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Author Topic: The downfall of Bitcoin  (Read 2263 times)
BurtW
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June 09, 2014, 01:13:16 PM
 #21

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.

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June 09, 2014, 01:15:24 PM
 #22

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

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June 09, 2014, 01:25:22 PM
 #23


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.

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June 09, 2014, 01:32:47 PM
 #24

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..

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June 09, 2014, 01:36:27 PM
 #25

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.

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June 09, 2014, 01:44:27 PM
 #26

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.


 
 
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piramida
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June 09, 2014, 01:45:13 PM
 #27

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.

i am satoshi
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June 09, 2014, 02:00:32 PM
 #28

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?

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June 09, 2014, 02:28:29 PM
 #29

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.
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June 09, 2014, 02:38:14 PM
 #30

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.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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June 09, 2014, 02:39:57 PM
 #31

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

BurtW
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June 09, 2014, 02:45:27 PM
 #32

Quote from: An amorous cow-herder link=topic=645161.msg7214403#msg7214403
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?

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
BurtW
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June 09, 2014, 02:46:54 PM
 #33

And I've heard there's child porn, hate speech AND PICTURES OF BOOBS on this internet stuff.
SHUT IT DOWN!  BAN IT!  OMG!!!!

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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June 09, 2014, 03:08:13 PM
 #34

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.

Those who hold and those who are without property have ever formed distinct interests in society
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June 09, 2014, 03:14:38 PM
 #35

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 Cheesy . Coz btc will always rise back up Smiley

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June 09, 2014, 03:41:43 PM
 #36

...AND PICTURES OF BOOBS...

LINK PLZ!  Cheesy

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June 09, 2014, 03:42:37 PM
 #37

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

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June 09, 2014, 03:47:17 PM
 #38

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.

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Erdogan
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June 10, 2014, 09:18:36 AM
 #39

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

Hyena
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June 10, 2014, 11:38:49 AM
 #40

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


correction: the world, as we know it, ends

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