How Much Lower are We Going? Already at $2.25 !!!

[zimmah]

Pleeeaaassssseeee stop dredging up these old, zombie threads.

No.  This is many times more interesting to read than 95% of the new posts.

agreed, most recent posts are full of trolls, the old treads are much more interesting, and since the market is a cycle, it's always relevant.

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[ThatDGuy]

Pleeeaaassssseeee stop dredging up these old, zombie threads.

No.  This is many times more interesting to read than 95% of the new posts.

agreed, most recent posts are full of trolls, the old treads are much more interesting, and since the market is a cycle, it's always relevant.

Exactly this.  The price action is kind of boring lately, but the history helps shape perspective around it.

[Adrian-x]

Here's a thought as new mining operations come on line there is an increase in the need to cover investment and overhead.

That translates to selling new Bitcoin's the result is a drop in price and selling of more Bitcoin.

When this turns around and we have an increase as those same miners can afford to hold Bitcoin's back pushing the price up.

If this is happening on any scale coins now are being sold at a discount and the wealth transfer is going to subsidies the mining backbone of Bitcoin.

And the true squeeze will come in the latter half of 2016. But whenever it happens supply will be limited from the mining side and come from the limited savings side.

I have been thinking the same thing for awhile.

The latest ramp that started in early 2013 aligns with when the first ASICs started to hit the market. ASIC miners were so profitable that anyone running them only needed to sell a small fraction of their mined BTC to cover electricity & costs.

Once the majority of total mining went to ASIC miners, the supply of mined coins dried up, and so up went the price.

A year later and difficulty finally caught up, and today miners have to sell a good portion of their mined BTC to cover electricity & costs. So the supply of mined coins rose back up a the same time as the price stagnated and fell.

Over time the supply of mined coins will re-drop according to the schedule. The price action the last time the supply of mined BTC reduced, is a good predictor of what will happen when the supply of mined BTC is reduced by the schedule.

I think this is what is happening, at some scale, I just haven't mustered up the courage to buy at this price, most of my energy has gone into support at a price well above here.

I think my trigger will be how the majority of devs handle the proposed Blockstream soft fork, in the meantime I'm hoping there are new market leaders making roots.  

[AdamCox9]

I'm hoping to go back in the $1's soon so I can make a big buy. I think a lot of people are going to do that and it is going to skyrocket real fast after it hits the bottom whatever that may be.

[ThatDGuy]

I'm hoping to go back in the $1's soon so I can make a big buy. I think a lot of people are going to do that and it is going to skyrocket real fast after it hits the bottom whatever that may be.

I think you're correct in the second assumption about people buying in when we find the bottom.  I think you're incorrect to hope that it will be anywhere close to $1.

[afbitcoins]

Just curious as to your thoughts on this recent decline in trading price.

Manipulated? Bound to happen, nature of Bitcoin?  Are we heading to $1.00 BTC soon 

Thanks for your insights.

SJ

I don't think so , I think bitcoin price will be  200-220 for a long time 

Totally agree very unlikely to return to $1 per bitcoin

[SimplisticStu]

I love that this old thread from 2011 has been resurrected, it can put things into prospective of where we're at right now.

I find myself supporting the fall and waiting for the rise.

The question is how much of my bank balance supports the fall before I need the rise to happen

[lolled]

I'm hoping to go back in the $1's soon so I can make a big buy. I think a lot of people are going to do that and it is going to skyrocket real fast after it hits the bottom whatever that may be.

I think instead of that low being a $ , people will go crazy buying even if it touches a 100$

[cypherdoc]

everyone should go back and look at the mtgox chart bottom time frame for this period in 2011.  it lasted about one month before drifting back up to btwn $4-5 for another 6 mo.

we're almost to one month right now for this current bottom.

[AdamCox9]

I'm hoping to go back in the $1's soon so I can make a big buy. I think a lot of people are going to do that and it is going to skyrocket real fast after it hits the bottom whatever that may be.

I think you're correct in the second assumption about people buying in when we find the bottom.  I think you're incorrect to hope that it will be anywhere close to $1.

I meant $1's as in $100's which $100 might happen.

[tvbcof]

everyone should go back and look at the mtgox chart bottom time frame for this period in 2011.  it lasted about one month before drifting back up to btwn $4-5 for another 6 mo.

we're almost to one month right now for this current bottom.

And, like back in late 2011, I would feel more comfortable with one more down-leg below the recent bottom to set up for the next upward cycle.  We didn't get it back in the day and things worked out OK anyway.

[Melbustus]

everyone should go back and look at the mtgox chart bottom time frame for this period in 2011.  it lasted about one month before drifting back up to btwn $4-5 for another 6 mo.

we're almost to one month right now for this current bottom.

And, like back in late 2011, I would feel more comfortable with one more down-leg below the recent bottom to set up for the next upward cycle.  We didn't get it back in the day and things worked out OK anyway.

The blowoff is taking longer this time, so I wouldn't be surprised if we sit in this range for a month or two longer than in 2011. But take that with my usual "I'm not a trader!" caveats to any non-multiyear comments I make...

[leopard2]

That is a hilarious thread, thanks for resurrecting it 

I think there was a $1 bitcoin, wasn't there? So OP was right. I am pissed I did not buy these expensive $2.25 bitcoins (didnt know about it  )

So could it be that we see $100 bitcoins and people buying them at 220 now, will still be OK in 5 years? 

[Sitarow]

That is a hilarious thread, thanks for resurrecting it  

I think there was a $1 bitcoin, wasn't there? So OP was right wrong! I am pissed I did not buy these expensive $2.25 bitcoins (didnt know about it   )

So could it be that we see $100 bitcoins and people buying them at 220 now, will still be OK in 5 years?  

Why don't you look it up yourself.

Never broke $2.17 USD

MTGox
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

Bitstamp
http://bitcoincharts.com/charts/bitstampUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

BTC-e $2 USD <--- Lowest
http://bitcoincharts.com/charts/btceUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv




Wonder where it will go next

6:20PM EST 2015-02-10

[Feri22]

That is a hilarious thread, thanks for resurrecting it  

I think there was a $1 bitcoin, wasn't there? So OP was right wrong! I am pissed I did not buy these expensive $2.25 bitcoins (didnt know about it   )

So could it be that we see $100 bitcoins and people buying them at 220 now, will still be OK in 5 years?  

Why don't you look it up yourself.

Never broke $2.17 USD

MTGox
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

Bitstamp
http://bitcoincharts.com/charts/bitstampUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

BTC-e $2 USD <--- Lowest
http://bitcoincharts.com/charts/btceUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv




Wonder where it will go next

6:20PM EST 2015-02-10

Sitarrow do you think this scenario is same? I know its not totally same, but do you think bitcoin will make it like always did?  Need to help restore my faith sometimes from true bitcoiners

[NotHatinJustTrollin]

That is a hilarious thread, thanks for resurrecting it  

I think there was a $1 bitcoin, wasn't there? So OP was right wrong! I am pissed I did not buy these expensive $2.25 bitcoins (didnt know about it   )

So could it be that we see $100 bitcoins and people buying them at 220 now, will still be OK in 5 years?  

Why don't you look it up yourself.

Never broke $2.17 USD

MTGox
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

Bitstamp
http://bitcoincharts.com/charts/bitstampUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

BTC-e $2 USD <--- Lowest
http://bitcoincharts.com/charts/btceUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv




Wonder where it will go next

6:20PM EST 2015-02-10

Sitarrow do you think this scenario is same? I know its not totally same, but do you think bitcoin will make it like always did?  Need to help restore my faith sometimes from true bitcoiners

Restore your faith with this:

https://bitcointalk.org/index.php?topic=470453.msg10378876#msg10378876

 

[marcus_of_augustus]

so $2 to $1200 is 600x, then 600x$200 is what? 12,000?

[RyNinDaCleM]

everyone should go back and look at the mtgox chart bottom time frame for this period in 2011.  it lasted about one month before drifting back up to btwn $4-5 for another 6 mo.

we're almost to one month right now for this current bottom.

This correction is already almost 3x as long as the 2011 correction. I would expect the bottom lull to be 3x as long too. In about a month or so, we get that retest of lows and a couple of weeks after that, we head toward $7.22 (x100)

Edit:

Never broke $2.17 USD

MTGox
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

Bitstamp
http://bitcoincharts.com/charts/bitstampUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

BTC-e $2 USD <--- Lowest
http://bitcoincharts.com/charts/btceUSD#rg60zczsg2011-11-10zeg2011-11-20ztgSzm1g10zm2g25zv

MtGox hit $1.994

[RyNinDaCleM]

so $2 to $1200 is 600x, then 600x$200 is what? 12,000?

I think you're missing a zero 

[marcus_of_augustus]

so $2 to $1200 is 600x, then 600x$200 is what? 12,000?

I think you're missing a zero 

two or three even?