Mass panic buy when reaches $1?

[DeathAndTaxes]

the bigger question is ..... at want price to we stop buying!

so lets say it hits 1$

everyone gose nuts and buys bitcoins in mass

10,000coins sold the price is now 5$ a coin.

wtf do we do now!?

Sell and buy again at $1 

[proudhon]

People were saying there would be mass panic buying when we hit lots of values on the way down from $32.  My prediction is that, just like all those other values, $1 will come and go as we continue down.  I'm further happy to confidently predict that the price will not go above $5 again in 2011.

[adamstgBit]

People were saying there would be mass panic buying when we hit lots of values on the way down from $32.  My prediction is that, just like all those other values, $1 will come and go as we continue down.  I'm further happy to confidently predict that the price will not go above $5 again in 2011.

why not over 5$ again?

why is it bitcoin gets better and better, yet the price goes lower and lower..

what do you think prices will be in 50 years?   0  or......

[proudhon]

People were saying there would be mass panic buying when we hit lots of values on the way down from $32.  My prediction is that, just like all those other values, $1 will come and go as we continue down.  I'm further happy to confidently predict that the price will not go above $5 again in 2011.

why not over 5$ again?

why is it bitcoin gets better and better, yet the price goes lower and lower..

what do you think prices will be in 50 years?   0  or......

Bitcoin will not exist in $50 years.  The price won't go over $5 because not enough new money is going to enter the system since the reputation of the bitcoin has been irreparably damaged over the past months.

[adamstgBit]

People were saying there would be mass panic buying when we hit lots of values on the way down from $32.  My prediction is that, just like all those other values, $1 will come and go as we continue down.  I'm further happy to confidently predict that the price will not go above $5 again in 2011.

why not over 5$ again?

why is it bitcoin gets better and better, yet the price goes lower and lower..

what do you think prices will be in 50 years?   0  or......

Bitcoin will not exist in $50 years.  The price won't go over $5 because not enough new money is going to enter the system since the reputation of the bitcoin has been irreparably damaged over the past months.

what are you talking about "reputation of the bitcoin has been irreparably damaged " last i checked the bitcoin protocol is still thought to be unhackable...

[proudhon]

People were saying there would be mass panic buying when we hit lots of values on the way down from $32.  My prediction is that, just like all those other values, $1 will come and go as we continue down.  I'm further happy to confidently predict that the price will not go above $5 again in 2011.

why not over 5$ again?

why is it bitcoin gets better and better, yet the price goes lower and lower..

what do you think prices will be in 50 years?   0  or......

Bitcoin will not exist in $50 years.  The price won't go over $5 because not enough new money is going to enter the system since the reputation of the bitcoin has been irreparably damaged over the past months.

what are you talking about "reputation of the bitcoin has been irreparably damaged " last i checked the bitcoin protocol is still thought to be unhackable...

For most ordinary people the concern isn't at all whether the protocol itself is working.  The concern is whether the value one puts into bitcoins will be retained.  For too long now the answer is a very big NO.  As I've said elsewhere, it is possible to retain or even increase value in the current market, but it takes more effort than ordinary people can and/or will want to put in (e.g. constantly trading in and out).  Over the past months bitcoin has proven that it is a poor medium of exchange and a poor store of value.  And, not just that it's not good, but that it's laughably atrocious.  I don't think bitcoin will be able to shake that reputation.

[netrin]

bitcoin won't cross below March's exchange price



Proudhon - Old French, from latin: Pro ursus laqueum, meaning Bear Trap. Proudhon is Theft!

[memvola]

Proudhon is Theft!

ROFL!!!

Anyway, I'm also interested in buying at $1 outside the exchanges. Send me a PM.

[BadBear]

the bigger question is ..... at want price to we stop buying!

so lets say it hits 1$

everyone gose nuts and buys bitcoins in mass

10,000coins sold the price is now 5$ a coin.

wtf do we do now!?

This is exactly the problem.  It won't bottom out at 1 or whatever and magically recover.  The price will be driven up by believers, people will sell into those rallies because they want to get out before it crashes again, hence causing a crash, it will dip near the low again after some time, a few more will buy in, rinse and repeat.  There will be lots of turmoil, but it isn't necessarily going to go back up.  Going all in at the bottom is a bad idea, because you don't know if its really going to be the bottom.  It may just bounce a couple times and head right back down again.

[RodeoX]

Hitting $1 would cause me to spend some of my profits for buying more coins.

[netrin]

Who the £¢€$ is still holding on to bitcoins today and thinking "as long as it doesn't crash lower than $1, I'll hang in there"? I believe, though have no evidence but for the deliciously gloomy sentiment in this forum and in the press, that the only people holding onto bitcoin either truly care not what the exchange price is and those lesser fools who are rapidly trading amongst themselves in the Mt. Gox Casino.

[JeffK]

Panic buys do seem to be happening around round numbers here often, and I fully expect one to happen when 1 BTC = $1, since it sounds like something most people will try to justify in their heads. Trying to profit off that could get ugly though, be careful and don't get too greedy.

[BadBear]

I think 1 dollar will trigger the bull trap we've been waiting for.  A bunch of people start buying them up, but since the volume isn't there the price rises sharply, people see this, assume it's the rally they've been waiting for, lots start to buy, then it stagnates, crashes, recovers a bit, stagnates, crashes some more.  Should be interesting at least.

[JeffK]

I think 1 dollar will trigger the bull trap we've been waiting for.  A bunch of people start buying them up, but since the volume isn't there the price rises sharply, people see this, assume it's the rally they've been waiting for, lots start to buy, then it stagnates, crashes, recovers a bit, stagnates, crashes some more.  Should be interesting at least.

Watching this subforum in particular should be fun for the intermittent waves of elation and despair go up and down every few minutes.

[martychubbs]

Looks like a set up for another bubble...the market is so small that it is easy to manipulate...  There will be large buys, then prices will spike followed by dumping...  Fear and fraud will plague the market until better information becomes available...
 
P2P Exchanges, More secure wallet, and independent audit sites would help strengthen the market.

[Elwar]

I will be buying 7 million BTC at 1 dollar each.

[dustintrammell]

Will everyone panic buy the coins when the prices get lower?

I am thinking of buying 10,000 coins when i see the price drop to $1. If everyone urged everyone else to do the same, the price will rise, and sharply! everyone will be a winner!

is $1 too high / too low?

The fact that you're wanting to plan for a mass "panic" is quite amusing (:

[RodeoX]

I will be buying 7 million BTC at 1 dollar each.

STFU!    lol really Elwar?  That's a lot. Are you planning on buying outside of the exchanges?

[proudhon]

I will be buying 7 million BTC at 1 dollar each.

STFU!    lol really Elwar?  That's a lot. Are you planning on buying outside of the exchanges?

There aren't even that many bitcoins for sale.

[mjcmurfy]

The fact that you're wanting to plan for a mass "panic" is quite amusing (:

+1
Was just about the post the exact same sentiment.