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Author Topic: How Low Does Bitcoin's Price Need Get to Make People Stop Believing?  (Read 6412 times)
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October 04, 2014, 03:17:21 PM
 #21

People usually don't think rationally but emotionally (when they think about finance).
So, if value of bitcoin is going down at the moment, most people will try to sell bitcoin, afraid that they may loose more.
Because of this mentality, bitcoin will loose more value before this trend stop and its value raise again. 

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October 04, 2014, 03:27:37 PM
 #22

Price really doesnt matter. Just look at infrastructure, merchant support, userbase, media coverage. This mean huge Bitcoin success so far.
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October 04, 2014, 03:29:50 PM
 #23

When it hits 1$ i will stop believing

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October 04, 2014, 03:34:42 PM
 #24

I think Bitcoin has passed the stage where it would've been possible for it to get deleted from the world like it never existed. Bitcoin offers a number of advantages over fiat that cannot be ignored. To answer your question, I don't think people will ever stop believing even if it were to drop to a dollar or less. It is highly unlikely something like that will happen anyway. I believe we will see a trend reversal soon enough  Smiley
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October 04, 2014, 05:10:45 PM
 #25

I will stop believe in it only when it hits 0. If it will be 1 cent Im buying.

but where do you think it will stop this time, looks pretty bad right now Undecided
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October 04, 2014, 05:28:01 PM
 #26

Hahaha I remember when bitcoin first reached $1, and it made many people START believing.


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October 04, 2014, 05:34:26 PM
 #27

I bought most of my BTC about 6 months ago when the price was about 400 GBP.
The price is 209 GBP as I type this so yeah I'm pretty pissed off right now.

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October 04, 2014, 05:46:56 PM
 #28

1 BTC = 1 USD   Grin

WTB 1000 BTC at that price.

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October 04, 2014, 06:06:49 PM
 #29

I bought most of my BTC about 6 months ago when the price was about 400 GBP.
The price is 209 GBP as I type this so yeah I'm pretty pissed off right now.

Then buy more and bring your average entry down. When it hits 200 buy even more.

If this last dip makes you pissed then you should rather sell at the first available opportunity and get out. Investing for the longer term will involve many such dips. Also, bitcoin, like with any other currency, is at best a speculative investment and a large dip like this should be expected. This will not be the last.

With all that said, if you can hold do. I'm pretty sure you will be the one smiling in a year from now, maybe even less.
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October 04, 2014, 06:14:56 PM
 #30

Many people seem to think a break below the earlier 2013 high of around $250 would be really bad as that is a key support level.  While I think technical analysis is mostly voodoo retrospective sense making, $250 would be such a pullback from the end of the year high that I think it would convince people that there isn't much future in bitcoin at this time.

Sort of a negative there and back again type story.
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October 04, 2014, 06:22:15 PM
 #31

I wanted to add earlier for all those who are in a panic about the price.

Just remember that any bear market is always more ferocious, if I can use that word, than a bull (upward) market. The main reason being that initial selling leads to more selling and eventually panic selling which, I think, is what we are seeing now. In an upward market you do not get 'panic' buying.

So a downward market can and will often go into a sort of dump mode and during this time many a weak hand will be shaken from the market. I expect the price to dip even further before it will find support. That support will come from people buying back into bitcoin after the weak hands have been shaken out. I know I'll be buying in as much as I can over the next couple of weeks.

Also, as some have already mentioned countless times, this is not unique to bitcoin. The dollar is giving must other currencies a beating now. Just go look at the Australian dollar vs the dollar for the past couple of weeks. Its down a big big stretch, almost in a straight line. So its not bitcoin failing.....its the market at work.


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October 04, 2014, 06:59:10 PM
 #32

You could make Bitcoin go on forever by just developing a game around it like second life or WoW. It's impossible at this point for Bitcoin to have no value. Anyone that spent money, time, resources on Bitcoin isn't going to quit even at a penny per Bitcoin.

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October 04, 2014, 07:22:00 PM
 #33

Keep in mind it is not about how much money you should be making, it should be look at the potential of this technology.

If you think the latter you shouldn't be in Bitcoin IMHO.

edit: also, I blame the price drop on Ebola. My dark horse theory  Grin
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October 04, 2014, 07:48:23 PM
 #34

I think I may be convinced Bitcoin is a market failure if the price drops below $32. That is not to say it would be a total failure. It is a very important computing science experiment.

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October 04, 2014, 08:18:24 PM
 #35

Keep in mind it is not about how much money you should be making, it should be look at the potential of this technology.

If you think the latter you shouldn't be in Bitcoin IMHO.

edit: also, I blame the price drop on Ebola. My dark horse theory  Grin

Yeah, let's go back to physical currency, covered in Ebola! Sell! Sell! Sell! Human race extinct!

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October 04, 2014, 10:53:43 PM
 #36

The OP got it wrong. Price doesn't matter.

If you are losing your ass it matters.


So the Bitcoin flaw nobody saw coming was OVER SUPPLY BY MINING --LEADING TO A PRICE DROP and opening the door for the next truly viable coin.

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October 04, 2014, 11:15:06 PM
 #37

The OP got it wrong. Price doesn't matter.

If you are losing your ass it matters.


So the Bitcoin flaw nobody saw coming was OVER SUPPLY BY MINING --LEADING TO A PRICE DROP and opening the door for the next truly viable coin.

Ya price matters all over the place. On what world would price not matter? It's MONEY!

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October 04, 2014, 11:22:14 PM
 #38

Time will tell who is right Smiley

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October 04, 2014, 11:26:17 PM
 #39

The OP got it wrong. Price doesn't matter.

If you are losing your ass it matters.


So the Bitcoin flaw nobody saw coming was OVER SUPPLY BY MINING --LEADING TO A PRICE DROP and opening the door for the next truly viable coin.
I think you are confused as to how mining and changes to difficulty works. if more miners try to mine on the network then the difficulty will increase and the average number of blocks found per hour will remain constant at 6 (on average).

2013 saw a huge price increase and was potentially higher then it really should have gone and the price is adjusting downward but is still much higher then it was in the beginning of 2013

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October 05, 2014, 04:47:35 AM
 #40

1 BTC = 1 USD   Grin

WTB 1000 BTC at that price.

Hell yea! Even if everyone else has stopped believing, I sure would buy a whole bunch at that price Grin I got into Bitcoin late and have never owned more than 5 BTC.
Being able to say that I have a couple of thousand Bitcoin in my wallet would be pretty awesome Cheesy  I'm sticking with Bitcoin to the bitter end no matter what.
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