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Author Topic: Mass panic buy when reaches $1?  (Read 5294 times)
PatrickHarnett
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October 19, 2011, 10:01:09 PM
 #41

Or more that the price can reach $1.  It could fall lower and when I was considering this yesterday thought $0.10 would be a fair price to bottom out.

Because people are illogical, selling at $1 when you buy at $10, people will probably hold in the *hope* it might be worth something, but not too pissed that they've lost another $1/coin as it falls to zero.  Plus, it doesn't cost too much to just leave the coins in a wallet.
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mjcmurfy
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October 19, 2011, 10:13:32 PM
 #42

Or more that the price can reach $1.  It could fall lower and when I was considering this yesterday thought $0.10 would be a fair price to bottom out.

Because people are illogical, selling at $1 when you buy at $10, people will probably hold in the *hope* it might be worth something, but not too pissed that they've lost another $1/coin as it falls to zero.  Plus, it doesn't cost too much to just leave the coins in a wallet.

+1

If I had bought in at $30, and witnessed a fall of $28, recovering 6% of my investment by selling at $2 would not seem worth it. It may be illogical, but I would much prefer to lose that 6% than give my coins back, probably to the very people that lured me into the trap in the first place. And if I wasn't willing to sell as I witnessed the long slide down from $30, I sure as hell would not sell now at $2, let alone $1 for that matter. The logical thing to do is sell and take the 6% left, but that is the logical conclusion ONLY if you believe bitcoin is done-for. I don't think that. The exchange of bitcoin for fiat currency is stupid, and the valuation of bitcoin in terms of fiat currency is equally so.

Luckily, I was not gullible enough to buy bitcoin as an investment. I do have some pity for those who have been lured into the speculative trap, and I regret all the negative press bitcoin is getting because of the deflating speculative bubble, but at the end of the day investing in currency to realize profit from exchange differentials is moronic. But there seems to be no end to the number of people who are suckered into it. Forex is big business.

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October 19, 2011, 10:17:25 PM
 #43

It's feeling more like it's going to go all the way down to $0.10. Bitcoin continues to exceed my expectations for drops, so I don't see why not. So I wouldn't buy until it's at least below $1 - maybe even wait longer.
dayfall
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October 19, 2011, 10:24:59 PM
 #44

Do you notice an interesting change in sentiment? There now seems to be an assumption that the price will reach $1.

Yeah, people used to bet on when it will reach $100.  Now, the sentiment is becoming when it will reach $1.00

Anyway, I doubt there is any possibility of a rally.  All the people buying in the last half year can't have much cash left.  And those of us who have been cashing out probably put their money away or spent it.

I was thinking of buying in at $1.7, but now that I see all this, yeah, $0.7.  I'll wait until I need some BTC for Christmas presents.
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October 20, 2011, 05:29:50 PM
 #45

well the way for it to recover is to pump more money into it, thats what i hope will happen when it reaches $1 and I'm putting my money on it.

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October 20, 2011, 05:44:14 PM
 #46

well the way for it to recover is to pump more money into it, thats what i hope will happen when it reaches $1 and I'm putting my money on it.

I think many realize this time around that bitcoin is and should be used more like a currency and less like an investment for now due to the speculation volatility.
Because of this I think we will be much less likely to create another pump and dump like situation now.  

Today whenever mtgox sees any type of price spike even a tiny one, people sell their coins to take profit. Why? because they know now not to hold for eternity and lose their speculative/mining profits to someone else that will sell first. When it reaches $1, I don't think much of this behavior will change unless we see something that causes a surge in demand for bitcoin use. Saying it's cheap because it's only a $1 isn't reason enough for speculators build a bitcoin bubble with anymore imo.

If the entire bitcoin economy has a demand for bitcoin over $1 to sustain it's economy, then it will be bought up to keep it above parity, but it won't be because of mass panic buy.
The bounce back certainly won't be like what we've seen this year. It won't be anything resembling a panic since there is simply very little demand for bitcoin right now as an investment.
At least not right away until it's proven itself more stable and on the rise again.
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October 21, 2011, 02:16:04 AM
 #47

bump...  someone is buying right now.

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October 21, 2011, 02:56:01 AM
 #48

looks like are dream of buying bitcoins at 1$ is over

netrin
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October 21, 2011, 03:09:41 AM
 #49

nope, a birdie told me prices'll climb in three waves above $3, drop again in five to the $1's, completing wave II since June and begin the 2012 rally from there.

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payb.tc
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October 21, 2011, 03:09:55 AM
 #50

bump...  someone is buying right now.

surprised there's no 'rally' thread popping up... they've been prompted by smaller rises than this before.

$2.04 to $2.72 is huuuuuge.
sadpandatech
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October 21, 2011, 03:13:42 AM
 #51

bump...  someone is buying right now.

surprised there's no 'rally' thread popping up... they've been prompted by smaller rises than this before.

$2.04 to $2.72 is huuuuuge.


  Maybe by some miracle we've either chased some fo those posters off or they have just grown bored with it. Orrrrrr, they lost so much shorting they have no BTC left to sell no matter what the price. ;p

  Just pokin fun. I've no clue and don't really care either way. Though it is nice to see some light hearted posts about it, the 'pumper' types do get old...

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payb.tc
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October 21, 2011, 03:15:49 AM
 #52

i was just thinking how excited people would have been if it had gone from $20.40 to $27.20.
sadpandatech
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October 21, 2011, 03:18:38 AM
 #53

i was just thinking how excited people would have been if it had gone from $2.04 to $2.72.

  true, there are many easily excitable in the audience.

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
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October 21, 2011, 03:24:59 AM
 #54

i was just thinking how excited people would have been if it had gone from $2.04 to $2.72.

  true, there are many easily excitable in the audience.

i guess for many of us bitcoin was the first "stock market" experience , a bull trap can look like something to get excited about when you don't know

netrin
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October 21, 2011, 03:27:47 AM
 #55

There's been no volume to back up this price since the 'rally' at 0100 UTC. I expect the price to come down <$2.5 and then burst up again before collapsing through $2 within a day or so.

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payb.tc
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October 21, 2011, 03:29:55 AM
 #56

i was just thinking how excited people would have been if it had gone from $2.04 to $2.72.

  true, there are many easily excitable in the audience.

i fail to understand your post and your reason for editing my figures.
sadpandatech
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October 21, 2011, 03:32:59 AM
 #57

i was just thinking how excited people would have been if it had gone from $2.04 to $2.72.

  true, there are many easily excitable in the audience.

i fail to understand your post and your reason for editing my figures.



 I failed to understand your intended numbers then. I apology for assuming it was a typo. Which hopefully adds atleast a bit more sense to my post. Not that there usually is much to mine to begin with ;p

   Cheers

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
payb.tc
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October 21, 2011, 03:35:15 AM
 #58

i was just thinking how excited people would have been if it had gone from $2.04 to $2.72.

  true, there are many easily excitable in the audience.

i fail to understand your post and your reason for editing my figures.



 I failed to understand your intended numbers then. I apology for assuming it was a typo. Which hopefully adds atleast a bit more sense to my post. Not that there usually is much to mine to begin with ;p

   Cheers

it was not a typo. it was a comment on the fact that:

$2.04 to $2.72 in a day doesn't seem to have caused much excitement
$20.40 to $27.20 in a day would have had people jumping up and down like crazy and posting multiple 'rally' threads.
$204 to $272 in a day would probably have people cumming in their pants.

...even though it's all the same thing pretty much.

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October 21, 2011, 03:37:35 AM
 #59

You may have noticed there's an anti-log faction on this forum. Plus, minus good. Multiplication, division bad. Exponentiation doesn't exist.

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sadpandatech
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October 21, 2011, 03:41:26 AM
 #60

You may have noticed there's an anti-log faction on this forum. Plus, minus good. Multiplication, division bad. Exponentiation doesn't exist.

  Give it a few more years and 'no child left behind' will have us all lucky if +- makes any sense.....   Cry

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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