We're going down faster than my ex-girlfriend

[g27wr]

I'm not panicking, for I am a long-term hodler. I just wanted to start a thread with that saying.

Proceed.

[inBitweTrust]

I'm not panicking, for I am a long-term hodler. I just wanted to start a thread with that saying.

Proceed.

pics or gtfo.

[Biitcoin]

I'm not panicking, for I am a long-term hodler. I just wanted to start a thread with that saying.

Proceed.

Well , thanks for making me Panicking  Just checked preevs and It's like ~315$ , It will keep going down or what ? Im really not that experienced on Bitcoin economics

[Guido]

perhaps thread title of the year award lol 

[kilminukas]

I will hold my coins even though it goes down to 100$

[commandrix]

I'm sure there's a story with that ex-girlfriend thing (Juicy Gossip category for $1000, maybe?). And yes, it's been bad. I spent mine yesterday when it was still at $330-something and maybe I should have done it sooner.

[inBitweTrust]

Well , thanks for making me Panicking   Just checked preevs and It's like ~315$ , It will keep going down or what ? Im really not that experienced on Bitcoin economics

People are buying gifts for holidays, this is bitcoin early days... don't fret. The halving is drawing near...mid 2016.

NEVER sell for a loss.

[DannyHamilton]

- snip -
It will keep going down or what?
- snip -

Yes. It will either keep going down, or it will stop going down.  Those are the only possibilities.

It is not possible to know for certain ahead of time which of those possibilities will occur.  We can only wait and see.

[Biitcoin]

Well , thanks for making me Panicking   Just checked preevs and It's like ~315$ , It will keep going down or what ? Im really not that experienced on Bitcoin economics

People are buying gifts for holidays, this is bitcoin early days... don't fret. The halving is drawing near...mid 2016.

NEVER sell for a loss.

Alright , I will calm down because you seem like someone with experience.
But could you please explain what "halving" mean exactly please ? thanks

[MrGreenHat]

Well , thanks for making me Panicking   Just checked preevs and It's like ~315$ , It will keep going down or what ? Im really not that experienced on Bitcoin economics

People are buying gifts for holidays, this is bitcoin early days... don't fret. The halving is drawing near...mid 2016.

NEVER sell for a loss.

Alright , I will calm down because you seem like someone with experience.
But could you please explain what "halving" mean exactly please ? thanks

I would imagine he is referring to the block subsidy reward for finding a block, currently 25 bitcoins, but will be halved approximately every 4 years.

[DannyHamilton]

- snip -
But could you please explain what "halving" mean exactly please ? thanks

Right now, the block subsidy paid to miners is 25 BTC for each block solved.  Since blocks are solved on average every 10 minutes, this means that 3,600 brand new bitcoins come into existence every day.

After block number 419999 (which is likely to occur somewhere around July of 2016), then block subsidy will be reduced to 12.5 BTC for each block solved.  That means that only 1,800 brand new bitcoins will come into existence every day.

If there are less bitcoins available to be bought, and if there is demand for the same amount (or an increased amount) of bitcoins, then the bitcoins that are available become more valuable.  If ten people want an orange, and there are 100 oranges, then the seller might only be able to convince people to pay $0.10 for an orange.  If those same ten people want an orange, and there are only 4 oranges, then four of the ten people might be willing to pay a bit more for the orange to convince the seller to sell to them instead of one of the other buyers.  Bitcoins work the same way.  If there aren't enough bitcoins available for everyone that wants them at the current price, then the price goes up until the number of bitcoins desired at that price matches the number of bitcoins available at that price.  If there are more bitcoins available than people want at the current price, then the price goes down until the number of bitcoins available at the new price matches the number of bitcoins that people want at that price.

The block subsidy continues to be cut in half every 210,000 blocks. At an average of 10 minutes per block, this means that there are approximately 4 years between "halvings".  So it will be reduced to 6.25 BTC per block after block 629999 (somewhere in the year 2020) and to 3.124 after block 839999 (somewhere in the year 2024).

Eventually, somewhere around the year 2136 after block 6719999 is solved the block subsidy will be reduced from 0.00000002 BTC to 0.00000001 BTC. Four years after that, somewhere around the year 2140 after block 6929999, the block subsidy will be reduced from 0.00000001 BTC to 0 BTC.  After that, there will never be any more bitcoins (or fractions of bitcoins) coming into existence.

[Lethn]

If you really are a long term holder then just wait until next year, another crash will happen then you'll be shitting yourself over how much money you're making, that being said I don't think that it will be even worth holding the paper so I'm working on getting as much of a cryptocurrency income as I can and then buying up Gold and Silver.

[inBitweTrust]

I would imagine he is referring to the block subsidy reward for finding a block, currently 25 bitcoins, but will be halved approximately every 4 years.

Correct, which means that one should expect the following:

1) Market expectations cause a bubble before halving - early 2016
2) If the rate of adoption is steady state expect BTC to be worth at least 2x current value
3) Because of market psychology expect the bubble to actually skyrocket BTC 4x to 10x in value before capitulating to sellers cashing out and crashing between 40-60% . I.E. 350 bubbling up to 1400-3500 and crashing shortly after to 560 to 2100
4) This all assumes another grim year for BTC in 2015, there could be deflationary bubble before than fueled by adoption alone. If So than item 3 still applies in 2016 because of basic supply and demand.

If you understand the technology and believe in he viability of Bitcoins growth (even short term based upon momentum alone) you should be buying as much as you can at any price before 2016.

[g27wr]

If you really are a long term holder then just wait until next year, another crash will happen then you'll be shitting yourself over how much money you're making, that being said I don't think that it will be even worth holding the paper so I'm working on getting as much of a cryptocurrency income as I can and then buying up Gold and Silver.

Yes, I am in this for the long haul and hold a happy amount of BTC for myself. I can't see any point in selling now; we're only at the beginning. Just imagine the purchasing power BTC holders will have in 5-10 years.

[Mortimer452]

Correct, which means that one should expect the following:

1) Market expectations cause a bubble before halving - early 2016
2) If the rate of adoption is steady state expect BTC to be worth at least 2x current value
3) Because of market psychology expect the bubble to actually skyrocket BTC 4x to 10x in value before capitulating to sellers cashing out and crashing between 40-60% . I.E. 350 bubbling up to 1400-3500 and crashing shortly after to 560 to 2100
4) This all assumes another grim year for BTC in 2015, there could be deflationary bubble before than fueled by adoption alone. If So than item 3 still applies in 2016 because of basic supply and demand.

If you understand the technology and believe in he viability of Bitcoins growth (even short term based upon momentum alone) you should be buying as much as you can at any price before 2016.

^^^^ THIS.  ALL OF IT. ^^^^

[LiteCoinGuy]

I will hold my coins even though it goes down to 100$

and at 99 $ ?

[g27wr]

Correct, which means that one should expect the following:

1) Market expectations cause a bubble before halving - early 2016
2) If the rate of adoption is steady state expect BTC to be worth at least 2x current value
3) Because of market psychology expect the bubble to actually skyrocket BTC 4x to 10x in value before capitulating to sellers cashing out and crashing between 40-60% . I.E. 350 bubbling up to 1400-3500 and crashing shortly after to 560 to 2100
4) This all assumes another grim year for BTC in 2015, there could be deflationary bubble before than fueled by adoption alone. If So than item 3 still applies in 2016 because of basic supply and demand.

If you understand the technology and believe in he viability of Bitcoins growth (even short term based upon momentum alone) you should be buying as much as you can at any price before 2016.

Yes, yes, yes, and yes. Anything under $1,000 is a steal, IMO. I buy little chunks on a regular basis to keep growing the pot.

[g27wr]

I will hold my coins even though it goes down to 100$

and at 99 $ ?

Then sell everything 

[inBitweTrust]

and at 99 $ ?

If everyone followed the rule of never selling at a loss than we will all eventually win.

In solidarity, brothers.... hodl.

[beetcoin]

Correct, which means that one should expect the following:

1) Market expectations cause a bubble before halving - early 2016
2) If the rate of adoption is steady state expect BTC to be worth at least 2x current value
3) Because of market psychology expect the bubble to actually skyrocket BTC 4x to 10x in value before capitulating to sellers cashing out and crashing between 40-60% . I.E. 350 bubbling up to 1400-3500 and crashing shortly after to 560 to 2100
4) This all assumes another grim year for BTC in 2015, there could be deflationary bubble before than fueled by adoption alone. If So than item 3 still applies in 2016 because of basic supply and demand.

If you understand the technology and believe in he viability of Bitcoins growth (even short term based upon momentum alone) you should be buying as much as you can at any price before 2016.

Yes, yes, yes, and yes. Anything under $1,000 is a steal, IMO. I buy little chunks on a regular basis to keep growing the pot.

are people still saying this? that's what has been said for the past year.. no one knows whether it's a steal or not. there are no signs showing that bitcoin will even reach $1,000 ever again.