good time to buy.

Now how do we know that in time? Jeff Bezos only needs to whisper the word "Bitcoin" and you buy @ 10.

[Nic Dooce]

Traditional investments fail when the corporation is closed. Bitcoin will close when the last botminer and pool stops running. Not likely. Bitcoin is an idea that is too big to fail. Enjoy the second chance at becoming an early adopter.

Yeah ! So true ! The Btc will start to fly in 2012 !

[amencon]

I will pay you $100 to take my HDD which holds my wallet.dat with 1 BTC on it because they are going to be ruled illegal soon and I don't want to get fucked over.

Deal.

[grod]

Still predicting a 300% rally for bitcoin in 2012.  Can't pinpoint a target, but it could be 50c to $1.50,  $1.25 to nearly $4... One thing is certain, we're all* going to be RICH! 

*"All" may not include greedy speculators that donated money during the slide from $32 to $2.

[BC-Trader]

Much of the speculative interest in bitcoin is gone and will stay gone. Once people get burned they are not chomping at the bit to get back in.


Bitcoin will continue lower and lower since the negative feedback loop is a vicious one and just when you think there is a bottom it can and will go lower.

It's simple what bit coin needs.

1. ACTUAL licensed exchanges inside the United States. I want recourse for my money if the exchange just decides to pull a runner. If MTGOX decided to be "haxed" tomorrow not only could they steal all your bit coins they also now have many members personal documents for "verification" purposes that could be sold on the black market for much more then their entire bit coin business.

Not saying they will I am saying they CAN and there is not a damn thing you can do about it.


So yeah get some LEGIT exchanges.

2. We need actual merchants to accept the currency. Ponzi schemes and rigged gambling sites do not count. I am aware that more and more sites accept bit coin but the majority of them are unknown and are just using bit coin as a gimmick. We need bit coin to be accepted in broad marketplaces such as a mmorpg or a massive online retailer.




but none of that will happen since the speculative bubble has burst and very little big money will even raise an eyebrow at using bit coin now.


It's to  bad, there's always the future for some other currency to do it right.



 

I hold 0 bit coins

[Minsc]

1. ACTUAL licensed exchanges inside the United States. I want recourse for my money if the exchange just decides to pull a runner. If MTGOX decided to be "haxed" tomorrow not only could they steal all your bit coins they also now have many members personal documents for "verification" purposes that could be sold on the black market for much more then their entire bit coin business.

Anyone who wants to launder is either going to do multiple accounts or send fake documents.  Most people who sell on eBay have multiple unlinked eBay and PayPal accounts and when PayPal randoms funds for documents, they send fake ones.  So this has been going on for a long time.

[Vandroiy]

I'm not in a negative feedback loop.

I never saw the point in the whole "buy high, sell low" business.

[worldinacoin]

I am not hoping that it can fly like a phoenix, but fly like another bird will do and not act like a hen, wings but cannot fly

[TiagoTiago]

Time flies like an arrow. Fruit flies like a banana.

[gimme_bottles]

2. We need actual merchants to accept the currency. Ponzi schemes and rigged gambling sites do not count. I am aware that more and more sites accept bit coin but the majority of them are unknown and are just using bit coin as a gimmick. We need bit coin to be accepted in broad marketplaces such as a mmorpg or a massive online retailer.

i agree, but in my opinion there is a problem:

we are interested in movement (mostly upwards), so we wish for more publicity through big shops. but shops will never establish in big shops/companies, as long there are such big movements in the price.

[Minsc]

It's  been rallying up today.

[BadBear]

It's  been rallying up today.

Typical trap, downtrend will resume (already has, down to <2.40).

[BadBear]

It's  been rallying up today.

Typical trap, downtrend will resume (already has, down to <2.40).

Goddamnit. You're a GOOD BEAR. WHAT IS SO HARD TO UNDERSTAND ABOUT THIS.

Haha.  Maybe I should change my name 

[Vitalik Buterin]

I'm predicting bottom at $0.20.

[Hyena]

Kill the necromancer.

[ssmc2]

Time is a flat circle. 

Double necro.

[Hyena]

[nutildah]

The time Vitalik Buterin got called out for Thread Necromancy!

Triple Necro.

[KorakPawon]

Many tranding sites to find out whether bitcoin prices rise or fall, when to rise and when to go down, seen from the period of some tea behind the price of bitcoin every year increased meakipun some down as well so in essence we must believe that in the future bitcoin prices will rise