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Author Topic: The downfall of Bitcoin  (Read 2266 times)
DieJohnny
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June 09, 2014, 06:53:58 AM
 #1

http://www.cryptocoinsnews.com/news/downfall-bitcoin-part-3/2014/06/07

Serious question:

If Bitcoin crashed to $2 this week, how many bitcoins would you buy?


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June 09, 2014, 06:57:22 AM
 #2

http://www.cryptocoinsnews.com/news/downfall-bitcoin-part-3/2014/06/07

Serious question:

If Bitcoin crashed to $2 this week, how many bitcoins would you buy?



Every single one offered at that price.
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June 09, 2014, 06:59:46 AM
 #3

http://www.cryptocoinsnews.com/news/downfall-bitcoin-part-3/2014/06/07

Serious question:

If Bitcoin crashed to $2 this week, how many bitcoins would you buy?



Every single one offered at that price.


Well easy to say now, but if the price were really $2 I am not so sure, only something devastating to the model would drive the price so low. Might be like buying  monopoly money, and your 500k coins might be worth nothing.

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June 09, 2014, 06:59:49 AM
 #4

Bitcoin value can't crash down to 2$ but if it would, I think I'll buy all I can afford.
Unfortunately the rise will be so quick that the price will reach 500$ very soon.

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DieJohnny
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June 09, 2014, 07:00:53 AM
 #5

Bitcoin value can't crash down to 2$ but if it would, I think I'll buy all I can afford.
Unfortunately the rise will be so quick that the price will reach 500$ very soon.

Why do you say it can't??? I think a simple sale of 50k BTC would send it to zero.

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June 09, 2014, 08:34:12 AM
 #6

Bitcoin value can't crash down to 2$ but if it would, I think I'll buy all I can afford.
Unfortunately the rise will be so quick that the price will reach 500$ very soon.

Why do you say it can't??? I think a simple sale of 50k BTC would send it to zero.
No one with that much bitcoin would want to crash it


 
 
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Ibian
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June 09, 2014, 10:03:08 AM
 #7

If something that can't possibly happen, happened... another thread that belongs in Fantasy.

There is no bubble.
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June 09, 2014, 10:16:22 AM
 #8

Anyway I know people say that kind of Braveheart shit like "I'll buy 10K BTC if it goes to $300"
But when it crashes they are like "I'm not buying it's never going back up again!!!"


In my opinioin it is all about the question why it crashed.

If....
Unsolvable flaw in the system: Don't buy BTC
Solvable flaw in the system: Buy BTC if you think the solution/fix will work
Whale getting out: Buy BTC

My 2 satoshi.

Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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June 09, 2014, 10:26:56 AM
 #9

Bitcoin value can't crash down to 2$ but if it would, I think I'll buy all I can afford.
Unfortunately the rise will be so quick that the price will reach 500$ very soon.

Why do you say it can't??? I think a simple sale of 50k BTC would send it to zero.

A simple sale of 50k would just move 50k btc from one guy to a bunch of other guys at varying price points. Perhaps significantly lowering the market price, but unless there was serious solid proof that bitcoin was worth zero, then speculative action means it would always have some non-zero price. Don't look at the order book and think X will move it Y. The order book is the tip of the iceberg.

As the price goes down, the number of speculators interested goes up, the number of coins that can be bought for a fixed amount of dollars increases. It's not a linear relationship.

Maths and basic human psychology are quite sufficient to explain why a 'simple sale of X' can't send the price to zero.

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June 09, 2014, 10:43:45 AM
 #10

Quote from: DieJohnny
Why do you say it can't??? I think a simple sale of 50k BTC would send it to zero.

Zero eh? every single last Bitcoin given away for free, gratis to whoever wants them, as many as they want, for nothing.

Not gonna happen my friend.

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June 09, 2014, 11:11:52 AM
 #11


Maths and basic human psychology are quite sufficient to explain why a 'simple sale of X' can't send the price to zero.


Actually, If the exchange software was written correctly, then a dump of 50k BTC (a single market order to sell all, at any price) *should* be processed fully before any other orders are allowed to be added to the book. Currently on Bitstamp, this order would wipe out the bids.

Fat finger, insider info or just the FBI deciding to try to break Bitcoin can send it to nearly zero, no matter how many people want $2 coins. If their order isn't already on the books, they won't get them.


Anyway I know people say that kind of Braveheart shit like "I'll buy 10K BTC if it goes to $300"
But when it crashes they are like "I'm not buying it's never going back up again!!!"


In my opinioin it is all about the question why it crashed.



I agree! A low price looks appealing from here, but it won't look so while the price is ticking down faster than you can change the price on the order form.

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June 09, 2014, 11:18:10 AM
 #12

http://www.cryptocoinsnews.com/news/downfall-bitcoin-part-3/2014/06/07

Serious question:

If Bitcoin crashed to $2 this week, how many bitcoins would you buy?



That's a cool story and can happen very easily. After all, this is probably the only reasonable way for Bitcoin to fail now.

Let's say Bitcoin was invented by "the bad guys". Why not build ASIC right away before even releasing Bitcoin and keep manufacturing them the whole time in secret? Then, when the time is right, just plug in the ASIC army and sink all the SHA256 PoW coins including Bitcoin. The only safe haven I see is PeerCoin.

Bitcoin can be compared to the very Internet itself by the degree of its novelty. It is known that the Internet was originally invented by US military. Bitcoin can fall into the same category. This is why I trust Peercoin and Primecoin more than Bitcoin --- their creator Sunny King is a real person who did not remain anonymous. Maybe thanks to him the bad guys haven't pulled the plug on Bitcoin yet, as they know that people would just switch to PeerCoin, should pure PoW coins fail.

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June 09, 2014, 11:39:32 AM
 #13

http://www.cryptocoinsnews.com/news/downfall-bitcoin-part-3/2014/06/07

Serious question:

If Bitcoin crashed to $2 this week, how many bitcoins would you buy?



That's a cool story and can happen very easily. After all, this is probably the only reasonable way for Bitcoin to fail now.

Let's say Bitcoin was invented by "the bad guys". Why not build ASIC right away before even releasing Bitcoin and keep manufacturing them the whole time in secret? Then, when the time is right, just plug in the ASIC army and sink all the SHA256 PoW coins including Bitcoin. The only safe haven I see is PeerCoin.

Bitcoin can be compared to the very Internet itself by the degree of its novelty. It is known that the Internet was originally invented by US military. Bitcoin can fall into the same category. This is why I trust Peercoin and Primecoin more than Bitcoin --- their creator Sunny King is a real person who did not remain anonymous. Maybe thanks to him the bad guys haven't pulled the plug on Bitcoin yet, as they know that people would just switch to PeerCoin, should pure PoW coins fail.

That's got to be among the most insanely expensive conspiracy theories I've heard.

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June 09, 2014, 11:55:10 AM
 #14

http://www.cryptocoinsnews.com/news/downfall-bitcoin-part-3/2014/06/07

Serious question:

If Bitcoin crashed to $2 this week, how many bitcoins would you buy?



about $1100 worth, id sell at hard support levels and buy back in with my profit at the bottom, go from 2 coin to 550. of course this is absolutely ridiculous and won't happen, but ill take your coins if you're feeling scared Cheesy
DieJohnny
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June 09, 2014, 12:15:41 PM
 #15

Anyway I know people say that kind of Braveheart shit like "I'll buy 10K BTC if it goes to $300"
But when it crashes they are like "I'm not buying it's never going back up again!!!"


In my opinioin it is all about the question why it crashed.

If....
Unsolvable flaw in the system: Don't buy BTC
Solvable flaw in the system: Buy BTC if you think the solution/fix will work
Whale getting out: Buy BTC

My 2 satoshi.

well i don't think it crashes to $2 without at least a broad perception that we have hit an unsolvable flaw in the system. I also would expand what you mean by system to include the ecosystem in which Bitcoin lives. If there is universal political banning of bitcoin, I would sell everything.

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June 09, 2014, 12:18:50 PM
 #16

Anyway I know people say that kind of Braveheart shit like "I'll buy 10K BTC if it goes to $300"
But when it crashes they are like "I'm not buying it's never going back up again!!!"


In my opinioin it is all about the question why it crashed.

If....
Unsolvable flaw in the system: Don't buy BTC
Solvable flaw in the system: Buy BTC if you think the solution/fix will work
Whale getting out: Buy BTC

My 2 satoshi.

well i don't think it crashes to $2 without at least a broad perception that we have hit an unsolvable flaw in the system. I also would expand what you mean by system to include the ecosystem in which Bitcoin lives. If there is universal political banning of bitcoin, I would sell everything.
Surely there is little point in selling at that price?  Seems like you might as well just hodl in hope bitcoin makes some kind of resurgence


 
 
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June 09, 2014, 01:01:21 PM
 #17

I have and I would  Wink
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June 09, 2014, 01:07:13 PM
 #18

it wont fucking fall.. because maths have been proven from the ice age.. where cave men uses the stone to draw on the walls..
1 1 1 1 1 = 5 days.


so if u think maths will fail bitcoin will fail...

yea only in your fking dreams...

the sha256 is proven no body can crack it..

bitcoin already 5 years old.. if it has a flaw.. it was already known since day 1..
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June 09, 2014, 01:11:20 PM
 #19


Maths and basic human psychology are quite sufficient to explain why a 'simple sale of X' can't send the price to zero.


Actually, If the exchange software was written correctly, then a dump of 50k BTC (a single market order to sell all, at any price) *should* be processed fully before any other orders are allowed to be added to the book. Currently on Bitstamp, this order would wipe out the bids.

Fat finger, insider info or just the FBI deciding to try to break Bitcoin can send it to nearly zero, no matter how many people want $2 coins. If their order isn't already on the books, they won't get them.


Aye it might approach zero, but the price would always be the price the last sale went through at (which has to be non zero). I can't tell with the charts/order book I'm looking at, but there used to be (at least on gox) far more bids [BTC volume] than even exist in BTC. So you never hit zero.

Even if every bid was filled, it would (should?) say NO BID not zero.

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June 09, 2014, 01:12:11 PM
 #20

Actually if it fall down to 2$, I am going to panic and sell all the bitcoin that I have...

MileyJohanson
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