You guys need a reality check

[Benjig]

Well no matter how useless they were but they had the same potential has now, so the smart enough who saw that, made a huge profit.

[1714814410]

1714814410

[1714814410]

1714814410

[Anduck]

Sometimes it's good to see these old topics brought up. For example, this thread shows well what the bears said back in 2012.

[Peter R]

Anybody who wants bit coins already owns a substantial number of these useless coins. Will they keep buying more to help maintain a high price? Who are the new suckers coming into the market now and buying them?

It's interesting how the same talking points get rehashed over and over.  This is something we still hear a lot: "everyone who wants bitcoins already has them."

10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I imagine it was people not unlike those paying $566 for a bitcoin right now. 

[r0ach]

It's funny how those talking points in the original post are just as valid today as they were then, but somehow the price is 10x higher.  That's one hell of a fugazi.

We'll need someone to invent an entirely new economic model to describe what's going on here.

[MoreFun]

It's funny how those talking points in the original post are just as valid today as they were then, but somehow the price is 10x higher.  That's one hell of a fugazi.

You meant 100x, right?

[BittBurger]

4) 5,000-7000 new bitcoins come into existence every single day.

This is evidence that Bitcoin is doing quite well for its youth.  Nearly $4 Million in new bitcoins flood the market *every day* and yet the price is stable.

That means demand is meeting supply.   That means people are buying $4,000,000 worth in bitcoins every day, doesn't it?

[rogerwilco]

4) 5,000-7000 new bitcoins come into existence every single day.

This is evidence that Bitcoin is doing quite well for its youth.  Nearly $4 Million in new bitcoins flood the market *every day* and yet the price is stable.

That means demand is meeting supply.   That means people are buying $4,000,000 worth in bitcoins every day, doesn't it?

Not when Edward50 posted it.

[Raystonn]

4) 5,000-7000 new bitcoins come into existence every single day.

This is evidence that Bitcoin is doing quite well for its youth.  Nearly $4 Million in new bitcoins flood the market *every day* and yet the price is stable.

That means demand is meeting supply.   That means people are buying $4,000,000 worth in bitcoins every day, doesn't it?

When the next halving hits, that supply will be cut in half, and price should go up.

[TwinWinNerD]

4) 5,000-7000 new bitcoins come into existence every single day.

This is evidence that Bitcoin is doing quite well for its youth.  Nearly $4 Million in new bitcoins flood the market *every day* and yet the price is stable.

That means demand is meeting supply.   That means people are buying $4,000,000 worth in bitcoins every day, doesn't it?

When the next halving hits, that supply will be cut in half, and price should go up.

ceteris paribus yes, but there is no "should" only probable. Also there will be anticipation for this, so the months before the halving should see a price increase, not the day after.

[mr angry]

4) 5,000-7000 new bitcoins come into existence every single day.

This is evidence that Bitcoin is doing quite well for its youth.  Nearly $4 Million in new bitcoins flood the market *every day* and yet the price is stable.

That means demand is meeting supply.   That means people are buying $4,000,000 worth in bitcoins every day, doesn't it?

When the next halving hits, that supply will be cut in half, and price should go up.

When is the next halving likely to hit, and how many Bitcoins will the block reward go down to?

[RyNinDaCleM]

4) 5,000-7000 new bitcoins come into existence every single day.

This is evidence that Bitcoin is doing quite well for its youth.  Nearly $4 Million in new bitcoins flood the market *every day* and yet the price is stable.

That means demand is meeting supply.   That means people are buying $4,000,000 worth in bitcoins every day, doesn't it?

When the next halving hits, that supply will be cut in half, and price should go up.

When is the next halving likely to hit, and how many Bitcoins will the block reward go down to?

http://bitcoinclock.com/

12.5BTC
Reward-Drop ETA: 2016-08-10 02:26:47 UTC (105 weeks, 5 days, 5 hours, 40 minutes)

[BuildTheFuture]

Due to the continual growth of mining hashpower, the halving will be earlier than expected, perhaps March 2016:

http://www.reddit.com/r/Bitcoin/comments/290prw/reward_halving_is_approaching_fast_due_to/

[spazzdla]

The market is very tiny.

Checkmate, I'll let you figure out why this is perfect for a speculator. EVEN more so with bitcoin believers that are stronger than gold bugs.  People underestimate what our love for bitcoin will result in.

[giveBTCpls]

Haha, great bump from this post. Really puts things into perspective. I hope we can bump posts like this 10 years from now about people talking how paying 10K per coin was an insane idea.

[bitrider]

Really fascinating. As a study in human "reality making". If you go back and read this guy's posts over the last couple of years, it is amazing how he had already made up his mind (years ago) about what "is true" about bitcoin. And no matter what data shows up over the years that actually conflict with his "truth" he can not accept it, and just keeps believing the same old story. We humans (I include myself in this) obviously mostly only let in data that matches what we already believe (when we are "certain") and only data which supports our current version of reality. It is hard to stay honest to facts, and be truly scientific - and impossible if you have already made up your mind and are "sure"   

[BigOrangeBee]

I guess the real reality check is that we make our own reality.

[Razick]

I see too much blind optimism. Everyone thinks bitcoins will rise to the moon again.

Remember some points.

1) Bitcoins are as useless now as they ever were

2) Bitcoins are not a commodity, they are not consumed. Everyone who bought on the way up, needs to eventually sell them.

3) The market is very tiny, and is growing slowly at best.

4) 5,000-7000 new bitcoins come into existence every single day.

5) Most people sit with bitcoins on a rally, but eventually it will stall and they will start selling. This will push the price back down.

6) Obvious signs of price manipulation for the pushes. Is it someone using the push, rinse and repeat strategy playing on many of blind optimist suckers?

7) Now that the price has been potentially manipulated higher, will the manipulators keep shelling out their cash to try and hold the price high?

Anybody who wants bit coins already owns a substantial number of these useless coins. Will they keep buying more to help maintain a high price? Who are the new suckers coming into the market now and buying them?

9) Market depth supporting the now $5.00 price is looking very weak on mt. gox.

10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I have always been a bear, but I've never been more optimistic:

1. You couldn't buy a Dell computer pay the TV bill 6 months ago.

2. New buyers are always entering the market. I sold my friend Bitcoin a few days ago. He's a first time buyer.

3. The market is small, with huge potential for growth.

4. Which is probably the only thing holding the price down.

5. What do you think has been happening the past few months?

6. Maybe, but that doesn't mean much long term.

7. No, and manipulators don't profit by holding the price up. They profit by creating volatility.

8. I don't own much, and neither does my friend. I am buying every month and I've bought three times my normal monthly amount this month.

9. Woah, I didn't realize how old this post was! I'm referring to the current $600 pricing. I guess they weren't so stupid, huh?

10. I'll buy up to 21,000,000 BTC at $5.00 if you are willing to sell.

[TwinWinNerD]

I see too much blind optimism. Everyone thinks bitcoins will rise to the moon again.

Remember some points.

1) Bitcoins are as useless now as they ever were

2) Bitcoins are not a commodity, they are not consumed. Everyone who bought on the way up, needs to eventually sell them.

3) The market is very tiny, and is growing slowly at best.

4) 5,000-7000 new bitcoins come into existence every single day.

5) Most people sit with bitcoins on a rally, but eventually it will stall and they will start selling. This will push the price back down.

6) Obvious signs of price manipulation for the pushes. Is it someone using the push, rinse and repeat strategy playing on many of blind optimist suckers?

7) Now that the price has been potentially manipulated higher, will the manipulators keep shelling out their cash to try and hold the price high?

Anybody who wants bit coins already owns a substantial number of these useless coins. Will they keep buying more to help maintain a high price? Who are the new suckers coming into the market now and buying them?

9) Market depth supporting the now $5.00 price is looking very weak on mt. gox.

10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I have always been a bear, but I've never been more optimistic:

1. You couldn't buy a Dell computer pay the TV bill 6 months ago.

2. New buyers are always entering the market. I sold my friend Bitcoin a few days ago. He's a first time buyer.

3. The market is small, with huge potential for growth.

4. Which is probably the only thing holding the price down.

5. What do you think has been happening the past few months?

6. Maybe, but that doesn't mean much long term.

7. No, and manipulators don't profit by holding the price up. They profit by creating volatility.

8. I don't own much, and neither does my friend. I am buying every month and I've bought three times my normal monthly amount this month.

9. Woah, I didn't realize how old this post was! I'm referring to the current $600 pricing. I guess they weren't so stupid, huh?

10. I'll buy up to 21,000,000 BTC at $5.00 if you are willing to sell.

Do you guys just plainly ignore that the original post is from 2012???

[Razick]

I see too much blind optimism. Everyone thinks bitcoins will rise to the moon again.

Remember some points.

1) Bitcoins are as useless now as they ever were

2) Bitcoins are not a commodity, they are not consumed. Everyone who bought on the way up, needs to eventually sell them.

3) The market is very tiny, and is growing slowly at best.

4) 5,000-7000 new bitcoins come into existence every single day.

5) Most people sit with bitcoins on a rally, but eventually it will stall and they will start selling. This will push the price back down.

6) Obvious signs of price manipulation for the pushes. Is it someone using the push, rinse and repeat strategy playing on many of blind optimist suckers?

7) Now that the price has been potentially manipulated higher, will the manipulators keep shelling out their cash to try and hold the price high?

Anybody who wants bit coins already owns a substantial number of these useless coins. Will they keep buying more to help maintain a high price? Who are the new suckers coming into the market now and buying them?

9) Market depth supporting the now $5.00 price is looking very weak on mt. gox.

10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I have always been a bear, but I've never been more optimistic:

1. You couldn't buy a Dell computer pay the TV bill 6 months ago.

2. New buyers are always entering the market. I sold my friend Bitcoin a few days ago. He's a first time buyer.

3. The market is small, with huge potential for growth.

4. Which is probably the only thing holding the price down.

5. What do you think has been happening the past few months?

6. Maybe, but that doesn't mean much long term.

7. No, and manipulators don't profit by holding the price up. They profit by creating volatility.

8. I don't own much, and neither does my friend. I am buying every month and I've bought three times my normal monthly amount this month.

9. Woah, I didn't realize how old this post was! I'm referring to the current $600 pricing. I guess they weren't so stupid, huh?

10. I'll buy up to 21,000,000 BTC at $5.00 if you are willing to sell.

Do you guys just plainly ignore that the original post is from 2012???

Nope, see #9. I noticed, but only after I was nearly done writing.

[Bit_Happy]

...
10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I will be "stupid enough to pay $5.00 now", are you still accepting offers by PM? 

Seriously, Edward50 was not the only one to feel this way in early 2012; The first "bubble" had a wicked crash (followed by a long slow Bear market), so $5 to $7.50 looked like the high end for BTC prices.