What might the lowest possible price of Bitcoin be?

[benzle]

This article says enough with all the blind optimism, given current conditions what is the lowest possible price?
http://www.thegreenminute.org/bitcoin.html

[dinofelis]

This article says enough with all the blind optimism, given current conditions what is the lowest possible price?
http://www.thegreenminute.org/bitcoin.html

$0.00001

Because no matter what, at that price I buy :-)  I'm willing to put $200,- on the table to buy up all the stash ;-)
So the price will never go below that.

But the article is not bad.  They ALMOST discovered the monetary formula.  Not completely.  But almost 

[kwukduck]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

[abercrombie]

Bitcoin continues to amaze me how it has followed technical analysis perfectly dropping down to fill previous huge spikes.  We still need to fill one last spike that sparked the early November 2013 rally to $1k.  

Charts indicate we could fill the spike from the high 100's.  

Without filling that foundation, to rise further is like having a building built on stilts instead of cement.  

[asdlolciterquit]

This article says enough with all the blind optimism, given current conditions what is the lowest possible price?
http://www.thegreenminute.org/bitcoin.html

i think is very unlikely, but maybe btc can become worthless..so the lowst possibile price is 0

[spazzdla]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

With 100 000 people wanting bitcoin and the price at $27 it would only cost each person $4k to buy every single BTC currently in existence.. 

The odds of BTC ever hitting single digits again is almost zero...  even it becomes a thing of just us nerds I cannot see it going below double digits. 

[jzcjca00]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

Just curious, not trying to start a war or anything, but if you think Bitcoin is a failure, why are you posting on the bitcointalk forum?  If it were me, and I had decided something was useless, I would just move on and find a new interest.  It's more fun to hang out with like-minded people!

[NotLambchop]

...It's more fun to hang out with like-minded people!

Heard mentality confirmed.

[stonerider]

Zero, as in free, is the lowest possible price for anything.

[kwukduck]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

Just curious, not trying to start a war or anything, but if you think Bitcoin is a failure, why are you posting on the bitcointalk forum?  If it were me, and I had decided something was useless, I would just move on and find a new interest.  It's more fun to hang out with like-minded people!

The idea of bitcoin is good, the implementation is just horrible.
Take a look at NXT and see a bright future.

[jzcjca00]

...It's more fun to hang out with like-minded people!

Heard mentality confirmed.

I think you mean, "herd," as in "a large group of animals that live, feed, or migrate together," not "heard," as in "I heard what you were saying, and I disagree."

But it's a serious question.  Let's say that I don't like Bob Dylan, for instance.  What would motivate me to join a forum of Bob Dylan fans and spend hours and hours telling everyone that Bob Dylan has a whiny, nasal voice, and that he sings off key?  Clearly true, but still, why devote big sections of your life to seeking out disagreement?

You're suggesting that choosing to hang out with like-minded people makes me a herd animal, but I'm wondering if devoting ones life to going to Yankees ball games just to tell the Yankees fans how terrible the Yankees are isn't a terrible waste of time and energy.

My brother-in-law likes old cars, and he goes to "Cars and Coffee" every Saturday morning.  Imagine that some person started showing up every week to tell everyone there that old cars are stupid and worthless.  I would wonder if that person had some kind of mental illness that made him go out of his way to be so disagreeable!

[jzcjca00]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

Just curious, not trying to start a war or anything, but if you think Bitcoin is a failure, why are you posting on the bitcointalk forum?  If it were me, and I had decided something was useless, I would just move on and find a new interest.  It's more fun to hang out with like-minded people!

The idea of bitcoin is good, the implementation is just horrible.
Take a look at NXT and see a bright future.

If I was interested in altcoins, I would hang out in some kind of altcoin forum.

[minerpumpkin]

Zero, obviously. If everyone decided that Bitcoin has no value anymore, its value inherently will become 0. This could happen if there's a serious flaw in the protocol, the encryption/one way mathematical hashing functions are rendered broken, or whatever reason. Until then: Some positive value.

[NotLambchop]

...
But it's a serious question.  Let's say that I don't like Bob Dylan, for instance.  What would motivate me to join a forum of Bob Dylan fans and spend hours and hours telling everyone that Bob Dylan has a whiny, nasal voice, and that he sings off key?  Clearly true, but still, why devote big sections of your life to seeking out disagreement?

Now imagine a forum where Dylan fanatics try to unload their scratchy Dylan vinyl on clueless rubes with lulzy claims like "Dylan records are a disruptive technology destined to become the next world currency" & "anyone not blowing his pension fund on Dylan records is a fool."  Imagine further that said Dylan fans are also prognosticating the inevitable demise of all other muzak.  
Still with me?  Let's keep imagining!

Now imagine that same Dylan fanatics are hilariously inept at pimping Dylan, a veritable herd of lolcows, udders just bursting with strawberry-flavored lel.

[inca]

...It's more fun to hang out with like-minded people!

Heard mentality confirmed.

Herd?

[inca]

...
But it's a serious question.  Let's say that I don't like Bob Dylan, for instance.  What would motivate me to join a forum of Bob Dylan fans and spend hours and hours telling everyone that Bob Dylan has a whiny, nasal voice, and that he sings off key?  Clearly true, but still, why devote big sections of your life to seeking out disagreement?

Now imagine a forum where Dylan fanatics try to unload their scratchy Dylan vinyl on clueless rubes with lulzy claims like "Dylan records are a disruptive technology destined to become the next world currency" & "anyone not blowing his pension fund on Dylan records is a fool."  Imagine further that said Dylan fans are also prognosticating the inevitable demise of all other muzak.  
Still with me?  Let's keep imagining!

Now imagine that same Dylan fanatics are hilariously inept at pimping Dylan, a veritable herd of lolcows, udders just bursting with strawberry-flavored lel.

Now imagine how effective your trolling would be in real life. Come to think of it, do you have a life outside bitcointalk?

[BlindMayorBitcorn]

...
But it's a serious question.  Let's say that I don't like Bob Dylan, for instance.  What would motivate me to join a forum of Bob Dylan fans and spend hours and hours telling everyone that Bob Dylan has a whiny, nasal voice, and that he sings off key?  Clearly true, but still, why devote big sections of your life to seeking out disagreement?

Now imagine a forum where Dylan fanatics try to unload their scratchy Dylan vinyl on clueless rubes with lulzy claims like "Dylan records are a disruptive technology destined to become the next world currency" & "anyone not blowing his pension fund on Dylan records is a fool."  Imagine further that said Dylan fans are also prognosticating the inevitable demise of all other muzak.  
Still with me?  Let's keep imagining!

Now imagine that same Dylan fanatics are hilariously inept at pimping Dylan, a veritable herd of lolcows, udders just bursting with strawberry-flavored lel.

That was beautiful

[NotLambchop]

... Come to think of it, do you have a life outside bitcointalk?

[Eamorr]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

I agree. Though if you say it round these parts, you're a "troll".

Bitcoin is like a lovely old steam engine - great for nostaligsts and hobbyists. But you cannot transport the world's population now (or into the future) on steam.

Putting time and effort into hacking steam is a waste of human resources and effort (not to mention electricity). We do know better and we do have better solutions.

Bitcoin is a major historical milestone, and we ought to cherish the innovation and development that made Bitcoin what it was; but it isn't fit for purpose as the earth's universal payment system.

[chesthing]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

Just curious, not trying to start a war or anything, but if you think Bitcoin is a failure, why are you posting on the bitcointalk forum?  If it were me, and I had decided something was useless, I would just move on and find a new interest.  It's more fun to hang out with like-minded people!

The idea of bitcoin is good, the implementation is just horrible.
Take a look at NXT and see a bright future.

lol

[jzcjca00]

Isn't that pretty much what the naysayers said about the Internet in the early days?  And the automobile?  And the telephone?  And the computer?

Can you not see that Bitcoin is steadily evolving into something more useful than when it was first released?  They're making progress on scalability.  Computer power is increasing much faster than the economy.  We're getting better hardware wallets all the time.  And multi-signature.  Is there some fatal flaw that I'm missing?

Altcoins are useful for testing new ideas.  The best ideas will be adapted into Bitcoin, right?

Serious discussion please.

[NotLambchop]

Isn't that pretty much what the naysayers said about the Internet in the early days?  And the automobile?  And the telephone?  And the computer?

Can you not see that Bitcoin is steadily evolving into something more useful than when it was first released?  They're making progress on scalability.  Computer power is increasing much faster than the economy.  We're getting better hardware wallets all the time.  And multi-signature.  Is there some fatal flaw that I'm missing?

Yep. "Today the Bitcoin network is restricted to a sustained rate of 7 tps due to the bitcoin protocol restricting block sizes to 1MB."-- https://en.bitcoin.it/wiki/Scalability

Altcoins are useful for testing new ideas.  The best ideas will be adapted into Bitcoin, right?
...

The block reward schedule, and the resultant 12% [current] yearly inflation rate is difficult to alter--impossible without a hardfork.  A hardfork which must be agreed on by the majority of mining pools.
TL;DR: miners would have to agree to hash for fewer coins--ain't gonna happen.

[Eamorr]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

Just curious, not trying to start a war or anything, but if you think Bitcoin is a failure, why are you posting on the bitcointalk forum?  If it were me, and I had decided something was useless, I would just move on and find a new interest.  It's more fun to hang out with like-minded people!

The idea of bitcoin is good, the implementation is just horrible.
Take a look at NXT and see a bright future.

lol

I also laughed when I read it.

A bunch of aging devs who know a bit of Java programming out of their bedroom vs. Ripple Labs Incorporated (who focus as much on intergrating their system with other asset classes, legal obstacles, marketing, admin as they do on the tech). Here's a list of investors: https://www.ripplelabs.com/investors/

[bitcoin_bagholder]

Isn't that pretty much what the naysayers said about the Internet in the early days?  And the automobile?  And the telephone?  And the computer?

Can you not see that Bitcoin is steadily evolving into something more useful than when it was first released?  They're making progress on scalability.  Computer power is increasing much faster than the economy.  We're getting better hardware wallets all the time.  And multi-signature.  Is there some fatal flaw that I'm missing?

Altcoins are useful for testing new ideas.  The best ideas will be adapted into Bitcoin, right?

Serious discussion please.

If not they will be on Bitcoin sidechains if the Blockstream folks can get it working properly.

[insidertradingeverywhere]

the lowest possible price is always zero

[ViciousPlayer]

The lowest would probably be around $100. There are lots of people who know about BTC. There are many businesses that operate around it so I don't see it going much lower than that. If it does, you better believe that I'll be there buying them up.

[Amph]

100-200 range, can't get lower than that

[Chef Ramsay]

The lowest would probably be around $100. There are lots of people who know about BTC. There are many businesses that operate around it so I don't see it going much lower than that. If it does, you better believe that I'll be there buying them up.

I think it would be 100$ too . I am sure there would be very strong support at that amount.

It's at an attractive price right now but with the sentiment going around that it could dip to the low 200s or even into the 100s, it would be a blessing to actually have the chance again at loading up coins at a major discounts. 6 months ago, $1k could get you ~2 bitcoins so to be able to have the chance to get ~5 or so at those lower prices is way too attractive for most bitcoiners to pass up. And if you're one of the big hogs that can drop $10k or more at the drop of a hat and scoop up 50-100 or more coins, this territory is where you take care of business and that's where the market will turn.

[altcoin hitler]

100-200 range, can't get lower than that

what if it does? At 100$ the network is still insanely expensive to operate.

[cisahasa]

i know the answer

after one month we will see dump to 207usd
then:
in next 3 months 184usd (4 months from now)
in next 6 months 138usd (10 months from now)
in next 9 months 92usd (19 months from now)
there we are, in the bottom, only way is up

[adaseb]

THe lowest price can be 0.00000001

Right now BTC is very unstable and the outlook isn't healty. There needs to be some new innovation.

[johnyj]

This article says enough with all the blind optimism, given current conditions what is the lowest possible price?
http://www.thegreenminute.org/bitcoin.html

$0.00001

Because no matter what, at that price I buy :-)  I'm willing to put $200,- on the table to buy up all the stash ;-)
So the price will never go below that.

But the article is not bad.  They ALMOST discovered the monetary formula.  Not completely.  But almost  

It won't go that low, remove 2 zeros, I'm putting 20K on the table  

Actually this is not a good way to measure its value, value is a constant pulse that sends out from exchanges every minute. Even if I bought all the coins but there is no buyers on exchange, it will have zero value

A more practical measure is the daily net supply vs daily net fiat money inflow. Daily supply should be several thousand coins (see my signature), and daily fiat money inflow will just get bigger and bigger following more and more fiat money printing (daily fiat money creation is several billion dollar around the globe)

At one point, those guys with lots of fiat money will act, either by diversifying their investment portfolio or gambling on the uncertain future of bitcoin. Currently they are throwing those money into mining farms due to low cost, but soon the mining will be more expensive than buying

They know something big is going to happen, but they don't know how big or bad it will be, and when it really becomes big, it will be too late to join the game

[Chef Ramsay]

This article says enough with all the blind optimism, given current conditions what is the lowest possible price?
http://www.thegreenminute.org/bitcoin.html

$0.00001

Because no matter what, at that price I buy :-)  I'm willing to put $200,- on the table to buy up all the stash ;-)
So the price will never go below that.

But the article is not bad.  They ALMOST discovered the monetary formula.  Not completely.  But almost  

It won't go that low, remove 2 zeros, I'm putting 20K on the table  

Actually this is not a good way to measure its value, value is a constant pulse that sends out from exchanges every minute. Even if I bought all the coins but there is no buyers on exchange, it will have zero value

A more practical measure is the daily net supply vs daily net fiat money inflow. Daily supply should be several thousand coins (see my signature), and daily fiat money inflow will just get bigger and bigger following more and more fiat money printing (daily fiat money creation is several billion dollar around the globe)

At one point, those guys with lots of fiat money will act, either by diversifying their investment portfolio or gambling on the uncertain future of bitcoin. Currently they are throwing those money into mining farms due to low cost, but soon the mining will be more expensive than buying

They know something big is going to happen, but they don't know how big or bad it will be, and when it really becomes big, it will be too late to join the game

Yep, these same folks already have their share of most other things in the world and by now the memo has gone out that the disruption tech behind bitcoin is something to look out for and once it starts showing real signs of life outside our little world currently, they'll pile on with bells and whistles. The bears will become extinct at this point.

[NotLambchop]

...
At one point, those guys with lots of fiat money will act ...They know something big is going to happen, but they don't know how big or bad it will be, and when it really becomes big, it will be too late to join the game

If fiat is indeed collapsing, what in the world makes you think that these savvy investors will drop fiat & start buying up your BTCeanie BTCabies BTC?

[Q7]

I don't know...what the article says also has a point. But what if the lowest price is basically the price where miners would break even when they sell their bitcoin. And I mean the most efficient low cost operation miner out there

[chanz]

By the trend of it and support value on exchanges compared to six months ago like this it's heading down.

[Amph]

i know the answer

after one month we will see dump to 207usd
then:
in next 3 months 184usd (4 months from now)
in next 6 months 138usd (10 months from now)
in next 9 months 92usd (19 months from now)
there we are, in the bottom, only way is up

despair can't last that long, a huge pump will occur before that

[johnyj]

Everything happened past year is just a repeat of 2011 crash, just in a much larger scale. After the technology shift is over, there will be many wrong investment that barely can make any return, then many fiat money hunters will quit the game, left with bitcoin believers, and they will continuously expand their mining operation and took larger market share, or quietly buying coins one by one

With a technology shift, the coins will be concentrated to those who have invested in leading technologies, thus the rest of the people who want to get coin have no choice but to buy, thus push up the price dramatically. But this time when there is no large technology advance in horizon, the dramatic price swing might not happen again

[Bit_Happy]

I am normally very Bullish:
$19.9998 would still be Ten Times the 2011/2012 post-'crash' low of $1.99998

[Cluster2k]

With a technology shift, the coins will be concentrated to those who have invested in leading technologies, thus the rest of the people who want to get coin have no choice but to buy, thus push up the price dramatically. But this time when there is no large technology advance in horizon, the dramatic price swing might not happen again

I'm always curious as to why people without bitcoin have 'no choice' but to buy bitcoins from the few that own them.  There are plenty of businesses that may want to use bitcoin, but from a customer's point of view the only really compelling reason to own bitcoins is to buy something that's illegal or restricted in their own country.  It's a valid use that cannot be denied, but it's a relatively small one.

[ndnh]

This article says enough with all the blind optimism, given current conditions what is the lowest possible price?
http://www.thegreenminute.org/bitcoin.html

From this point of time it is $9. It cannot go lower than that. Unless something misplaces bitcoin, which is quite unlikely in current situations.

If price hits say $25, you can expect people to buy in hordes of bitcoin for a chance to become a millionaire sometimes in the future.

[adaseb]

This article says enough with all the blind optimism, given current conditions what is the lowest possible price?
http://www.thegreenminute.org/bitcoin.html

From this point of time it is $9. It cannot go lower than that. Unless something misplaces bitcoin, which is quite unlikely in current situations.

If price hits say $25, you can expect people to buy in hordes of bitcoin for a chance to become a millionaire sometimes in the future.

Yes but its still a very bad price. Even if it stabailises there. Imagine the amount of people losing money on mining rigs and ASICs

[Chef Ramsay]

This article says enough with all the blind optimism, given current conditions what is the lowest possible price?
http://www.thegreenminute.org/bitcoin.html

From this point of time it is $9. It cannot go lower than that. Unless something misplaces bitcoin, which is quite unlikely in current situations.

If price hits say $25, you can expect people to buy in hordes of bitcoin for a chance to become a millionaire sometimes in the future.

No chance, in this range you're seeing next to the last bit of panic sellers doing their thing and we're down to a very small % that is willing to sell at this point and the traders are realizing that. Buyers are holding the 244$ range after the drop and the potential final purge into the low 200s will trigger shitloads of buyers of all kinds scooping up last call on the cheap coins. Like, backing the fucking truck up and going all in like we've never seen. I just bought myself a nice lot and reserving the bulk of my available fiat if it sinks to or below the 220 mark. The rebound may surprise people.

[twiifm]

With a technology shift, the coins will be concentrated to those who have invested in leading technologies, thus the rest of the people who want to get coin have no choice but to buy, thus push up the price dramatically. But this time when there is no large technology advance in horizon, the dramatic price swing might not happen again

I'm always curious as to why people without bitcoin have 'no choice' but to buy bitcoins from the few that own them.  There are plenty of businesses that may want to use bitcoin, but from a customer's point of view the only really compelling reason to own bitcoins is to buy something that's illegal or restricted in their own country.  It's a valid use that cannot be denied, but it's a relatively small one.

Thanks for that.  Because these lunatic cultists haven't thought of the obvious. 

[MemoryShock]

With a technology shift, the coins will be concentrated to those who have invested in leading technologies, thus the rest of the people who want to get coin have no choice but to buy, thus push up the price dramatically. But this time when there is no large technology advance in horizon, the dramatic price swing might not happen again

I'm always curious as to why people without bitcoin have 'no choice' but to buy bitcoins from the few that own them.  There are plenty of businesses that may want to use bitcoin, but from a customer's point of view the only really compelling reason to own bitcoins is to buy something that's illegal or restricted in their own country.  It's a valid use that cannot be denied, but it's a relatively small one.

Thanks for that.  Because these lunatic cultists haven't thought of the obvious. 

It should be noted that in the last auction the US MArshalls sent millions of dollars worth of BTC for about four cents.

http://www.coinssource.com/81-million-bitcoin-transaction-erupts-social-media-into-speculation/

BTC has use but the tech is what is being dealt with right now.  Either sidechains create a BTC on steroids or another alt takes its place.  At least that is my simplified opinion.

[Nagle]

I'm always curious as to why people without bitcoin have 'no choice' but to buy bitcoins from the few that own them.  There are plenty of businesses that may want to use bitcoin, but from a customer's point of view the only really compelling reason to own bitcoins is to buy something that's illegal or restricted in their own country.  It's a valid use that cannot be denied, but it's a relatively small one.

Right. As I've pointed out before, Bitcoin has had two major bubbles - Silk Road and China exchange controls. Both existed only because Bitcoin offered what seemed to be a safe way to do something illegal or restricted. Both collapsed once the relevant authorities figured out how to stop it.

Without a new large use case like those, it's downhill from here.

[Nagle]

BTC has use but the tech is what is being dealt with right now.  Either sidechains create a BTC on steroids or another alt takes its place.  At least that is my simplified opinion.

Ripple, Etherium, and Paycoin all tried to do that. How did that work out?

[MemoryShock]

BTC has use but the tech is what is being dealt with right now.  Either sidechains create a BTC on steroids or another alt takes its place.  At least that is my simplified opinion.

Ripple, Etherium, and Paycoin all tried to do that. How did that work out?

Not a fair sample size...with regards to time and example.

Personally, I don't think Ripple counts.  Ethereum is still in development and I don't have too much hope for it - it needs BTC in order to sell their higher end product.  Paycoin is a scam and nothing will convince me otherwise.

I placed nothing in all three...and I still stand by my assertion.  

Note, I am not claiming that I have invested in any altcoin that might replace BTC...I actually believe sidechains will do it...

[Melbustus]

I'm always curious as to why people without bitcoin have 'no choice' but to buy bitcoins from the few that own them.  There are plenty of businesses that may want to use bitcoin, but from a customer's point of view the only really compelling reason to own bitcoins is to buy something that's illegal or restricted in their own country.  It's a valid use that cannot be denied, but it's a relatively small one.

Right. As I've pointed out before...

For those who don't know Nagle, here's some other stuff he's pointed out before....at almost exactly one-hundredth the current price:

...

We might see $3.  After each big drop, there's been some recovery. But each top was lower than the last, and each recovery lasted no more than three days.

no one's listening to you.

Actually, I've received several private messages recently thanking me for keeping them from making a big financial mistake.

Now let's have a look at "cypherdoc"'s track record:

• September 3, 2011: "while the falloff has been dramatic, it appears to be stabilizing around this 8-10 range.  i keep accumulating on the way down.  just give it time.  they can't stop it."
• August 4, 2011: "Re: $10,000 Bet that Bitcoins will outperform Gold, Silver by 100X !!! --- i happen to agree and i've staked my money on it!!!!"
• July 9, 2011: "i will also bet any or all of you btc bears/trolls in this thread 100 BTC each to be held in escrow that the USD price of 1 BTC will exceed $20 in one year."

If he's telling the truth, he's lost a lot of money in Bitcoin. Anybody fool enough to listen to him did, too.

Those people you kept from "making a big financial mistake"....you actually prevented from making a 5000%-10000% return!



A few more quotes:

I've been saying "long slow slide" for months.  That happened. Now we're seeing the endgame, which looks like the endgame for most penny stocks. The volume is low, around $50,000 per day.  Some of that is 'bots running the same money back and forth; the actual volume out of the market is smaller. The price moves around whenever anybody makes a sizable transaction. I'm not expecting a big drop, just random noise with a long-term downtrend.

Bitcoin is now useless as a currency, because liquidating the day's receipts for one reasonably sized store would crash the market.

The end is coming not with a bang, but with a whimper.

...It's zombie mode, the fate of many startups. They're not going anywhere, they can't pay back their investors, but they generate just enough activity to keep alive.

And I just briefly looked at your post history cuz I remember your trolling from 2011. You have many months worth of posts predicting the "endgame" of bitcoin as a result of the 2011 ramp and fall. There are probably a good deal more blantantly wrong predictions/statements from you that one could dig up.

A couple interesting quotes, though:

...
I'd like to see a digital currency that works well enough to compete with Paypal. I've seen Digicash, Beenz, and Flooz tank.  Bitcoin isn't going to do much better.

...
Bitcoin's innovation is not that it prevents double-spending.  That was invented by David Chaum in the 1990s and formed the basis of DigiCash. Nor is "mining" new; that's from Hashcash in the 1990s. Bitcoin combines the two concepts. The end result is a lot like Digicash, but distributed. 

Despite the fact that you seem to realize that bitcoin is the first decentralized digital cash (and hence, the first *actual* realization of the efforts of all those early digital-money guys from the 80s and 90s; ie, their "holy grail" of money), you dump it into the same bucket as Digicash, Beenz, and Flooz. THAT is possibly the core source of your intellectual errors. Bitcoin is indeed not the first digital cash system. It's just the first decentralized one, and therefore, the first ideal money for modern times. That makes it a different beast entirely.

[ndnh]

This article says enough with all the blind optimism, given current conditions what is the lowest possible price?
http://www.thegreenminute.org/bitcoin.html

From this point of time it is $9. It cannot go lower than that. Unless something misplaces bitcoin, which is quite unlikely in current situations.

If price hits say $25, you can expect people to buy in hordes of bitcoin for a chance to become a millionaire sometimes in the future.

No chance, in this range you're seeing next to the last bit of panic sellers doing their thing and we're down to a very small % that is willing to sell at this point and the traders are realizing that. Buyers are holding the 244$ range after the drop and the potential final purge into the low 200s will trigger shitloads of buyers of all kinds scooping up last call on the cheap coins. Like, backing the fucking truck up and going all in like we've never seen. I just bought myself a nice lot and reserving the bulk of my available fiat if it sinks to or below the 220 mark. The rebound may surprise people.

You are right. I am only saying the worst possible scenario.

Whales are not stupid enough to push the price to $50 or 100 or lower. They will push it to a small price and cause panic sell, then they buy them back in huge lots and make people go crazy on Bitcoin,... and the cycle goes on.

The price has almost fell to the low. It is time for the whales to reverse their move and make profits from panic sellers.

Hopefully, someday, the price of Bitcoin will depend purely on adoption and be real and not so easily manipulatable.

[Chef Ramsay]

I'm always curious as to why people without bitcoin have 'no choice' but to buy bitcoins from the few that own them.  There are plenty of businesses that may want to use bitcoin, but from a customer's point of view the only really compelling reason to own bitcoins is to buy something that's illegal or restricted in their own country.  It's a valid use that cannot be denied, but it's a relatively small one.

Right. As I've pointed out before, Bitcoin has had two major bubbles - Silk Road and China exchange controls. Both existed only because Bitcoin offered what seemed to be a safe way to do something illegal or restricted. Both collapsed once the relevant authorities figured out how to stop it.

Without a new large use case like those, it's downhill from here.

Nah, safe and smart money will take us to new heights, way above where the bottom feeders can take us. Had to erase my next comment wish is probably too premature and/or classless at this point.

[exocytosis]

...It's more fun to hang out with like-minded people!

Heard mentality confirmed.

I think you mean, "herd," as in "a large group of animals that live, feed, or migrate together," not "heard," as in "I heard what you were saying, and I disagree."

But it's a serious question.  Let's say that I don't like Bob Dylan, for instance.  What would motivate me to join a forum of Bob Dylan fans and spend hours and hours telling everyone that Bob Dylan has a whiny, nasal voice, and that he sings off key?  Clearly true, but still, why devote big sections of your life to seeking out disagreement?

You're suggesting that choosing to hang out with like-minded people makes me a herd animal, but I'm wondering if devoting ones life to going to Yankees ball games just to tell the Yankees fans how terrible the Yankees are isn't a terrible waste of time and energy.

My brother-in-law likes old cars, and he goes to "Cars and Coffee" every Saturday morning.  Imagine that some person started showing up every week to tell everyone there that old cars are stupid and worthless.  I would wonder if that person had some kind of mental illness that made him go out of his way to be so disagreeable!

It's a valid question. But some of us just enjoy watching cultists and bulltards in action, since it's rather funny seeing them fail to lure newbies into this imploding pyramid scheme. It's also fun to read their predictions about their imminent world domination and the collapse of all fiat currencies. And it's great fun to hear about their other delusions, like the one about "bitcoin ending all wars", or "the blockchain used as an intergalactic ledger", or "bitcoin completely replacing every other payment system", etc.

It's great entertainment.

[MemoryShock]

I wonder how many of us are factoring in these guys...

We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers," says Woo. "Assuming Bitcoin becomes (1) a major player in both e-commerce and money transfer and (2) a significant store of value with a reputation close to silver, our fair value analysis implies a maximum market capitalization of Bitcoin of $15bn (1BTC = 1300 USD)."

http://www.businessinsider.com/bitcoin-debate-ramping-up-on-wall-street-2013-12

At the peak of BTC price, Citibank released their report and claimed the above bold. 

I think they were wrong but looking at it from their perspective, from the perspective of people from an industry who lobbies millions on political campaigns for legislation that benefits them in the financial spectrum, they took notice of BTC when it was making waves.

If we consider that they already have a huge ton of money that is considered disposable to them and that adoption wasn't widespread enough for the population to take control of BTC then why are we not assuming that there is a huge amount of money from fiat interests manipulating the market?

BTC has the backing of some notable merchants and financial players but the fact of the matter is that Citibank released a statement saying that 1300 was a fair price and it never went higher. 

I think that the amount of money that has gone into development in various aspects of crypto is relevant so I am not worried in the end but this should be considered relevant information.

[Sakarias-Corporation]

lowest possible price of everything is always 0. but i would never in a hundred year believe it would go that low.

[twiifm]

I wonder how many of us are factoring in these guys...

We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers," says Woo. "Assuming Bitcoin becomes (1) a major player in both e-commerce and money transfer and (2) a significant store of value with a reputation close to silver, our fair value analysis implies a maximum market capitalization of Bitcoin of $15bn (1BTC = 1300 USD)."

http://www.businessinsider.com/bitcoin-debate-ramping-up-on-wall-street-2013-12

At the peak of BTC price, Citibank released their report and claimed the above bold. 

I think they were wrong but looking at it from their perspective, from the perspective of people from an industry who lobbies millions on political campaigns for legislation that benefits them in the financial spectrum, they took notice of BTC when it was making waves.

If we consider that they already have a huge ton of money that is considered disposable to them and that adoption wasn't widespread enough for the population to take control of BTC then why are we not assuming that there is a huge amount of money from fiat interests manipulating the market?

BTC has the backing of some notable merchants and financial players but the fact of the matter is that Citibank released a statement saying that 1300 was a fair price and it never went higher. 

I think that the amount of money that has gone into development in various aspects of crypto is relevant so I am not worried in the end but this should be considered relevant information.

That guy probably got fired for making such a dumb analysis

[scat]

is possible bitcoin gonna be priceless? as far as i know the lowest price for bitcoin is $1 , am i right?

[gentlemand]

is possible bitcoin gonna be priceless? as far as i know the lowest price for bitcoin is $1 , am i right?

The first established price was around 1300 coins for $1 through new liberty standard in 2009. They priced it purely due to the electricity cost required to mine them.

 http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate

[alani123]

is possible bitcoin gonna be priceless? as far as i know the lowest price for bitcoin is $1 , am i right?

The lowest price bitcoin had was 0$... It didn't have any value for quite some time. After people started gaining interest exchanges were created and trading was taken there. There wasn't any serious price indicator or volume for most of 2010.

[ensurance982]

is possible bitcoin gonna be priceless? as far as i know the lowest price for bitcoin is $1 , am i right?

The lowest price bitcoin had was 0$... It didn't have any value for quite some time. After people started gaining interest exchanges were created and trading was taken there. There wasn't any serious price indicator or volume for most of 2010.

Yeah I guess we're talking semantics here... As long as no one pays for something, of course it doesn't yet have a definite nominal value, sure. I believe we should - in this thread - merely discuss about what the first accepted price of BTC was when it traded at meaningful volume.

[scat]

is possible bitcoin gonna be priceless? as far as i know the lowest price for bitcoin is $1 , am i right?

The first established price was around 1300 coins for $1 through new liberty standard in 2009. They priced it purely due to the electricity cost required to mine them.

 http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate

nice source , and how about the biggest bitcoin price drop so far?

is possible bitcoin gonna be priceless? as far as i know the lowest price for bitcoin is $1 , am i right?

The lowest price bitcoin had was 0$... It didn't have any value for quite some time. After people started gaining interest exchanges were created and trading was taken there. There wasn't any serious price indicator or volume for most of 2010.

i know everything is started from zero.

[gentlemand]

and how about the biggest bitcoin price drop so far?

Ooh. I dunno. Depends on your time frame I guess. Possibly the biggest was the expiry of the first bubble in 2011 from over $30 to $2 or so.

In a single day there've been a few instances where it was over 50%. Late 2013 when all the China ban crap started happening.

[scat]

and how about the biggest bitcoin price drop so far?

Ooh. I dunno. Depends on your time frame I guess. Possibly the biggest was the expiry of the first bubble in 2011 from over $30 to $2 or so.

In a single day there've been a few instances where it was over 50%. Late 2013 when all the China ban crap started happening.

oh yeah sure its my stupid question  , i mean the price dropped in single day 24 hour. 

[jaredboice]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

At $10, just one billionaire could buy up all Bitcoins in existence, GUARANTEED.  Richard Branson is just one specific Billionaire who is holding a Bitcoin Summit next month.  You sir are a Troll, GUARANTEED!

[godlyitems]

If u ask the lowest possible price, then it will be $0, but don't know when the price gonna be on $0.
Uhm maybe this year the price gonna stable on $2** depend the news and gossip around.

[ensurance982]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

May I ask you a serious question: You seem to be following Bitcoin for quite some time now. What first got you into Bitcoin and at what point did you change your mind / decided that it won't succeed? I'm genuinely interested!

[gentlemand]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

May I ask you a serious question: You seem to be following Bitcoin for quite some time now. What first got you into Bitcoin and at what point did you change your mind / decided that it won't succeed? I'm genuinely interested!

Chances are the account was purchased from the original poster. The early posts are 'normal'. Either they blew their chance and went batty or got some free coins for an account they no longer cared about.

[americanpegasus]

$215. 
 
END OF THREAD

[pereira4]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

At $10, just one billionaire could buy up all Bitcoins in existence, GUARANTEED.  Richard Branson is just one specific Billionaire who is holding a Bitcoin Summit next month.  You sir are a Troll, GUARANTEED!

Indeed, it's pretty funny to see all those guys aiming for delusional low prices. Aiming for 1 million a coin sounds absolutely reasonable if you compare such prediction with the super peismistic ones. We got legit billionaires on this ship and it seems you aren't even aware of what cruising with billionaires mean. They are in here for long term, which translates in: they will not let this ship sink no matter what. You guys are completely losing sight if you don't see how the current price is actually a godsent for average joes like us to try to stack whole BTC units without it becoming mission impossible.

[Shiver]

It cannot reach $0.  I for one would not sell no matter how much pressure some entity like a government tried to cause a crisis of faith, and I'm pretty sure I'm not alone. 

Sure I'd like to count my coin(s) and see how it's doing against FIAT, but there's not a chance in hell that I'd give up just because it didn't measure up to some nations currency, that's so missing the point of all this.

[randy8777]

It cannot reach $0.  I for one would not sell no matter how much pressure some entity like a government tried to cause a crisis of faith, and I'm pretty sure I'm not alone. 

Sure I'd like to count my coin(s) and see how it's doing against FIAT, but there's not a chance in hell that I'd give up just because it didn't measure up to some nations currency, that's so missing the point of all this.

it can't even reach $5 or $10 people will simply buy every bitcoin possible at that rate. the lowest price from a realistic point of view might be a little above $100

[readysalted89]

It cannot reach $0.  I for one would not sell no matter how much pressure some entity like a government tried to cause a crisis of faith, and I'm pretty sure I'm not alone. 

Sure I'd like to count my coin(s) and see how it's doing against FIAT, but there's not a chance in hell that I'd give up just because it didn't measure up to some nations currency, that's so missing the point of all this.

it can't even reach $5 or $10 people will simply buy every bitcoin possible at that rate. the lowest price from a realistic point of view might be a little above $100

If it repeats the pattern of when it crashed from ~$30 to ~$2, then it could go down to ~$80.

[Amph]

It cannot reach $0.  I for one would not sell no matter how much pressure some entity like a government tried to cause a crisis of faith, and I'm pretty sure I'm not alone.  

Sure I'd like to count my coin(s) and see how it's doing against FIAT, but there's not a chance in hell that I'd give up just because it didn't measure up to some nations currency, that's so missing the point of all this.

it can't even reach $5 or $10 people will simply buy every bitcoin possible at that rate. the lowest price from a realistic point of view might be a little above $100

If it repeats the pattern of when it crashed from ~$30 to ~$2, then it could go down to ~$80.

not feasible, you can't compare the long gone history of bitcoin, now it's different, there is more hash power, the price can't fall under a certain value or bitcoin will just died, there is no recover

[gentlemand]

not feasible, you can't compare the long gone history of bitcoin, now it's different, there is more hash power, the price can't fall under a certain value or bitcoin will just died, there is no recover

It's unlikely but completely possible. The people on exchanges aren't going to necessarily care about BTC's future or even understand all that much about it overall.

Many will be out to squeeze as much fiat out of it and nothing else. If someone could make several million dollars out of a movement like that it's only one button press away.

Considering how easy it would be to squash the market flat, it is impressive how restrained everyone has been but it only takes one impatient or greedy whale. 

[ensurance982]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

May I ask you a serious question: You seem to be following Bitcoin for quite some time now. What first got you into Bitcoin and at what point did you change your mind / decided that it won't succeed? I'm genuinely interested!

Chances are the account was purchased from the original poster. The early posts are 'normal'. Either they blew their chance and went batty or got some free coins for an account they no longer cared about.

Ah the account being sold makes some sense, indeed. When is the 'cutoff' date between posts that make sense and those that are anti-bitcoin and more of a trolling nature? Wouldn't it only make sense to sell your really old account if you really needed the money?!

[Chef Ramsay]

Under $10 is pretty much guaranteed within like a year time.
And no, there will be no recovery, bitcoin is outdated and shown to be ineffective technology.

May I ask you a serious question: You seem to be following Bitcoin for quite some time now. What first got you into Bitcoin and at what point did you change your mind / decided that it won't succeed? I'm genuinely interested!

Chances are the account was purchased from the original poster. The early posts are 'normal'. Either they blew their chance and went batty or got some free coins for an account they no longer cared about.

Ah the account being sold makes some sense, indeed. When is the 'cutoff' date between posts that make sense and those that are anti-bitcoin and more of a trolling nature? Wouldn't it only make sense to sell your really old account if you really needed the money?!

Yeah, I can almost guarantee that kwuk's account was sold and repurchased quite a while ago. Pretty sure I've had this one on ignore for over 6 months now, just didn't seem normal for an old account to post such bullcrap.

[minerpumpkin]

Yeah, I was wondering about that, as well! If you really didn't believe in Bitcoin (anymore) it doesn't make sense to cling to it for such a long time and watch it grow. Either you jump on the train, or you get away in order to keep sane, having "missed the boat"...

[saturn643]

200$ Markets always find equilibrium. Opportunity exists when gaps exist between them.

[centauribit]

The price has remained pretty stable over the last few weeks though 220-240 , maybe it will stay where it is for the time being

[minerpumpkin]

The price has remained pretty stable over the last few weeks though 220-240 , maybe it will stay where it is for the time being

It would definitely be pretty impressive if we indeed just stayed in that channel. It's rather unheard of to go sideways out of a falling triangle or a falling wedge, but the market in 2012 behaved similarly. At least it would be better than a continued downtrend!