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Author Topic: It's happening! --- 3̶6̶0̶$̶ 4̶5̶4̶$̶ 502$  (Read 36478 times)
njcarlos
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November 20, 2014, 03:41:00 PM
 #321

where's the bottom?
You'll know when we're sideways for 6+ months.
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November 20, 2014, 06:52:30 PM
 #322

I've been telling you noobs, we are going to see 1 BTC < 100USD soon. That's when you must buy. Because after falling to <100USD, it will bounce back to multi thousand dollar value.
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November 20, 2014, 06:58:15 PM
 #323

I've been telling you noobs, we are going to see 1 BTC < 100USD soon. That's when you must buy. Because after falling to <100USD, it will bounce back to multi thousand dollar value.

Why?

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November 20, 2014, 07:01:59 PM
 #324

I've been telling you noobs, we are going to see 1 BTC < 100USD soon. That's when you must buy. Because after falling to <100USD, it will bounce back to multi thousand dollar value.

I agreed completely until the second part of the last sentence. How delusional can you really get? This is again this flawed idea that another price rise to 1000-ish dollar MUST happen, and that it is a GIVEN fact. Which it is not, as that is simply relying on history and at the same time disregarding any competition out there for Bitcoin. Competition that can be seen as very mature by now, as there are a handful of 2.0 alternatives that are superior to Bitcoin in functionality.

If Bitcoin hits 100, it will be game over for sure. All that remains is a long, painful grind back to 0. The fanboys will remain as bagholders in the long run, only to be confronted with a very sobering reality.

I agree only with the second part of the sentence Smiley

So, I suppose we two both agree about the fact that it's really unlikely that btc price remains like that: in a few years btc will success, and so price will go to the moon, or fail, and so it will be worth nothing. Go bitcoin go!

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November 20, 2014, 07:11:14 PM
 #325

...
If Bitcoin hits 100, it will be game over for sure. ...

I doubt it will be "game over."  Sure, there might be some weirdness with confirm time if it's a sudden plunge & miners shut down their farms en masse.  And it might be "game over" as far as Pinky and the Brain world-domination fantasies that permabulls keep trotting out.  But, as long as there are a few guys mining, Bitcoin will serve the purpose for which it was created--small-scale blackmarket commerce.  $100/BTC is just about right for that.
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November 20, 2014, 08:01:18 PM
 #326

...
If Bitcoin hits 100, it will be game over for sure. ...

I doubt it will be "game over."  Sure, there might be some weirdness with confirm time if it's a sudden plunge & miners shut down their farms en masse.  And it might be "game over" as far as Pinky and the Brain world-domination fantasies that permabulls keep trotting out.  But, as long as there are a few guys mining, Bitcoin will serve the purpose for which it was created--small-scale blackmarket commerce.  $100/BTC is just about right for that.

Do you really think satoshi created bitcoin for small-scale blackmarket online commerce?

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November 20, 2014, 08:13:54 PM
 #327

...
If Bitcoin hits 100, it will be game over for sure. ...

I doubt it will be "game over."  Sure, there might be some weirdness with confirm time if it's a sudden plunge & miners shut down their farms en masse.  And it might be "game over" as far as Pinky and the Brain world-domination fantasies that permabulls keep trotting out.  But, as long as there are a few guys mining, Bitcoin will serve the purpose for which it was created--small-scale blackmarket commerce.  $100/BTC is just about right for that.

Do you really think satoshi created bitcoin for small-scale blackmarket online commerce?

Does anyone honestly believe otherwise?
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November 20, 2014, 08:19:02 PM
 #328

Quote from: NotLambchop

Does anyone honestly believe otherwise?

Me.
I am honest. I think that satoshi couldn't imagine such an evolution for bitcoin, and couldn't imagine the black market thing.
I sometimes think that he just took this as an experiment, just some more than a joke, and that he in fact lost the private keys for his btc stash... but I never think that he created btc to buy weed online

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November 20, 2014, 08:28:13 PM
 #329

...
If Bitcoin hits 100, it will be game over for sure. ...

I doubt it will be "game over."  Sure, there might be some weirdness with confirm time if it's a sudden plunge & miners shut down their farms en masse.  And it might be "game over" as far as Pinky and the Brain world-domination fantasies that permabulls keep trotting out.  But, as long as there are a few guys mining, Bitcoin will serve the purpose for which it was created--small-scale blackmarket commerce.  $100/BTC is just about right for that.

Do you really think satoshi created bitcoin for small-scale blackmarket online commerce?

Does anyone honestly believe otherwise?

Many, many, many people.  The technology itself is very impressive as are the non-blackmarket uses.  It would be useful for those who doubt the uses to do some research and reading on it!

The same FUD has been going on here (and elsewhere) since (at least) fall 2010.  "Bitcoin will never hit dollar parity, it is a fad, a ponzi, unfairly distributed, not useful, will crash, won't get miners...etc".



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November 20, 2014, 08:44:15 PM
 #330

Quote from: NotLambchop

Does anyone honestly believe otherwise?

Me.
I am honest. I think that satoshi couldn't imagine such an evolution for bitcoin, and couldn't imagine the black market thing.
I sometimes think that he just took this as an experiment, just some more than a joke, and that he in fact lost the private keys for his btc stash... but I never think that he created btc to buy weed online

I was being a bit facetious, what I actually think is pretty dull, and goes like this:
Bitcoin was initially an experiment, a troll on the established notions/preconceptions of what money is.  That's what originally drew me in--it was both clever and hilarious, what's not to [geek] love?  But he certainly never set out to create dominant currency of the world--that sort of thinking came much later, from the penny stock speculator crowd.  
NotLambchop
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November 20, 2014, 08:55:12 PM
 #331

...
Many, many, many people.  The technology itself is very impressive as are the non-blackmarket uses.  It would be useful for those who doubt the uses to do some research and reading on it!

The same FUD has been going on here (and elsewhere) since (at least) fall 2010.  "Bitcoin will never hit dollar parity, it is a fad, a ponzi, unfairly distributed, not useful, will crash, won't get miners...etc".

I'm not arguing that the technology isn't impressive.  It's a workable, though somewhat Goldbergian solution to a riddle.  But a world currency it is not.

Many here don't understand what money is beyond "the evol banksters print it out of thin air and I'm getting screwed!"  Economic Luddites who want to unwind centuries of progress and return to some ancap/liber hypothetical ideal that falls apart at the first sight of reality.
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November 20, 2014, 10:03:11 PM
 #332

...
If Bitcoin hits 100, it will be game over for sure. ...

I doubt it will be "game over."  Sure, there might be some weirdness with confirm time if it's a sudden plunge & miners shut down their farms en masse.  And it might be "game over" as far as Pinky and the Brain world-domination fantasies that permabulls keep trotting out.  But, as long as there are a few guys mining, Bitcoin will serve the purpose for which it was created--small-scale blackmarket commerce.  $100/BTC is just about right for that.
If bitcoin even reaches sub $200 level's it is certainly the beginning of the end imho.  Once you start having miners literally shutting down their rigs en masse it's only a matter of time until BTC has it's blockchain successfully forked by some unscrupulous player.

We are much closer to Andreas Antonopolous's new book "Why Bitcoin failed" becoming a best seller than most people realize or are willing to admit at this point sadly :/

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November 20, 2014, 10:27:57 PM
 #333

Ah sh*t, more good news, therefore price is gonna goes down  Cheesy


Moz: http://www.coindesk.com/mozilla-accepting-bitcoin-donations/

Sonic-boom: http://www.coindesk.com/reasons-behind-bitcoins-price-media-hype/
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November 20, 2014, 10:59:57 PM
 #334


I just donated 15$ worth of BTC  to mozilla. they probably insta dumped the coins and that's why it's no longer happening!

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November 20, 2014, 11:05:57 PM
 #335


I just donated 15$ worth of BTC  to mozilla. they probably insta dumped the coins and that's why it's no longer happening!

I'd be interested to find out how much ordinary people donate. I once read an open source devs post which said "out of the 250000 people who downloaded my software I would like to thank the three people who made voluntary donations totaling $3.58". I heard Google subsidizes mozilla/firefox and I expect Google's subsidy is the lions share of any donations they get.
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November 20, 2014, 11:45:17 PM
 #336

...
If Bitcoin hits 100, it will be game over for sure. ...

I doubt it will be "game over."  Sure, there might be some weirdness with confirm time if it's a sudden plunge & miners shut down their farms en masse.  And it might be "game over" as far as Pinky and the Brain world-domination fantasies that permabulls keep trotting out.  But, as long as there are a few guys mining, Bitcoin will serve the purpose for which it was created--small-scale blackmarket commerce.  $100/BTC is just about right for that.

Sure, it might be able to operate in a nichemarket, but I don't believe it will be able to hold a value of 100 dollars in that case.

even without any trading ,as a store of wealth alone it will exceed 10k as more and more people get suspicious of their countries being bankrupt

nobody trades in gold bars  ,its effectively only a store of value ,and a very cumbersome ,expensive ,hi risk one at that

an efficent system like btc is far superior ,a kilo bar of gold  would be hard to trade internationally or send to your friend in japan etc

a btc would be more of less effortless ,thats only one of the reasons why btc will NOT fail in this new age .........
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November 21, 2014, 12:01:06 AM
 #337

even without any trading ,as a store of wealth alone it will exceed 10k as more and more people get suspicious of their countries being bankrupt

nobody trades in gold bars  ,its effectively only a store of value ,and a very cumbersome ,expensive ,hi risk one at that

an efficent system like btc is far superior ,a kilo bar of gold  would be hard to trade internationally or send to your friend in japan etc

a btc would be more of less effortless ,thats only one of the reasons why btc will NOT fail in this new age .........

I just watched some gold price manipulation video and people are even getting ripped off by gold bullions filled with wolfram Cheesy so you can't even trust gold!

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November 21, 2014, 12:03:00 AM
 #338

Quote from: NotLambchop

Does anyone honestly believe otherwise?

Me.
I am honest. I think that satoshi couldn't imagine such an evolution for bitcoin, and couldn't imagine the black market thing.
I sometimes think that he just took this as an experiment, just some more than a joke, and that he in fact lost the private keys for his btc stash... but I never think that he created btc to buy weed online

I was being a bit facetious, what I actually think is pretty dull, and goes like this:
Bitcoin was initially an experiment, a troll on the established notions/preconceptions of what money is.  That's what originally drew me in--it was both clever and hilarious, what's not to [geek] love?  But he certainly never set out to create dominant currency of the world--that sort of thinking came much later, from the penny stock speculator crowd.  

I just saw your soul!

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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November 21, 2014, 12:35:03 AM
 #339

I will not lie.  Now that we are more than $100 down from the rally I'm a bit demoralized.  If good news wont move the market up what will?

Can anyone point me to a rock solid audit of the Chinese exchanges?  I'm still blaming them for running a cloaked fractional reserve scheme.

Thanks!
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November 21, 2014, 01:09:57 AM
 #340

I will not lie.  Now that we are more than $100 down from the rally I'm a bit demoralized.  If good news wont move the market up what will?

Can anyone point me to a rock solid audit of the Chinese exchanges?  I'm still blaming them for running a cloaked fractional reserve scheme.

Thanks!

There was some sort of big story about something dodgy going on at one of the Chinese exchanges today. I never got the full details and it might be just rumors, but I quoted  post below with information about it. I never click any links here I'm not sure about, so I never clicked the links in the post quoted below.




One thing is for certain though, the bids are deeper than when we were here a couple of months ago which suggests a more positive perception from most people in regards to the market. Now, we clearly saw it was OKcoin and China that led the price spike last week and now it has fizzled to where we might have expected to be if we had had steady growth from the "bottom". China is now being bearish with this Huobi news and it wouldn't surprise me to see the western exchanges take the lead which theoretically could lead to a much more sustainable rise. OKcoin trading is a joke with no fees and 20X leverage its just a bunch of gamblers trying to out luck each other and should not be somewhere the market looks towards to dictate a market price.

What happened in Huobi? I completely missed it :/

Nothing comfirmed but Jorge posted this earlier.

Scandal about Huobi's BitVC... or FUD planted by OKCoin?

Chinese article: http://www.btcbbs.com/forum.php?mod=viewthread&tid=25035&extra=
"火币网bitvc员工不得不说的惊人内幕"
"Huobi.com's bitvc employee reports amazing insider info"

English article based on it: http://www.bitell.com/t/2150
"We're Shocked!!! An Employee of Huobi BitVC Disclosed the Behind Story of His Working Platform, Huobi Co-founder Du Jun Claimed Huobi has Presented that to The Police"

Not sure what there is in it but would explain the small drop. More than likely some bear FUD.


I'm still not sure what it's about. Tzupy made this post about it, but that's all I know.


...
I cant open it, guess some dns issue.
could I get a digested version from someone?

The point is there could be a police investigation at Huobi, if the story is confirmed:

Today, an employee of Huobi BitVC gave out an article, saying he had to unveil the inside news of Huobi trading platform. Meanwhile, he did hope the management of Huobi can learn something from this event. What’s more, on the one hand, he hopes that No personal remarks will be made; on the other hand, he wishes that Huobi management can admit the things he said, or all the recordings will be announced.

the whole management team of Huobi, including Leon Li and Dujun actually know little about Bitcoin, what they have is the worship of Bitcoin, they only want to make money and make 796, OKCOIN and BTCC went bankrupt or even worse, and never thinking about whether their behaviors is helpful for Bitcoin industry or what they did will damage this industry.
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