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Author Topic: The bubble has popped, slow decline to $3 on the way  (Read 10206 times)
humanitee
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June 25, 2012, 10:05:40 PM
 #61

I don't know why that would kick it down to $2.

People want ROI. The block reward halving will put greater pressure on ASIC purchasers to sell at higher prices to pay off their initial investment.

Please elaborate proudhon.
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LoupGaroux
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June 25, 2012, 10:07:08 PM
 #62

Gosh what a noble offer! Take them off the frightened ninnyhammers at a net $1.81 gain to you per coin? That's only a 40% immediate profit on your play, damn straight you want to be the fear-monger. Man up and place a buy order for million or so at $4.5, drive that price, don't screw around playing with it's ass, be a man and do something to it.

Otherwise, its just all so much hot air and FUD.

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June 25, 2012, 10:14:37 PM
 #63

IMHO there isss BTC in Them thar ASIC hills




One can make money from mining or from selling equipment to the hardworking miners Cheesy

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June 25, 2012, 10:56:14 PM
 #64

People want ROI. The block reward halving will put greater pressure on ASIC purchasers to sell at higher prices to pay off their initial investment.

Not only that, but consider all the investment in these mining rigs. These are different than investments in video cards, which still had some value if bitcoin price sank. These fpga and asic miners would be worthless.

So you can bet any big investors have plans to buy coins when the price gets too low. They aren't using all their money on the miners. They'll also try and buy near price-bottoms to enforce the upward trend, less the long-term miner investments become worthless.

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June 25, 2012, 11:20:29 PM
 #65

This thread is beyond silly.

Below $2 is not happening, period. I don't see it getting as far as $5. The 50k BTC from BitPay will slow things down a bit, but only for a while.

I'm tempted to say it won't get below $6, unless BitPay does something drastic (which would be idiotic on their part). Buying directly from BitPay is an option, so we probably won't even see all 50k hit the exchanges.
I won't disagree on the $2 part, but $5 and $6 as price floors? Wow. Just wow. That's pretty damn bullish, even arrogantly so, considering we only left 5.xx behind two weeks ago in a large surge up, and we were at 4.xx several times during the past two months. Personally, I'm continually surprised by how bullish various people are; I'm mostly speculating and mining in order to help pay bills. My inclination is to think that despite other claims, the BTC is full of 20-somethings (and even teenagers) talking smack and acting like they know how the world works when it comes to money. There are definitely more serious folks around, but at a ripe old age of 39 I imagine I might be one of the older people on here.

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June 25, 2012, 11:23:20 PM
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52. Grumpy old man. You're still a pup to me.

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June 26, 2012, 12:26:52 AM
 #67

20 something here... Im trying to learn the way "real world money" works, but what is more important is I know how I want my money to work.  And btc is the closest by a landslide.
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June 26, 2012, 12:34:16 AM
 #68

I don't know why that would kick it down to $2.

People want ROI. The block reward halving will put greater pressure on ASIC purchasers to sell at higher prices to pay off their initial investment.

Please elaborate proudhon.

These were my thoughts. Get out of my BRAIN!!!
humanitee
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June 26, 2012, 01:12:17 AM
 #69

This thread is beyond silly.

Below $2 is not happening, period. I don't see it getting as far as $5. The 50k BTC from BitPay will slow things down a bit, but only for a while.

I'm tempted to say it won't get below $6, unless BitPay does something drastic (which would be idiotic on their part). Buying directly from BitPay is an option, so we probably won't even see all 50k hit the exchanges.
I won't disagree on the $2 part, but $5 and $6 as price floors? Wow. Just wow. That's pretty damn bullish, even arrogantly so, considering we only left 5.xx behind two weeks ago in a large surge up, and we were at 4.xx several times during the past two months. Personally, I'm continually surprised by how bullish various people are; I'm mostly speculating and mining in order to help pay bills. My inclination is to think that despite other claims, the BTC is full of 20-somethings (and even teenagers) talking smack and acting like they know how the world works when it comes to money. There are definitely more serious folks around, but at a ripe old age of 39 I imagine I might be one of the older people on here.

I'm not saying those prices won't happen, but given the circumstances I don't think we'll see it. There has been a lot of good news in recent months and  a steadily increasing transaction volume as well. People flipping out over ASIC news need to calm down. Orders are piling up and the hardware hasn't even shipped yet. The longer those order books get, the better.

The only thing that would worry me at the moment is news of BFL shipping units in small batches (which hopefully won't happen because ASIC is easily mass produced). Barring that, everyone will get their hardware at roughly the same time and people like me with GPU's will either resort to investing in miners, buying coins, or joining the ASIC bandwagon.

I'll admit I am bullish, but only while transactions keep increasing and growth is apparent. Bitcoin may not catch on, but something like it eventually will. It is far too flexible and niche not to.

Edit: Walls just flipped.
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June 26, 2012, 01:20:42 AM
 #70

Quote
Bitcoin may not catch on, but something like it eventually will

I have to say, I hate this sentiment. If not Bitcoin, what then? Something government controlled?

If Bitcoin fails with its popularity and its strong community I doubt anything better is going to rise from its ashes.
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June 26, 2012, 01:24:59 AM
 #71

you guys are crazy


i'm calling bottom now....

Good call..

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June 26, 2012, 01:32:55 AM
 #72

Quote
Bitcoin may not catch on, but something like it eventually will

I have to say, I hate this sentiment. If not Bitcoin, what then? Something government controlled?

If Bitcoin fails with its popularity and its strong community I doubt anything better is going to rise from its ashes.

Proof-of-stake.

Also, when quantum computing becomes a commercial reality, that will change the Bitcoin-game quite a bit.

By the way, did you know that if you simply look inside a quantum computer, it crashes?

humanitee
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June 26, 2012, 01:35:10 AM
 #73


I have to say, I hate this sentiment. If not Bitcoin, what then? Something government controlled?

If Bitcoin fails with its popularity and its strong community I doubt anything better is going to rise from its ashes.


Honestly, I cannot say what would follow in the ashes of Bitcoin. We're talking at least another decade (probably 2) before we can really judge whether or not Bitcoin succeeded.  During that time there will be lots of technical innovations that I could not even dream of.

Bitcoin is a technical revolution, a beautiful marriage of cryptography, p2p networking, and mathematics. That doesn't mean it cannot be improved. I couldn't have told you 20 years ago the technology televisions would use today, but I could have theorized that it would be an improvement upon its' predecessors.
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June 26, 2012, 01:37:16 AM
 #74

Quote
Bitcoin may not catch on, but something like it eventually will

I have to say, I hate this sentiment. If not Bitcoin, what then? Something government controlled?

If Bitcoin fails with its popularity and its strong community I doubt anything better is going to rise from its ashes.

It depends how/why it fails.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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Hexadecibel
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June 26, 2012, 01:38:33 AM
 #75


I have to say, I hate this sentiment. If not Bitcoin, what then? Something government controlled?

If Bitcoin fails with its popularity and its strong community I doubt anything better is going to rise from its ashes.

That doesn't mean it cannot be improved.


Absolutely not! Bitcoin is far, FAR from static and is being improved all the time.

I would not follow in the ashes of Bitcoin either. Everything we want is here already. Freedom!
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June 26, 2012, 01:44:40 AM
 #76


I have to say, I hate this sentiment. If not Bitcoin, what then? Something government controlled?

If Bitcoin fails with its popularity and its strong community I doubt anything better is going to rise from its ashes.

That doesn't mean it cannot be improved.


Absolutely not! Bitcoin is far, FAR from static and is being improved all the time.

I would not follow in the ashes of Bitcoin either. Everything we want is here already. Freedom!

open source, the first cryptocurrency
bitcoin!

sadpandatech
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June 26, 2012, 01:45:52 AM
 #77

Quote
Bitcoin may not catch on, but something like it eventually will

I have to say, I hate this sentiment. If not Bitcoin, what then? Something government controlled?

If Bitcoin fails with its popularity and its strong community I doubt anything better is going to rise from its ashes.

Proof-of-stake.

Also, when quantum computing becomes a commercial reality, that will change the Bitcoin-game quite a bit.

By the way, did you know that if you simply look inside a quantum computer, it crashes?

aye, "spooky state" is a friggin amazing thing...  edit; of course I'm amazed by everything that I don't understand very well. which is, well, a lot of things.

*perma amazed face*

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
Hexadecibel
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June 26, 2012, 01:53:28 AM
 #78

ugh... the "quantum computing" thread got out again.

https://bitcointalk.org/index.php?topic=3008.0

tl:dr

quantum computing is no threat to bitcoin.

the joint
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June 26, 2012, 04:23:57 AM
 #79

ugh... the "quantum computing" thread got out again.

https://bitcointalk.org/index.php?topic=3008.0

tl:dr

quantum computing is no threat to bitcoin.



In Bitcoin's current state, yes, it absolutely is.

Give it 10-20 years.

BTW, if you think that the current publicity on quantum computing is 'up-to-date,' you're kidding yourself.  How do I know this?  Simple.  If I (or you) was in a position of ultimate authority, would I restrict the amount of information that actually reaches the public regarding technological advances?  Fuck yes I would.

tl;dr

Quantum computing is far more advanced than any publication will lead you to believe.

Hexadecibel
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June 26, 2012, 04:56:53 AM
 #80

ugh... the "quantum computing" thread got out again.

https://bitcointalk.org/index.php?topic=3008.0

tl:dr

quantum computing is no threat to bitcoin.



In Bitcoin's current state, yes, it absolutely is.

Give it 10-20 years.

BTW, if you think that the current publicity on quantum computing is 'up-to-date,' you're kidding yourself.  How do I know this?  Simple.  If I (or you) was in a position of ultimate authority, would I restrict the amount of information that actually reaches the public regarding technological advances?  Fuck yes I would.

tl;dr

Quantum computing is far more advanced than any publication will lead you to believe.

Ok, care to share your source?
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