Relax, it can not go under 250

[williamevanl]

They said, man if there's one thing I love more than bitcoin, it's people that couldn't be more wrong about how low this is going to go. I've been watching this forum for over a year and it's just, "It can't go under 800, it can't go under 700, it will never go under 500, 300 isn't even possible, 250? You're retarded!

I'm just amazed with all this and I love bitcoin but even more so I love how ridiculously wrong everyone has been on this forum for so long. Bitcoin might very well not be worth 20$ at this stage. I've been saying this for a long time as a Bitcoin believer but all I get is ridicule. The majority is delusional and time will make that increasingly more obvious.

Wait I can still buy 4 bitcoin for $1,000, oh wait that's still retarded.

[twiifm]

it has already gone under 250

[williamevanl]

it has already gone under 250

Yes I obviously know that, not sure you even read my post. I just saw several people post that in the last week and I just shook my head as I read it... Capitulation is going to take us down into the low double digits and nobody should be surprised by that.

[homo homini lupus]

Going to fail completely. More decline from here.
Once we are at pre-bubble prices it's going to get really nasty.

[Edward50]

Yep, I'm right with you guys here. I should post all my posts warning people at $1000, and constant posts thereafter that it is ridiculous how overvalued it is.

Why it will keep going lower is that China is out of the game. I think China was part of the reason it got so high and with them out of the game it will fall back to under $100. There is nobody who is going to throw money into bitcoins to make a lot of computer geeks rich.

The main reason it is going lower is that bitcoin doesn't offer anything that Fiat, visa, mastercard doesn't offer, at least not anything that makes it worth over $100 or even $250.

Like I have always been saying, where is the money going to come from? Miners? Computer geeks? It will come from nowhere, at least nowhere to sustain these very high prices.

After $300 the capitulation is going to be very bad and we are seeing that now. Should test $200's any day really at this point.

[orpington]

Yep, I'm right with you guys here. I should post all my posts warning people at $1000, and constant posts thereafter that it is ridiculous how overvalued it is.

Why it will keep going lower is that China is out of the game. I think China was part of the reason it got so high and with them out of the game it will fall back to under $100. There is nobody who is going to throw money into bitcoins to make a lot of computer geeks rich.

The main reason it is going lower is that bitcoin doesn't offer anything that Fiat, visa, mastercard doesn't offer, at least not anything that makes it worth over $100 or even $250.

Like I have always been saying, where is the money going to come from? Miners? Computer geeks? It will come from nowhere, at least nowhere to sustain these very high prices.

After $300 the capitulation is going to be very bad and we are seeing that now. Should test $200's any day really at this point.

Some computer geeks have lots of money.

Bitcoin could sink lower - possibly into the negatives...

[Mieehayii]

ha ha ha, what a smart boy! 

[orpington]

If it gets to the negatives, then I'd say we're in real trouble for sure. Everybody owing money and all...

[ramkumar]

it's down.



no up's from 2015...

[MatTheCat]

Yep, I'm right with you guys here. I should post all my posts warning people at $1000, and constant posts thereafter that it is ridiculous how overvalued it is.

Why it will keep going lower is that China is out of the game. I think China was part of the reason it got so high and with them out of the game it will fall back to under $100. There is nobody who is going to throw money into bitcoins to make a lot of computer geeks rich.

The main reason it is going lower is that bitcoin doesn't offer anything that Fiat, visa, mastercard doesn't offer, at least not anything that makes it worth over $100 or even $250.

Like I have always been saying, where is the money going to come from? Miners? Computer geeks? It will come from nowhere, at least nowhere to sustain these very high prices.

After $300 the capitulation is going to be very bad and we are seeing that now. Should test $200's any day really at this point.

I would suggest that Bitcoin got where it did on the back of 'natural' bullish market sentiment, but also given a huge helping hand by fraudulent trading on MtGox (800'000 BTC of price insensitive buying power can do a lot in a natural bull market phase). Now that neither Gox, Markus, or Willy are with us, we have had a wildly overinflated Bitcoin price, which needs to sink to it's natural non hyped, non manipulated market equilibrium. I hope that Bitcoin doesn't die. I would absolutely fucking love to have one day, an alternative means of conducting commerce that doesn't involve the banking system, but what concerns me is that due to the Bitcoin price becoming so over extended, the mining has gotten way over-extended and I believe that at these prices right about the $200 range, that many miners are at a 'break-even' level. Below this range what do they do? Switch their rigs off and with it goes the heart of the P2P network that keeps Bitcoin's blood pumping?


 

[inca]

Yep, I'm right with you guys here. I should post all my posts warning people at $1000, and constant posts thereafter that it is ridiculous how overvalued it is.

Why it will keep going lower is that China is out of the game. I think China was part of the reason it got so high and with them out of the game it will fall back to under $100. There is nobody who is going to throw money into bitcoins to make a lot of computer geeks rich.

The main reason it is going lower is that bitcoin doesn't offer anything that Fiat, visa, mastercard doesn't offer, at least not anything that makes it worth over $100 or even $250.

Like I have always been saying, where is the money going to come from? Miners? Computer geeks? It will come from nowhere, at least nowhere to sustain these very high prices.

After $300 the capitulation is going to be very bad and we are seeing that now. Should test $200's any day really at this point.

I would suggest that Bitcoin got where it did on the back of 'natural' bullish market sentiment, but also given a huge helping hand by fraudulent trading on MtGox (800'000 BTC of price insensitive buying power can do a lot in a natural bull market phase). Now that neither Gox, Markus, or Willy are with us, we have had a wildly overinflated Bitcoin price, which needs to sink to it's natural non hyped, non manipulated market equilibrium. I hope that Bitcoin doesn't die. I would absolutely fucking love to have one day, an alternative means of conducting commerce that doesn't involve the banking system, but what concerns me is that due to the Bitcoin price becoming so over extended, the mining has gotten way over-extended and I believe that at these prices right about the $200 range, that many miners are at a 'break-even' level. Below this range what do they do? Switch their rigs off and with it goes the heart of the P2P network that keeps Bitcoin's blood pumping?

Matt the price of a bitcoin is unrelated to the cost of mining.

[asdlolciterquit]

Yep, I'm right with you guys here. I should post all my posts warning people at $1000, and constant posts thereafter that it is ridiculous how overvalued it is.

Why it will keep going lower is that China is out of the game. I think China was part of the reason it got so high and with them out of the game it will fall back to under $100. There is nobody who is going to throw money into bitcoins to make a lot of computer geeks rich.

The main reason it is going lower is that bitcoin doesn't offer anything that Fiat, visa, mastercard doesn't offer, at least not anything that makes it worth over $100 or even $250.

Like I have always been saying, where is the money going to come from? Miners? Computer geeks? It will come from nowhere, at least nowhere to sustain these very high prices.

After $300 the capitulation is going to be very bad and we are seeing that now. Should test $200's any day really at this point.

I would suggest that Bitcoin got where it did on the back of 'natural' bullish market sentiment, but also given a huge helping hand by fraudulent trading on MtGox (800'000 BTC of price insensitive buying power can do a lot in a natural bull market phase). Now that neither Gox, Markus, or Willy are with us, we have had a wildly overinflated Bitcoin price, which needs to sink to it's natural non hyped, non manipulated market equilibrium. I hope that Bitcoin doesn't die. I would absolutely fucking love to have one day, an alternative means of conducting commerce that doesn't involve the banking system, but what concerns me is that due to the Bitcoin price becoming so over extended, the mining has gotten way over-extended and I believe that at these prices right about the $200 range, that many miners are at a 'break-even' level. Below this range what do they do? Switch their rigs off and with it goes the heart of the P2P network that keeps Bitcoin's blood pumping?

Matt the price of a bitcoin is unrelated to the cost of mining.

how can be unrelated? if the price gets too low, farm and people will stop mining

[inca]

Yep, I'm right with you guys here. I should post all my posts warning people at $1000, and constant posts thereafter that it is ridiculous how overvalued it is.

Why it will keep going lower is that China is out of the game. I think China was part of the reason it got so high and with them out of the game it will fall back to under $100. There is nobody who is going to throw money into bitcoins to make a lot of computer geeks rich.

The main reason it is going lower is that bitcoin doesn't offer anything that Fiat, visa, mastercard doesn't offer, at least not anything that makes it worth over $100 or even $250.

Like I have always been saying, where is the money going to come from? Miners? Computer geeks? It will come from nowhere, at least nowhere to sustain these very high prices.

After $300 the capitulation is going to be very bad and we are seeing that now. Should test $200's any day really at this point.

I would suggest that Bitcoin got where it did on the back of 'natural' bullish market sentiment, but also given a huge helping hand by fraudulent trading on MtGox (800'000 BTC of price insensitive buying power can do a lot in a natural bull market phase). Now that neither Gox, Markus, or Willy are with us, we have had a wildly overinflated Bitcoin price, which needs to sink to it's natural non hyped, non manipulated market equilibrium. I hope that Bitcoin doesn't die. I would absolutely fucking love to have one day, an alternative means of conducting commerce that doesn't involve the banking system, but what concerns me is that due to the Bitcoin price becoming so over extended, the mining has gotten way over-extended and I believe that at these prices right about the $200 range, that many miners are at a 'break-even' level. Below this range what do they do? Switch their rigs off and with it goes the heart of the P2P network that keeps Bitcoin's blood pumping?

Matt the price of a bitcoin is unrelated to the cost of mining.

how can be unrelated? if the price gets too low, farm and people will stop mining

So? Block reward is the same regardless. Block discovery might take a bit longer as the mining difficulty adjusts, but that is it.

[BiTJack]

It's passed. Now it's time for you open a new thread that says it can not go under 200 and keep on.  

[MatTheCat]

how can be unrelated? if the price gets too low, farm and people will stop mining

That's what I would have thought, but I "don't understand Bitcoin", apparently.

 (bought at $230......will sell at $280....if it bounces that high)

[inca]

how can be unrelated? if the price gets too low, farm and people will stop mining

That's what I would have thought, but I "don't understand Bitcoin", apparently.

 (bought at $230......will sell at $280....if it bounces that high)

You don't Matt. The block reward will still be 25 bitcoins if I am the only person mining btc on my phone. Other than mining difficulty adjustments slowing the release of coins after a drop in hashing power it is irrelevent how much is spent on mining coins. The price is set by the market. End of.

Surprised you don't understand that to be honest. Welcome back. You said you weren't interested in buying btc only 50 dollars ago

[MatTheCat]

how can be unrelated? if the price gets too low, farm and people will stop mining

That's what I would have thought, but I "don't understand Bitcoin", apparently.

 (bought at $230......will sell at $280....if it bounces that high)

You don't Matt. The block reward will still be 25 bitcoins if I am the only person mining btc on my phone. Other than mining difficulty adjustments slowing the release of coins after a drop in hashing power it is irrelevent how much is spent on mining coins. The price is set by the market. End of.

Surprised you don't understand that to be honest. Welcome back. You said you weren't interested in buying btc only 50 dollars ago

Playing with pennies that I left on Bitstamp for Silk Road purchases......I am currently the proud owner of 1.3 Bitcoins! (edit: ooh...the price is starting to turn back down.......SELLLLLL!!!!!!!)

and if you are the only person mining Bitcoin on your phone, then where does the computational power come from to clear all the transactions?

Sorry, but my common sense tells me that if miners start turning off their rigs, then Bitcoin starts failing.

[sgbett]

Super please MtC is back on the train!

N00b sentiment is easy to ignore... experience not so much

[alphawow]

Price will continue to go down at least to 130$, but you should not sell your bitcoins if they are not your last money.  Bitcoin made many of us rich and we should not forget that when it needs our support. We  must keep our bitcoins and we must continue mining, otherwise bitcoin will totally fail...

[sandykho47]

It's already at $225 at BTC-e just now
some bitcoin service already stopped their service temporarily like cex.io