The downfall of Bitcoin

[DieJohnny]

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?

[1714844070]

1714844070

[1714844070]

1714844070

[1714844070]

1714844070

[1714844070]

1714844070

[Raystonn]

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.

[DieJohnny]

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.

[DolanDuck]

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.

[DieJohnny]

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.

[blatchcorn]

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

[Ibian]

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

[Wilhelm]

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.

[sgbett]

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.

[btc6000]

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.

[RyNinDaCleM]

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.

[Hyena]

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.

[rebuilder]

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.

[maker88]

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

[DieJohnny]

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.

[blatchcorn]

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

[yrtrnc]

I have and I would 

[Sawadekub]

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..

[sgbett]

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.

[MilesJohan]

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

[BurtW]

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.

This is total bullshit.  50K may be the public order book but that does not count the dark orders and does not count all the money we have sitting on account that can jump in during such a sell off (or right after it).  A 50K sell off would just create a very temporary buying oportunity.  That is all.

[cooldgamer]

To be honest, I'm not buying in if it hits $2.  That means something fucked up too hard to be recovered from.

[RyNinDaCleM]

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.

Exactly! It won't hit zero, but it would get close.

To others that think dark pools will save them, The only exchange I know of that has dark orders is BFX and it has a 500BTC minimum, so by no means is everybody using it.

[Feneusens]

To be honest, I'm not buying in if it hits $2.  That means something fucked up too hard to be recovered from.

Agree, it might be 51% attack or total ban of bitcoin..

[gentlemand]

I'll wait to buy until they're less than 1 cent again and then load up and send them to myself over and over again for old time's sake.

[blatchcorn]

To be honest, I'm not buying in if it hits $2.  That means something fucked up too hard to be recovered from.

Yup it would be like buying gox coins.

[piramida]

Agree, it might be 51% attack or total ban of bitcoin..

woah total ban how scary! like totally banned drugs selling over internet, no way something could be created to completely circumvent that ban and allow money transfer directly over the internet... oh wait.

[gentlemand]

NY is drawing up regulations, the SEC is slowly approving ETFs, the IRS has come out with a tax structure, other countries around the world have brought out clarifications, tens to hundreds of millions of professional investment is slowly arriving and people still think a ban is on the cards?

[An amorous cow-herder]

NY is drawing up regulations, the SEC is slowly approving ETFs, the IRS has come out with a tax structure, other countries around the world have brought out clarifications, tens to hundreds of millions of professional investment is slowly arriving and people still think a ban is on the cards?

Yes, the threat is as real as ever.
Just recently a virus signature was introduced into the block chain causing trouble for some users.
What do you think is going to happen when some jerk splits some illegal files, e.g. child porn, hate speech, bomb building instructions etc...,  into base64 encoded chunks and introduces them into the blockchain?
Content saved inside blockchain forever. Yes, what a sound concept.

[cbeast]

NY is drawing up regulations, the SEC is slowly approving ETFs, the IRS has come out with a tax structure, other countries around the world have brought out clarifications, tens to hundreds of millions of professional investment is slowly arriving and people still think a ban is on the cards?

Yes, the threat is as real as ever.
Just recently a virus signature was introduced into the block chain causing trouble for some users.
What do you think is going to happen when some jerk splits some illegal files, e.g. child porn, hate speech, bomb building instructions etc...,  into base64 encoded chunks and introduces them into the blockchain?
Content saved inside blockchain forever. Yes, what a sound concept.

You have chunks of child porn in your DNA if you have the right Bible Code to decrypt it.

[gentlemand]

And I've heard there's child porn, hate speech AND PICTURES OF BOOBS on this internet stuff.

[BurtW]

What do you think is going to happen when some jerk splits some illegal files, e.g. child porn, hate speech, bomb building instructions etc...,  into base64 encoded chunks and introduces them into the blockchain?

Nothing would happen.  Nothing.  How do you know all that stuff is not already in there?

[BurtW]

And I've heard there's child porn, hate speech AND PICTURES OF BOOBS on this internet stuff.

SHUT IT DOWN!  BAN IT!  OMG!!!!

[DieJohnny]

I do look forward to the day that Bitcoin crashing to zero is truly a work of pure fiction. Today though it is not there yet.

[MICRO]

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 is nearly impossible to happen.
But if it would happen i would buy all i can get . Coz btc will always rise back up

[sgbett]

...AND PICTURES OF BOOBS...

LINK PLZ! 

[johnyj]

There are definitely some people who are willing to buy at $2, since they have already cashed out many coins at high price, and buy back at low price would make them holding same amount of coins as before plus lots of fiat, they don't lose anything through the deal

This is also the reason that when price crashed by 50%, many people who cashed out near the top have strong motivation to buy back at half of the price

And the most important, think in terms of bitcoin, not fiat. Many people still think fiat is money, "make money" means get more fiat, this misconception might take years to get rid of: Fiat is a tool to rob people, it is not money

[MICRO]

There are definitely some people who are willing to buy at $2, since they have already cashed out many coins at high price, and buy back at low price would make them holding same amount of coins as before plus lots of fiat, they don't lose anything through the deal

This is also the reason that when price crashed by 50%, many people who cashed out near the top have strong motivation to buy back at half of the price

And the most important, think in terms of bitcoin, not fiat. Many people still think fiat is money, "make money" means get more fiat, this misconception might take years to get rid of: Fiat is a tool to rob people, it is not money

Bitcoin have much much more advantages than fiat , and doesnt mean anything how much is it worth, even if its 1btc= 1$ its still better than fiat if u can use it. I hope in the future we wont need to convert it to fiat, we can just buy anything we want with it and then it wont matter how much is it worth in terms of fiat.

U explained fiat rly well.

[Erdogan]

If the impossible happens, thus breaking the law of logic, the world ends.

[Hyena]

If the impossible happens, thus breaking the law of logic, the world ends.

correction: the world, as we know it, ends