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Author Topic: How Low Does Bitcoin's Price Need Get to Make People Stop Believing?  (Read 6611 times)
BlitzandBitz
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May 06, 2015, 12:58:56 AM
 #81

At around a 100 dollars the cost of mining would be to much and the network would collapse so somewhere around their I would say.
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May 06, 2015, 01:19:57 AM
 #82

Even if it does drop to the price of a dollar, there are other currencies that cost less than 1 USD, and others more. It would be just like every other currency in the world. Besides, the blockchain technology can still be used for many other things that will make you more money. I would definitely still be a fan of Bitcoin and the blockchain even if the price is super low.

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May 06, 2015, 10:25:54 AM
 #83

Even if it does drop to the price of a dollar, there are other currencies that cost less than 1 USD, and others more. It would be just like every other currency in the world. Besides, the blockchain technology can still be used for many other things that will make you more money. I would definitely still be a fan of Bitcoin and the blockchain even if the price is super low.

That is really good to know.
It's nice to know that there are true Bitcoin supporters.

I have one question though: Do you own any Bitcoins?

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MUFC
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May 06, 2015, 10:42:18 AM
 #84

Genuine Followers of bitcoin will never let their faces off from bitcoins. Because everyone knows that future of bitcoin is safe I am talking of those people who have patience and looking for long term investment am still 90% of population is not aware about bitcoins. So its too early to reach at any decision.

I'm a massive fan of bitcoin, first and foremost because of the technology and political ramifications of it, but I also like the possibility of being able to make a little money from it in the future (not to get rich or anything but financial comfort is always nice), but I don't think it is 'safe' as you suggest. Bitcoin being what it is there's always going to be some weight placed on the value, but if people buy coins and they keep losing money or the miners can't afford to keep mining because of the low price then this is a huge problem (yes, not really bitcoins fault but the economy that has been built around it) and because of this the value of a bitcoin is still an issue whether you're a speculator or a 'true' believe in bitcoin in my opinion.

futureofbitcoin
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May 06, 2015, 06:16:36 PM
 #85

If miners can't make a profit, there will simply be less miners, and then at that time, they'll be able to make a profit again.

There is a problem if it's so unprofitable that there are only a few miners left, and then a 51% attack can be executed cheaply.

I think it's not so much about the price as about transaction volume. If the volume lowers significantly, I think people really have stopped believing.

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May 06, 2015, 07:26:05 PM
 #86

I would prefer to go with bitcoin even if the prices are going lower at this stage. I will wait for the future and I believe prices would raise in the future and you can atleast make some profit out of it rather then selling at this stage I think the value to bitcoin would be stable in future.
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May 06, 2015, 08:26:01 PM
 #87

Bitcoin is better and cheaper than other options, specially if you want to send small(or not so small, depending where you live)  international payments.

If you bet that 2+2=4 while all others say that 2+2=5 you will win, even if it takes a long time

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achow101_alt
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May 06, 2015, 08:33:35 PM
 #88

Even if it does drop to the price of a dollar, there are other currencies that cost less than 1 USD, and others more. It would be just like every other currency in the world. Besides, the blockchain technology can still be used for many other things that will make you more money. I would definitely still be a fan of Bitcoin and the blockchain even if the price is super low.

That is really good to know.
It's nice to know that there are true Bitcoin supporters.

I have one question though: Do you own any Bitcoins?
I do own some bitcoin, but not that many. And of course, I accept donations, if you are willing to donate some.

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zendantom
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May 06, 2015, 09:13:22 PM
 #89

If the price of bitcoin reaches $100 or less people will stop believing in bitcoin for sure and will diversify themselves to some other investments. But likely, it's not possible that bitcoin will go that lower and believing that it would reach at all time high value in future.

Whitehouse
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May 07, 2015, 08:31:51 AM
 #90

Well as low as it can go whilst still being profitable for miners to keep on mining, that's how low before we're in trouble. Personally I don't mind the fluctuations currently as I see them as growing pains whilst bitcoin, but the biggest problem with this is to many outsiders it looks bad and that's why many are worried about getting involved or wondering why they should take the risk. My only hope is it wont always be this way but I'm unsure of that myself.

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May 07, 2015, 09:03:50 AM
 #91

I'm neutral, I don't have any incentive to use Bitcoin anymore, so it's mainly to amuse myself, watch if it crashes and burns or takes off.
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May 07, 2015, 10:13:00 PM
 #92

Well, earlier I thought 250 might do it,  but it appears not, people still hanging in there.  I guess people believed in bitcoin at one US cent and so there will always be some faith in it unless the protocol is clearly broken in some way.
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May 08, 2015, 06:53:45 AM
 #93

I got excited about all the hype with bitcoin, but now i look at it and see nothing special other than paving the future of crypto, now every man and his dsog is out there starting their own coins to compete.
Anyway, serious projects like NXT, NEM and ethereum will pave the way of the future and leave BTC for dead as the dinosaur that it already is.

THE XEMURAI WILL DELIVER
Daniel91
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May 08, 2015, 07:21:28 AM
 #94

This is very difficult question.
In my opinion, if people started with bitcoin when price was much higher than now, $ 500 or more, and now, for the long time they don't see any positive changes, I think that this people can start loosing faith in bitcoin, specially if they bought bitcoin as investment only.
If people using bitcoin also for buying and selling digital products and services online, they may think differently.

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May 08, 2015, 10:21:40 PM
 #95

This is very difficult question.
In my opinion, if people started with bitcoin when price was much higher than now, $ 500 or more, and now, for the long time they don't see any positive changes, I think that this people can start loosing faith in bitcoin, specially if they bought bitcoin as investment only.
If people using bitcoin also for buying and selling digital products and services online, they may think differently.

Problem is that Bitcoins price was over inflated, driven by hype as the word spread about it so every man and his dog was buying it, then the same thing happened with all the other alts.

There could be a big slump for some time and then things should stabilise, but BTC could very well loose alot of marketshare to other coins.

THE XEMURAI WILL DELIVER
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May 08, 2015, 10:48:20 PM
 #96

I got excited about all the hype with bitcoin, but now i look at it and see nothing special other than paving the future of crypto, now every man and his dsog is out there starting their own coins to compete.
Anyway, serious projects like NXT, NEM and ethereum will pave the way of the future and leave BTC for dead as the dinosaur that it already is.

While I wouldn't completely rule out the possibility of another coin surpassing BTC at some point in the future, it seems unlikely and also I don't know if it would be any of the current alt coins out there.  The masses aren't technically minded and will probably jump on something recognisable, like if a well known company launched their own coin.  I'm imagining something horrible like Googlebucks or Microsoftcoin.  Also, if ethereum wants to be taken seriously, it needs to hurry up and stop looking like vapourware.  It's about to be made obsolete by coins that are not only turing-complete, but will also be able to trade directly from one block chain to another without using a centralised exchange.  If I had bet anything on ethereum, I'd be getting pretty worried about now.

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May 11, 2015, 04:34:54 AM
 #97

I got excited about all the hype with bitcoin, but now i look at it and see nothing special other than paving the future of crypto, now every man and his dsog is out there starting their own coins to compete.
Anyway, serious projects like NXT, NEM and ethereum will pave the way of the future and leave BTC for dead as the dinosaur that it already is.

While I wouldn't completely rule out the possibility of another coin surpassing BTC at some point in the future, it seems unlikely and also I don't know if it would be any of the current alt coins out there.  The masses aren't technically minded and will probably jump on something recognisable, like if a well known company launched their own coin.  I'm imagining something horrible like Googlebucks or Microsoftcoin.  Also, if ethereum wants to be taken seriously, it needs to hurry up and stop looking like vapourware.  It's about to be made obsolete by coins that are not only turing-complete, but will also be able to trade directly from one block chain to another without using a centralised exchange.  If I had bet anything on ethereum, I'd be getting pretty worried about now.

I didnt invest in Ethereum because of that, but its possible it may be a success if it does what they claim.
Im a big believer in NXT and i have also invested in NEM incase that succeeds. 99% of the alts are crap, or just driven by hype.
Whatever is successful will be whatever coin can work around the flaws in blockchain technology, which there are quite a few issues that need to be addressed. Blockchain pruning is one such example that i would like to see implemented in addition to instant transactions for POS use.

THE XEMURAI WILL DELIVER
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May 11, 2015, 04:45:36 AM
 #98

I got excited about all the hype with bitcoin, but now i look at it and see nothing special other than paving the future of crypto, now every man and his dsog is out there starting their own coins to compete.
Anyway, serious projects like NXT, NEM and ethereum will pave the way of the future and leave BTC for dead as the dinosaur that it already is.

Aha there has been attempts the last 4-6 years to create a new better crypto which moons because that seems to be all people care about. Nothing has come close and I doubt ever will especially them things you speak of  Cheesy By things I mean crapcoins. Don't you think nxt has had a nice amount of time to become highly successful? 100% premine controlled by a few players! No thanks. OP it doesn't matter how low it goes there will always be believers, as long as the difficulty gets reduced the lower it goes I see no problem with the price it was cents once before, also if it went to a few dollars the pumps would be epic goldmines.


 
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May 11, 2015, 04:47:34 AM
 #99

Stop believing? Sleep well knowing your beliefs are for sale.

If you don't believe, why are you here?

If you don’t believe, why are you here? BTCEQTBTC BTCAluna.SocialBTC BTCEquitrader NewsBTC
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May 11, 2015, 05:29:05 AM
 #100

Giving up means you're willing to accept the current banking & Fed Reserve system... this should never be an option.
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